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Wednesday, January 20, 2016

Surviving in a challenging economy #smebizplatform

Yesterday we had Ubong King of protection plus in the studio sharing his insights on the topic. We felt there was no better person to do justice to this than a man who built a successful million dollar business that has lifted many out of poverty from nothing and I mean nothing! That's story for another day.

Enjoy the excerpts from our discussion with him yesterday;

"The world economic forum report shows that Nigeria is number 124 out of a hundred and forty four nations, Ghana and Cameroon are ahead of Nigeria. What money does Ghana have that Lagos alone doesn't have? A Chinese man will come to Nigeria, he will look at us and see that we have buying power, we have the population, he sees that we have no good roads, no light, he sees fuel scarcity, diesel is expensive and he knows that you live in a room & parlour and he knows you cannot afford even I-Better-Pass-My-Neighbour generator, so he makes rechargeable lamp.

He sees your problem and he does a business tailored to your problem. Because he knows that money answers to solving problem. When you identify a problem and proper solution to it, money follows automatically. One advantage we have in Nigeria, is that we have the population.
If you are asking yourself what do I do from here, you need to sit down and roll-up your sleeves and then begin to compartmentalize issues. What is the end gain? I want money. What am I ready to give? Time. What area do I want to invest in? How much money do I have or can I mop up? People keep telling me I don't have capital. My question is, do you have money to renew your data when it expires? If yes, then you have capital.

If you work and you want to do business, it is not the kind of money you have that determines the business, it is the kind of idea you have. You can go online and search; what you can do with 20 thousand naira, and you will get results. You will see over 50 options. Depending on what you want to do, you need to ask yourself, what kind time do I have? Food is not for a lazy man.

People need to attend seminars to overcome fear. That's the difference between a rich man and a poor man. Rich people invest in assets, while poor people invest in liabilities. The problem with Nigerians is that we are too dependent on government. What we must understand is that the government depends on tax, tax depends on businesses. If there are no businesses there is no tax, there is no money for the government.

75% of Nigerian population is made up of youths, 40% of this youths are unemployable (no skill/no understanding and sense of direction). This means that 58 million people are unemployable. 20 years from now, most of them would have been married and would have giving birth to children. So if we think the challenge we are facing now is a problem, let's wait for that time." (We have to act fast)
To have a one on one with Mr. King, join his platform through kingsmenafrica

Cheers everyone.