By Okechukwu Onwuka
THE entire universe is governed by laws. Scientists, economics and philosophers from ages have continued to conduct research, tests and make observations to unravel the laws that guide various aspects of life in the universe. As each law is discovered and tested to be true, man can now apply the findings to take advantage of the law.
Some examples include Newtonâ€™s law of gravitation, his three laws of motion, the ideal gas laws, Mendelâ€™s laws, the economic laws of supply and demand, laws of gravity, relativity and so on.Â The understanding of these laws have propelled man to invent machines, equipment, tools and devices such as cars, robots, cell phones, computers, printers, paper, pen, jets, helicopters, dishwashers, mass production machines, and several others that have no doubt improved the quality of life on earth. Further research will inevitably lead to further breakthroughs.
For entrepreneurs and aspiring entrepreneurs, there is a keen interest in learning and possibly understanding the principles or laws that guide wealth accumulation through entrepreneurial pursuits. While some appear to have mastered the act of turning many ventures into financial successes, many continue to falter and fail in the quest to achieve financial freedom. It is particularly frustrating when you know you have given your best efforts, worked hard, been honest and have treated others fairly yet you continue to struggle to make ends meet. People attend all kinds of business seminars, entrepreneur classes and business schools in the quest for firm answers that will crack the code and operate on profitable levels. In the typical business seminars, industry heavy-weights and business moguls are made to give motivational speeches and share some of their experiences on the path to success. My finding is that many participants at such seminars or even business schools are expecting to hear one phrase, sentence or prescriptive statement of a simple act or sequence of acts that they can readily copy with assurance for success. Unfortunately, many do not get to hear the â€˜magicâ€™ word and resolve to attend more seminars in the hope of getting a good teacher who will unveil the code. In the course of my education, travels, entrepreneurial experience, failures and successes, I have found that there are irrevocable laws of financial prosperity.
The laws are not scientific neither are they part of the regular laws of economics of demand and supply. These laws, like all other laws of the universe have been in operation from the foundation of the world. The principles are so profound that irrespective of your age, background, birth, education level, talent or experience, when you apply them, consciously or unconsciously, financial prosperity follows. Many entrepreneurs who have cracked the code will not readily reveal the laws as prescriptive statements to hungry entrepreneurial minds but will rather provide guidance for growth with the principles embedded in the implementation plan. After deep research and analysis, my conclusion for this subtle approach is twofold. On the one hand, there are many successful business people who apply the principles as a natural way of life and do not recognize that their actions represent keying into the prosperity laws. This can happen through values passed on from parents, guardians or mentors in which case, the beneficiaries are not even aware of any other way to live or transact business. This is common with entrepreneurs who serve under a master for several years and achieve learning by observation and direct influencing.
When a toddler fiddles with a cell phone and ends up sending repeated text messages to numbers stored on the phoneâ€™s address book, the baby does not know anything about the principles of cell phone operation but chance combination of buttons that align with text messaging principles still result in successful transmission. In the same way, many successful entrepreneurs are profiting from applying the laws of financial prosperity without knowing it. When this is the case, it becomes difficult for them to specifically tell others the â€˜secrets of successâ€™ besides narratives on some basic steps they have taken in running their businesses or career. Some poor students have repeated some of these surface steps with poor results. On the other hand, other successful entrepreneurs who crack the code understand that revealing these laws to aspiring entrepreneurs in a prescriptive manner will play into the hands of many who are driven by greed. The greed factor may invariably force a jaundiced practice of the principles which is enough to render the process ineffective. What many leaders in this category do is to mentor and guide genuine entrepreneurs over time to successful take-off and flight. The false entrepreneurs will always fall by the wayside.
Loans and external funds: A poor understanding of the laws of financial prosperity lead many aspiring entrepreneurs into thinking that access to capital or loans is the only limitation to realizing their dreams.Â This group of people are prepared to take loans far beyond their capacity based on surface emotions and a poor understanding of the enterprise process. If you have not understood the laws that guide financial prosperity, taking loans to finance your business is recipe for disaster. Even an MBA does not guarantee linear advantage in discovering the principles of prosperity. Interestingly, many case studies in business schools are based on uneducated or semi-educated people who have built mega business empires. It is for this reason that I advise entrepreneurs to always start small, within their capacity and learn the ropes.
The realistic market feedbacks, risk management practice, sales and money management are undertaken at a level where you can accommodate some shocks and still keep going as you discover the laws of wealth. Crashing with borrowed money is not a pleasant experience. The Laws of Aerodynamics which govern the flight of birds and later aeroplanes have always been with us. It was only in the late 19th century that man was able to understand and apply the law to build the first aircraft. There are similar laws that guide financial prosperity. Richard Branson, of Virgin Group, cracked the code as a teenager. Many Nigerians have discovered the principle too.Â For those who have discovered the principles of the law, please channel your efforts to areas of community and national development. Please send an SMS with your GSM number to 07087814760 to receive daily quotes, tips, insights and primers for Legacy Entrepreneurs.