ImaIma1:


No one is importanter. Abi let all your workers resign and become entrepreneurs so that you can entrepreneur your business alone na.

Many people doing 9-5...their pension fund alone can buy the business that one entrepreneur is making noise about. People have different dreams and goals in life. Not everyone will run a business.

Hahahahahaha tell them oh


The thing is, every young person should have a goal to work for a certain number of years to gain experience and to raise capital to venture into their dream business based on their skills and passion.


And we all should learn to respect everybody's decision and jobs. If I decide to be a welder or a carpenter or a banker or a doctor or a cleaner or a gardener or a driver or a conductor or a security officer or a soldier or a trader, respect my decision and respect my job and handwork.


This is the only problem we blacks, especially Nigerians have. We look down on others out of our selfishness and wicked attitude towards one another.

Everybody is very important. Entrepreneurs cannot do without the employees and those doing 9-5 salary jobs cannot do without entrepreneurs, it's just the truth.


If you run your own business or company, you need people to work for you and perform some tasks cos u can't do it alone.

And if you are working you need laborers, business people and entrepreneurs to do some tasks for you because you won't have the time and you cannot handle all your life tasks on your own.


All we need is mutual respect for one another.

But it is very advisable for every salary earner to make a goal to resign or stop working to start their own business or company, if not, our future kids won't see companies and businesses to start working from to gain experience and earn a living.


We need more business owners, entrepreneurs and companies to grow Nigeria.

They are all singing, have multiple sources of income.

My job is a source of income.

Your shop where you are selling is a source of income.

One government policy can make me jobless. It can also throw you out of business. You can even wake up one day and that your shop has been raided.

It was the shop of entrepreneurs that were Xenophobiad.

Or are your businesses suddenly multiple sources of income because they are not 9-5s?

Everyone needs multiple source of income, (INCLUDING YOU ENTREPRENEURS), we know this and we mustn't open shop or buy and sell to achieve this.

Leave us alone and stop acting like you have discovered the cure to HIV/AIDS.

franchasng:
You are more than correct with the parts in bold.


But very wrong with the parts in red font, and you know why I will explain in details below, the reason why entrepreneurs have the last laugh.

No matter where you work or which company or organization you are working for, you cannot work beyond 70yrs at most, and imagine at 70, you stopped working, and assuming you married late or gave birth late, maybe at age 40, that means your first child is probably 30, others below 30 and probably still in higher institution and you have stopped working.

No matter the level you retired at, your pension stipend cannot take care of you, your family and children's education if you don't have a business to support. And most businesses started after retirement usually don't succeed because they didn't study the market and haven't mastered the art of the business, they just used their gratuity or savings to startup a business based on hearsay that so so and so business is moving well, and some venture into it and lose all their life savings.

If you decide to stay idel after retirement, you are likely going to develop various sickness and be spending most of your life at the hospital bed, and will possibly die before your time.


Now, on the flip side, entrepreneurs already have a thriving business they have struggled to build while growing when their mates were working 9-5 job and enjoying their extra time and having lots of fun with their family and loved ones when the entrepreneur was busy slugging it out to make his or her business have a stronghold.

The entrepreneur have no retirement age unless he decides to retire himself and hire managers or let his children take over while he supervises, which means, his children will not be struggling to find job to start their life with, because they already have a job in their father's or mother's business to start life from at least....while the salary earner's children are busy looking for job to get started, just imagine how difficult it is today for graduates to secure a job, then think of 20 - 30 years from today, do you think there will even be jobs for graduates whose family does not have a job to offer or whose family is not highly connected politically and otherwise Think about this.



I like using myself and people I know as example....

I have 2 family friends I will use as example for you to drive home my point.

The first family friend, i won't mention his name, he was my dad's close friend (my dad senior him though), he retired as a director or a federal ministry, i think level 18 or so...he was a really big man then....but he gave birth a bit late, so some of his kids are still in university now, and the man is freelancing now as an auditor for private firms at 70yrs+, just to raise cash to support his family and kids still in school....and his first son that served since 3 years now, only managed to secure a small pay job not long ago, the daughter is still job hunting as we speak despite her good result.


Now, there is this second family friend, he was a business man then.....he also married late, this man's first son is now the MD of his business, the boy took over the business as soon as he graduated, so he did his NYSC at his father's business...now his father has retired, the guy now runs the business and the boy has taken his father's business to the next level that this business is now booming like kilode....he pays his father 500k monthly, and pays his mom 250k from his father's business....the business has grown so big that most of us now use it as example.

