Today I heard an interesting story of two people and two mentalities that exposed me to untapped opportunities that abound in Nigeria and Globally. Jumoke and Ibironke were recruited as staff in the same company on the same day. Both were offered two sets of pay packages on same day. They were told that they each could only choose one package as their source of wages/compensation while working for the company as follows:
PAY PACKAGE A : Monthly Salary of N3,000,000 (Three Million Naira) consistently acruing to N36Million per annum.
PAY PACKAGE B : Shareholding starts with a pay of 1kobo (0.01 Naira) on day one which doubles everyday subsequently. (i.e Day one pays 1 kobo, day two pays 2kobo, day three pays 4kobo, day four pays 8kobo……and so on and so forth). Both Jimoke and Ibironke thought about the two pay packages carefully and briefly.
For Jumoke her choice was obvious. Why would anyone earn in kobo daily when you could simply cash-out a cool N3Million Naira at the end of the Month and every subsequent month. So Jumoke signed up for the N3Million Naira monthly pay.
For Ibironke the choice was not so obvious. Both offers were widely distinct and the N3Million Naira Monthly offer looked extremely attractive. But she also had an entrepreneural mindset which told her that an income that constantly varies by doubling daily was the goal of every true entrepreneur. So she chose to delay gratification and go for the Package B starting with a pay of 1kobo on day one and doubling every day.
Midway into the first month on day 15 Ibironke checked her pay acruals and as calculated she had accrued just N163.84. This was discouraging/disheartening. But the consistent daily 100% increase encouraged Ibironke to continue on her job.
At the end of the month Jumoke excitedly received her N3Million Naira payment as expected mocking Ibironke and wondering what her doubling kobo kobo package B would have to offer on the 30th day. But Alas! with consistent uninterupted daily increase of 100% Ibironke’s 1 kobo had accrued N5,368,709.12.
The schedule of daily increase of Ibironkes money from the initial 1.0 kobo is shown as follows:
The difference between Jumoke and Ibironke is that the later was able to identify an opportunity to create wealth because she had an entrepreneural mindset. Its one thing to identify an opportunity for wealth creation and its an entirely different thing too quickly key into it.
It is common place for us to jump at the opportunity to earn a consistent monthly salary but we have to understand that while salary may seem high and attractive, earning it may be cut short at anytime due to job loss as a result of staff rationalization at our work place. In these days of uncertainty and a consistently changing world only one thing is assured, that only those who are able to think like true entrepreneurs will survive and even enjoy in these hard times. While many of us complain of tough times ahead others amongst us are leveraging on our networks and forming mutualy profitable partnerships that will stand the test of all time. I am a key part of one of such partnerships thats making waves globaly and I share such insights with my friends on a weekly basis during business meetings.
If you would like to join us (only if you are realy serious) and be exposed to the huge power of numbers by leveraging networks….. If interested kindly private chat my businessline on 07082759778(Wattsap only). Lets set you up in one of our Business meetings here in Abuja or other parts of Nigeria.
Jumoke was smart but not street smart. Ibironke was wise and street smart. She is also patient and strateguc in her decisions.