Navigating the Storm of Inflation: Student Entrepreneurs in the University of Ibadan on their Challenges and Solutions

Oludare Comfort

Taiwo had always dreamed of starting her own catering business even as a fresher. She had always come up with creative ideas on how to boost her little small chops business that mostly had her friends and coursemates as its patronizers. She never imagined that she would one day become a successful caterer, much more as an undergraduate.

She was the go-to vendor in Miriam’s hostel whenever the students needed snacks. On Valentine’s Day, last year, the amount of profit she gained delivering cakes was enough to make her reminisce on how she got to be where she is now. On many occasions, she has had to serve her pastries at events.

When Inflation hit and the cost of her ingredients skyrocketed, Taiwo knew she had to make a very difficult decision, either raise her prices or risk losing her business. She decided to take a risk and raise her prices. To her surprise, her loyal customers were willing to pay the higher prices and her business survived.

In recent times, inflation has emerged as a significant worry for numerous businesses and individuals. It has become like termites in wood, gradually eroding the foundation from within, leading to a chorus of complaints and discontent from those affected. Each citizen has endured the challenges posed by the faltering economy and the repercussions of inflation on their lives and businesses. This has thwarted the prosperity they had once envisioned for their enterprises.

For student entrepreneurs in the University of Ibadan, the impact of inflation on their businesses has been particularly challenging.

“I have to make tough decisions about the prices of my products”, Odekeye Taiwo, a 300-level student from the Faculty of Education says. “I know I need to raise my prices to keep up with inflation but I’m worried about losing my customers”.

Student entrepreneurs, typically constrained by limited resources, can be more susceptible to escalating costs. Additionally, their lack of business management experience and a smaller customer base make it challenging to adapt to changing conditions. Despite these formidable obstacles, many student entrepreneurs have displayed ingenuity and skill in navigating the inflationary challenges. A prevalent strategy involves diversifying their products, providing an avenue for generating additional income.

For instance, Aremu Temilola who owns a crochet brand, Temmy Designs, is a 200-level student of the Department of Theatre Arts. She began offering crocheting classes alongside selling crochet fashion items. She is not the only entrepreneur finding a way around these challenges; others have also shared both their difficulties and the strategies they’ve devised to sustain their businesses amidst economic turmoil.

Asade Grace of B’n’scents and More, a 200-level student of the Department of European Studies, shared that the drive behind initiating her perfume sales business stems from a strong desire to work independently and be her boss. She emphasised how this endeavour has allowed her to support herself financially and establish valuable connections through her sales.

“So far, I’ve faced challenges as regards balancing school and business, capital, and people management, but that can never be enough for me to back out. I keep moving, even though the economy is not favourable, I welcome changes and mould them into opportunities for personal growth,” she said.

Oyedele Paul (Fitted by Paulo), a 200-level student of the Faculty of Law, expressed that providing high-quality services enhances sales, emphasizing that integrity and honesty serve as the cornerstone for all businesses.

“Though there is the problem of inflation and all, I believe that if you offer quality services, people will patronise you no matter what, just ensure you don’t cheat your customers, otherwise, you may lose them”.

Eniola Olaitan Samuel, a 300-level student of the Department of Linguistics, Yoruba unit, widely recognized as ‘Aremu Onifoto’, a prominent photographer on campus, shared that his entry into photography was driven by the need for survival, financial stability, and self-sufficiency. Nevertheless, his business has felt the impact of the ongoing economic crisis in the country.

“Gear and gadgets are expensive but it’s a bit difficult for my charges to inflate. The best way I’ve coped is by educating my clients and establishing a connection with my regular customers.”

Besides inflation, Aremu Onifoto also revealed how difficult it was to combine entrepreneurship with his academics and personal life.

“I was almost affected by Tsunami in 100 level. I had to brace up.”

In response to the effects of inflation, Adeniji Christianah, a student from the Department of Animal Science and the creative force behind ‘Yummytreats by Tianah’, expressed, “I’ve increased prices of my pastries, those who can afford it have continued to patronize me, while I recommend something within the budget of those who are not very buoyant. It’s been challenging. To those who would like to be entrepreneurs, I would advise that the situation of this country shouldn’t keep them off. They should start, one day the hustle would pay off. You don’t stop until you win.”

Amidst the persistent economic challenges, it has become common and normal for entrepreneurs to increase the prices of their products and services. Recognizing that many student entrepreneurs, like Christianah, have invested significant effort and optimism, often starting their businesses with personal savings due to limited support from close circles, raises concerns about how these ambitious youths aiming to establish a notable identity and brand are managing with the state of the economy.

In light of the economic crisis, some aspiring student entrepreneurs may be considering the possibility of opting out. However, Grace from ‘B’n’scents and More’ advised aspiring entrepreneurs, “If I had given up, I wouldn’t be where I am today. You can take breaks, but never give up; keep pushing until you achieve the desired goal.”