One of his younger sibling that just graduated is now employed there for the mean time while waiting for NYSC. Imagine if their dad didn't had that business

Cases like this abound all over Nigeria.

Nice examples.

But do you know how many examples of people that were into business I know that didn't make it. And of people with 9-5 jobs who have been successfully and sent their kids for master's abroad with their pension and savings.

Lifestyles vary. It is how people lived their lives, spending habits, lifestyle,etc that really is the culprit here. You see a man as he is working, he has investments, builds houses, has lands here and there, etc. But then another has mistresses or other habits that depletes the funds.

It's really about discipline and thinking about the future. One of my dad's friend's was a goldsmith. He made a lot of money then and never even built one house. Another one was a big man in mobil then but his love for women did let him achieve much.

If some people calculate the money they spend on alcohol monthly, it will shock you. Bad habits are what limits people, not 9-5 or otherwise.

pocohantas:
They are all singing, have multiple sources of income.

My job is a source of income.

Your shop where you are selling is a source of income.

One government policy can make me jobless. It can also throw you out of business. You can even wake up one day and that your shop has been raided.

It was the shop of entrepreneurs that were Xenophobiad.

Or are your businesses suddenly multiple source of incomes because they are not 9-5s?

Everyone needs multiple source of income, (INCLUDING YOU ENTREPRENEURS), we know this and we mustn't open shop or buy and sell to achieve this.

Leave us alone and stop acting like you have discovered the cure to HIV/AIDS.

pocohantas:
They are all singing, have multiple sources of income.

My job is a source of income.

Your shop where you are selling is a source of income.

One government policy can make me jobless. It can also throw you out of business. You can even wake up one day and that your shop has been raided.

It was the shop of entrepreneurs that were Xenophobiad.

Or are your businesses suddenly multiple source of incomes because they are not 9-5s?

Everyone needs multiple source of income, (INCLUDING YOU ENTREPRENEURS), we know this and we mustn't open shop or buy and sell to achieve this.

Leave us alone and stop acting like you have discovered the cure to HIV/AIDS.

franchasng:
Hahahahahaha tell them oh


The thing is, every young person should have a goal to work for a certain number of years to gain experience and to raise capital to venture into their dream business based on their skills and passion.


And we all should learn to respect everybody's decision and jobs. If I decide to be a welder or a carpenter or a banker or a doctor or a cleaner or a gardener or a driver or a conductor or a security officer or a soldier or a trader, respect my decision and respect my job and handwork.


This is the only problem we blacks, especially Nigerians have. We look down on others out of our selfishness and wicked attitude towards one another.

Everybody is very important. Entrepreneurs cannot do without the employees and those doing 9-5 salary jobs cannot do without entrepreneurs, it's just the truth.


If you run your own business or company, you need people to work for you and perform some tasks cos u can't do it alone.

And if you are working you need laborers, business people and entrepreneurs to do some tasks for you because you won't have the time and you cannot handle all your life tasks on your own.


All we need is mutual respect for one another.

But it is very advisable for every salary earner to make a goal to resign or stop working to start their own business or company, if not, our future kids won't see companies and businesses to start working from to gain experience and earn a living.


We need more business owners, entrepreneurs and companies to grow Nigeria.

Well said

ImaIma1:


Nice examples.

But do you know how many examples of people that were into business I know that didn't make it. And of people with 9-5 jobs who have been successfully and sent their kids for master's abroad with their pension and savings.

Lifestyles vary. It is how people lived their lives, spending habits, lifestyle,etc that really is the culprit here. You see a man as he is working, he has investments, builds houses, has lands here and there, etc. But then another has mistresses or other habits that depletes the funds.

It's really about discipline and thinking about the future. One of my dad's friend's was a goldsmith. He made a lot of money then and never even built one house. Another one was a big man in mobil then but his love for women did let him achieve much.

If some people calculate the money they spend on alcohol monthly, it will shock you. Bad habits are what limits people, not 9-5 or otherwise.

Yes I know and agree with you

pocohantas:
They are all singing, have multiple sources of income.


It was the shop of entrepreneurs that were Xenophobiad.

and this is exactly what happened

shoprite is still closed. apparently most of those shops were not insured [because shoprite]
and a lot of the owners took loans from banks
as it is the owners and the workers are both fked

GoldPencil:
the difference is in the value of time. some entrepreneurs will not post what they earn here for security reasons, and to prevent ppl from asking bros'show us the way' before rushing to saturate the biz, but some can show you screenshots of what they earn in a month. to get that kind of pay, you would need to work a minimum of 15 to 25 years as a 9-5er to get that. Whereas the entrepreneur studied the biz for a year and used another year to get it started. he/she retires at 35, the 9-5er finally saves up 50 million at age 65. Time is the difference and the most valuable resource.

boss.

