Want to know how to get use Twitter for influence and to drive societal change? Seun Fakuade is one of the people rocking the twittosphere in Nigeria and he’s rocking it hard. In this interview, Seun shares his thoughts and experiences on using social media (especially Twitter) what works and what doesn’t work when it comes to using it to drive social movement. Enjoy!

Q: If you cut away the fluff and celebrity hypes, you are, in my opinion one of the most emphatic people on Twitter in Nigeria,                                       how do you explain your tremendous success on winning friends and influencing people on Twitter?

With all sense of responsibility, I would say I’m humbled to be considered as such. Honestly, one needs a true sense of Identity and purpose not to lose oneself in the present world. I have always been passionate about my country Nigeria for as long as I can remember but Twitter world brought it to the fore in April 2011 during the elections when I started tweeting.  My thoughts in tweets caught the attention of many, and I am honoured and proud of the associations I have on twitter. It’s a family.

I am quick to learn as much as I can. I am also careful and jealous about those who follow me on twitter. I have learnt that “being followed” by many is great responsibility; Moreso when you have heavyweights in the Nigerian political system and even International circles following you. I haven’t changed, and the only thing I hope to keep doing is to keep learning and improving, and most importantly building my Character consistently.

Q:    What’s the most challenging part of having so many connections?

I wouldn’t call what I have “many” (Laughs) when you consider the likes of Elrufai, Eldee, Japheth, etc.  Well, so many times I want to make some certain tweets, but when you consider the likes of Obyezeks following you, you have to modify your thoughts in tweets. (Smiles). I became aware of the huge responsibility my words are, as the credibility one has built in months is very important. I have, humbly, Don Moen, MCHammer, amongst others following me for instance; and you start wondering exactly “what attracted these people to you?”. Overall, the idea however is to ensure you do not lose your head in the whole process; being ONESELF.
Q:    What are the biggest etiquette mistakes you see people making on social media? and what part of this digital lifestyle do you hate the most?

Being energetic and driven, it’s easy for one to observe the outburst of venom and energy in wrong unintended points amongst us. I really detest vanity of thoughts most times, but one is constantly reminded we all cannot be the same. It’s why, regrettably, I have reservations in following people. My timeline, severally have been polluted with much vulgarity I had to unfollow certain people. I think, regardless of how wild people’s thoughts may be, there is an important need to be careful on how one tweets and what one tweets.

Q:    Some people and lately politicians have begun to play down the impact/effect of social  media in driving social change in Nigeria. Do you agree?

Any politician who downplays the power social media in Nigeria today is so much disconnected from the realities of the emerging political scenario in Nigeria. Just recently, I saw the handle of the Kwara State Governor, amongst many other politicians trooping to twitter.  The rate at which Nigerians aggressively engage some of the present and even past leaders shows the power of social media. In August when we started talking about #occupynigeria, it was all presumed as a joke. The rate at which citizens look to twitter for information, engagement and fun; it’s only a matter of time (when the grassroots become activated by further street involvement) before the true power of Twitter is seen.

Q:    You have also done a lot of work in moving from an ‘arm chair commentator’ to being on the  physical work of helping to  rebuild Nigeria. Can you share some of your work?

Personally, I believe that Character is very important in leadership, as this eventually is one of the things that can sustain institutions, policies or measures that we may need to embark on in rebuilding Nigeria. In 2011, at some point in September, I became deeply worried about how ingrained Nigerians were about our inherent corrupt system. You would also find a disconnected and disparate the level of information was on the streets. Also, I was worried that

1.)     Our talks not backed by a formidable strategic action may result in less belief by others in our ideals in the long run

2.)     I felt there was need to complement efforts being made by NGOs and other CSOs in ensuring good governance and that Nigerians adequately knew, understood and were ready to pursue a Nigerian cause.

3.)     I felt CHARACTER was essentially lacking in our leadership institutions in the country and there was need to invest quality time doing that (however painstaking it may be).

