Let’s talk about money. Let’s be encouraged to make money the right ways. Let’s move from making money to creating wealth. Wealth is created by entrepreneurs. My message on entrepreneurship is always centred on wealth creation via innovation. I am a preacher of ‘ONE’ entrepreneurship (opportunity, necessity and effort) and an Apostle of wealth. Wealth is M’ONE’Y, it is sustainable and protected from exogenous shocks. Money may be ‘volatile,’ but wealth is enduring.
Just like one cannot spell money without inserting ‘one’ in-between ‘m’ and ‘y,’ an entrepreneur cannot create wealth without ‘ONE’ (opportunity, necessity and effort). Anybody can make money, but it takes an innovator to create wealth. Innovation is the central issue in economic prosperity. M’ONE’Y is potential wealth. Potential wealth is ‘ONE.’
I cannot boast of having enough money to sustain my family, career, ministry and business (FCMB), but I have well packaged, wealth-laden business opportunities that can significantly transform the economy of any nation, help reduce poverty and youth unemployment. As an inventor in my own right, I have a very useful product which is under production in China. I have argued several times with my investor in the United Kingdom that localising the production of the product here in Nigeria would be a way to boost the economy and also foster exportation of finished product.
He (the investor), who is also a Nigerian in his 70’s, will always prefer the other way, that is, getting the product manufactured abroad and exporting it back to us in Nigeria. The reason for his strong belief in internationalisation is not far-fetched – when I was producing locally in Nigeria, customers eagerly bought the product, but not without little complaints about packaging and the lack of finesse. The truth of the matter is they bought it because it is a necessity. However, when the right technology (opportunity) met with the product (necessity), in addition to entrepreneurial efforts, we recorded a lot of improvements such as customer’s willingness to pay more for the improved product and more market penetration. Improvement adds value to innovation. Please take note of that. We now have a standardised product ready for full commercialisation and business exploitation. Take note that, as regards my invention, we got some patronage despite the imperfections customers complained about. Truth be told, when your product passes the test of necessity, first go ahead and protect the intellectual property and then push it out to find a niche and market share for it. Product innovation may come later. I am tempted to digress at this juncture: an economy that exports raw materials instead of finished products is a “finished economy.”
I need a bank that will give me a loan and leave me alone! No way! ‘ONE’ is all that you need as an entrepreneur to profitably take advantage of a loan and responsibly fulfill any financial obligation. UnionCare – Be the first to access loans of up to N20 million. Guaranteed! Take your family, career, ministry and business (FCMB) to its Zenith. These aforementioned banks must pay me o!
Back to my message; do you want to make money? Then practice imitative entrepreneurship. Do you want to create wealth? Then practice innovative entrepreneurship. To make money, sell what people sell (necessity). To create wealth, sell ‘ONE’ thing they don’t sell (innovation).
Where is money? Where is my ‘ONE?’ Money is in opportunity, necessity and effort. Money is my ‘ONE’ – potential wealth. Money is in value creation. Value is in necessity. Necessity attracts money. Opportunity and effort add value to necessity.
Entrepreneurship is the passion to create value and the capacity to follow through to see that value is commercialised. Value is created when necessity meets opportunity and is turned into wealth through strategic efforts. Necessity is the mother of invention. Invention is the mother of innovation. Innovation is wealth creation. It is the ability to apply creative solutions to problems and to opportunities to enhance and to enrich people’s lives.
You can become a serial innovator by practicing ‘ONE’ entrepreneurship, that is, creating value quantitatively and qualitatively. Entrepreneurship is all about making a difference through innovation and value creation. It can be done quantitatively (imitation), or qualitatively (innovation). One thing that is common to both is ‘ONE’ (opportunity, necessity and effort).
PS: In energy studies, we were taught that the first energy source is energy conservation. In a similar vein, money management is the first source of money.
In marriage, the more the finance, the more the romance. In business, the more the funding, the more the fun. Whether it is marriage or business, if it is not funded, it will be found dead.
There’s energy in money and money in energy. If you can’t make money, at least make energy count.
It is of importance to learn how to make, manage and multiply money as a youth.
Switch off power when not in use. Reuse, reduce and recycle.
Don’t buy or pay for needs that are not pressing.
Invest time and money in developing your creative ideas and wait for the right opportunity to come. Keep improving on your product. If opportunity doesn’t knock, build a door or check the ‘necessity gauge’ or ‘business language’ of your product (‘businecessity’). “Water no get enemy”; necessity has many friends. Don’t beg for it; only wait for the right ONEs. Necessity supersedes relevance; it bolsters confidence in you as an entrepreneur. Cast not therefore away your confidence which has a great recompense of reward.
There are two ways an entrepreneur makes money: 1. Innovation 2. Imitation
Imitative entrepreneurs convert opportunity into money while innovative entrepreneurs convert ‘ONE’ to wealth.
Whether you are making money or creating wealth, practice these useful tips always:
- Wake up early – mean business
- Think clearly – know your purpose
- Don’t appear beggarly – look big
- Don’t do it eagerly – make them value your input
- Do it sincerely – be honest
- Do it globally – enhance your worth
- Prepare legally – document all transactions
Take your creativity from indoors into industry.
Move from conceptualisation to commercialisation.
Turn that creative idea into a lucrative opportunity.
and then