The problem is that the so called entrepreneurs are angry and frustrated that people don't pay attention to them or whatever they have to sell expecially Nigerian entrepreneurs. They will end up insulting the whole nation once someone tries to condem them. They run Sammy ads flashing their fake wealth on Facebook.

As for me, I just ture blind eye to all those shits and scams. Entrepreneurship expecially in Nigeria is mostly a scam!

So you think there are people whose dream is to spend their life time working for another man's company?
I see this as a cycle, there comes a time when you'll have to work under/for people to gain experience, funds etc, with time you graduate into the next phase which is creating job opportunities for other people, it keeps going on and on. I don't think any good employer would want to see a particular person in the same company for years.. growth is necessary.

One more thing, money is not the only reason people choose to be entrepreneurs.

ImaIma1:


No one is importanter. Abi let all your workers resign and become entrepreneurs so that you can entrepreneur your business alone na.

Many people doing 9-5...their pension fund alone can buy the business that one entrepreneur is making noise about. People have different dreams and goals in life. Not everyone will run a business.

ImaIma1:


Nice examples.

But do you know how many examples of people that were into business I know that didn't make it. And of people with 9-5 jobs who have been successfully and sent their kids for master's abroad with their pension and savings.

Lifestyles vary. It is how people lived their lives, spending habits, lifestyle,etc that really is the culprit here. You see a man as he is working, he has investments, builds houses, has lands here and there, etc. But then another has mistresses or other habits that depletes the funds.

It's really about discipline and thinking about the future. One of my dad's friend's was a goldsmith. He made a lot of money then and never even built one house. Another one was a big man in mobil then but his love for women did let him achieve much.

If some people calculate the money they spend on alcohol monthly, it will shock you. Bad habits are what limits people, not 9-5 or otherwise.

I disagree with the part in bold, because with Nigeria's salary structure, no salary earner working for government can afford to do that if he or she was not corrupt through taking bribes, looting company fund by raising stock price, taking kickbacks from contractors/vendors, and engaging in all forms of office corruption that is rampant among Nigerian civil servants, which is why Nigeria is a mess it is today.

Only the few people working in top IOCs, FMCGs, and some few multinationals can afford that without engaging in office corruption.

So don't use them as yardstick because it is corruption, looting and bribery that make most salary earners in Nigeria appear like they are making money or rich, if they stick to their salaries and allowances, they won't afford some of the luxury lifestyle they live, except for the few executive directors and top management staffs who are very few in number, you know what I am saying.


I have been there

You don't have to be the person managing the business, besides they all have their different challenges (9-5s and businesses).. choose the one with more advantages and that is definitely being your own boss.

Chudichu:


Depends on the 9-5.

We can't all be business people. Owning and running a business isn't easy at all. The struggles and pains is what business owners won't tell you.

You can have a job and still be an entrepreneur

otipoju:
People wey no well. Las las dem go still come borrow from people wey dey work 9-5. Arrogant pricks.

..... And dem sabi owe salary like mad and owe banks too
A won inspire to aspire rubbish.

Hedonisco:


Since you're talking from your narrow perspective, have you ever bothered to find out how many employees in Nigeria earn up to N150k a month?

When evaluating this matter, you should compare 'like for like'. You don't compare a low level entrepreneur with a mid level manager earning a good salary, or even with an entry level guy working at a plum job like ExxonMobil. That's ridiculous. What's the percentile of graduates working at such jobs in comparison with the vast majority of hungry, underemployed employees slaving away for peanuts every month?

Now check the under 50 home owners across Nigeria's major cities. 90% of them are entrepreneurs. Thousands of average Igbo and Yoruba traders and hustlers own very nice middle class duplexes everywhere across Lagos, Abuja etc. How many 'average' employees can boast of same?



Apart from the tiny percentage of salary earners fortunate enough to have NLNG type of jobs with outrageous salaries, any average employee who owns a decent duplex or even bungalow in a decent part of Lagos or Abuja is likely a thief - benefitting from the corruption that is the only thing that they know how to do. He did not and cannot build/buy a house and live that kind of lifestyle from his legitimate salary.

Better face facts.

