As an entrepreneur you need to owe people
Start accumulating debt!
You heard me right.
Do you really want to be an Entrepreneur?
You need to start owing people
- Owing favours
- Owing money
- Owing partnerships
- Owing resources
As an entrepreneur debt is your friend.
A man who’s not in debt has no reason to work.
— Ferruccio Lamborghini
Although this is an un-comfortable topic, it’s something you have to come to terms with
Why accumulate debt?
One of the easiest way to build strong business relationships is debt. Of course you can bond in so many other ways and social gatherings and nights-out with fellow business people are good tool. But taking money, goods, resources or favours from a fellow entrepreneur and paying back when due and as promised is one of the greatest assets / honour you can earn as an entrepreneur.
So borrow, even when you can afford it
Ask another entrepreneur to loan you their servers, their staff, their logistics and even their income
The mutual respect and honour that comes with financial trust would save you, in your time of need. It’s a profound statement of integrity and reliability.
Do you really want to be an entrepreneur?
If Yes
Make debt your friend.
— UPDATE 19/03/2024
Adding to this, I have observed how the Igbo traders in the south eastern part of Nigeria operate. The lores have it that they are some of the sleekest sales people to ever exist and that in most cases, if you went into one of the big markets in Onitsha, you might end up with items that you never budgeted or intended to buy 😂😂 Faith articulates this properly in her LinkedIn post “The Igbo man strategy”
Igbo man can sell you a wheel chair even if you don’t need it
Guy on Nairaland
Accompanied to their salesmanship is a fascinating, almost comical practice that revolves around a phrase that’s as amusing as it is ingenious: “We have it in our other shop.” This statement often sets off a little adventure, with the customer playing the waiting game while the trader’s apprentice, let’s call him Emeka, embarks on a seemingly simple errand.
“Emeka, please fetch the latest sneakers for our esteemed customer from ‘the other shop,'” a trader might say, sending Emeka scurrying off with a sense of urgency. The unsuspecting customer, meanwhile, is offered a seat, a gesture of hospitality while they wait.
However, the twist in this tale lies in the fact that ‘the other shop’ is not another outlet owned by the same trader. In reality, Emeka’s mission is to run as fast as possible to a fellow trader’s stall within the same market to borrow or acquire the requested item on loan or credit. This maneuver is a masterclass in real-time, informal supply chain logistics, executed with a level of efficiency that could rival any formal retail operation.
This practice not only highlights the traders’ adaptability and resourcefulness but also underscores a remarkable level of trust and cooperation among market vendors. It’s a seamless process, unbeknownst to the customer, who is none the wiser, comfortably seated and anticipating the arrival of their desired product. All the while, a rapid, behind-the-scenes exchange has facilitated the provision of goods, ensuring the customer’s needs are met without delay.
This right here reveals the depth of community and network of relationships underscored by trust reveals the depth of community and the intricate network of relationships that form the backbone of these markets. The ‘other shop’ is just slang for “I am about to get into a debt on your behalf”, if you damage this item, or we loose it in transit; we would most likely be in trouble.
From My original “Do you want to be an entrepreneur series on LinkedIn”
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