Unleashing Your Potential in 2010

Ayodeji Jeremiah

After several decades of wars, genocides, famine and AIDS, much of Africa is thriving. Since 2005, vigorous activism by pop stars, actors, economists led by Jeffrey Sachs and world leaders led by Britain’s Tony Blair (former Prime Minister) and Gordon Brown (erstwhile Chancellor of the Exchequer and Current Prime Minister) coupled with increased world demand fuelled by growth in China and India for resources such as oil, diamonds, copper, gold and timber have combined to push annual economic growth to an average 6-7% for close to three years running. This growth is second only to that of China and India and this is despite the global economic crisis. Almost all African countries have held multiparty elections in the last fifteen years.

Not that there aren’t still trouble spots here and there. Africa still has its imperfections and is still wobbling here and there. But yet, scratch beneath the gloomy surface and the picture is a lot brighter. That goods and services are so terribly made; if at all turn out to be both a curse and an opportunity. Curse for the Africans who have to trudge through life in such desperate straits, but opportunity for anyone (whether Africans or foreigners) who could produce the goods or services with a modicum of efficiency.

Therein lies the vast opportunities and allures of the economies of Sub-Saharan Africa. Whole swathes of the African economy offer unbelievable opportunities for making good money. According to figures from the International Finance Corporation, IFC, the Nigerian, South African and Ghanaian stock markets has consistently outperformed returns on investment in emerging markets in the past few years. In the informal sector where, anyway, most of the economy is returns are even much greater. In addition to the stock market, real estate investment trusts, SMEs, microfinance, trading, services and even manufacturing (notwithstanding dilapidated infrastructure) are some of the sectors where money can be made.

Most African governments are privatising erstwhile inefficient state run companies. Governments are becoming more open in their economic dealings. Foreign direct investment has also been pouring in especially now with the realisation that Africa needs more trade than Aid. Maintaining all these momentum has been essential to laying the foundation for a private sector-driven improvement of medium-term growth prospects.

As has been demonstrated in major economies around the world including the United Kingdom, where the private sector and Small Medium Enterprises (SMEs) account for nearly 65% of the GDP, getting the private sector and SMEs involved in the African economy is the way for the future. According to the International Monetary Fund (IMF), private sector and SME involvement will be needed to maintain the target growth rate of 6-7%. According to a study done by the Nigerian Federal Office of Statistics, 97% of all businesses in Nigeria employ less than 100 employees. SMEs in Nigeria are usually defined as companies that employ less than 250 employees; it then means that 97% of all businesses in Nigeria are, to use the umbrella term, "small businesses". The SME sector therefore provides, on average, 50% of Nigeria’s employment, and 50% of its industrial output. The same goes for a lot of other countries in Africa. Within the SME sector therefore lies large untapped opportunities for individual growth.

So that the economy of African countries has been growing is not in doubt but the question remains how ordinary individuals can get involved and benefit from this growth. While much of the blame for the high poverty index in Africa lies with the various inept governments and whatever may be the avarice and inefficiency of African leaders; getting involved and knowing what to do and the right steps to take comes down to decisions made by each individual.

Using Nigeria again as an example; Asian and South African entrepreneurs are today the largest group of global SME investors in Nigeria. They have not been afraid to invest in Nigeria and learn about the nation's business culture. Many of them (the Lebanese and Indian entrepreneurs) have been in Nigeria since the early 1970s and longer. Newer arrivals from China and South Africa have also invested heavily in the Nigerian economy. Many of the early Asian SMEs in Nigeria started out as traders and retailers of consumer goods. Slowly they have graduated to small scale manufacturing and food packaging for the Nigerian consumer market and for export.

Nigerians cannot therefore continue to complain and everyone wants to ‘check out’ (which means travelling abroad in the local parlance) while the Chinese, Indians, South Africans and Lebanese are flocking into the country in droves and taking over the whole economy. A small group of Nigerians (and not just the mega wealthy) are making money and seeing the grass full in Nigeria rather than on the other side of the wall (in UK and USA). Some young Nigerian professionals who have worked with large conglomerates in London and New York are even starting to return home. Osaze Usifo, a 39 year old who worked for HSBC in London is typical of this new generation. He and six other Nigerian professionals set up an equity fund in cool, glass panelled offices overlooking the Lagos lagoon. Average Nigerians spend as much as 300,000.00 to 500,000.00 naira ($2500- $4170) and even more to obtain visas and tickets in order to travel out of the country into uncertain futures in London and New York. That kind of money goes a long way in starting a small business or even investing in stocks in most parts of Africa.

Most times, the problem is lack of knowledge. Even the Bible says “My people perish for lack of knowledge.” (Hosea 4:6) Africans will need to be educated and refocused with proper mindsets in order for average citizens to be able to take advantages of the opportunities surrounding them. Prosperity and improving your lot in life generally is a process and not an overnight miracle. As the New Year unfurls, we should all be looking at how we can position ourselves; how we can get involved and how we can move forward generally in 2010.