This is the part the OP failed to understand. Why haven't the working people have their own houses. Throughout the period I rented houses, all were owned by people running their businesses. Mainland especially, Gbagada, Ikeja, Isolo, Magodo, Festac - 90% of the houses belong to entrepreneurs.

You cant be comparing a struggling entrepreneur with someone that just started working in a bank or oil company. Of course, the guy doing the 9 - 5 job would be better off.

When looked evenly, OP, those with their businesses are far more better in terms of welfare - Average salary of all Nigerians working 9 - 5 is not up to 40k per month.

I am in 9 - 5 now, but my transition to entrepreneurship or consulting as in my case is not far from now. Once my consulting hustle start gets up to 50% of my 9 - 5 pay, I am off.

I need to take charge of my life style and define my future. I told my self that by age 40 years, I should have my own house and business. Eagerly working towards it - it may be difficult initially but I always believe in hard work

Vincad:
I recently read an anonymous post of a guy who got a six million naira job immediately after service. From 19,800 to 6million. Will you advise that guy to quit his job just to answer to the term 'entrepreneur'?
Sure not everyone will be like him, just like not everyone can be into business.

Edit : Can you guys please stop quoting me? It's starting to get old. Like I said I read it and I believe it's true. If you believe fine, if you don't believe, no problem. If you like when you get a job interview, don't sell yourself very well and if they offer you a good salary, reject it because surely they are scamming you.

Oga, 6 million naira per annum is like 200k monthly. Not saying its poor but you make it look like the guy collect #6 million naira every month. Which multinational is that? And what does he do for them?

pocohantas:
If you are a salary earner, you must be used to hearing these statements from people who are self-employed.

“Immediately after graduation, I vowed never to work for anyone”

“Salary is the token you are paid to forget your dreams”

“Ever since I made up my mind to start my own business, I have realized corporate work is just modern slavery”

“I am my own boss, I control my time”

“You can never get rich working for someone else”... etc

Business people won't allow someone rest. Are we in a competition? The goal is for everyone to earn a living. Why do some of them constantly try to remind us they are living the best life.

These same people have workers o. If we all become business owners, who will patronise the other and who will handle other sectors?

because they envy your suffering.. especially those of you living in Lagos..

pocohantas:
If you are a salary earner, you must be used to hearing these statements from people who are self-employed.

“Immediately after graduation, I vowed never to work for anyone”

“Salary is the token you are paid to forget your dreams”

“Ever since I made up my mind to start my own business, I have realized corporate work is just modern slavery”

“I am my own boss, I control my time”

“You can never get rich working for someone else”... etc

Business people won't allow someone rest. Are we in a competition? The goal is for everyone to earn a living. Why do some of them constantly try to remind us they are living the best life.

These same people have workers o. If we all become business owners, who will patronise the other and who will handle other sectors?

You can never get rich working for someone else
exactly. all the rich men in the world, none of them have jobs, they all have businesses
while people go to school, then nysc and use their God given talent to better those rich men
if you as a human being can find a passion and know how to monetize it,
the rich men will keep using you to make wealth for themselves

mployer:


Don't chicken out bro. So if everyone keeps looking for a well paid job, who is going to create the jobs?

Well said but unfortunately I can't 'like' twice.

GoldPencil:
the difference is in the value of time. some entrepreneurs will not post what they earn here for security reasons, and to prevent ppl from asking bros'show us the way' before rushing to saturate the biz, but some can show you screenshots of what they earn in a month. to get that kind of pay, you would need to work a minimum of 15 to 25 years as a 9-5er to get that. Whereas the entrepreneur studied the biz for a year and used another year to get it started. he/she retires at 35, the 9-5er finally saves up 50 million at age 65. Time is the difference and the most valuable resource.

You're funny. How many 9-5ers in Nigeria will save up to 50 million at age 65 sef? Where dem wan see am after all the toil, expenses etc of maintaining their families and so forth? Maybe only 1% of the entire workforce with very good working conditions and a guaranteed fat gratuity.

franchasng:
It is the same way salary earners talk down and look down on entrepreneurs and those doing business, its vice versa.

Have you ever met someone working in any government parastatal or those working in oil firms or those working in top multinational companies and they ask you what you do for a living now and you tell them you are an entrepreneur or a business person, and then watch their silent reaction, because they will automatically see you as a nodowell wasting his or her time, they will automatically assume you are not doing well or that you are jobless and covering up....some will be saying in their mind; this one is deceiving himself instead of him to go get a job, and some will boldly advice or suggest that you try and get a job, that business is not a stable means of income, that its not predictable, and they will turn motivational speaker just because they are earning good salary from another person's successful business of many years.

