Happy Sunday Fam,
How did it go at your church?
Was there an increase in the turnout of Tithe payers? 😆 ..(That is one quick way to know if Church members are making Money You know :-P).
That is story for another day sha.. let’s get in toto into the matter of the day.
I know when We hear the term “Business Man” or “Business Woman”, we are quick to point at our “Bosses” or the Dangotes and Adenugas of this world.
However, I think we all should be business men and women.
Here is why?..
In basic Economics, we all know the reward for Labour (AKA Employees) is Wages while the rewards for being (and thinking like) an Entrepreneur is Profits. Do you still remember that from Business Studies in JSS classes and Economics in SSS Classes? 🙄
We all want to be rich sebi?..
Maybe not Dangote-rich but be rich enough to enjoy the good things of life..
BUT What if I told You that NOT MANY PEOPLE CAN GET RICH ON A SALARY?..
I have been working for over 5years and I have gotten increments more than 5 times HOWEVER Parkinson’s law (feat. my Village People) always ensures that my EXPENDITURES WILL ALWAYS RISE TO EXCEED MY INCOME one way or the other… AKA You cannot necessarily get rich on a Salary.
One of the quickest (might not be easy sha) ways of getting Rich is via PROFITS…mind another refresher class?.. Your Profit is what remains when you remove the COST PRICE of a product/service from the SELLING PRICE.
We are all making PROFITS but their is a common mis-conception.
The common mis-conception
Folks tend to believe You only make PROFIT when You start your own Business..NO!
I want to presume You have a Job or side-hustle? and they pay You on a Daily/Weekly/Monthly basis sey?..That is your SELLING PRICE.
I also want to believe in going to work to discharge your duties every day/week/month, You are incurring COSTS from transportation, feeding etc… the summation of these costs is your COST PRICE.
When You find the difference, You will have your PROFIT (if the difference is POSITIVE) or your LOSS (if the difference is negative).
If You did not KNOW that You are either making PROFITS or LOSSES on a monthly basis, NOW YOU KNOW!! 😉 .
The Way forward
Now that You know, what is the next step?
Treat your JOB or SIDE HUSTLE like a BUSINESS!!!
A typical BUSINESS MAN goes out everyday to DO everything within his POWERS to ensure that his SELLING PRICE exceeds his COST PRICE hence making himself a PROFIT.
That is the same thing You should do.
Whether You are an employee or a contract staff… START LOOKING AT THINGS from the Point-of-View of Profit and Losses AKA the POV of a BUSINESS MAN.
This will help You in two major ways;
- It will help You take more responsibility for your career vis-a-vis give You a feeling of being in control. You are not just a PAWN that reports at a CUBICLE every other week day just to get an ALERT at the end of the month.. You know TRANSACTIONS are going on daily. and
- It will help You to hit the ground running when You are finally ready to START YOUR OWN BUSINESS.
I know we all want to become OUR OWN BOSSES some day BUT one vital responsibility of people who have become their own bosses is the ABILITY TO THINK AND ACT IN TERMS OF PROFIT AND LOSS.. If and When You become your own Boss, No Boss will be paying You salaries at the end of the Month…AKA..IF You must get ALERTS, then YOU MUST MAKE THE MONEY FOR THE ALERT..
Aint no FREE LUNCH in FREE TOWN.
Whatever it is You are up to in the week ahead, I hope it is profitable!!!
Yours in the hustle,
I am Seun Ogunmola I help People and Organizations to leverage on Technology to achieve their goals Faster, Easier and Cheaper.
I also write on diverse subject areas including Finance, Business, Productivity and Governance.