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Sports Trading / Re: Make #50,000 To #100,000 Monthly From Football Betting With Ease by ikoiikenna: Last month on Sat 08 at 07:53am
Check your email we have sent it to your email. questions or clarifications you can open a New thread. thanks

Agriculture / How Profitable Is Pawpaw Farming Business In Nigeria by ikoiikenna: Last month on Sat 08 at 06:25am

How you ever wondered how profitable is pawpaw farming business? below is a complete guide on How to Start Commercial Pawpaw Farming In Nigeria

With the unpleasant Economic recession in the country, many now embrace agricultural farming as a lucrative source of income. However, amidst this number, the majority still give little or no consideration to commercial pawpaw farming for profit. Pawpaw Farming in Nigeria for long has been seen only as an integral fraction of our farms; many farmers only plant one or two pawpaw tree either for personal use or for family consumption.

Recent research shows that we have for long-neglected a lucrative source of income due to our negligence to pawpaw farming business for profit.
Pawpaw plant is a tropical plant usually found in tropical climates which bear pawpaw fruits also known as Carica Papaya.

pawpaw-treeThe papaya fruit is highly known and consumed due to its medicinal and health benefits. Papaya fruit has low calories content, contains no cholesterol and is a rich source of photo-nutrients, minerals, and vitamins. Papaya is usually preferred over other fruits because of its soft, easily digestible flesh which has a high amount of soluble dietary fiber that assists in normal bowel movement thereby reducing constipation. Ripe papaya provides high vitamin C than any other fruits (Orange or Lemon) and thus regarded as an immune booster and anti- inflammatory agent.

The medicinal and health benefit of eating Papaya are such that leads to the high demand of this delicious fruits by many, also pawpaw is demanded in fruiting company, beauty products company, hotels and restaurant and this high demand turn to be profit for the Commercial Papaya investor.
Are you looking for a farming business to invest into with little or no startup capital and have a high return on investment within a short period? Then you should consider pawpaw farming business. Pawpaw farming has a huge market in and across all tribes, states, and countries. Startup requires little or no capital and surprisingly easy to start up and manage.

Read Also: How to Start Potato Farming Business =>

The First Step to start this lucrative pawpaw Farming business is to get a land composed of the right soil for pawpaw cultivation. A good preferred soil is a mixture of sandy and loam soil [but generally, Nigerian northeastern soil is also good], however, avoid water logged areas and rocky lands.

Get Seeds- Propagation
Propagation of papaya tree is via seeds. There are options to explore at this stage- either to buy already prepared Agric pawpaw seeds or prepare them yourself. Preparing or getting a pawpaw for planting simply involves getting seeds from ripped and fully matured pawpaw fruits then sun dry them. Either option can be explored but in each case ensure getting good species for planting.

There are many varieties of pawpaw, but mostly cultivated variety is the Red flesh and the yellow flesh. The ones with yellow fresh are regarded to be the best due to its big size, taste and long shelf life.

Raise Seeds
Due to some reasons in addition to the fact that pawpaw tree is a delicate plant, one is advised to plant seeds directly in the intended place while leaving a 5-meter gap in between holes. But with good knowledge of transplanting and nursery, one can initially and temporarily create a nursery bed prior transplanting. The best practice is to use big nursery bags, packed full with a mixture of sandy soil, loam soil, and manure, and then introduce two seeds per bag. Ensure seeds are located at the center of each bag to avoid damage to the roots during transplanting. Mulching, Watering, fertilizing is done for the first two months after which they are due for transplanting.

Note: Chemicals needed at this Early stage
· Vegimax- a fertilizer for healthy growth
· Dudu cypher- insecticide to killing insecticides.

Assuming you planted firstly in nursery bag/nursery beds follow the below steps to ensures safe transplant, proper growth, and maximum fruiting.
To transplant- dig 10ft holes inline but 5 meters or 10ft apart. Please note this spacing is highly recommended to ensure good exposure to sunlight and to avoid pawpaw trees from just growing tall with poor fruiting. 250 pawpaw trees are recommended for one acre of land.

Inspection and Weeding
Just like most farming, weeding and inspection of the farm are advised. The wedding is of high importance at this stage to avoid competition for food, space, water, sunlight between the pawpaw tree and the weeds which may cause poor fruiting.