....Not until they see you building houses, buying good luxury cars and living good life that they will start to believe that you were actually doing something all those while....and they will start to come closer to you to form fake friendship and alliance that never existed.


I am speaking from experience as someone who has experienced the both side......when I was a salary earner doing 9-5s, most of my colleagues looked down on entrepreneurs, even the way they talked about them will make you weep for business guys, especially the ladies....they see entrepreneurs and guys into business as time wasters.....some will tell you that once any guy that approaches them says he is into business, that that marks the end of the journey for the guy, and I will be smiling because while I was with them as a salary earner, I wasn't happy, I had a side business I was doing that made me work almost 24hrs everyday and looking unkempt that some do ask me if I am sick or something.


But deep down me, I was preparing to resign to go chase my dreams; I knew it was risky, but I was determined to try no matter the fears.

When I resigned to pursue business goals, many people didn't believe in me....even some close friends advised me to get another job.....even relatives.....former colleagues were all laughing at me that I will run back begging for re-employment soon that that's how they do.....the ladies started distancing themselves from me as they know this guy is no longer that corporate guy, but now a visionless guy, but the story is different today, all to the glory of God

So this thing is both ways and I think its human nature to always believe that whatever they are doing and succeeding is the best thing, and other people's own is nonsense, that's the nature of maybe blacks maybe because I don't think whites act same way cos they respect everybody's opinion and decision in life unlike blacks who respect people based on their current financial power and status.

---

and let me use this opportunity to encourage every Nigerian youth to have a goal to work for certain number of years and quit to establish your own business. Don't plan to die old working, be it government job, oil company job, FMCG job, multinational company job, NGO job, etc, make a plan from the beginning to work for a certain period of time or years to enable you save up money to pursue your business goals, and then resign willingly, don't wait till they sack you or until you retire because it is killing Nigeria's future.......we need more companies, we need more successful small businesses to create more jobs for our future children, because if all of us decide to work 9-5s jobs till we grow old and retire, then there won't be any job for the upcoming young people and future kids to work.


No matter the fear, give it a try......invest in your skills.....work to gain experience, to learn from others, and to raise startup capital, but make a plan to resign before retirement, don't work till you grow old, Nigeria don't need it, we need businesses and small firms to grow Nigeria!


Nice thread

Best comment I have read so far...thumbs up....let me keep reading.

franchasng:
You are more than correct with the parts in bold.


But very wrong with the parts in red font, and you know why I will explain in details below, the reason why entrepreneurs have the last laugh.

No matter where you work or which company or organization you are working for, you cannot work beyond 70yrs at most, and imagine at 70, you stopped working, and assuming you married late or gave birth late, maybe at age 40, that means your first child is probably 30, others below 30 and probably still in higher institution and you have stopped working.

No matter the level you retired at, your pension stipend cannot take care of you, your family and children's education if you don't have a business to support. And most businesses started after retirement usually don't succeed because they didn't study the market and haven't mastered the art of the business, they just used their gratuity or savings to startup a business based on hearsay that so so and so business is moving well, and some venture into it and lose all their life savings.

If you decide to stay idel after retirement, you are likely going to develop various sickness and be spending most of your life at the hospital bed, and will possibly die before your time.


Now, on the flip side, entrepreneurs already have a thriving business they have struggled to build while growing when their mates were working 9-5 job and enjoying their extra time and having lots of fun with their family and loved ones when the entrepreneur was busy slugging it out to make his or her business have a stronghold.

The entrepreneur have no retirement age unless he decides to retire himself and hire managers or let his children take over while he supervises, which means, his children will not be struggling to find job to start their life with, because they already have a job in their father's or mother's business to start life from at least....while the salary earner's children are busy looking for job to get started, just imagine how difficult it is today for graduates to secure a job, then think of 20 - 30 years from today, do you think there will even be jobs for graduates whose family does not have a job to offer or whose family is not highly connected politically and otherwise Think about this.



I like using myself and people I know as example....

I have 2 family friends I will use as example for you to drive home my point.

The first family friend, i won't mention his name, he was my dad's close friend (my dad senior him though), he retired as a director or a federal ministry, i think level 18 or so...he was a really big man then....but he gave birth a bit late, so some of his kids are still in university now, and the man is freelancing now as an auditor for private firms at 70yrs+, just to raise cash to support his family and kids still in school....and his first son that served since 3 years now, only managed to secure a small pay job not long ago, the daughter is still job hunting as we speak despite her good result.


