To be wealthy, you have to provide goods and/or services. Simply put, solve problems. There is more to this and that is what I really want to share with you today. In this article, you will learn something new or at the least be strongly reminded of some ideas that will help you become rich even in a developing economy:
Replicate Your Own Market:
- Uber started in the US, someone replicated that idea in China and called it Didi
- Didi is successful in China even though the idea is not original.
- If an idea has been well received in some parts of the world, chances are it will be received elsewhere, including in your country.
- The challenge is in keeping up with global affairs. Thankfully, the internet has made it possible to know what is going on in other places. What you can do is to subscribe to digital magazines and news outlets.
- A good company I recommend is FLIP, make sure to subscribe to the categories that interest you so that you do not miss innovations in that area.
Avoid Poor Social Mindset
- By this, I mean having limiting mindsets in relation to other people.
- For example, in developed countries, if for some reason the public park is in a bad shape, you would most likely find citizens volunteering to clean it up whereas, in developing countries, people tend to feel entitled and are always waiting for the government to do everything.
- There needs to be someone in your locality inspiring others to volunteer, to be selfless and to sacrifice. That person can be you.
- Another way this plays out is in the number of collaborations going on among citizens. For example, Airbnb was founded by three close friends and Warby Parker by a group of four friends.
- These kinds of collaborations, which usually stem from acknowledging your weaknesses and the strengths of others, are not as common in developing economies.
- There are many problems to be solved in your country. If ten(10) of you could come together to solve just one, you could become very rich. Going back to the first point, your solutions do not have to be grandiose or original.
Observe Trends In the world
- This cannot be overemphasized. What do you see when you read the news. Events unfold in successions. The ability to see what is going to happen next can make you very rich.
- For example, before Trump became the president of the United States, some Chinese companies were doing great on the stock market. If as an investor you had foreseen the sanctions or trade war going on now based on Mr. Trump’s comments about China, and you have sold your shares in Chinese companies the day he won the election, you would have saved yourself a lot of money now.
- Another example is if you had foreseen NAIRA(Nigerian currency) growing weaker against the US dollar when oil prices began to plummet you would have invested in the dollar. Believe me, some people did invest in the dollar and are happy they did
- In short, do not just consume news and gossips, think of the problems they pose and the opportunities that come with them.
Develop a Skill and Leverage Your Currency
- Before you leverage, you need to have acquired a skill and be really good at it. Again, thanks to the internet you can now apply for jobs or gigs online.
- I needed an instrumental for one of my songs some time ago and a guy from Venezuela did it. The amount US music producers were asking for was way more than what he asked for so, he got it. He leveraged his currency.
- A graphics designer in America might ask to be paid $300 for a Company Logo meanwhile you in Nigeria could charge $200 and if your work is as good as your American counterpart, you have an advantage especially when no one will pay you that high locally.
- If you already have a skill, you need to jump on a platform such as FIVERR for whatever skill you might possess be it graphics, music production, drawing, etc.
- You could even form a group, capitalize on the strengths of every member of the group and see to it that you deliver excellent work every time.
- If you do not currently possess any skill, no problem, you can learn practically anything online through platforms such as edx, coursera, Udemy. With focus and practice, you will become really good in no time.
Uniquely Serve Your People (Niche)
- Being rich starts from the inside, your mindset needs to change. You cannot afford to be surrounded by poor people.
“We are the average of the five people we spend the most time with” — Jim Rohn
- You can not see yourself as a victim of fate or someone else’s actions or inactions. Take responsibility!
- Poor people complain a lot, if you will be rich, you need to start listening to people’s complaints with the intent to find a lasting solution.
- The people in your community might have unique problems that require unique solutions or adapting existing solutions to fit them. Be that person that is obsessed with making sure the people are okay by coming up with innovative ways to ensure people are safer, healthier, happier, etc.
- The more you give, the more you will receive very simple. Bill Gates, Steve Jobs, Aliko Dangote, Wizkid, Davido, Drake, etc all gave and are receiving in the same proportion they have given. WHAT WILL YOU GIVE?
Work For Yourself Also
- The government and institutions in these countries are usually crappy. You may or may not be paid for months with no one to fight for you to get paid.
- You stand a better chance financially if your money is coming from sources that are unrelated to the corrupt systems in the country.
- Adsense, streaming revenue, royalties, etc are surer means of becoming wealthy than trusting the government or your boss.
- As you are working, devote a sizable amount of your pay into breaking free from the corrupt systems by developing your own brand. Do not find yourself spending all your pay on buying stuff, it’s a recipe for a lifetime of financial struggles.
- It is extremely important that you cultivate your gifts and talents. What are you good at? Writing, talking, singing, coding, teaching, designing, graphics, sowing, stitching, gardening, etc. All these have the potential of helping you become rich even in your beloved country.
Getting rich takes time depending on where you are starting from but it is achievable, even in a developing country. Think about these ideas, strategize and go out there to implement your plans. I strongly believe in you.
What good points am I missing out? Let me know in the comment. Subscribe to this website, so you do not miss out on good information but don’t check out the music section if you are allergic to some good music.
Be KIND to others.