Read Also: How to start cucumber Farming business and Make Profits=>

Pawpaw matures very fast, harvesting commence exactly at 9 months after planting. Though at this stage, the harvest is still low or scanty, as they are yet to reach full production. But when trees are between 12 months to 18 months harvest is high and at its apex.

As early mentioned, the market for pawpaw is very huge and the demand is high, the sale of harvest can be guaranteed. Also one can start a fruit processing factory too, to make even more from this business.

The challenge of this business is minimal. However, one that must be noted is the need for good preservative means to avoid perishing of harvest as pawpaw are prone to perish.

Pets and Disease
A major disease of pawpaw is the fungal diseases which are known to damage the leaves.
Control- Spray with Dythene or Dudu Cyper.
Conclusively, Pawpaw farming is a lucrative business for any investor.

Registration/Licencing / How To Obtain An Export License In Nigeria by ikoiikenna: Last month on Wed 05 at 06:27pm
In our previous post, we discussed extensively on the opportunities in exportation business and we even gave our free business plan/ feasibility report on it to get you started.
As a follow-up and in answer to some of your questions, we will be discussing the practical step by step guide to obtaining an export license easily.

Exportation business remains lucrative irrespective of the type of product you exports, whether an Agricultural product like better Leafs, better kola, soybeans, Crayfish, catfish, etc or you choose top export Mineral products, the earning potential is high. However, if you intend starting and export business on a large scale then the need to obtain an export license from the regulatory agencies becomes mandatory.
An Export License provides legal coverage for you and your exportation business and enables you to export governmentally approved export commodities.

In Nigeria, there are basically two approved government agencies commissioned to issue an export license and they are:-
Nigeria Export Council and
Federal Ministry of Solid Mineral Development.
For agricultural products and commodities, Nigerian export promotion council is the regulatory body commissioned to issue an export license. But if you intend exporting only mineral products then you need head over to Federal Ministry of Solid Minerals development as they are responsible for licensing.

Registration process:
The registration process takes a little longer time than registration with C.A.C but fairly easy when you have all the requirements which include:
- Certificate of Business- this is your certificate of business registration with Cooperate Affairs Commission. The company you intend to get a license for must be fully registered.

- Fully Filled Registration Form: - Have applied you will need to duly fill out the form given to you with you full credentials
- Processing Fee: - this is the fee required for first time registration.
With this above requirement, you can head to any office of the ministries mentioned above to start the process.

If you have any question please feel free to ask. West Entrepreneur is a forum thus your question or contribution are highly welcomed.
How clear was this? If not well this is a discussion forum. Click on the reply button below to ask your question or better to add your contribution. However, if you are not seeing the reply button or you are seeing if but it’s not working it means you are yet to join West Entrepreneur. So quickly join to join the conversation or start your own thread. Use the link:

Healthcare & Medical / How To Start A Pharmacy Business In Nigeria by ikoiikenna: Last month on Tue 04 at 11:38am
Running a pharmacy in Nigeria is one of the most profitable business ventures anyone can invest into. The demand for drugs in Nigeria is high and on steady increase thus making pharmacy business a lucrative business. Below in this article, our purpose is to show how lucrative pharmacy business is and how you can start your own pharmacy business in Nigeria with ease.
Basically, there are two categories of pharmacy. One is the Hospital pharmacy which is funded by the respective hospitals which is found and it’s aimed at providing the immediate drug needs of the hospital. Second is the community pharmacy which is founded by individuals or private groups, usually located outside hospital premises and provides for the drug need of the general public. In this article, starting and running a business solely point to the community type of pharmacy.
Please note: Unlike the most business that anyone can start, run and manage to his or her own standards, pharmacy business/ legitimate sell of drugs is highly regulated by regulatory bodies and in this case of Nigeria by Pharmaceutical Council of Nigeria (PCN).
Haven said that let's dive in….

How to Start A Pharmacy Business In Nigeria
There are two ways you can start a pharmacy business in Nigeria today, namely:-
- Starting under a known and established Franchise
- Starting up on your own ( under your Name)

Starting A Pharmacy under a Franchise
If you don’t want to go through the rigorous process of registration, inspection, and approval laid out by PCN, this then becomes an option. You can start up your pharmacy under a fully registered and accredited franchise. This basically involves a partnership with the already established partners.

