I can’t believe it’s another fortnight again and I’m writing the third article in this series of building an enduring wealth.
Thumbs up for ‘my Oga @ d top’ who insisted/forced me to do what I had abandoned since eight years ago.
I’m grateful for this golden opportunity and the feedback I’ve gotten so far.
However, I must say that reading and not practising the information being passed across is an exercise in futility to both the writer and readers.
‘You shall know the truth and the truth will set you free’ but it’s not only the truth that you know that will guarantee your freedom but the truth you know and practise. Selah!
Aboard today, we are taking another giant step into building wealth that will outlive us and to be inherited by our children’s children.
The key to opening this next door is entrepreneurship. Alas! I hear you say. Why can’t you talk about something new that I’ve never heard before.
I was actually thinking in that direction, until I checked the Forbes’ list of richest men in the world and it was astonishing the truth/facts that jumped at me while going through the list again.
1. The people on the list were not from the same country (though quite a number of them are from the United States).
2. They were not of the same age group.
3. All of them were not engaged in the same line of business.
4. As a matter of fact, some people were on that list because they diversified.
5. I’m happy that a Nigerian (African) was on the list.
But one fact stood out while I was going through the list; the fact that most of them were not ’employees’ of any (or their own) organisation.
They were mostly founders and partners in the organisation that brought them to limelight. I also thought about bible days and discovered even our patriarchs in the faith were business owners (Abraham, Isaac, Jacob, David, Solomon, Peter…….). Joseph was an employee but distinguished by solving a national problem. Hence, I came to the conclusion that this journey of building an enduring wealth will not be worthwhile without an entrepreneurial spirit. An entrepreneurial spirit because most of us are still employees of one organisation or the other, but we have to imbibe the spirit of being an entrepreneur, if we intend to leave the rat race. I must confess (as an accountant) that government policies and regulations favours the employers more than the employees. For example, tax is deducted at source before you get a pay check but the policy allows a company to run for a whole year after which they are asked to pay a certain percentage of the profit been declared as tax.
The next question that comes to mind is ‘ can everybody become an entrepreneur’? If everyone is an entrepreneur, who will help the entrepreneurs or serve as employees? That explain why I said an entrepreneurial spirit. I can hear you say, why have you decided to become philosophical when you have gone straight to the point in your previous articles? The action points below will guide us in becoming an entrepreneur in our spirit till it reaches its climax and manifest in our day-to-day activities (kudos to those who are already on that part and remember there’s always room for improvement and diversification).
1. Think of meeting a need.
Look around and identify some of the things you wished could be done better. You can even create a need that people may not know exist. Look inward and think about what you wished somebody could just do for you, in which you don’t mind parting with some resources in order to make your life better. I met someone of recent whose business is to shop for others both locally and internationally. Who could have thought that a hobby can become a business? Mental action is the key here because the needs of our present generation cannot be compared with the needs of the previous generation.
2. Package those needs to become a product or service.
I’m amazed at the rate of which hobbies are being turned into businesses. I’m sure my mother never thought of an event planner when she was getting married, but now event planning has not only become a profit making venture but an industry in which you can choose an area of specialisation.
3. Crave for knowledge.
We cannot afford to stop learning when the world is moving at a speed greater than that of light. A strong desire for knowledge has led many into solving problems that has made the world a better place. Do not be limited by your course of study or training. Know a little thing about everything and everything about some little things. Diversification also starts here because I’ve seen people who are making money from what they did not study in school.
4. Ask for help.
The road to financial prosperity has many junctions and there are ‘masters’ at each junction. I mean you cannot do everything perfectly well by yourself. Reaping the multiple benefits of synergy and partnership is the key here. I’m sure my host (on this platform) would not have been able to run this series (perfectly well) if he had not solicited for my support. The same principle was applied in biblical days when Moses got a blueprint of the ark of the covenant but it was built by the men skilful in working with silver and gold. This principle is also applied in the business world. Don’t think your profit will be reduced by enlisting others but rather it will multiply.
At this juncture, I’m sure I’ve been able to convince you that having an entrepreneurial spirit is a milestone we cannot afford to ignore on this journey to building wealth that will outlive us.
See you at the top!
Wealth comes up every Tuesday fortnightly. Thanks to Taiwo again. Of a truth I wouldn’t be able to write the wealth series, never in a million year for now. Watch out for Bus Tales 3 by Arome Ameh on thursday 18th July 2013.