This led in December 2011 to the formation of what is ‘BEACONS’ (as is found at www.beacons-ng.org). ‘BEACONS’ is an acronym for Builders Enlightened Advocates of Change Of Nigerian Society. The aim of the organization is to “invest leadership core values in young people by building human capacity through mentorship and community service”. Our main purpose is to build core values in young people, directly and indirectly. At present, we use the CITIZENS PARTICIPATION & The BEACONS CLUB to achieve this.

Character is critical and very much in the deficit given the leaders we have in the nation.

Q:  You are apparently a gadget person. What are your favourite tech gadgets and how do you balance between the your physical day and being on Social media?

I love Apple products (Macbook, iPad, iMac), I love Androids too and the now-fading Blackberry. I have PlayStation systems and the Xbox too. (Smiles).

Q:    Which social media producers / publishers / thought leaders do you admire the most? Who is worth paying attention to?

I admire the intellectual capacity of Elrufai, for me he stands tall amongst many; I love the depth of Dr Ezekwesili @obyezeks (these two are role models I do not joke with); I love Prof (@ayittey) Ayittey’s in-depth analysis and undying passion for Africa. Consider @forakin, @laurestar @futurekash @delemomodu and others as people I constantly learn from, objectively though, any day or time.

I would say my generation is blessed with a load of intelligent folks. These are people I love to read from constantly: Feyi Fawenhinmi @doubleeph, Gbenga Sesan @gbengasesan, Japheth Omojuwa @omojuwa, Chinedu Ekeke @ekekee, Iyin Aboyeji @iaboyeji, @temite, @rosanwo, @kunledee, @okshorty1; @eldeeTheDon is a dear brother to me, @Drkay01 is pretty unknown but quite deep; @KathleenNdongmo, @fowora, @rmajayi (the 419 lady); I can’t exhaust this list (smiles)

Can You List You Digital Touch Points

Twitter: @seunfakze
Blog: www.seunfakze.wordpress.com
Email: seunfakze@yahoo.com

So there you have it. Seun definatewrites more than the 140-character limits on Twitter? what are your thoughts on these?

‘A Negative brand equity is a death sentence’; the Goodluck Jonathan Government should have been listening to Mark Ritson. More rightly put, it can lead to suicide. The #OccupyNigeria train hit Nigeria like a thunderstorm bringing to bear what Nigeria’s foremost humanright’s lawyer, Femi Falana calls Nigeria’s most powerfully organised protest. The #OccupyNigeria protests, which is the simultaneous response of the Nigerian people against arbitrary increase in fuel pump price and #Governmentwaste, is a similitude of the Egyptian and Tunisian protests but named after ‘Occupy Wall Street’ protests. It has been a “deregulated protest” spanning Nigeria’s major Cities, Embassies and High Commissions around the world.
What trend is the #occupynigeria depicting for brands?

1. The other edge of Social Media Marketing has been officially activated

With so much talk about social media marketing and its impact to reaching out to social customers, little attention has been given to social media advocacy.If your business/boss has not been taking social media serious, the impact of social media advocacy will jolt you into action. There is no doubt that the ongoing social media revolution will have an enormous impact not only on the way consumers and brands communicate with each other but also the impact of consumer-consumer communication. For this reason, social media engagement and relationship management strategies are no longer a ‘nice to have’ but a ‘must have’ for marketers.
But marketing via social media channels is not as simple as it is through other channels because of its two-edged effects:
a. Consumers can publicise negative experiences and ideas very widely in a matter of minutes;
b. They can also publicise positive experiences and ideas very widely in a matter of minutes.

The impact of social media as a rallying platform for #occupynigeria cannot be over emphasised. The announcement of the venue of the Lagos rally which cascadingly gathered close to 2 million people in its third day was announced though social media platforms (Blackberry, Twitter, Facebook, Youtube and other instant messaging platforms).
The ‘unlike President Jonathan day’ (featured on CNN) and ‘the most cursed president’ (ranked on Google) campaign was widely impressive with CNN and Google helping to hype its veracity. With the tools to quickly rally people around a cause readily available, its time to watch it!
The days of poor customer service and treating clients/customers like thrash are counting.