This startup process has its advantages as well as disadvantages. One of the advantages is that you will enjoy high patronage as more customers are likely to patronize an already existing brand name they know than a newbie. The only thing you need do is have the fund to stock your store and enjoy profits provided you keep to the terms and conditions backing your partnership.

Starting you own Pharmacy
If you are concerned about making a name for yourself as opposed to just making profits, then this is definitely your shot at starting up a pharmacy business. However, you will need to meet all requirements and go through all the registration process as mandated by PCN.
Let Get the Breakdown Here[b] - As stated earlier, pharmacy business is fully regulated by PCN and as far as PCN is concerned only trained and certified pharmacist is authorized to open a pharmacy business. Nevertheless, if you have the fund and would want to go into this business, you will then need to hire or employ a trained pharmacist with a license to oversee the administration of your pharmacy or you can go into partnership with one.

If you have put the above in place the next step is:

[b]1. Register your Business

In this business, legitimacy is mandatory. Thus, to start you will need to register your business with the appropriate regulatory bodies. First with Cooperate Affairs Commission and then with PCN.

2. Raise the Required Capital
Depending on the scale you want to startup on, ensure you get the capital that will help you get stock supply, rent an apartment, install the necessary fittings, upset bills and pay workers.

3. Choose a Location
Since you will be dealing with the most sensitive product, a good location is recommended. Choose a location that meets up the requirement stipulated by PCN and remember to choose a location near business roads, near residential homes or more preferably near hospitals, clinics, and health centers.

4. Secure your Stock
You will need to, based on your location get supplies of stock. This is a crucial stage and needs to be done right as it helps determine success or otherwise failure of your business.

5. Hire Trained Staff
This point can’t be over stress, endeavor to hire trained health professionals with good communication skills that will dispense just the right medication at any given point or situation and also communicate friendly with your customers.

6. Advertise you Business
Setting up your pharmacy store is but only a step not the success on its own. So endeavor to advertise your business. Get the world to know about your business. Advertise directly through word of mouth, mass media etc and also indirectly through quality customers service that will make your customers come back and also spread the news about your business.

How clear was this? If not well this is a discussion forum. Click on the reply button below to ask your question or better to add your contribution. However, if you are not seeing the reply button or you are seeing if but it’s not working it means you are yet to join [/b]West Entrepreneur[/b]. So quickly join to join the conversation or start your own thread. Use the link:

Business Advice/Tips / Reasons You Need A Mentor And Role Model For Entrepreneurial Success by ikoiikenna: Last month on Tue 04 at 05:40am
Many of our young Entrepreneurs has made some mistakes in the past, while some are about to make the same mistake, but after reading this I believe that your life as an entrepreneur will be made easy and positive. Most mistake entrepreneurs make are mostly because there is no one to guide them. Mistake whether seriously or costly can be turned around sometimes, but I don't believe the mistake is costly because only a fool will say he has not made any mistake before. A wise man once said if you don't make mistakes, you don't learn anything new What makes one a strong person is not running from your mistake, but the ability to correct it and make sure you learn from it and also avoid it in the future.

It is said that we exist in the era of tattered information even while we live in the village of technology. Young Entrepreneurs are not interested in the necessary information but that which will keep them off the track. Any Entrepreneur that wants to be successful in life, have to find out the way which people that have in time past successes, the challenges they faced, where they failed and what brings about the failure. If it is successful then use their good results to embark on their own journey of life.

Who is a Role Model
If you ask many of our young aspiring entrepreneur who is your role model he/she will give you just call names. A role model is a person who serves as an example of value, attitudes, and behavior associated with a role. This means that your role model must be like the dreams you have in life. Know at least 70% of your role model and that will help you strive positively. For instance, one who wishes to be an entrepreneur must look up to the successful entrepreneurs and know how they get to the top.

Who is a Mentor
While we talk about a role model, we must not forget the importance of a mentor because of they both works together. A mentor is someone who guides you, advise you and encourage you. The biggest problem of Young Entrepreneur today is that nobody wants to ask necessary questions or get the right information from the right person. Young Entrepreneurs most times get carried away by the enormity of their dreams and consent to feeling too big to ask people that can help them with good advice, one will say what does he/she has to offer. Believe me when I tell you that most times the people you never like tells you who you are and how to be successful.