Now, there is this second family friend, he was a business man then.....he also married late, this man's first son is now the MD of his business, the boy took over the business as soon as he graduated, so he did his NYSC at his father's business...now his father has retired, the guy now runs the business and the boy has taken his father's business to the next level that this business is now booming like kilode....he pays his father 500k monthly, and pays his mom 250k from his father's business....the business has grown so big that most of us now use it as example.

One of his younger sibling that just graduated is now employed there for the mean time while waiting for NYSC. Imagine if their dad didn't had that business

Cases like this abound all over Nigeria.

Another very sensible comment.

franchasng:
You are more than correct with the parts in bold.


But very wrong with the parts in red font, and you know why I will explain in details below, the reason why entrepreneurs have the last laugh.

No matter where you work or which company or organization you are working for, you cannot work beyond 70yrs at most, and imagine at 70, you stopped working, and assuming you married late or gave birth late, maybe at age 40, that means your first child is probably 30, others below 30 and probably still in higher institution and you have stopped working.

No matter the level you retired at, your pension stipend cannot take care of you, your family and children's education if you don't have a business to support. And most businesses started after retirement usually don't succeed because they didn't study the market and haven't mastered the art of the business, they just used their gratuity or savings to startup a business based on hearsay that so so and so business is moving well, and some venture into it and lose all their life savings.

If you decide to stay idel after retirement, you are likely going to develop various sickness and be spending most of your life at the hospital bed, and will possibly die before your time.


Now, on the flip side, entrepreneurs already have a thriving business they have struggled to build while growing when their mates were working 9-5 job and enjoying their extra time and having lots of fun with their family and loved ones when the entrepreneur was busy slugging it out to make his or her business have a stronghold.

The entrepreneur have no retirement age unless he decides to retire himself and hire managers or let his children take over while he supervises, which means, his children will not be struggling to find job to start their life with, because they already have a job in their father's or mother's business to start life from at least....while the salary earner's children are busy looking for job to get started, just imagine how difficult it is today for graduates to secure a job, then think of 20 - 30 years from today, do you think there will even be jobs for graduates whose family does not have a job to offer or whose family is not highly connected politically and otherwise Think about this.



I like using myself and people I know as example....

I have 2 family friends I will use as example for you to drive home my point.

The first family friend, i won't mention his name, he was my dad's close friend (my dad senior him though), he retired as a director or a federal ministry, i think level 18 or so...he was a really big man then....but he gave birth a bit late, so some of his kids are still in university now, and the man is freelancing now as an auditor for private firms at 70yrs+, just to raise cash to support his family and kids still in school....and his first son that served since 3 years now, only managed to secure a small pay job not long ago, the daughter is still job hunting as we speak despite her good result.


Now, there is this second family friend, he was a business man then.....he also married late, this man's first son is now the MD of his business, the boy took over the business as soon as he graduated, so he did his NYSC at his father's business...now his father has retired, the guy now runs the business and the boy has taken his father's business to the next level that this business is now booming like kilode....he pays his father 500k monthly, and pays his mom 250k from his father's business....the business has grown so big that most of us now use it as example.

One of his younger sibling that just graduated is now employed there for the mean time while waiting for NYSC. Imagine if their dad didn't had that business

Cases like this abound all over Nigeria.

You are right. Cases like this truly abound. With the current rate of unemployment in the country, a lot of ppl I know that their parents have good old businesses are not feeling the heat at all, they do the family business and they ball like kings.

franchasng:
I disagree with the part in bold, because with Nigeria's salary structure, no salary earner working for government can afford to do that if he or she was not corrupt taking bribes, looting company fund, taking kickbacks and engaging in all forms of office corruption that is rampant among Nigerian civil servants.

Only the few people working in top IOCs, FMCGs, and some few multinationals can afford that without engaging in office corruption.

So don't use them as a yardstick because it is corruption, looting and bribery that make most salary earners in Nigeria appear like they are making money, if they stick to their salaries and allowances, they won't afford some of the luxury lifestyle the live, except for the few executive directors and top management staffs who are very few in number, you know what I am saying.


I have been there

I work in hr, so I can say small about this. I am not talking about govt jobs. Besides, a whole lot of people are not govt workers. In my office, aside the percentage deducted from your salaries for pension, the company also has a contribution they add for pension. It's not a multinational or FMCG. Some people's pension will shock you especially someone that has worked for 10-20 years. Don't underestimate it.

But pension is not my only point. I pointed out that it is people's lifestyles and bad habits that sink them whether 9-5 or businesses people.