2. Never Violate Trust – It’s the Currency of Brands not Prices

Brand Equity (the strength of a brand) is derived from the goodwill and recognition a brand has garnered over time as a result of fufilling its brand promise. This translates into higher sales volume and profit margins against competing brands. This is the reason why some brands command high patronage even if they charge premium for their products – it is the intangible asset of all promotional efforts.
In an unprecedented manner, the docile and unconcerned Nigerian populace have been jolted alive – thanks to access to information. The total breakdown of trust between the Nigerian people who ‘massively’ voted for the Jonathan Government can be attributed to the widely spread information available on Government’s spending habits, budgetary allocation and money politicking among its high ranking officials.
It is an important lesson to learn that you cannot gain equity by increasing product cost before improving its funtional attributes.

3. Be Ready to Cope with Impersonation

Especially if your business has no officially identified presence in the digital and social media space, or your boss is one who thinks Blackberry is a popular fruit; you now need to prepare for uncertainties, impersonations, rumors and ‘company leaks’.
Some organisations had spent considerable time and enegy refuting claims that they ”ordered people to resume or face sack” during the Nationwide strike declared during the #OccupyNigeria protests. Brands with extensive and original Twitter and Facebook pages quickly responded while traditional businesses looked for avenues to calm misconceptions. The official Twitter handle and Facebook page of the Minister of Finance, Ngozi Okonjo Iweala came alive in response to claims that she had threatened to resign from office if Nigerians eventually win the battle of the reversal.
Brands now have to think of ways to guide employees’s social relationships, have a policy and chief responsibility officer in preparation for crisis, and consistently stamp their voice online to crowd out impersonating pages and conflicting handles.

4. Social Media can no longer be left to that junior staff

Brands now know they need more than the ability to read and write to assign social media engagement to anyone. Whether to outsource to a social media agency or assign an employee to handle the platforms. The Social Media Manager is not necessarily for the Senior Manager; the appointment into this position requires a new way of thought. It is important to appoint someone with a natural flair for meandering and communicating through different platforms; someone with tact, intelligent, temprate and intelligent enough to engage a wide and varied number of issues and tempraments.
Improper handling of these platforms can backfire and the ripple effects cannot be directly measured until it impacts on the bottomline. The story of how a Fan Page moderator became intolerant when people began to complain on its Facebook about the use of non-renewable palm oil in their production is already a global case study on how not to speak on Facebook.

5. Listening to these Social Media ‘rants’ is now critical

Citizen’s blog posts , comments, social media and Blacberry discussion trends . . it is no more enough to hear about them, it’s time to listen. The emotional and connectedness between brands and their teeming customers can quickly translate into hate and social media mass action if you are not listening early enough and reponding appropriately.
Sustaining Brand equity is a valuable asset which companies invest huge amounts of money to develop; social media listening is now an avenue to maintain and sustain that social reputation.
The web is awash with various tools to help brands listen and respnd appropriately. Brand equity refers to the intangible value that accrues to a company as a result of its successful efforts to establish a strong brand

6. Despite its uncertainties; there lies the power to raise a tribe

SApart for an avenue to execute a highly targetted online marketing campaign; social media is established as a veritable tool for building brand loyalty.
The best way is to think of it as a party. The same wisdom that applies to any social situation also works with social media: Just be yourself and talk to people. Anyone following your brand is also following his or her family members, friends and colleagues. If your brand fits in with a customer’s personal social network, there is great potential for that person to build an emotional attachment and loyalty for your brand the same way they would for a friend. And when a customer thinks of you as a friend, you have a loyal customer.