Mentorship is of two types, the one that advice you and guide you in the field your choice and the one who will help you in your spiritual life. A mentor has the experience more than you so he/she is in a better position to advise you in whatever you embark on.

In conclusion, as a young and aspiring Entrepreneur find a role model you look up to and a mentor who advise you positively. Be successful as you put this in practice.

W.E/General / Ways To Become A Millionaire While Working For Someone Else by ikoiikenna: Last month on Mon 03 at 11:17am
You’ll never get rich working for someone else, or so they say. Many feel the risky, adventurous life of an entrepreneur is the surefire pathway of becoming a millionaire but what if you're happier and more comfortable working for a boss who pays for your medical insurance?

According to some estimates, if you’re considering becoming an entrepreneur you’ll have to make 35 percent more than your current salary to fully replace the income a day job brings in each month. For someone with a family to support, leaving the safety of a salaried position is risky, even if it might be more lucrative down the road.

If you’re set on becoming a millionaire, but you also want the security of working for someone else, here are a few options to consider.

1. Earn partner status.
Partnerships aren’t just for law firms. Look for a small business or startup where you have a shot at becoming a business partner at some point. While many business owners either choose to form a partnership or sole ownership from the start, a small business founder can definitely change that as a company grows.

If you work hard, bring certain expertise to the table and show your leadership capabilities, take the opportunity to pitch the idea of joining your boss in running things. That could lead to a much larger share of revenue over the following years -- even eventual millionaire status. That kind of thing certainly won't come as quickly if you shy away from daring to become a leader at your company.

2. Take stock options
Stock options are usually negotiated during the job interview process. Find a company that offers stock options, even if the salary is a bit lower. This consideration has become very popular in the startup world of Silicon Valley. Talented candidates want to know how long it will take their options to vest before they sign on with a company.

All that aside, it’s important to understand the harsh reality that stock options rarely make employees millionaires by themselves. There’s no guarantee the company will ever be acquired or go public, and the odds are that you won’t receive millions in the deal even if it does. Consider this as an investment, among others you might make in the stock market or real estate market.

3. Live below your means
The less you spend, the more you have in the bank. You can’t save money if you’re spending too much of it consistently. The entire theory behind “the millionaire next door” is that many of the wealthiest people are living well below their means.

This may amount to years, or even decades, of living in a small house or driving a used car but if it pays off later, it’s well worth it. In some cases, saving money is actually better than earning more money, especially when you remember you have to pay taxes in April and it helps to have money in the bank for that.

4. Invest Wisely
Navigating the stock market can be tricky. It’s also a way to quickly increase your income, provided you know what you’re doing and you have the extra time and energy to devote to becoming good at it.

Many entrepreneurial-minded people are skilled at spotting a solid business concept and putting their money into it. They keep an eagle eye on the performance of a wide range of different stocks and industries, much the same way a football fan might pore over stats and standings of their fantasy team.

If you’re completely clueless about the stock market, put serious time into finding a financial expert who can direct you on the best investments to reach your goals. Once you have the extra income, you can also consider investing in real estate or rental properties to boost your monthly earnings.

5. Take over the business
Eventually, the business owner will retire or move on to other ventures. That could be your chance to shine.

If your business owner isn’t even close to retirement age, look for the possibility that he or she may someday want to set the business aside to work on other ventures. Throughout your tenure with the company, showing you have the passion and work ethic necessary to run the business in the current owner’s absence. If you’re a trusted employee, chances are you’ll get more and more responsibility for leading the company as the years progress. If you can’t imagine wanting to take over the business you currently work for, consider exploring a different field.

6. Start a side business
Once your day job ends, your side hustle should begin. With today’s technology, you don’t have to invest in a physical office and a team of employees to start a new business.

Keeping your job and becoming a millionaire may mean toiling away night after night to build your client base to build a steady revenue flow so you can leave your salaried position behind someday. Make sure your side business doesn’t pose a conflict of interest to your day job while you still rely on it to pay your bills.