Its just frustration btw not all entrepreneurs do that.

You ve got to understand no business can survive without patronage, so you ve got to carry every one along.

jclassiq:



Oga, 6 million naira per annum is like 200k monthly. Not saying its poor but you make it look like the guy collect #6 million naira every month. Which multinational is that? And what does he do for them?

More like 500k monthly

franchasng:
I disagree with the part in bold, because with Nigeria's salary structure, no salary earner working for government can afford to do that if he or she was not corrupt taking bribes, looting company fund, taking kickbacks and engaging in all forms of office corruption that is rampant among Nigerian civil servants.

Only the few people working in top IOCs, FMCGs, and some few multinationals can afford that without engaging in office corruption.

So don't use them as a yardstick because it is corruption, looting and bribery that make most salary earners in Nigeria appear like they are making money, if they stick to their salaries and allowances, they won't afford some of the luxury lifestyle the live, except for the few executive directors and top management staffs who are very few in number, you know what I am saying.


I have been there

So true! You said it as it is. You are on point.

at requirement age, I do not believe any of your child should still be in School...

franchasng:
You are more than correct with the parts in bold.


But very wrong with the parts in red font, and you know why I will explain in details below, the reason why entrepreneurs have the last laugh.

No matter where you work or which company or organization you are working for, you cannot work beyond 70yrs at most, and imagine at 70, you stopped working, and assuming you married late or gave birth late, maybe at age 40, that means your first child is probably 30, others below 30 and probably still in higher institution and you have stopped working.

No matter the level you retired at, your pension stipend cannot take care of you, your family and children's education if you don't have a business to support. And most businesses started after retirement usually don't succeed because they didn't study the market and haven't mastered the art of the business, they just used their gratuity or savings to startup a business based on hearsay that so so and so business is moving well, and some venture into it and lose all their life savings.

If you decide to stay idel after retirement, you are likely going to develop various sickness and be spending most of your life at the hospital bed, and will possibly die before your time.


Now, on the flip side, entrepreneurs already have a thriving business they have struggled to build while growing when their mates were working 9-5 job and enjoying their extra time and having lots of fun with their family and loved ones when the entrepreneur was busy slugging it out to make his or her business have a stronghold.

The entrepreneur have no retirement age unless he decides to retire himself and hire managers or let his children take over while he supervises, which means, his children will not be struggling to find job to start their life with, because they already have a job in their father's or mother's business to start life from at least....while the salary earner's children are busy looking for job to get started, just imagine how difficult it is today for graduates to secure a job, then think of 20 - 30 years from today, do you think there will even be jobs for graduates whose family does not have a job to offer or whose family is not highly connected politically and otherwise Think about this.



I like using myself and people I know as example....

I have 2 family friends I will use as example for you to drive home my point.

The first family friend, i won't mention his name, he was my dad's close friend (my dad senior him though), he retired as a director or a federal ministry, i think level 18 or so...he was a really big man then....but he gave birth a bit late, so some of his kids are still in university now, and the man is freelancing now as an auditor for private firms at 70yrs+, just to raise cash to support his family and kids still in school....and his first son that served since 3 years now, only managed to secure a small pay job not long ago, the daughter is still job hunting as we speak despite her good result.


Now, there is this second family friend, he was a business man then.....he also married late, this man's first son is now the MD of his business, the boy took over the business as soon as he graduated, so he did his NYSC at his father's business...now his father has retired, the guy now runs the business and the boy has taken his father's business to the next level that this business is now booming like kilode....he pays his father 500k monthly, and pays his mom 250k from his father's business....the business has grown so big that most of us now use it as example.

One of his younger sibling that just graduated is now employed there for the mean time while waiting for NYSC. Imagine if their dad didn't had that business

Cases like this abound all over Nigeria.

lol. bro. I'm being hypothetical and considerate even. most people here cant take the harsh pill of truth. Let's assume they get paid pension/gratuity or whatever lump sum AFTER 35 long years of donkey slave labor. The people they look at to have hope are the failing entrepreneurs. Of which failure is a certain thing on the path. multiple times sef. they borrow from 95ers to try again. and fail again. 99 times until number 100 click and pages for all the past failures.

Your question is valid though. how many?

Hedonisco:


You're funny. How many 9-5ers in Nigeria will save up to 50 million at age 65 sef? Where dem wan see am after all the toil, expenses etc of maintaining their families and so forth? Maybe only 1% of the entire workforce with very good working conditions and a guaranteed fat gratuity.