There is no doubt that the ongoing and fast-developing social media revolution is having an enormous impact not only on the way consumers can communicate with other consumers, but also on the ways in which consumers and brands communicate with each other. For this reason, social media engagement and relationship management strategies are no longer a ‘nice to have’ but a ‘must have’ for marketers.

However, if you’re looking at taking a huge chunk of the youth market and emerging young professionals, then you need to take a shot at using social media strategy to jump start your business.

Startups are not that easy, they are lean, they are hungry for success and they need to catch up with clients and keep a close eye on their industry. Many more internet startups are dying faster than traditional businesses and it is important to get to know what had been consistent thnigs that the few successful one did.

This infographic by some great guys at Udemy helps to summarise how social media can be used by startups to get off the ground.

by Column Five Media via

We have dissipated our time and energies in coordinating our communal efforts to develop our nation –we have gone to orphanages and convalescent homes to help others, we have supported the work of inept governments when we repaired our damaged roads, but we can only do so much. We have taken to the streets when we have been pushed, deprived and beaten to the wall – only to say enough is enough. How many people die when hospitals shut down because of strikes? How many people meet untimely death simply because the person in charge feels some other personal agenda needs to be serviced? We cannot afford to sigh.

If all we do is to succeed in spite of the system, we may be paying a heavy price for negligence of the fate of others and the society. If we can afford to buy good cars for bad roads and generators for candle electricity; we cannot build refineries to supply fuel for our cars and generators, or can we then raise our kids in body armour? Some go to school with kids who have no idea what tomorrow holds for them. It is time we rolled our sleeves and got working. If one conscientious leader becomes your Local Government Chairman, Governor, even President then our lives will be fuller, safer and richer. Everyone who desires the interest of Nigerians must not be spectators; we must be part of the solutions. Our sighs must be a reward of our committed labour.

Where am I going? We need 300 people. Will our members everywhere, those interested in the rallying around a cause strong enough to push Nigeria forward come together? If we were to look back in 15, 20 and 30 years from now, if our children asked us the single moment for would have loved to change, will it be now, when we have a chance, not only to vote, but to vote for results that matter. I don’t want to join the company of people who will look back and sigh to ourselves – we could have done better!. God, give us great leaders, give us great men!

Register now here

I delivered the message titled “My letter to Idris – 10 lessons to an undergraduate”. I spoke extensively on these lessons as they relate to life, leadership, academics and relationships. I enjoyed myself while sharing personal examples and principles that I learnt the hard way, the easy way and the ones I learnt after the fact. I intend to post the presentation once I finish sorting out the technical issues involving my website.

But going through the Ife – Lagos highway, I could literally point out potholes before we got there even after not being on that road close to a year. I thought about the numerous accidents I saw, the countless number of lives lost and families in grief because some people refused to execute their responsibilities. I thought about our challenges of power supply which have defied all possible approaches. When people rise into leadership in Nigeria, do they become helpless or conscienceless?

We need men in power, men and women with courage and a conscience; people who have come to understand leadership as a call to destiny and not one of the necessary rites of life. When the right people don’t show up by election day, people will vote for the ones available, and if we don’t show up to vote, some people will vote on your behalf. Will the next president please show up early enough?

We don’t have to vote for experienced incompetence.

I would really just want to know how you felt, what went through your mind, how you currently feel about the value system in Nigeria and how you intend to further tackle the issue of wrong values. I look forward to reading ur reply.

Thank you.

Sincere regards

xyz xyz”

As I read his mail, many things came into my mind. I remember the unending bad publicity about the double standards and scandals that have continued to rock most of the respected leaders in the society. From of Tiger Woods, Juanita Bynum, T D Jakes and Paula White to Nigeria’s respected leaders both in the political and religious sectors of the polity, we are fast losing role models to scandals- from sex to money.

So many thoughts have ran through my head as news and rumours have managed to form an odd mixture that continually batters the conscience of people who once believed in the few leaders who have managed to stand up to what is true. Why are these leaders failing?  Are there still true mentors? Here are my thoughts

Role models didn’t choose themselves – we chose them.

