MONEY MINDSETS II
This week, we continue the discussion on the mindsets to be adopted in order to make money.
3) You have to value every Naira. If you were raised in Lagos, Nigeria, you may never know that you can use #20,000 to buy a plot of land in some parts of Nigeria. That same #20,000 can be spent on a dinner date. Do you know that you can transact a business of #10 million with a #50 airtime on your phone? It therefore means that every Naira is important to you. It’s important that you place value on every naira God has placed in your hands if you want to make money.
4) You have to identify the need(s) in your environment. The needs in our environment are the ways nature has designed for us to make money. Primarily, money is an exchange for needs met. For example, do you know agege bread? My research shows that the loaf that sells at #100 costs #70, the ones that sells at #150 costs #110, the ones that sells at #200 costs #150. Bread is a dire need in Nigeria. Very few households in Nigeria would go one week without eating bread. Think about the quantity of loaves of bread sold on daily basis. Wherever you are in the business chain, there is something for you.
5) You have to follow your passion. Recognize the need you are best suited for. That means it’s not all needs that you can meet. There are needs you are well suited for and you can actually meet those needs at no cost. I used to have a colleague who started a dry cleaning business. Why? His passion was ironing. He irons 10 shirts in 60 minutes, and he said his dream is that he would be able to improve on that with time. How did he start? He started by talking with our bosses who felt his services are cheaper. He employed a few washmen to do the washing, dries them naturally and irons them. He didn’t have the capacity for suits so he didn’t start out doing it. He bought a lot of machines less than two years after. You have to follow your passion when you recognise the need you are best suited for.
6) You have to leverage and learn to use leverage. Time, money and relationships are leverages. Some parents are good grounds for leveraging. If your father has a backyard and you are passionate about farming, why don’t you start from his backyard? There are relationships all around us that we can harness the power in them to make money. However sustaining that harnessed power requires transparency and integrity. I lost an opportunity for leveraging a relationship for business growth because although I was not transparent with my partner in the kind of businesses I was getting the company involved in until I got my fingers burnt by the people I trusted. In the Bible, the widow in 2kings 4 showed us the power of leveraging on other people’s unused vessels to enjoy supernatural supplies.
I will take these thoughts further with you next week. Cheers