I have decided to include as part of my blogs, some information regarding entrepreneurship. The paucity of jobs, including the fact that many so called “workers” are underemployed has made this pertinent at this time.
It’s not my intention to share stories about the millionaires and billionaires of this world, that category has been taken care of by many motivational speakers and bloggers the world over. I will rather point to the simple things everyday people are doing that is quietly helping them live the kinda life they want to live, for which the many have turned them to objects of envy.
Twice in my life I’ve had to wait for months after leaving one job before landing another. A confidante then gave me an advice that looked more like mockery to the effect that I shouldn’t leave a job without securing another, an advice which if I’d decided to follow I’d forever remain an employee. I know that though that advice must have been given in good faith, it was wrong; wrong in the sense that it could’ve been better put, and an example would’ve been, to not leave ones job without securing another means of livelihood, infact one should have several means of livelihood besides the paid job, if he’s got one. Should the one decide to leave that job, it should be for a better paying one, with the intention to plough the proceeds into something that would lead to financial emancipation tomorrow, or leave the job to pay a hundred percent attention to that business. To entirely leave ones job is an option to be considered on very strict grounds, and those include-
* when such a business requires the presence of the one from onset, even when not exactly profitable at the time, because for instance a particular skill he possesses is needed for the business to take off (an expansion therefrom is determined by other hands he may employ or train in the skill and afterward employ),
* when he’d been making investments in the business manned by others he/she had put in charge over time, while still holding his/her job and now feels it’s making profits enough to leave paid employment to oversee activities personally,
* or when one is simply tired of the nine-to-fives and wants more time to himself or herself despite the fact that there’ll be a shortfall in income.
I have skipped a category of people though and these include employees at some job who are close to retiring. It will also be in the best interest of such people to already have a business which should be yielding some revenue after retirement. Such businesses shouldn’t be such that may require their presence often if they desire a restful retirement. This is very important considering that pensions, even when properly managed and are coming as and at when due have become grossly inadequate (except for chief executives and others who were high echelon employees before retirement) in the face of rising inflation and skyrocketing cost of living worldwide.
Now, back to my constituency, which includes employees seeking to earn extra dough from sundry businesses while still working at their jobs. If there’s a single idea, it must be huge, and if that cannot be easily achieved owing to paucity of capital, smaller business opportunities should be considered to help raise funds for the bigger project, or better still help subsistence, while one plunges the certain percentages of ones’ salary into pursuing the much more capital intensive one.
Capital, thus is the major determinant of what can be done, and if one comes from a society that can support one in such a way then the same is a fortunate one, unfortunately many fall in the category of those who cannot access much needed funds from family and friends to start up a small business, and sadly enough despite all the noise about microfinance banks and all, it is still rigorous a task obtaining loans with reasonable repayment conditions that will ensure that the business continues to grow beyond the lifespan or expiration of the terms of the loan facility.
For those who do not have steady jobs, or no job at all, but can raise a small amount steadily by sundry means (family and friends will find no qualms with parting with small amounts for instance), these could speak with friends in the same situation, target a particular business, save towards it, start it and share the proceeds therefrom. If they find it profitable, they may reinvest their capital and maybe even profits, over and over again, until they can break even, enough to now begin to take profits home. Sincerity is required if this is to work out as planned, and to ensure such, ground rules must be set and be followed to the latter by all the parties involved.
For the employed, even at low paying jobs, a particular amount set apart monthly into a separate account over a period of time (once the focus is there), can be used to finance a business idea eventually. Some banks fix funds for as low as =N=100,000 in Nigeria, so one could start saving a fraction of that amount monthly, and then fix it once the bar is attained, one could then set the maturity for 32 days (minimum in some banks) such that at maturity every month, rather than close the account he/she can add to the capital and accrued interests, then continue the same way till the required amount for the business is achieved. There are “insurance schemes” that also allows one to save a particular amount monthly for two years after which the capital and accrued compound interest is paid if events that could’ve activated the payment of insurance claims did not occur. Schemes such as these can come in handy, because the sum contributed monthly is usually very low, some even go as low as =N=2,000 monthly for minimum contribution, your eagerness then for financial and economic emancipation will be evidenced in the amount you decide to contribute monthly.
It will therefore be wise to consider something more than the minimum stated above for a worker monthly, sacrificing some pleasures which are infact trivia in pursuit of that dream today. I saw a post on Kayode Olumide Odusanya’s wall on Facebook by Matt Wilson a while ago that I liked, hence I’ll requote it here as follows without explanations for it is self explanatory: “Entrepreneurs choose to live life like others won’t for a few years, so we can live life like others can’t for the rest of our lives.”
I will not linger on this issue of starting up, because I believe especially when it comes to raising funds that even you, know some better strategy to employ in accessing much needed financing, so I will apply the brakes now. In subsequent postings however I will highlight simple businesses that one could be a part of in Nigeria, tested and trusted means, that are non-fraudulent, and though they may not immediately yield bountifully within a short time, but yields a steady income regularly over a period of time, that allows you reinvest in the same business or some other bigger project, the proceeds of which can give you the kind of life you’ve always dreamt of.