Mentoring is defined by someone whose behavior in a particular role is imitated by others. We choose them, we make them celebrities, we form our opinions of them through the things they have achieved, their pedigree, credentials and we develop and form an opinion of the code of life they should follow and when they intimately cannot follow them, we get disappointed and blame them for not being up to the standards.Role models are not necessarily mentors- we chose them because of what we heard, read and our opinions of them, then we can’t blame them for our idolizing them.

The best of men are still men at their very best

No matter how great a mentor or role model is, he/she is till man/woman at his very best. I was conducting an interview for someone two weeks ago and he made a profound statement. If there were no checks and balances, even a holy man can fail. I personally don’t idolise people and my Pastor totally abhors it. I’m pastored by Tunde Bakare and though I’ve been ministered to by him for over ten years, I still have a room for him to fail. The only problem we have is usually that we have equated some people to the nature of Christ himself. We listen and respect and learn from men, but ultimately we follow God. If your CEO, Pastor, Role Model falls, we don’t have to fall with them, pick up yourself and follow Christ Though as we move in life, we tend to focus less on the things we shouldn’t do and to focus on the things we should do; we still need to give men room for the frailty of the human nature. Broken promises, backstabbing, heart breaks are all a result of putting too much trust in the infallibility of the human nature.

Most times role modeling can be addictive.

When you’re a role model, the primary focus is on you- I mean people can’t have enough of you. You speak here and there and you suddenly think having moments in front of the large audience and microphone and are tempted daily to present the polished and structured part of their lives. But when you become a mentor, the primary focus is on your protégés. The time commitment of role modeling is simply the life you lead, with everyone free to observe. Your actions continually speak and everyone can consciously predict where you stand even when you have not spoken. The time commitment of mentoring is a personal involvement in the lives of a select group of protégés. As a role model, you say: “Here’s a way to live that you might want to emulate.” As a mentor, you say: “Here’s a way to live that you might want to emulate…and let me share the details of my journey.”

Role Models must mentor

While a role model is “someone whose behavior in a particular role is imitated by others” a mentor is a mentor is “a trusted counselor, guide, tutor or coach”. Mentoring is a progression of role modeling. Most times we chose mentors we do not have an idea of why they do the things they do, we only see them at their best- giving speeches, smiling on red carpets and well scripted books they probably never wrote a line of it. If role models communicate, they become mentors. Role models must share from their heart the things that have influenced their lives, how they have navigated the difficult choices of their lives (not only the ones that yielded results). People are not tending to find role models among the people they relate directly with and those who have the opportunity to influence their lives.

Finally we must communicate. Since our mentor-deprived generation is desperately searching for one, we hardly encourage peer communication as we even navigate our own challenges and even churches can be very guilty of this. Most times we talk about every thing except the things that matter to us. Look and search for a mentor, they may not have time, but create it. We need them, we need friends.

Selah.

There are few times you get this kind of feeling after watching a great football match like the Arsenal- Barcelona match. It was a mixture of explosive and classical football. Though I think Arsenal was outclassed by the rampaging Barca team, they still held their bit against the more experienced side. Apart from the fact that the two captains are going to be missing in the next leg of the match, I think the match will still be something to watch. The exhilarating feeling reminded me of the Save Nigeria Group Summit last Saturday. It was me meeting with hope; hope was what the ambience of the meeting venue smelt of- it was intoxicating.

I got in just as Pastor Tunde Bakare was just rounding up on the spirit and tribe of the new Nigeria. As my eyes quickly got adjusted to the setting, I could quickly make out my people and other guests; Jimi Agbaje, Mike Iginni, Joe and Yinka Odumakin, Deolu Akinyemi, Gbenga Sesan, Steve Enada and of course Pastor Tunde and his wife, Laide Bakare. One of my first thoughts was truly, we had one tribe and the battle for the liberation of Nigeria was not between Christians and Muslims, neither was it against the obstinate North and the progressive South. The present quagmire was not created by solely northerners. The ruling party, the Presidency, the Cabal and the widely condemned INEC have enough people from the South, the disenfranchised people of the South also need to ask their leaders what they do with the allocations given to them. But Tbaks has just been wonderful; I admire the charisma and gusto he had brought into social mobilization especially at a when activism seemed gagged.

