From newspapers to magazines to TV shows and movies; an image of what the world should supposedly be like is implanted into the subconscious mind of the viewer.
Over 90% of the stories we hear, are told by men. No wonder the world is so unequal.
The consequence of the single story is that it robs people of dignity. It makes our recognition of our equal humanity difficult and it emphasizes that we are different rather than how we are similar.”
– Chimamanda Ngozi Adichie
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Finance is actually as diverse as medicine in terms of specialities. Just like a physician is unlikely to be able to do a surgeons job. Your account officer in UBA is unlikely to be able to run a private equity fund.
Some specialise in VC, some PE, some sovereign debt, some project finance, some banking operations, others banking supervision, some trade finance.
Even not all PE people can understand VC transactions.
So asking someone that does microlending to lead a billion dollar, loan syndication with multiple institutions cannot work.
I spoke about four tools one can use to become more persuasive.
1. Logic and rational persuasion: this is the most common, I use this a lot. But as you may have realised, it doesn't really work on Nigerians. And according to research isn't the most effective.
2. Appealing to emotions: If you think of our Nigerian twitter overlords, this is the technique they use effectively.
Most of the "gender wars" etc are emotional, not logical or backed with any data. Successful politicians & business people use this all the time.
Nigerians are more susceptible to "he is from the same tribe as me" than they are to data. People make decisions with emotion, then justify with logic. If you are able to touch hearts and minds then you are able to convince more powerfully than data.
How do I know this?? Because majority of businesses in low income countries like Nigeria are MICRO. NOT SME's.
SMEDAN defines SMEs based on the following revenue criteria:
Micro business are under 5m.
Small Scale Enterprises are businesses with an annual turnover of N5m to N49m while Medium Scale Enterprises are businesses with a yearly turnover of N50m to N449m.
The mere exposure effect, suggests that simply being repeatedly exposed to a person, thing, or idea increases our liking for it. According to this principle, the more time you spend with someone, the more likely you are to have a preference and positive opinion of him or her.
The earliest known research on the effect was conducted by Gustav Fechner in 1876. Similar research was conducted by Zajonc in 1960 and Goetzinger in 1968.
Advertisers have been leveraging this for decades and with the advent of the Internet and 2-way online relationships, the concept of the drip campaign has soared.
Drip campaigns go beyond just straight repetition and frequency and build on the relationship aspects as well.
Will and Jada make people uncomfortable. Because unlike the Disney movies we watched as children, they are "too open" about the fact that marriage is often hard and takes work.
It's estimated that 25%-50% of marriages involve infidelity at some point.
Nearly all marriages go through incredibly rough patches, some even physically separate, even stories in Nigeria abound of husbands legit living with a "strange woman" for years before returning to his wife.
But for the first time we are hearing about it from the horses mouth, pubically and openly in a way that irks me.
According to the Mastercard foundation Nigeria is one of only 7 countries in the survey where women are just as likely to engage in entrepreneurial activities as men.