The portable wealth for Nigerians

I first read about Madam CJ Walker who was said to be the first popular self-made female millionaire in America on Sam Adeyemi’s platform. Madam CJ Walker was the least favoured to become a millionaire largely because it was the period that slavery just ended and women were denied political and social rights. Despite this, she was able to achieve economic success.

 

Walker gained reputation and respect for revolutionizing the business of black hair care, thereby breaking the barriers that other black business women are enjoying today. She did not allow her circumstances to hinder her from achieving her dreams and vision of being a force to be reckoned with over many generations.

 

When you think deeply about Madam CJ Walker and the feat she was able to accomplish, you will agree that all things are indeed possible for anyone who value intangible asset such as vision, dreams and ideas with the motive of creating values for the society.

 

Maybe I should share my personal experience too. Many years ago, I needed fund for my university academic pursuit but could not get it anywhere. Hence, I began to invest in learning by going to public library to read while I also studied at home. I was investing an average of eight hours daily to research, read and study diverse areas.

 

With the knowledge I had acquired on organisational management, I decided to volunteer with a start-up entrepreneur whose company is in the city of Ijebu Ode, South West Nigeria because I didn’t have certificate, which would enable me to negotiate remuneration. I had courage to experiment knowledge of business system with an underperforming start-up.

 

However, within four months of my active presence in the company, I introduced some strategic decisions and the consequence was upward change in company revenue. This influenced the decision of the managing director to offer me appointment with salary, which opened up an opportunity to attend school. One year down the line, the business recorded about 150 percent sales increase. We simply introduced diverse principles, which are intangibles, and it delivered tangible results for the business.

 

Really, the most reliable capital is intangible and I mean idea. I should say that “real business capital is portable; it is knowledge.” It simply means those who have the intangible assets will always find a way out.

 

“For to everyone who has, more will be given, he will have abundance; but from him who does not have, even what he has will be taken away.”- Matthew Syndrome

 

This Matthew syndrome is applicable to every enterprise in free market economy. If SMEs owners in Nigeria with all poor economic indicators do not have good knowledge on resources management, he or she stands to lose both money and physical asset to a competitor who does. I recognised this negative pattern while I joined the artistry company. They had good works but lacked business system knowledge.

 

The low business result performance before we introduced better strategies affirmed the fact that business is not so much about the technicality, although an advantage; it is knowledge, a competitive tool, which differentiates entrepreneurs.

 

My emphasis is for Nigerians operating within the band of MSMEs to place premium value on intangible assets, especially knowledge, thereby building Nigeria economy as the government strives to improve on infrastructures.

 

Briefly, I will like to mention principles or laws that were applied in the business function that changed the trend from low to high sales record.

 

We applied the Law of catalyst

Our first responsibility was aligning with law of catalyst and it means a winning team must have people who make things happen, speeding up the rate of reaction, galvanising, and blending abilities to make things happen. The first thing we introduced was a system that enlist all functions required for better performances, compartmentalised them and brought in people to perform the functions.

 

We adapted to the Law of progress

Secondly, we made progress when we began to do strategic thinking, planning and seeing the big picture. The law of progress says, “First within and then without.” All progress remains at a state of rest until a mental force is applied. Emphasis should be placed on mental work because it is what gives values to physical work.

 

We had goal to improve sales

Thirdly, our success was possible because we had goal, but the processes for achieving it were flexible. We did experiment new things such as duo marketing strategy. The experiment was pairing Artists and a marketing representative to pitch business ideas to prospective client. This strategy won us the biggest single contract value in one year. You can win too in this time of Nigeria economic challenges and you need great ideas to do so.

Mamora Victor