While I will address issues with people who believe pastors should live in Church Island, I saw a different tribe come alive in that hall. It was a new tribe of Nigerians- uncolored, detribalised and promising. Then that upcoming fiery lawyer Mike Iginni spoke especially about the need for everyone to continually push the boundaries of political imprisonment into liberation. While charging youths to use their competence for political liberation, he urged everyone to stand now so that we do not have to do that later in life. A musical group, the Niger Delta Christian Youths had a presentation on saying goodbye to the old Nigeria.

There was nothing young and cool about the next speaker whose experience as being the president of Arewa Youth Consultative Forum (AYC) for 15 years came to life as soon as he opened his mouth. Alhaji Yerima Shetima Usman declared that to assume the end of the struggle is near is to hide our heads in the dust like the ostrich. He quickly agreed in principle with Mike Iginni about our recycled leaders. Certainly people who brought us into trouble cannot be allowed to out us on another cycle of misfortune. To say this was reassuring coming from a strong Muslim from the North was strong enough to say the agenda and the dream of a new Nigeria is not regional.

Modupe Oyekunle of the International Center for Reconstruction and Development (ICRD) was one bullet that unleashed at the event. Starting simply, she did not shy away from the fact that most of us are the people allowing less than 2% of the population to subject us into years of misrule. I remember a quote which said bad people rule because the good people sat by and watched. Some may even not watch, but because they are not concerned, the have a way of working the system, they’d rather maintain criminal murderous silence while the political carnage sweeps away dreams.

Deolu Akinyemi arrived late while rushing in from a meeting in Port Harcourt; he spent the few minutes of his presentation dealing with the silent, youthful majority. He started by welcoming us all who criticize all our leader and are quick to condemn the recent happening things in our nation, but we are of the team of a large majority of Nigerian murders who permit death on our roads (which are more like human traps), failure of our students and the sticky fingers of our scallywag leaders all by our collective silence. He narrated an experience where he sat and watched the life of a relative literally hang on the residual power of an inverter attached to a life support machine after lights went out- this one fraction of things that happen when good men keep criminal silence. One quote I won’t forget in a hurry is “peace is what we discuss when we have the capacity for war”.

Jimi Agbaje

The governorship aspirant of the DPA during the 2009 gubernatorial elections for Lagos State did not mince words with the audience. He adapted another speakers’ story where instead of a father helping a child who could not see beyond a particular fence, the father began to tell the child what he is supposed to see. Moral of the story? We’ve been leaders of tomorrow for too long. I remembered a text I got in the wake of the Obasanjo’s third term saga “Obasanjo came to Ife in 1978 and said the students are the leaders of tomorrow, in 1999 he came again when he was contesting to say and said we are the leaders of tomorrow, now he wants to use the third term. He has eaten our father’s future, our future and now he is demanding for our childrens’- say no to third term. ”

He rounded up by mentioning that only strong institutions can build an enduring democracy. Even the Save Nigeria Group (SNG) needs to be an institution and not about individuals.

Joel Odumakin

“After all said and done, we may forget the shouts of our enemies, but we will never forget the silence of our friends” was a quote by Martin Luther King and mentioned by this woman who has assumed the face of activism in Nigeria. She charged every Nigerian to stand up and step out of those who maintain criminal silence.

It was a great programme and I particularly liked the interactive session where we had to split into groups and discuss the next line of action as regards social mobilization. The future depends on the few, those who will act and persist until Nigeria fufils destiny.

The future started yesterday, we are already late.

