Lessons From My Millionaire Friend [Part 1]
======
When I asked him what his secret was - his answer was simple
Market,
Product,
Connections &
Luck
======
When I asked him what his secret was - his answer was simple
Market,
Product,
Connections &
Luck
One day while talking with him, I told him how hard I worked but made little compared to the what I put in
His first lesson was - “the market is an amplifier of effort”
Then looking at me closely he added - “you cannot grow easily in a market that don’t easily pay”
His first lesson was - “the market is an amplifier of effort”
Then looking at me closely he added - “you cannot grow easily in a market that don’t easily pay”
He went on to add - for someone like you who is starting, getting to where I am is impossible if you keep doing your current business.
I asked why he said so, and he said -
What the billionaires in your country are doing is an indication of what pays in your country
I asked why he said so, and he said -
What the billionaires in your country are doing is an indication of what pays in your country
Look at the billionaires in your nation what is common about what they sell
Dangote
Mike Adenuga
Folorunsho Alakija
I thought hard about it and could not answer. He shook his hand and said “it is obvious”
They sell necessities
Dangote
Mike Adenuga
Folorunsho Alakija
I thought hard about it and could not answer. He shook his hand and said “it is obvious”
They sell necessities
- “the market is an amplifier of effort”. He added. “Which is why your business model is a waste of time here - in a Poor country you can only make a lot of money through two ways”
1. Sell little priced things to a mass market
2. Sell Uber priced things to the super rich
1. Sell little priced things to a mass market
2. Sell Uber priced things to the super rich
He looked at me and added - to scale wildly here there is no middle ground. It is two extremes
Low price or high price - price it so the poor and the small middle class can afford or make it tailored for the banana island & Asokoro crowd.
Anything else should be exported
Low price or high price - price it so the poor and the small middle class can afford or make it tailored for the banana island & Asokoro crowd.
Anything else should be exported
my head clicked!
All the businesses that ever scale in Nigeria followed this rule
Telecom
Betting
Indomie
Oando
I can’t afford to build that sort of business, I said. He nodded - “Exactly, market is an amplifier of efforts. You don’t have the resources to make the effort
All the businesses that ever scale in Nigeria followed this rule
Telecom
Betting
Indomie
Oando
I can’t afford to build that sort of business, I said. He nodded - “Exactly, market is an amplifier of efforts. You don’t have the resources to make the effort
“but you are not entirely right, youngsters like you are building necessities on the internet”
Banks are now being built as apps. He added.
Saving apps too
Taxi companies
Ajo even has an app
Banks are now being built as apps. He added.
Saving apps too
Taxi companies
Ajo even has an app
Build a necessity on the internet, it is the advantage you youngsters have over us.
“Or you can export technology to a rich country, they pay high price for it”
Will continue this thread in the next part. This is getting long enough.
“Or you can export technology to a rich country, they pay high price for it”
Will continue this thread in the next part. This is getting long enough.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
