TODAY ON FRANKLY SPEAKING – WHY AM I BROKE?

Over the years avenues to wealth
globally with mankind has transited from
the era of hunting and subsistent
farming, to industry to service delivery to
information and now communication
technology.

All through these seasons, men have
made commendable effort to acquire and
grow wealth so as to apprehend a life of
comfort, peace and rest of mind. Many
succeeded, however, many, many more
failed at this attempt.

Even today, many people, perhaps you
also, have lovely dreams of becoming
wealthy. Everyone wants to be
comfortable at least, and truth be told, to
be comfortable in Nigeria; you must be
rich.
I’ve seen many buy books, attend
seminars, study the lives of some
successful people, pray hard, and do all
they know how, so as to break the lack
and insufficiency barrier.

Some succeeded and many more have
failed and are still trying. Even some that
are wealthy today became so based on
luck or chance. They do not have an
understanding or a guaranteed template
on how to recreate their wealth should
they accidentally lose everything.
Many of us hope to become wealthy
based on speculative attempts, trial and
error or perhaps a miracle.

Think with me this morning, why do we
have so many professionals and skilled
people in Nigeria and yet many of them
are not wealthy?
We have very hard working, brilliant,
dedicated and intelligent doctors,
lawyers, architects, engineers,
pharmacists, lecturers, economists and
the likes. And most are broke and
struggling. They can hardly make ends
meet, some can’t even pay regular bills.
Why do we have so many skilled
graduates even with masters’ degrees
from overseas who are still struggling to
become wealthy?

Why is the government under pressure to
provide employment opportunities for
several youths?

Why is wealth creation a major challenge
for several people?
I can begin to imagine many of us, as
usual, blame it on the government. It is
so convenient. Even if you know people
doing very well at what you’re failing at
under the same economic conditions,
you’ll prefer to believe they are
succeeding through high level
connections or illegitimate means.
Please be sure I’m not suggesting the
environment is good or encouraging for
one to find easy success, what I’m
saying is, you’re aging everyday basking
in a life of blames and excuses and
inactivity, instead of frantically seeking
and finding answers and solutions that
will help you live better, and the only
person that will eventually suffer is you if
you don’t redirect your metal effort
towards productive and wealth creating
thoughts.

It’s a fact that millions of educated
Nigerians today have no knowledge of
commerce – they have no clue on how
to commercialise their skills, art or
practice. Commerce is the only key to
wealth creation.
Many educated Nigerians don’t
understand the “what” and the “whys”
behind socioeconomic policies, the
business environment, funding and the
general role of the government in aiding
commerce.

The government is not supposed to make
you rich, the government only creates
the policies and structures for you to
work with and within to become rich.
Do you know and understand all these?
What you don’t know can make you
broke.
It’ll surprise you many educated
Nigerians don’t even listen to the budget,
they don’t have a copy of the
constitution, they don’t even understand
Nigeria, and can’t interpret implications.

Many don’t know much about money,
business and avenues to wealth creation
within their profession, their practice and
sector in Nigeria.

Let me explain this, you see many
doctors in Nigeria for example today have
very impressive knowledge of their
practice. They were properly tutored and
through hard-work and dedication they
have become very good doctors. But
because they lack adequate knowledge
on the commercial or business aspect of
medical practice they can’t create
adequate wealth from the practice.
Hence they are constrained to getting
employed and remaining employed for
the rest of their career years in
government hospitals other peoples
hospitals or running away overseas. Even
after 20 years and more in the practice,
with all the knowledge, qualifications and
experience, they can’t venture into
running their personal medical practice
profitably. Some that have made this
attempt in my submission are running a
substandard commercial process.

Hence
in many private hospitals, you’ll find
customers and clients frustrated, angry,
delayed; waiting for hours for medical
attention and the medical team and staff
most times are indifferent.

This of course remains the case because
many of these patients and customers
have no options – it’s as bad or even
worse in other hospitals. In the long run
a well-respected and reputable private
hospital begin to lose clients and
customers due to lack of commercial
strategy, marketing framework and a
business model.

This happens because the owners of the
hospitals started with just capital,
medical experience, and reputation. They
had no business plan, business model,
business strategy, marketing concept,
branding, positioning, differentiation,
unique selling proposition, target profiling,
sales strategy, pricing strategy, customer
service policies, corporate culture,
business orientation, agenda for growth
and development, market share
acquisition plans and future growth
agendas.

Sadly, it’s all about how much money
they are making at the moment. Such a
medical business orientation will
eventually kill the hospital.
This challenge unfortunately applies to a
lot of Nigerian professionals; Doctors,
engineers, legal practitioners, architects,
lecturers, pharmacists and so many
professionals. They don’t have a clue on
how to commercialise their skills
especially in a business environment like
Nigeria.

This unfortunate situation is confusing
the Nigerian business and professional
practice where out of desperate pursuit
of wealth, you find certain professionals
working in other fields. I know a
pharmacist working as a counter clerk in
a leading bank in Nigeria and a theatre
art graduate selling insurance policies.
Because many people want to be rich
and don’t know commerce, hence can’t
create wealth, they have resolved to
dropping their professions and chasing
money with so called lucrative
employments, hence the mediocrity and
confusion in our country.

Some, unfortunately have even resolved
to steal from their employers and the
government. Once they get employed or
appointed into a position, the first thing
they look out for is a loop hole in the
process through which they can enrich
themselves illegally and cheat their
employers or exploit customers and
clients through bribery and extortion and
the likes. How sad!
To acquire great wealth without theft you
must learn the business aspect of your
practice. You must learn how to market
your skill. I’m not talking about selling;
I’m talking about marketing in the true
sense of its definition. Applying the
marketing concept, the 4P’s and an
effective value chain management
process.

Dear friend, learn to commercialise your
practice; business management is an art
as well as a science. You must know
how to do the business of your
profession especially in a country like
Nigeria. This is your surest avenue to
wealth without stealing and cheating.
Study, study and study. In today’s
business world, ideas are what you need
to start a business not cash capital and
good ideas come from information and
knowledge. When you know, you will
grow.

It’s possible to be rich again and again
when you understand the business of
your profession. Stop wishing, start
learning, it’s in your hands. Let’s create
wealth together – I promise you it’s more
fulfilling than stealing. Dear friend, it’s
time to Join the millionaires club in
style….
Enjoy your day.

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