Following are some time tested principles guaranteed (if applied) to assist you unleash your potential next year and for the future:

(1) Discover your Purpose in Life: Nothing can take the place of knowing your purpose in life. The evidence is overwhelming that you cannot begin to achieve your best unless you set some aim in life. If you don’t try actively to discover your purpose, you are likely to spend your life doing the wrong things. Everyone has his own specific vocation or mission in life. Here are some questions to help you identify your purpose: Why do I exist? Why was I created? For what am I searching? What is my greatest passion? What is that thing that I love doing the most that I would gladly do it for free? What is so important to me that I would be willing to die for it? In terms of your life, if you could go anywhere, become anything, where would you like to go, what will you like to do, what will you like to become?

(2) What is your Potential in Life? Potential is hidden capacity, untapped power, unreleased energy. Potential is all you could be but have not yet become. Whatever is your purpose, you have the innate ability for that purpose. But you have to develop it. You need to discover your dream in order to discover your ability (your potential) to fulfil it. Your present job may contain hidden potential for your true life’s work. Steps to help you grow towards your potential include: (i) concentrate on one main goal. Reaching your potential requires focus. One you decide where to focus your attention, you must decide what you are willing to give up in order to do it.

(ii)) Concentrate on continual improvement. Each day decide to be a little better that you were yesterday. Identify the areas that you want to develop. (iii) forget past failures. Don’t let past mistakes and difficulties prevent you from reaching your potential. (iv) find a way to apply what you learn. As someone once said, don’t let your learning lead to knowledge. Let your learning lead to action. Your life must begin to change as a result of what you are learning.

(3) How are you going to Plan to get to where you are going? The most frustrated person in the world is the person who has a dream but does not know how to make it come to pass. There is no future without planning. Our imagination enables us in our planning. Ideas when cultivated become imagination. Imagination when developed becomes a plan. A plan when followed becomes reality. When you lack a plan, you miss opportunities. If you don’t have a plan for your life, you will have nothing to refer to ensure that you are on track. Start thinking about where you want to be in one, five, ten, twenty years from now and starting putting down ideas about how you will get there. Identify your resources and start with whatever you have. Your dream determines your goals. Your goals (plans) map out your actions. Your actions create results. The results bring you success. Steps to help you in your planning: (i) give some thought to where you are now and how far you are from your dream. (ii) what will it cost you to get to where you are going? In terms of money, time, relationships, present job, comforts/luxuries. (iii) What are the goals that you will need to accomplish to fulfil your dream? What are your personal spiritual, health, relationship, academic, financial and investment goals?

(4) Do you have Passion for what you are involved in? How badly do you want your life to improve? How hungry are you for your vision? Passion is stamina that says I am going to go after this, no matter what happens. You must put your whole heart into your vision. You are passionate if you stay steady under pressure. Passion helps you overcome resistance. Passion means that what you believe is bigger than what you see. If you can stop what you are doing and still be happy then you are not passionate about it. If you can be discouraged then you don’t have passion. Passion means you are willing to pay the price. Passion keeps you focused. Having passion for what you are doing helps you develop a positive attitude. Passion helps you perform well even under pressure and stress. Passion enables you to look for the good in every situation. One of the ways to develop passion is to do what you love to do.

(5) You need to get involved with People: When you begin to act on your vision, it will stir up both those who want to help you and those who want to hinder you. We need other people if we are going to be successful in life. Your progress is largely determined by how much people like you and want to help you. One of the determinants of your success is how well you get along with others and how well you perform as part of a team. Your level of success will be determined by the number of people you know and who knows you and likes you. The more that people like you and respect you, the more doors they will open for you and the more obstacles they will remove from your path. At every turning point in your life, someone is standing there to either help you or hinder you. Practise the Golden Rule when it comes to People: Treat other people the way you would like them to treat you. Look for ways to put something into a relationship before you think about getting something out. Make a habit of building and maintaining high quality relationships. Virtually all of your problems in life will come as a result of your entering into the wrong relationships and virtually all of your great successes in life will be accompanied by great relationships with good people who help you and whom you help in return.

(6) Be Persistent: Persistence is the desire to withstand every opposition. The two greatest obstacles you will face on the road to your success and fulfilling your dream are fear and failure. Everyone has fears. Fear causes procrastination. Fear can be a hindrance to success. Fear prevents us from engaging in any activity and we never find out if that fear was justifiable. Fear breeds inaction. Inaction leads to lack of experience. Lack of experience leads to ignorance. Ignorance breeds fear. It’s a vicious cycle. Face and acknowledge your fears and move forward. Always resolve in advance that you will never give up no matter what happens. Program your mind in advance for any setbacks and disappointments you are going to face. The courage to persist in the face of adversity and disappointment is the one quality more than anything else that will guarantee your success. Your persistence is a true measure of your belief in yourself and your ability to succeed. You cannot control the problems that you will face in life but you can control how you respond to setbacks. Every time you respond in a positive and constructive manner, you become stronger and better and more capable of dealing with the next problem or crisis. Become the kind of person who never quits no matter the difficulty. No matter the obstacle that may be in your path, find a way to go over it, under it, around it or through it.