"Use your number six"- Nigerian maxim
The Nigerian business terrain is a truly tough one.
It is very important that you stick to the basic rules of business like having a clear agreement (proof read by your lawyer), discussing the risks in your business before embarking on them, monthly review meetings etc.
The rules of business are as many as the different scenarios that we face while doing it. I have always been a strong advocate for aspiring entrepreneurs to have work experiences before embarking on their quest for world domination.
There is such a thing as work ethics and there is such a thing as having the need to prove (or stand out from the crowd) in quest for the next promotion (in the office work place). These traits are very important.
Nigeria is a tough place and you have to continually “think out of the box” or your business aspirations will be relegated to the background. You must ask yourself: “what next? What more can I do?”
You cannot afford to be sleeping in bed by 8am when opportunity is knocking at your office or prospective clients are waiting for you to resume duties. I work 24/7. I and my team are just a phone call away, anytime, any day.
You cannot afford to be lackadaisical in your thinking when innovate ways of doing your type of business is available. Guess what, someone else will take the very market you think is yours.
In course of doing business lately, I had to forfeit a major Corporate client in the oil sector. I handled their business travel and it was a very good account but they were not willing to commit to a signed agreement.
As I processed their endless request, I had to re-assess my business and examine the risk involved.
These people were making me incur millions in un-paid ticket sales so I had to freeze further requests till the previous bill was settled and until we had a duely signed agreement. You see, a friend had referred me to this company but that didn't mean I had to be stupid.
Like my former MD would say “you cant have more money than you have brains”. Simply put, “use your number 6 (brains)”
Guess what! My bill was paid short of some thousands of naira and when I asked for the balance, the liaison said “I am even lucky the MD paid me”.
POW! That got my Spider sense tingling.
In summary, they refused to commit to an agreement and after several unsuccessful attempts to get me to purchase air tickets for them, they threw in the towel and abandoned ship. The risk variables were enormous. What if I don't get paid? How can I seek legal redress without a binding agreement? ETC. Better safe than sorry.
So take my advise, assess risks as you do your business as an entrepreneur. Your business is as big as you can envision it to be.
So till we meet again, keep winning.
Mr David Chiaka
Twitter: @MrChiaka
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