Few millionaires are made overnight. It takes years of hard work and forethought to reach that type of income level. Like most people, if you want to generate more money, you’ll need to do it while you’re working for someone else, at least at the start. Keep in mind just how much work it is to set up a new business, learn what your customers want as well as create a product or service that matches that.

Sacrifice is the name of the game and it’s not right for everyone. It’s still attainable though, as long as you stay disciplined, think quickly and persevere over the long haul.

W.E/General / Top Business Quotes About Hard Work From Top Entrepreneurs by ikoiikenna: Last month on Mon 03 at 07:58am
Building a company from the ground up and successfully running it is hard work. Without the right work ethics your business will never thrive and grow.

1.“The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.”
– Vince Lombardi, executive, head coach, player NFL

2. “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”
– Steve Jobs, Co-founder, CEO, Chairman Apple Inc.

3.“If you’re passionate about something and you work hard, then I think you will be successful.”
– Pierre Omidyar, founder, and chairman eBay

4.“Make every detail perfect and limit the number of details to perfect.”
– Jack Dorsey, founder Twitter

5. “Ideas are easy. Implementation is hard.”
– Guy Kawasaki, co-founder Alltop

6.“I never took a day off in my twenties. Not one.”
– Bill Gates, co-founder Microsoft

7. “So often people are working hard at the wrong thing. Working on the right thing is probably more important than working hard.”
– Caterina Fake, co-founder Flickr

8.“It is always the start that requires the greatest effort.”
– James Cash Penney, founder and CEO J.C. Penny

9.“If hard work is the key to success, most people would rather pick the lock.”
– Claude McDonald

10. “Have the end in mind and every day make sure your working towards it.”
-Ryan Allis, co-founder and CEO iContact

11. “The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer not a dreamer.”
-Nolan Bushnell, founder Atari and Chuck-E-Cheese’s

Manufacturing/ Production / Footwear Manufacturing: Start A Palm Slippers Manufacturing Business by ikoiikenna: Last month on Mon 03 at 07:36am
Re you looking for a Lucrative business to start today with minimal capital but still enjoy huge profit? if yes have you considered investing into footwear manufacturing business? of which you can specialize in palm slippers production.
Well, through this article and subsequent articles we will provide you with detailed information on how to start this lucrative business.

Palm slippers are important foot wears because apart from protecting out feet from harmful objects, they add beauty to our mode of dressing. It has become fashionable among not only ladies but also men of nowadays. Based on observations and interviews, it is clear that to most Nigerians, their footwear is an extension and expression of themselves. There are strong gender differences, with women being more alert to the symbolic implications of slippers than men. Foot wears affect our perceptions of others and our perceptions of self, including our passage into adulthood. Among the magical transformations, we attribute to palm slippers is their ability to supercharge our athletic performance. Not only is footwear an extension of self, it also acts as a repository of memory and meaning in our lives.

With the vast population in our country and the increased preference of many for footwears, how lucrative do you think this business is?
let us consider this:

How often have you walked outside the house without any footwear? Look around you, how many people around you are without any footwear? Nil! Right? Now calculate this In reference to the 40 million population of Nigeria, its then obvious that everyone loves and must be on footwear almost all the time and of this all these people no one of them makes his or her own wears as its produced by footwear production firms in Nigeria and across and this is where you come in.

Mores Specifically, How many palm slippers do you have in your possession, how many have you used before now? How many do you have now? how many are you still planning to buy?
Am sure all were bought, how much did you spend on them? Assuming the 40 million population owns just of the same number for the same amount as yours and all this is produced by your own footwear production firm/company? Will you become the next rated millionaire?

Palm Slippers production is a profitable business idea for as many that would want to start a profitable home business should seriously consider starting the production of palms slippers.
Everybody must wear one or two palm slippers each day and this is the reason why footwear production firm around the world are growing, expanding and enlarging their horizons on daily basis.

By now am sure you are now seeing the huge opportunity in this business, well if you want to start and would want more detail information on it kindly drop your questions or inquiries and we will quickly get back to you.
Most importantly, we have prepared a good detail business plan and feasibility report on this which you can easily access.

So where do we start?

