LEARN TO EXPAND YOUR BUSINESS
Expanding your business
It is suicidal to try to expand a business by may be by creating a new branch or next store or new office when the mother business is strong enough. I listened to an interview with Africa richest man Dangote, one day on you tube. He said, before you expand make sure you consolidate.
Business consolidation is very necessary, it must be considered first before moves for business expansion are made.
It is risky to take all the profits of a particular business to set up a new business or another office in the same business. Yes, an entrepreneur takes risks but the risk should be well calculated.
There are many sides to the analysis of risk management in this discuss. Different businesses have different workings, so you should study your type of business and know whether you are endangering the survival of the first business by moving into a second. It could be that the first business by moving into a second may lose the requisite time and attention it needs to continue growing. It could be that the first business require more time, attention and supervision from you. It could be that some parts of the first business need to be systemised.
A national movement-which way Nigeria
Need for entrepreneurship or becoming an entrepreneur, many people still don’t get it. There is still this entitlement mentality, a socialistic and Marxist idea and opinion popular among the Nigerian populace and widely propagated by the civil servants, that the citizens are entitled. Yes, I agree that Nigeria is blessed with vast amounts of oil, gas and over thirty-seven other mineral resources including, a good leadership should harness these potentials and use these profits to build a solid infrastructure, but the idea of expecting the government to give you some money every month because you are a citizen is very wrong. It will bring down the spirit of success by hard work. Take for example what is happening in the USA today, social security and Medicare has put the USA into a debt of over 15 trillion dollars. To pay up for the rising social security, the government have to keep taxing the middle class. And today, even an unborn child in the USA is taxed. That is what happens when a country becomes so rich that it now believes that the system of hard work for success should be cushioned by paying the unemployed. That the productive should be taxed even more.
In my opinion, it is too dangerous to put into law the policy of paying the unemployed. Take for instance when you pay the unemployed N25, 000 every month as a government, he may not even want to work for even N40, 000 since the government pays him when he does nothing. The idea of paying the unemployed in Nigeria is not the solution to unemployment, it is like giving a man fish every day. When you give a man fish every day, why would he want to fish. And this is one of the main reasons the children of the very rich most times do not fill up the big gap of their parents, it is because their children most often are trained with the mentality of being entitled to anything mostly without hard work and brain work which is contrary and in contrast to the principles of hard work, brain work, determination, seeking God’s favour, and other principles that brought their parents to such level of wealth and riches.
During the 2014 national conference of Nigeria, a section proposed monthly allowance for the unemployed. Government should use the funds to build ultramodern railways, decongest Lagos seaport terminal by building more, become serious about inter states, inter-city, rural and urban road infrastructure. Government of Nigeria should stop politicising the road infrastructure and development of the country by awarding the contracts to their boys and cronies who will in turn do very shoddy jobs and cart away billions.
Nigerian governments both past and present have looted, embezzled, misappropriated and stolen over 20 trillion dollars that would have been used to lay down solid information, commination and technology infrastructure for the evenly explosion of SMES in Nigeria. It is very clear that Nigeria is a country blessed with great human resources, despite the leeward trends in the performance of government, Nigeria still boasts of a cheerful level of entrepreneurism and which has contributed immensely to making Nigeria Africa’s largest market.
The duty of the government of the day is to stop politicising the economy and get into real economics of development that has to do with improving the wealth of the Nation through maximising the country’s economic potential.
North Korea as a communist nation riddled with sanctions from corporations and institutions mostly controlled by the USA and her allies still manage to run up to 17 steel plants all functioning to full capacity. Cuba, with her so-called antidemocratic government as labelled by the west (USA and Britain) still have a better system than Nigeria, there are many other examples.
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