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How to become a multi millionaire in Nigeria
John sigh as he look around his self-contained, noting shows that the room was inhabited by a young guy, well, there was a small dusty screen T.V hanged on the wall, which shows it has not been use for long a time , perhaps it has resign.
John sign the second time, he couldn’t believe he end up like this with how confidence he was in university, he was sure he will become a millionaire in no time, but 10 years after, he could not boast of #100,000
“Why me lord!’” He burst into tears
Not that he is lazy, if it is by work he would have been the richest man in Nigeria, but no, it is not by work, nobody need to tell him that he is a living testament.
His mind drifted to the old days when he was involve in network marketing, bring people earn money that was what they called it then, he was serious about the business in fact he was among the top 3 people in that network business but one day everything crumble when they arrest the founder of the network for fraud.
He didn’t let that weigh him down as a hustler he found another business, affiliate marketing where you promote other people’s product and yes he make some quick buck until the affiliate network shut down the most profitable product and again he was back to square one. Like that he keeps hoping from one business to another.
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He looked at the window in front of him and sigh again, he is no longer a kid, he could tell from the mirror he need to settle down soon but how when he could not boast of #100,000.
“Haaaaa” he shouted “which kind life be this”
“May be I should take a job” he quickly shut down the idea, he has work at least in five companies, he got sacked from three of the company because of bad economy as they wrote in his sack latter, the two reduce his pay to peanut.
He can’t do this anymore, tears roll than from his chick, he want to take care of his parents and siblings, he knows if he continue like this, he will have to put a stop to his life one day.
This is small compare to what people are going through in this country, there is no money anywhere couple with the rise in inflation yet some are making it every day in fact it look like bad economy has favorites, while some are in financial crisis some are having abundant financially.
How do people become rich?
How do they make their first million?
This was the same question that make me conduct a research and this is what I found.
Before we continue, this article based solely on legal way of making money if you dabble into this article with another motive apart from legal way of making money please pass on.
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Two ways of becoming a millionaire in Nigeria
There are two ways of becoming a multimillionaire in this country, either you invest or build a business, while investment is a good way of making money, it is slow and the return on investment is nothing to write home about imagine, the ROI on any legal investment now is below 10% and it will take years before you can earn enough money from the investment, that if inflation did not eat all the profit.
Also investment obey the compounding theory, and to make it favour you it require large capital , for a young man that will be impossible except you take a job which will further increase the time require to make you millionaire.
I’m not saying investment is bad, in fact it is the best in terms of risk but you need to have a source.
This leaves us with business. From now every word in this article will point to business.
Commandment of becoming a millionaire through business
The reason why many have problem of making money with business is that they do not obey the law of business, some don’t even know that there are principle needed to follow before having a successful business.
Below are the principle of making million with business
Principle of need
“Do what you love” I laugh whenever I see people preach this statement, do what you love, how untrue this statement could be. Many people leave everything to follow this advice but find out it is all lie, a lie champion by motivational speaker.
The statement itself reeks of selfishness, it always start with I can, I am, and every other word that glorify oneself.
Since I can write, I will become an author
Since I can sing, I will become a singer
Since I can sweep, I will become a sweeper
I am good at cleaning cloth; I will set up a cleaning business.
Like that people trap themselves in business or profession that will reduce them to noting. If whatever you love does not solve a problem please run from it, it will never make you a dime not talk of millions.
Sum: Look for what people need and solve it
Principle of entry
People disobey this one a lot, to become a millionaire you will want to engage in business that has high barrier of entry. Any business that can be set up in an hour has low barrier of entry, which means every tom and dick can venture into that business.
Need I remind you that the higher the supply the lower the demand, so find a business that is not overcrowded.
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But if you so wish to engage in business that disobey law of entry, you must execute 10x the competition, I mean your business must be better 10 times, yeah it will takes a lot of effort and time. Create system and method that will be hard for your competitor to replicate.
Law of control
Whatever business you will do make sure you have at least 80% of control, you don’t want to wake up one day with your source of income gone, this is the case for a man who was making six figures on Amazon KDP but mistakenly he publish a trademark word because of that he lose his source of income.
When you sign up for Affiliate, AdSense, Fiver, know that you are entrusting those platform with your source of income, if willing they can take away your source of income anytime.
What are you insinuating?
I’m not saying you should leave the platform, but made up your mind to use whatever money you get from those platform to build a business, see them as a source of your capital which can be close at any moment notice.
Visit social media group and forum you will read how Fiver, KDP and AdSense terminate account with little or no offence.
One of the good example is Nairaland forum, do you know why Nairaland stop using AdSense, it is because of google ban, One of their user posted content that violate the terms and condition of Nairaland. If not for plan B, it would have been a sorry case.
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Law of Scale
Your business should be highly scalable which means it should be able to move from one area to another with little or no input.
For instance an online store, it require little input to set it up in another area, if Amazon want to set up a store in Nigeria it will require little effort.
To become a millionaire you need to attend to needs of many people, that is why you need to build highly scalable business, the more people you serve the more you earn.
Like law of entry you can disobey this law too, but your business model must be a business to business or business to government. Big business or organization can afford to buy big product such as trailer, plane, Big generator (Mikano).
Those big products have high profit margin, if you can sell just 10 of a big generator per month, you will be in pair or better than those who sell product to 1,000 people.
Law of Time
You would have come across the saying “time is money” It is very true if you want to become a multimillionaire.
You need to build business that will give you times for other thing, if your business depend on your presence that means you do not have a business , you are self-employed, which will burn you out very soon.
You can become a millionaire if you are ready to stop whining. Take yourself out of wantrepreneur and execute.
See you at work.