Late 1990s, I needed fund for my university academic pursuit and couldn’t get this from any where. Since year 1999, I have always invested in learning by going into public library to read and study at home. I was investing an average of six hours daily to research, read and study in diverse areas. Now that I needed fund the only thing I have is knowledge. I decided to work with a small company in the city of Ijebu ode south west Nigeria as a volunteer because I didnt have any technical skill or certificate to negotiate salary. Within four month of my active presence
I introduced some strategic decision into the system and the consequence was increase in company revenue. This influenced the decision of the managing director to retain me. He offered me appointment with salary and flexible work schedule that allowed me to attend school. One year down the line the company recorded about 150% revenue increase and added quality corporate clients. Dear friend, the most reliable capital is intangible. For entrepreneur, your most important capital is within your workers. I mean the potential and perspective your team brings into the venture. Maybe I should say that real capital is portable; it is knowledge. So when you hear that ideas rule the world, it simply means those who have the intangible assets will always rule the world. The consequence is that if you don’t invest in knowledge, you may lose your physical assets with time. The Matthew syndrome is in every way influence the controller of both economic and political space decisions in many societies. It state: “For to everyone who has, more will be giving, he will have abundance; but from him who does not have, even what he has will be taken away.” Also, this syndrome is applicable to business. If an entrepreneur doesn’t have knowledge and updated knowledge he or she stand to lose even what he or she has; money and physical asset to a competitor who does.
When I read the recent year 2013 end published result of banks in Nigeria, it simply shows the same recognizable pattern of Mathew syndrome. The oldest banks don’t always have the best performance. As a matter of fact, late entrants into the business have the best results and double the performances of the oldest. Business performance is not so much about the time of entry, although an advantage; it is so much about the quality of workers perspective and knowledge processes that outsmart the existing players with value offering to consumers. If the perspectives of workers are improper, although a top brand, it will drop down to the workers actual thinking. When the first becomes last and last becomes first, it is because of shift in competitive tool. Usually, it is the business operators’ knowledge that shifts. Really, if an entrepreneur and her team doesn’t have relevant intangible asset to bring along to market they risk losing all the tangible assets and investment of the business. My emphasis is for entrepreneur and his team to place premium value on intangible assets and especially the knowledge. I will like to quickly mention few intangible assets for achieving worthwhile goals in any venture.
The first is your relationships: In my story share at the beginning it was a friend who referred me to the managing director of that company. My friend persuaded him of my character and reasons to give me a chance in his corporation. What value do you place on your relationships with suppliers and partners? I have learned from that experience and put serious value on relationship. It is an asset that can be converted.
The second is communication skill: entrepreneur will always pitch to commit investor’s interest. You pitch for marketing opportunities. You converse with work team and the simplicity of message motivates them to act in the right direction. Communication impact on business performance and positively when it is effectively done.
The third is patience: it is also known as staying power. If entrepreneur and team don’t recognize the value of staying power for business to go through circles of development it leads to many abandon projects and ventures. Some venture will always require investment of energy and resources over time to yield profits. Staying power is important for entrepreneurs.
The fourth is time: I remember my days in library where I exchange 6 hours every day for the knowledge of different authors and eventually was able to apply the knowledge on the job I got. What I did was to convert my time. Time is an asset that can be converted. I will encourage you to shift your focus to many other intangible opportunities that can positively improve your business performance. What you focus on influences your habit and affects performance. I believe your business performance will go up too. Be courageous!