Sports Trading / Re: Sports Betting Tips: Ways To Double Your Winnings! by software77: 04:14pm On 6 Jun
Ikoiikenna:Tips for the Weekend

Its another weekend of great sporting action. It is also a great opportunity to make some cash from predicting outcome of matches. I will be sharing a few tips which update will be posted at the end of the games. These tips are provided by highly experienced punters from around the globe.

One important fact every punter or predictor should know is that you do not need to combine too many games except you want to depend on luck which the probability of winning is below zero.

Every weekend, except a few games between 4 - 5 odd.

Read here: Make #50,000 To #100,000 Monthly From Football Betting With Ease =>

Warning: Always bet with what you are comfortable losing and must be 18+ to play.

I've lost too much thank God I found this..

Sports Trading / Re: Make #50,000 To #100,000 Monthly From Football Betting With Ease by iykenation: 10:33pm On 6 Jun
i have had bitter experiences with betting .here is my

Sports Trading / Re: Make #50,000 To #100,000 Monthly From Football Betting With Ease by osika george: 11:54am On 6 Jun
with this hope, am alredy anticipating how far this ebook will steer my chances.

Sports Trading / Re: Sports Betting Tips: Ways To Double Your Winnings! by osika george: 11:49am On 6 Jun
sounds like salvation in a dark tunnel, betting can be such a quagmirep!!
my e-mail is;

Buy & Sell / Sell Your Itunes Gift Card Asap by erseborne: 04:39pm On 6 Jun
Sell your iTunes gift card to me. With instant payment into your bank account. I buy the following denominations of iTunes card.
$5 ➡Many pieces✔✔
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$75 ➡Many pieces✔✔
$100. ➡Many pieces✔✔

*Amazon gift card with cash receipt
*Amazon card with debit card receipt
*Amazon card with no receipt
*Ebay gift card
* itunes gift card, US
*Walmart gift card
*Visa gift with cash receipt
*American express gift card with cash receipt
*Master gift card with cash receipt

*Legitimacy and transparency are my watchwords*
I'm here to serve you better.
Contact walker now.
*CALL/WHATSAPP: 08167650295

100% reliable... And very fast.. .. #trustworthy

Successful Entrepreneur / List Of Nigerian Entrepreneurs To Follow by ikoiikenna: 07:10pm On 6 Jun
As a potential entrepreneur, you don't have to make a mistake repeatedly, you don't have to do trial and error, all you need do is put your hearts to succeed in your chosen area(s) and model the successful entrepreneurs there. you don't have to let an experience teach you, you don't have to fail where previous entrepreneurs fail, learn from their mistake and their success. Of such entrepreneurs worthy of admiring in Nigeria are as follows.

20. Obinna Ekezie – CEO, (Travel And Tourism)

19. Tony Elumelu – Chairman, Heirs Holdings, United Bank for Africa, Transcorp (Banking, Hospitality)

18. Nnamdi Ezeigbo – CEO, Slots Nigeria (Retail, Computer Gadgets)

17. Jason Njoku – CEO, Founder, iRoko Partners (Online Media Distribution, VOD)

16. Sim Shagaya – Founder, CEO, (eCommerce, Retails)

15. Lady Kehinde Kamson – Founder, Sweet Sensation Confectionery Limited (Confectionery)

14. Linda Ikeji – Founder, LindaIkeji Blog (Internet, Blogging)

13. Ibukun Awosika – Chairman, Board of Directors, First Bank of Nigeria Limited. CEO, The Chair Centre Group (Furniture, Banking, Security)

12. Innocent Chukwuma – Founder, Innoson Motors Manufacturing (Automobile)

11. Femi Otedola – Chairman, Forte Oil and Gas (Oil And Gas)

10. Cosmos Maduka – Coscharis Group (Automobile, manufacturing)

9. Jim Ovia – Zenith Bank, Visafone (Banking, Telecom)

8. Pascal Dozie – MTN Nigeria, Diamond Bank (Banking, Telecom)

7. Tony Ezenna – Orange Group (Pharmaceutical)

6. Ifeanyi Ubah – Capital Oil (Oil And Gas)

5. Leo Stan Ekeh – Zinox (Computer, Technology)

4. Fola Adeola – GTBank (Banking)

3. Hakeem Bello Osagie – Etisalat Nigeria (Telecom)

2. Vincent Amaechi Obianodo – Young Shall Grow Motors, RockView Hotels (Transportation, Hospitality)

1. Aliko Dangote – Dangote Group, (Manufacturing, Foods, Bureau De Change, Oil And Gas)

feel free to add other names or even your name too to the list.............

