Tuesday, 27 August 2019

Why I want to Build a Corporation


27 August 2019 

There is a syndrome I've discovered with some business people trying hard in the world of entrepreneurship, especially in South south region of Nigeria. The smallness syndrome. 

We want to own 100% of a 1 million naira company, instead of owning 10% of a 10 billion dollar company. I've tried to preach the power of corporate synergy to people, but it seems too hard a concept to understand. It is corporations that rule the world. Join your skills, money and resources with others and do something outstanding. Let's stop this littleness syndrome. 

Secondly, we're so short sighted in our perspective of business. We want to put 1 million naira today, and get out 100 million naira in the next one year. No, it's not done that way! We're also not aware that Jack Ma (native Ma Yung), the founder of Alibaba - who as at June 2019, his net worth  is 35.6 billion USD, only made a revenue of 100 USD (N36, 000) in the first 3 years of his business. But over the past 20 years since 1999, the business has made him and his partners billionaires in dollars. We need patience with the right strategies in business.

Thirdly, we don't like paying professional services. The do-it-alone mentality is not only stupid, it is anti-progressive. You prefer to invest in your ignorance instead of investing in professional advise and services. 

Today, Apple; the first company to have reached 1 trillion USD in revenue has over 1.4 billion users globally. That is about 19% of the world's population. What a market share!They're just 42 years old in business. Few of us in this region have been in business for that long. Some of us have actually been in business for that long without 10 million naira in our business account. Why? Do-it-alone culture. We have little patience and very insignificant skills to run such business, and we don't engage professionals. How about you owning 1% share of Apple. How much will you be worth? (10 billion USD). Do the conversion yourself. Is 10 billion USD worth 42 years of investment? 

Here's my advice:
1. Synergize and do something big, something that would outlive at least 5 generations. 

2. Think big. Thinking big is not just about expanding your solo business, It's thinking 50 years from now, 100 years from now, and what you need to do to attain that leave of sustainability.

3. Engage professional services. I need not over emphasize this point.

4. 10% of a 10 billion dollar company is better than 100% of 1 million naira company. Wealth is in value chain. 

To balance this theory, in Nigeria, it's advisable you have a "survival business" (something to take care of your daily, weekly and monthly running cost) by the side, while you pursue rigorously to build a sustainable business.

If you're interested in building a corporation, join me (DM me), let's do it together in view of  20 years, 30 years, 50 years from now. Are you ready?

Have a great week ahead.


IkakkeBassey
IKAKKE BASSEY, amt
Organizational Expert, Business/ Intellectual Capital Consultant.
Chief Executive/Principal Consultant at SKIL-HUB Leading-edge Ltd.



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