Making Something From Nothing: IB Oyerinde Of LOLA TARA On How To Go From Idea To Launch

An Interview With Fotis Georgiadis

Imagination is your best friend — not only in creativity but in problem-solving .

As a part of our series called “Making Something From Nothing”, I had the pleasure of interviewing IB Oyerinde.

IB Oyerinde, born in Nigeria, and raised in the US is the founder of Lola Tara, a contemporary womenswear brand. After modeling for many years, she obtained her degree in Marketing Management from New York University. Upon graduation, she embarked on her journey into the other side of the fashion world as a designer.

Thank you so much for doing this with us! Before we dive in, our readers would love to learn a bit more about you. Can you tell us a bit about your “childhood backstory”?

I was born in Nigeria and raised in the US. However, I spent the beginning part of my childhood as if I had never left Nigeria. I was always creative, painting, designing, singing, dancing, and sewing. My imagination was vibrant and limitless.

Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?

Closed mouths don’t get fed. I am very vocal about my needs and asking for help, and I think this is one of the most important life lessons. Don’t expect people to read your mind and the worst you can get is a no.

Is there a particular book, podcast, or film that made a significant impact on you? Can you share a story or explain why it resonated with you so much?

It’s very difficult to choose as I have so many books that have shaped who I am today. But if I must choose it would be my latest read, The Laws of Human Nature by Robert Greene. I find this book incredibly fascinating. The biggest part of maneuvering the world is understanding the people you come across and since we all have our own background story having a little bit of insight into why people are the way they are helps a great deal in life, generally.

Ok super. Let’s now shift to the main part of our discussion. There is no shortage of good ideas out there. Many people have good ideas all the time. But people seem to struggle in taking a good idea and translating it into an actual business. Can you share a few ideas from your experience about how to overcome this challenge?

It boils down to personality and knowing yourself very well. Some people are filled with ideas, but when it comes to execution they struggle and others can get things done but don’t have ideas. And depending on where a person falls in this category you have to know how to manage yourself and get the help that you need to fill the gaps. Execution and ideas work hand in hand to help get any business off the ground. The way I have tried to overcome us by recognizing my weakness and delegating these tasks to those who possess those strengths

Often when people think of a new idea, they dismiss it saying someone else must have thought of it before. How would you recommend that someone go about researching whether or not their idea has already been created?

It really doesn’t matter if it’s been done before. No one is going to do it the way you do it, and you have a different angle from a different perspective, and there’s always a way to make it different. For example, the woman who created a business by simply covering fortune cookies and chocolate. Yes, fortune cookies already existed at that point but she managed to find a way to make it different. Obviously, research is important to understand the market you’re entering as the more competition you have, the more the challenge you will face.

For the benefit of our readers, can you outline the steps one has to go through, from when they think of the idea until it finally lands in a customer’s hands? In particular, we’d love to hear about how to file a patent, how to source a good manufacturer, and how to find a retailer to distribute it.

I wish there was an outline, but it just boils down to research, luck, and timing. I know many people who have followed outlines and didn’t reach success and others who interpreted the conventional process and made waves. Get a good lawyer and ask around within your network for contacts. You never know who knows who.

What are your “5 Things I Wish Someone Told Me When I First Started Leading My Company” and why?

● You need patience — everything takes time. It may take less than you expected or it could take longer, but it takes time.

● Realistic persistence.

● Celebrate the big and little wins.

● Imagination is your best friend — not only in creativity but in problem-solving .

● Constructive criticism is your best friend.

Let’s imagine that a reader reading this interview has an idea for a product that they would like to invent. What are the first few steps that you would recommend that they take?

Research research and research some more. See what’s out there & what could be better. See who’s doing what you like and what you don’t like. Become a mini expert in your field.

There are many invention development consultants. Would you recommend that a person with a new idea hire such a consultant, or should they try to strike out on their own?

I always believe that it’s good to hear others’ perspectives because it might make you think in ways that you never entertained before.

What are your thoughts about bootstrapping vs looking for venture capital? What is the best way to decide if you should do either one?

It depends on your own personal financial situation and how much you need and how fast you are prepared to grow the company. I think even if you start by bootstrapping at some point in order to properly scale the business you will need to seek outside money so it’s a matter of “when” not “if”.

Ok. We are nearly done. Here are our final questions. How have you used your success to make the world a better place?

By sharing my knowledge, being kind and helpful to others, and bringing a bit of sunshine into this sometimes very dark world.

You are an inspiration to a great many people. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.

I’m a big believer in being the change you want to see in the world. Big or small actions are steps towards making a better and more beautiful world.

We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US, with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.

Diane von Furstenburg has always been an inspiration to me in what she was able to do with her business and how she did it with such grace and beauty. I would love to hear her words of wisdom and her experiences.

Thank you for these fantastic insights. We greatly appreciate the time you spent on this.