W.E/General / The 12 Biggest Money Mistakes People Make by ikoiikenna: 06:43pm On 6 Jun
I think it’s best to start our week reminding ourselves some money mistakes that kept some people poor. If you must be rich; there are certain mistakes you must learn to avoid. You can avoid these mistakes – you know why? You have them beforehand! So, this should help you fortify yourself against them. This piece was posted to my private WhatsApp group by a member, and I felt I should share with us.

Money Mistake 1:
Never borrow money that accrues interest to start a business (except if you are paying for it through your salary); only borrow to grow your business. This is because business takes a long time to gain ground and begin making a profit, yet most loans repayments have to be made within a month of taking the loan or even earlier. Therefore, never borrow money to start a business expecting that the business will generate income to pay back the borrowed money plus the interest.

Money Mistake 2:
Never spend money you haven’t received. Don’t even promise someone money based on a promise you have from someone else. If someone tells you: “Paul, come to my office tomorrow at 9am and pick #50K” don’t go out to buy items on credit based on this promise, with the hope that you will pay off your creditor when the promised money comes; it may not come as promised and this will leave you in problems with your creditors.

Money Mistakes 3:
If you want to save, whenever you receive money, don’t start spending hoping that you’ll keep what remains. Normally what’s left is zero because as long as money is available to spend, the numerous things you can spend it on are also available. And when money to spend is not available, we naturally find a way of doing without it. That’s why I’ve learned to save with an INVESTMENT CLUB. Once I send money there, I assume I no longer have it. Before you spend any money, put your savings aside then spend what is left after saving.

Money Mistake 4:
When you get an opportunity to meet a very wealthy person, never ask for money. Ask for ideas on how to make money. They may even choose to give you money on their own after seeing that your ideas are great.

Money Mistake 5:
Keeping your seed instead of planting it. When you save, your savings are seed; plant it. When you just keep the seed (saving money) some seeds begin to die (eaten by inflation and the like). That’s why I recommend that you read about the different types of investment vehicles you can use to grow your savings.

Money Mistake 6:
Never lend someone money you are not willing to lose. By the time you lend someone money, be content in your heart that if the person fails to pay, you won’t die else advise the person to go to the bank or check elsewhere.

Money Mistake 7:
Never append your signature to guarantee someone on a financial matter if you are not willing or able to pay the money on their behalf. Do I have to explain that one? No, it’s self-explanatory.

Money Mistake 8:
Avoid keeping the money you don’t intend to use in the short-term within easy reach. For instance, if you need only #20,000 don’t walk with #100,000 in your pocket. If not, you will realize spending more that you budgeted.

Money Mistake 9:
Spending money on an item that you can do without (at least for the time being). These days when I pick money from my pocket or wallet, before paying for something I ask myself: What would happen if I didn’t buy this? If I find I can live with the consequences of not having that thing, I smile and walk away.

Money Mistake 10:
Paying an amount for something that’s not the minimum you can get that same value for. In other words, if you are in Ikeja and you pay #5K for a shoe that you can get at #3K at Oshodi market, that’s a money mistake except for those who have achieved financial freedom.

Money Mistake 11:
Consistently spending all you earn or more than you earn. It’s like having a drum where you have an inlet that’s smaller than the outlet. It will never get full. And should the inlet ever reduce significantly the drum will run dry. If you do it the other way round and the inlet is bigger, it will get full and even overflow

Money Mistake 12:
Thinking about short-term only and forgetting about long-term or thinking about the long-term and forgetting about the short-term. For instance, Lydia was told that there’s money in land. She saved money over a long period and bought 30 acres of land. Now she has the land, but she is always broke. She is always complaining. She’s disgruntled, and she doesn’t seem to see herself earning from the land shortly. Now, let’s ask us: Having 30 acres of land and no money to feed your family or take a child to the hospital, is that wealth or poverty? I think Lydia only looked at long-term needs and forgot that she has short-term needs that require money. What of those who find they are one paycheck away from salary? Do they think about the long-term needs?

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