This I am thankful for.

Today is my birthday and I’m alive. It is a luxury that if I had all the resources of the presidency, I still can’t buy it. This I am Thankful for.

I studied Microbiology in school. After deciding hospitals and test-tubes were not the way to go, all hell broke loose. Today, I do something I enjoy and I have no regrets. This I am thankful for.

At the height of all hell breaking loose, I sat down under a tree depressed.  two ladies approached me and thanked me for talking to them in JSS2 six years ago. It was one moment I’ll never forget. I was re-fired to continue to do well. This I am thankful for

I made many decisions last year. For every door I dared to knock last year, they opened. When not qualified, I outclassed. Even ones I bungled I got a second chance. It’s a good feeling, God can we do this again? This I am thankful for.

I had traveled to Benin for a meeting but was running late. The bus broke down around 11pm on Benin-Ore expressway. We slept in the rain praying we won’t be preyed upon by thieves. We got another bus and got to Benin. This I am thankful for

Thank you for giving me Damilola. Relationships require smart work and a balance of love, passion and commitment. I didn’t need to be sweating in hard labour to build this one. Over the years I thank you. This I am thankful for

One thing I have never lacked in my entire journey- The support of people who believed and encouraged me, especially at those times when I found it hard to believe in my self. I have in turn helped many to find encouragement on their pathways in life. This I am thankful for

Last Sunday, I couldn’t drive to Church so I took a bike. 15 minutes later, the bike man skidded under a 911 truck while I stood watching. I later saved the bike man from being crushed by the vehicle. I later went on my way. This I am thankful for

This coming year is starting and I know I have to begin to thank God for successes I have recorded in it. When I thank God the earth and everything will respond to me. This I am thankful for

Thank you to everyone who made last year a glorious one. I have been embarassed by text messages, wall posts,  cals , thanks all…. this I am thankful for

Pens up!

The effect of the Global Economic Crises is closing in on Nigeria gradually. A recent report predicted that 18 percent of Nigerians would further be classified as being poor in 2009. That mean the gap between the poor and the rich will get wider still. But then, it is said that if the riches of the world were shared between the rich and the poor, in 30 years, those rich would still be rich and the poor would have returned to their normal position. Apparently, the poor and the rich seem to have habits that consistently make them remain in the same position. These habits would be analysed based on assets and liabilities. What is an asset? An asset is whatever you acquire that gives you money to maintain you and your purpose on earth, while liabilities are things you have that require more money to maintain them.

Those called rich are the people whose assets are more than their liabilities, while poor people have more liabilities than assets. What do the poor do so exceptionally well?

1. Value liabilities more than assets.

If you value liabilities more than assets, it is likely you would be poor if you are not already. If all you seek or aspire to have are all liabilities instead of assets, you are most likely poor. It is notable that more students and poor people use more good looking phones than rich people. Cars, clothes, phones are all liabilities and these are things most poor people aspire to have as a status of being rich.

2. Acquire liabilities with income.

Supposing you use your hard earned cash to purchase a car, don’t doubt it- a car is a liability, if we follow our previous definition above- except if you have a mobile shop. If income is directed at obtaining liabilities which requires more money to maintain them, then you have just bought a pipe through which all your hard-earned income would be drained. The issue with rich people is that they earn faster than they spend.

3. Spend income maintaining liabilities.

Definitely once the money is spent on acquiring liabilities, you would require more money to maintain or continue to use them. Poor people spend a large part of their earning maintaining the liabilities they have. Imagine having four cars, it requires more money to maintain the four cars, while assets make more money for you.

4. Spend and try to save leftover.

The spending pattern of the poor is also evident in the fact that once they earn some money they spend them on liabilities and save the left over. After expending all the money on liabilities, the little money saved would be used to settle the debts or costs incurred on maintaining the liabilities they have bought.

