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Mimi and Fifi, earning  money from jewllery

By Editor
10 December 2017   |   2:57 am
Mimi and Fifi jewellery is a startup founded in December 2013 by Feranmi and Fiore Oshikoya at the age of 6 and 3 respectively . It was Christmas season and Mimi and Fifi's mum came up with the idea after they received a pack of beads....

Mimi and Fifi jewellery is a startup founded in December 2013 by Feranmi and Fiore Oshikoya at the age of 6 and 3 respectively . It was Christmas season and Mimi and Fifi’s mum came up with the idea after they received a pack of beads as one of their Christmas presents. It was a great idea especially at a time when their mum wasn’t working and was happy to create a source of income for the girls to be able to have treats during the holidays.

They decided to make personalized bracelets , necklaces and rings from beads for sale to family and friends. The idea was a hit and they had orders from family and friends including an opportunity to supply a kids birthday party. They made circa N30,000 in two weeks. In December 2016, they made about 100 pieces (bracelet, rings and necklaces) at the Kids Entrepreneur fair. They included rainbow loom pieces for boys. Their cousin and friend helped create and sell the beads and they gave them a commission from sales proceeds. Through this process they have learnt the value of hard work. Making bracelets from small beads is not an easy task especially when most times, your string may slip from your hands and you have to start all over again. It teaches you patience.

Another valuable lesson they have learnt is that money doesn’t grow on trees but money comes as a result of value creation. Sometimes when they want to buy something, they think in terms of how many beads they have to create.One lesson they learnt at the Kid Entrepreneur fair was that they sold their products at a very low price compared to competitors. For the amount of work they put in, they could have charged a higher premium.

One other thing their mum taught them is how to divide their funds into tithes, savings, money to be giving to the less privilege and money to be spent. Even though Mimi and Fifi’s life aspirations and dreams differ from jewellery making, their mum continues to encourage them whenever they get the opportunity during holidays, so they can understand the value of hard work and earning money.

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