Money management is key and must be taken seriously. Enjoy this piece.
Money management is key and must be taken seriously. Enjoy this piece.
It is very clear now that our world is changing and we need to begin to consider what to do to stay relevant in life. Enjoy this episode of The Enterprise. It will bless you.
This video detailed how to start and run a small scale business in Africa. Enjoy!
1. Don’t Rent An Expensive Accommodation
Do not rent a house in an area or a location beyond your financial capacity to show off to people. If you are not married yet, or you just got your first job, why do you need a 3 bedroom apartments. Is the president is coming to visit you?
Don’t rent a house in the most expensive areas if you can’t afford it yet. Remember, 20% of your income. [Read more…]
One of the greatest challenges we have in this age is lack of Power. I do not mean electricity here. I am talking about power to generate the kind of capital for your God given Idea and achieving your ultimate goal.
There are many unrealized dreams and businesses that are yet to see the light of the day because it is practically impossible to get the resources needed to make it happen. What many of us consider as one of the means to handle this challenge is to approach the finance houses for help; but the truth is it does not turn out to be the best option when critically considered.
The interest rate is killing let alone the unfriendly environment that is created for many businesses that are just emerging. Sometimes you will be asked to pay 30% interest on the money you need to borrow within a stipulated time frame, most times six months. When all necessary addition and subtractions are made, it becomes so obvious that the business has nothing to lean on again because all the money would have gone to the banks.
In most cases, loan around here is never designed for new businesses. So many people went in to this world of business and struggled out with bruises and marks because they could not survive the terrible atmosphere. Asking for collateral or something to stand to cover up for the money if you will ever be considered is a different issue altogether. Sometimes banks and some of these finance houses request for your ‘death certificate ‘to securethe money they want to give. The point I am making here is the environment is not too beneficial yet to access easy facility to start your new business ideas.
However, there are few things I like you to consider to handle this challenge. It may not be so easy but it works better than putting yourselves in a constricted bend to pay back borrowed money.
I was in a tough situation some years ago. I needed to fix some things. I had a good idea just like many of us but had no financial Power to implement my good concept. There was no help for me. I could not raise the money I needed from any one or anywhere. The only option I had was to sell some things. I had to sell my properties. I remember how I sold my Photo Camera, My Video camera and afutjisu laptop just for me to meet up with my target for that period.
I got the money I needed and used for the business I had to execute. My case was like the case of the man who found an asset on a farm land and went to sell his properties so as to buy the piece of land and take full possession of everything on the land.
The money you are looking for is always with you; sometimes. I could have been stranded if I had bought clothes and not-needed expensive phones when I had the opportunity of buying the cameras and the laptop. They were my asset at that time.
When God gives you cash please consider what will give you Value first before anything. Cash is a convertible resource I believe. Don’t buy what you won’t derive value from against valuable things. There is a big difference between Seeds and bread. Don’t eat your seed when it has not become bread.
I was able to raise money for my idea. It was painful but helpful eventually. You can sell your personal effects to raise the money that you need if you are very sure it won’t backfire.
What are you doing with the car you are struggling to fuel? Please turn it to a seed. What is there in your head that you are cooling with the Air Conditioner in your house? Go and Sell it. Anything that you cannot directly generate income from should be secondary to other important things.
Do you really need to call Party for your next birthday? You have many more years to spend; don’t cut short your life with troubles that you can avoid.
This is my story:
I bought everything I sold back after some time. When they came back, they came back better and bigger. I did not loose anything ultimately.
Raise money for your idea first within before you go outside. There are things you can do without to raise the capital you need for the new business idea on ground. I have had to sell my car before so as to meet up with a target.
Remember; buy only what you need per time. Buy what will give you value first.
“As an entrepreneurial development specialist, I studied Segun Awolowo’s book with keen interest. I have always believed that the wealth of a nation is the sum total of the wealth of each individual in that nation. Even if the Government is rich, and the average citizen is poor, then, according to the United Nations Development Programme’s Human Development Index, that nation is technically poor. Nigeria is at that interesting crossroad, where we have the 25th largest economy in the world, but rank 152 in the Human Development Index. It stands to say that the excessive dependence on oil revenues and the inequitable distribution of economic opportunities as well as practical education in wealth creation, has left the nation rich in potential but poor in practice.
This is why this treatise by Segun Awolowo is key in the emerging economic realities of the times. His approach is a hands on rather than hand out approach. He deals in the character of the entrepreneur, giving useful case studies that should inspire the earnest reader. His reference to the both intellectual and spiritual approaches to wealth creating and economic leadership is balanced and removes areas of doubt concerning both moral and intellectual inertia to seeking wealth.
I do most heartily recommend this treatise to the library of the ardent entrepreneur and those who desire to have economic and financial independence. Mr Segun Awolowo is practicing what he has preached here, and the lessons learned are both valuable and practicable.”
George H. ASHIRU FIIM
CEO, Honeycorp Consolidated
Albert Einstein is credited with saying we cannot solve problems at the same level of thinking with which the problems were created. To move beyond the problems we must change our thinking. This is the quickest and surest way to get out of any challenge and become better. In this book Segun Awolowo has outlined certain principles that will help you do better in the area of finances. Read them and make them a part of you, if you want to speed up your process of financial success.
The Budding Millionaire explores the requirements, not just to be financially independent, but of wisdom to navigate both life and business terrain successfully.
The book gives primacy to reading and learning as prerequisite for a new mindset. Following passion without adequate preparation is running blindfolded in a dark alley. This book restates the timeless truth that readers ‘give priority to learning’.
One value I daily live and exemplify is integrity. The Budding Millionaire is profound on ‘don’t lie to your spouse’. You can hide from everyone but you can’t hide from your spouse. A man without integrity in the home can never be an asset to the nation. ‘The way out of sin is sincerity, especially for every budding millionaire.
Raising money to finance your dreams can be herculean in any society. The practical dimension this book offers is a ‘worth read’ for every budding millionaire. Whatever valuable thing you have that you don’t need as a budding business man or woman, sell to generate cash. Be character rich and safe purposefully to pursue your dreams. You should be the first investor in your dream. When you succeed in building your business, banks would rush to you with needed funds.
Every page of this book is a seed to anyone willing to become a millionaire. With every seed, you must be willing to nurture, water, weed and apply manure for harvest to be possible.
I commend the author for his insightful prowess and passion to help raise one more person out of poverty, this is my passion, my zeal and my pursuits too. I recommend this book to you. It will only add to you.
Engineer Charles A. Aladewolu,
CEO and Chairman, TECO Group of Companies, Lagos
(Bsc. Eng University of Lagos; MBA, Warrick)