From Concept to Company: Sanmi Adegoke, founder and CEO at Rehoboth Property Group Sanmi Adegoke on overcoming fear, securing funding, and how faith and integrity fueled his property empire.

Sanmi Adegoke, founder and CEO of Rehoboth Property Group, (RPG) a real estate company that specialises in property development, investment, sales and acquisitions based in London, is redefining the city's real estate scene. The company specialises in transforming former entertainment venues into worship spaces tailored for Black minority faith communities.

In 2021 Adegoke became the first black recipient of the Entrepreneur of the Year Award at the Property Awards, despite facing significant challenges including racism and financial obstacles on his journey to success.

Entrepreneur UK talks to the entreprenur about overcoming fears, leveraging a strong network and the importance of customer satisfaction, integrity, and mentorship.

What inspired you to start your business?
My journey into entrepreneurship was inspired by a combination of personal passion and a desire to make a positive impact in my community.

I am a man of faith and by interacting with members of the church I saw the struggle that faith communities faced in finding space for their congregations.

In this struggle I saw an opportunity to help as well as a gap in the market. I had found a niche in the real estate industry that I had become so enamoured with. I used innovative methods to source spaces for the faith communities that I consulted for and felt great joy when I helped them find places to call home. That was the start of my journey.

What was your biggest challenge and how did you overcome it?
The major challenge came from an emotion that festers in all of us. Fear. The fear of the unknown. The fear of isolation as you do not see many others like yourself in the space. The fear of being incapable of building the necessary network, and there is also the fear of being able to accrue the necessary capital.

The latter was a major fear as real estate is a very capital intensive industry. Access to finance is a major problem for ethnic minorities as banks are less willing to lend to us.

Additionally, the lack of mentors for ethnic minorities in the space was also a major barrier as guidance in such an established industry helps you avoid unnecessary hurdles, especially when you are just starting out.

Rather than succumbing to fear, I chose to view it as a catalyst for growth and transformation. I recognised that fear often arises from venturing into uncharted territory, but it also presents an opportunity for personal and professional development. By reframing fear as a natural part of the journey towards success, I was able to harness its energy and channel it towards positive action.

How did you secure your initial funding?
Initially, through my bespoke consultancy service for faith communities I was able to build up funds. However, the main source of funding was built from something intangible, by being resourceful and innovative in my search for and acquisition of spaces I was able to gain credibility and build a strong network.

Drawing upon my network of contacts and leveraging my track record of successful property investments, I was able to attract investors who shared my vision and believed in the potential of RPG's business model.

By articulating a compelling value proposition, demonstrating a clear path to profitability, and showcasing my expertise in real estate investment, I was able to secure the necessary funding to kickstart RPG's operations and fuel its growth trajectory.

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How do you handle failure or setbacks?
In the face of failure or setbacks, I rely on my faith in God to help me through. He gives me strength and helps me see any failures or setbacks as an opportunity to learn and grow.

My faith helps me stay positive and to persevere in turbulent times.

What advice would you give to someone starting their own business?
I would tell them to be patient. The world of business can be very tough and lonely. There will be times when you don't feel like you really understand what you are doing.

I would also tell them to understand their purpose, what is your 'why' for entering their industry. This will inform the niche that you enter. Take your time and also remember to celebrate your small wins, this will keep your spirits from dropping even when the times get tough and it will allow you to have greater perspective when your big wins arrive.

Be steady, and if need be, slow, and you will win the race. Dream big and have faith.

How do you stay motivated during tough times?
During tough times, I draw strength and motivation from my unwavering belief in in God. I believe that he is with me at all times and will help me overcome any obstacles that I may face. I also remember RPG's mission and the positive impact we are making in the real estate industry.

By reminding myself of my purpose and the transformative power of perseverance, resilience, and determination, I am able to stay focused on our long-term goals and navigate through adversity with confidence and grace.

Share your tips for achieving success…
In terms of achieving success, I attribute much of RPG's accomplishments to a few key principles: a relentless focus on customer satisfaction, a commitment to excellence in everything we do, and a culture of continuous innovation and improvement.

By prioritising the needs of our clients, delivering exceptional value, and embracing a growth mindset, we have been able to carve out a distinct competitive advantage and position RPG as a leader in the real estate sector.

Additionally, I would say that it is important to have a clear vision for what you want to achieve, to understand and uphold your values. Be a person of integrity, and build a strong support system so that you have people that are willing and able to challenge you as well as uplift you.

Lastly, finding a good mentor is incredibly beneficial. They will help you avoid the pitfalls that inexperience brings. Also, mentor others. Success is not just what you achieve, it is the positive change you create in the lives of others.

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