HBB1:
Entrepreneur means risk taker...

Not everybody can and should be an Entrepreneur, as it demands certain skill-sets to ensure success.

It's like cooking a pot of soup, you can have all the ingredients and not have enough tomatoes or salt, and it is ruined.

You need the right product, capital, marketing, location, staff... You need creativity, tenacity, vision, balls...
I have seen businesses fail because of lack of just one of these.

A friend's business collapsed because she couldn't raise capital even after being interviewed on TV and all.
A relative's business also collapsed because his worker ran away with 50 million naira worth of goods-- that asides the bank loans he was servicing. He has run away to the US naw, and says for now he isn't doing business in Nigeria again.

Having said that, I believe everybody ( even salary earners) should have multiple sources of income-- just look around and exploit opportunities. Trade, build houses, buy land, farm, anything.

Not everybody has the skill-set to be an Entrepreneur.
If by doing small gigs, you think you are one, good for you and your ego!

In this age of the Internet, even the risk taking aspect of entrepreneurship is overrated, especially for beginners. Trust me, the most important resource needed in new-age entrepreneurship is not necessarily capital, but INITIATIVE... Ingenuity.

Here's a short definition of entrepreneur that captures its whole essence:

Someone who exercises initiative by organising a venture to take advantage of an opportunity...

Most people are dissuaded by the fear of expending money in order to start a venture. They would ask you, 'where will I see money to start the business', or they would say 'what if I lose all my savings in the course of pursuing this business'. This mindset is too limiting and very outdated.

Telecommunication and the internet is the most important development in the history of the world. It is the great equaliser. It has made it more possible and easier then ever to minimise financial risk and launch ventures with virtually a shoe-string budget and yet watch that venture grow exponentially into something that yields millions and billions.

It is possible to sell a product you don't own, or a service you can't provide yourself, to buyers you have never met, and yet make as much profit or even more than the actual producers of that product or service.
The brokerage and arbitrage opportunities are endless.

You can even market your own product or service to specific audiences at prices that are 1000% more than the prevailing market average, with a little tweak.

In doing all of this, it is possible to start these ventures without spending up to what it costs to buy a low budget Android phone, without worrying about fixed costs (inventory, office space etc.).

There's a lot out there, especially now that the Internet has removed physical barriers to the markets and so the possibilities are endless if you have keen vision, a sharp nose, a creative mind, and a willingness to take action over and over again. It doesn't matter if you have money or not, as long as you have access to the Internet.

Anyway, the road to salvation is a lonely, dark street and everyone must walk the walk alone and find their own way. Dem no dey tell person.

ingenuity. laptop. internet. focus. that's really all you need today. most people just want another person to do the thinking for them. I would have added temporary 9-5 to raise capital. but again, if you have the first four, you can raise the capital you need, albeit slowly. then pursue bigger fish. translate online wins to offline wins.

Hedonisco:


In this age of the Internet, even the risk taking aspect of entrepreneurship is overrated, especially for beginners. Trust me, the most important resource needed in new-age entrepreneurship is not necessarily capital, but INITIATIVE... Ingenuity.

Here's a short definition of entrepreneur that captures its whole essence:

Someone who exercises initiative by organising a venture to take advantage of an opportunity...

Most people are dissuaded by the fear of expending money in order to start a venture. They would ask you, 'where will I see money to start the business', or they would say 'what if I lose all my savings in the course of pursuing this business'. This mindset is too limiting and very outdated.

Telecommunication and the internet is the most important development in the history of the world. It is the great equaliser. It has made it more possible and easier then ever to minimise financial risk and launch ventures with virtually a shoe-string budget and yet watch that venture grow exponentially into something that yields millions and billions. The

It is possible to sell a product you don't own, or a service you can't provide yourself, to buyers you have never met, and yet make as much profit or even more than the actual producers of that product or service.
The brokerage and arbitrage opportunities are endless.

You can even market your own product or service to specific audiences at prices that are 1000% more than the prevailing market average, with a little tweak.

In doing all of this, it is possible to start these ventures without spending up to what it costs to buy a low budget Android phone, without worrying about fixed costs (inventory, office space etc.).

There's a lot out there, especially now that the Internet has removed physical barriers to the markets and so the possibilities are endless if you have keen vision, a sharp nose, a creative mind, and a willingness to take action over and over again. It doesn't matter if you have money or not, as long as you have access to the Internet.

Anyway, salvation is a lonely, dark street and everyone must work the work alone and find their own way. Dem no dey tell person.