5. Save to expend on liabilities.

Poor people may have excellent saving culture, but they may spend it on liabilities. Imagine spending time and life going to work, and saving only to buy a car to use to go to work. A car may not be bad when you have assets in excess of the money you earn in a year.

When saving towards anything, be sure it is towards an asset that may bring more money into your pocket, rather than a liability that would take more from you.

6. Play today, pay tomorrow.

The mindset of delaying gratification is only found in the dictionary of the rich. A poor man/woman would prefer to enjoy the pleasantries of life as soon as some cash enters into their pocket, only for them to regret those decisions in years to come.

If you find a seventy year old woman begging on the streets, what readily comes to mind is to ask what she has been doing? There are too many cases of “have beens” in the earth, who are worth nothing today.

7. Their children inherit debt.

The thirst to acquire more and more might even drive some people to take loans from banks. Other people love to admire such; flashy cars, houses, glamorous clothes and accessories only for them to die and put their children in line for paying back debts owed or for credit card abuse

This is intended to x-ray our behaviours as we position ourselves on the way to the future. We should look at our habits and choices and have no doubt where we hope to end up.

If you were to ask in a general business meeting, Church, mosque or in any gathering that how many people have ideas, you will be amazed with what you get to see as a response.

One of the things you quickly discover is that you are not the only one with great and sound ideas; neither are you the only one who needs funding. Most people will, rather than developing the idea into a plan and strategy, they jump out looking for funds to finance the business. They then begin to complain that people or banks are not interested in thelping businesses . I once watched a TV programme where people came with ideas for funding and you wonder how they got to the TV. It was obvious that God was doing them a favour by not giving them money for the business in the first place. Today will be dealing with what investors look for, what Banks, funding agencies, partners look out for in your business before committing their funds into your idea or business.

Capital:

How much is required from them? Most times, most of us look out for huge amounts of money TO START the business whereas we do not need that huge amount of money; we only want to start the business from the top. Imagine a man who wants to start business of producing soyamilk in bottles, and needs 3 million naira, but the only experience he’s had has been to prepare the soyamilk for 10 people! Investors will also want to know how much you are willing to put into the business, especially if you do not have a cogent excuse to be indigent. Nobody will invest in an idea you are not willing to invest heavily in yourself.

Condition:

For funding organizations, it is important to know themarket, the competition and the conditions under which your business is being launched. An already saturated market will require a risk-taking investor, if you need someone to fund your organizations. It is generally known that banks are reluctant to fund agriculturally related projects mainly because of the high risk involved in the farming process.

Some other factors include; industry- size; target audience, competitors and players, season- cyclical. The partner or bank will also like to know you are willing to bear the risk associated with going on with the business and the ne essary risk mitigation startegies you have in place.

Capacity to repay:

This is the primary intrest for most institutions that may require interest on your pating back terms. How long it will take for to recoup money invested is also a consideration. Is the commodity one that the money will just be a once time investment and recoup such as supply and delivery of goods amd services, or one such that it will require gradual

Character:

This is most comonly called virtual capital. Your character is the capital that you have that guarantees that you can get cash even on the viability of your word. It is possible to conduct business, collect goods based on this tremendous goodwill you enjoyed or are enjoying. An investor who saw that at one time you borrowed money and have repaid within the specified time, assures the investor that he is safe.

I get money in credit and return within the experience in handling the area/field of work is also part of your character when it comes to looking for finances.

Collateral:

Collateral is one factor that chases people out of banks. a collateral is an asset that you have put down as a guarantee to pay the money. Of course, if the time lapses and the money is not yet paid, after a while, the Investor may beging to look for a way to recoup his money by impounding and selling your assets. I know one way of going around this is to have a guarantor (you character- virtual capital)who can vouch for your  integrity.

It also may be reassuring that most Micro Finanace Banks can  grant up to N500,000 without collateral and after fufilling some minimal  requirements.

But then, remember money is not the most important thing you need to start your business. it may be needed to grow it but it is not mandatory you have lots of money. All the best.