Home Hospitality, Travel & Tourism If the passion is there, the potential to succeed is much higher ~ Tannaz Bahnam

If the passion is there, the potential to succeed is much higher ~ Tannaz Bahnam

by Radarr Africa
If the passion is there, the potential to succeed is much higher ~ Tannaz Bahnam

Mrs Tannaz Bahnam is the Managing Director/CEO of Lost in Lagos. This successful lady started out her career as a hobby with the intention to share information and knowledge she had previously acquired about the city to people who needed it. Mrs Tannaz not only found her career path but she found love as well in the city of Lagos.

In this interview, she shares her business experience, biggest challenges, visions and important decisions that led to the growth of one of the most successful tourism platform in Lagos.

What two words would you use to best describe your company today?

Transitioning and Innovative.

What inspired the growth of your company? 

When I first started the company it was more of a hobby, something I did just to put the information I collected somewhere people could access it easily but at some point, when the company was still young, I decided if I was going to do this I would do it properly. I wanted to share the city I was getting to know so intimately with everyone. Ten years ago the city was so much more complex, so hidden and cryptic it was hard to figure it out. But the more I looked the more I discovered a city that was creative and full of potential, but not explored. 

Please give us a brief background about yourself, age, educational and career history?

I’m 39, born in Iran and moved to London when I was four. We moved to Maryland, US, at 14, and did my undergrad at Fordham University in NY in International Relations. I moved to Paris for my Masters Degree in Diplomatic Relations and worked with a few different companies before starting my international adventures with a media company in sales and marketing. We were assigned to a different country every 3-6 months where we would have to put together a country report for different magazines. That’s how I came to Nigeria. I was representing National Geographic Magazine, and that’s also when I met my husband. Everything else, as they say, is history.

Family has a huge influence on our lives, which member of your family has the biggest influence in your choice of career?

My husband. He encouraged with all my entrepreneurial ideas, and always supported me in whatever I did. He is the one that gave me the confidence, and for many years supported me financially, when I was trying to get Lost in Lagos off the ground.

Why your chosen career?

I never chose this career, it just happened to happen! I never saw myself as an entrepreneur, but Lagos inspired me and I was hooked.

Do you have mentors?

I meet so many people that teach me lessons in life, whether it’s in work or home life. Each person is like a mentor. No one person has all the answers, that’s why I believe I can look at things from different perspectives. This is also how I try to maintain the ‘Out of the box’ thinking.

Talk to us about your company, where is it now and is it in line with your vision?

Lost in Lagos has evolved quite a bit, and I hope it will continue to evolve, but I have a bigger vision for it. We will soon be launching a multi-city app that will help users discover and experience cities in a way that will help them fall in love with their city, Lost in a City (LIAC.) We want the information to be at your fingertips, allowing you to discover the city effortlessly. We are getting close to this multi-city vision with the app. On the other end, we want to give more businesses access to potential customers by giving them a platform that they can market themselves through, and reach more people. 

The more we evolve the more complicated things get, but it has helped that we have grown organically over the few years. We can filter out things that haven’t worked. The Lost in Lagos Magazine has been a great expansion, one that might seem a little backward for some. As most magazines go digital, we went from digital to print. There is something more romantic about reading a magazine, especially one like ours. You want to hold onto it and go back for references and ideas. We love the way it has become something of a collector’s item.

What is the company’s structure in terms of personal culture, competitive advantage, marketing strategy, and branding?

We are still very small and young in the bigger scheme of things. We have a very relaxed culture and we want that to reflect in the brand. We are friendly and casual, yet we take our work and clients very seriously. Everyone in the company must believe in the brand and the vision, otherwise, we would never be able to grow. I’m lucky to have an incredible team, otherwise, I would not be where I am today. Our competitive advantage is that we have been in the market, and growing with the market for many years. We have evolved with the city and have helped businesses reach customers, which is so rewarding for us. We know the city very well, and we understand the market trends when it comes to lifestyle businesses and customer behaviours. But we never take our eyes off the ball, we have to keep up with the speed at which this city is developing, which is challenging.

Where do you envision your company 5 years from now?

I envision Lost in a City to be a successful lifestyle brand that is available in at least 7 cities around Africa, and maybe the Middle East.

Technology has taken over the world, tell us how you have leveraged technology in your company?

The LIAC brand is a tech brand. Although we went to print media three years ago, we didn’t abandon the tech side, and we will soon be pushing the tech side more. Technology is our reality and we can’t ignore it. We are competing for eyeballs on screens; for likes and followers. It is a race for your attention, and if you don’t have anything that gets your attention in the first two seconds of seeing it online, then you’ve lost that eyeball. That is the biggest challenge, to get someone’s full attention for up to a full minute!

What’s your biggest challenge so far in running your company and how did you manage it?

Every day is a challenge. Finding the right people, paying debts, making sure I can pay salaries, all of it is a challenge that I still face. These are the basic challenges of running a small business, but even the giants had to face these blocks before becoming a giant. But not giving up and being patient are the biggest challenges. If I can overcome this at the end of each day then I have succeeded. 

How have you been able to sustain your company in terms of financing?

Some months yes, others no. A growing business has to constantly reinvest to survive. We have had almost no outside funding, which means all the money we make goes back into the company. Somehow, with that same patience and perseverance, we have survived.

In the course of running your company are there decisions you would have made differently?

Many! We’ve tried many different things that didn’t work. Or disappointed a client. And have also sometimes disappointed our fans. But you’ve can’t please everyone, the only thing you can do is try. I maybe would have given up on an idea sooner or took more time with certain projects. But each mistake is a lesson learnt.

What’s the biggest risk you’ve ever taken?

Moving to Nigeria!

What sets you apart from others?

I’m an Iranian, married to a Lebanese, living in Lagos. There’s not many of us out there! But also, I’m quite patient, and persistent. If I believe in something I will not give up on it easily!

What’s your definition of success?

With all the challenges of running a business, still being happy when you go to work every day. 

How do you unwind?

I love to read. 

What are some of your biggest achievements so far?

My children! I have three beautiful children and balancing work and family is something I’m still working on, but definitely my children. 

Looking forward, Do you intend growing a stronger brand name in your industry or diversifying into other industries?

I want to continue to grow within my industry, but as an entrepreneur, my eyes are open to what else is out there.

What advice do you have for aspiring entrepreneurs?

Being an entrepreneur is tough, crazy challenging, but extremely rewarding. Be patient, don’t give up, keep pushing even if it takes you 20 tries. If the passion is there, the potential to succeed is much higher.

 

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