The Institute Of Billionaires - IBILO

29/11/2024

02/08/2020

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08/06/2018

At age 5 his Father died.

At age 16 he quit school.

At age 17 he had already lost four jobs.

At age 18 he got married.

Between ages 18 and 22, he was a railroad conductor and failed.

He joined the army and washed out there.

He applied for law school he was rejected.

He became an insurance sales man and failed again.

At age 19 he became a father.

At age 20 his wife left him and took their baby daughter.

He became a cook and dishwasher in a small cafe.

He failed in an attempt to kidnap his own daughter, and eventually he convinced his wife to return home.

At age 65 he retired.

On the 1st day of retirement he received a cheque from the Government for $105.

He felt that the Government was saying that he couldn’t provide for himself.

He decided to commit su***de, it wasn’t worth living anymore; he had failed so much.

He sat under a tree writing his will, but instead, he wrote what he would have accomplished with his life. He realized there was much more that he hadn’t done. There was one thing he could do better than anyone he knew. And that was how to cook.

So he borrowed $87 against his cheque and bought and fried up some chicken using his recipe, and went door to door to sell them to his neighbours in Kentucky.

Remember at age 65 he was ready to commit su***de.

But at age 88 Colonel Sanders, founder of Kentucky Fried Chicken (KFC) Empire was a billionaire.

It's never too late to start all over.

31/03/2018

HOW CAN I GET RICH IN A COUNTRY LIKE NIGERIA AT AGE 30 AND I'M 21?

(1.) If you can, start with a great job. This alone can even get you there with no extra effort. Anything north of 250 thousand naira (about $1250 at official exchange rate of N200:$1) monthly would give you the cash to lift-off (if you have low costs and enough discipline/info).

(2.) Have/learn a lucrative skill. Skilled programmers/make-up artists/etc are able to charge high fees at regular intervals enough to become rich. Pretty sure you can list 10 lucrative skills your friends or acquaintances have. Learn one. If you are still in school, this is probably the best thing for you at the moment. Make good cash completing jobs on weekends.

(3.) Buy land as soon as you can. Never too young to start. Rely on family/older friends for your earliest purchases and do some on your own as you learn more. My own unscientific estimate is that land values on the outskirts of Lagos/Abuja/PHC appreciate at about 20-25% per annum(decreases the farther you move into town or out of it). Some land will be way ahead of your pay-grade but there's always something for your pocket-range. Keep the class bias out of it though. Today's yuppie zone could become tomorrow's elite playground. Things change. That's life.

(3.) A side business(separate from no 2 above) helps too. We are more of a trading nation and selling the right product will easily lift you. Also as a largely government-driven economy, any products consumed in huge quantity by government/blue-chips e.g cement, fuel etc is a great way to start. Just take it as gospel that at least 2 sources of income are needed for you to be affluent in Nigeria.

(4.) Keep your living and social costs low for as long as you can. There are a lot of socially-imposed costs in Nigeria that trap young people e.g
a.) The extended family tax.
b.) The big social wedding.
c.) The mandatory car after uni/first job.
d.) The "seed-sowing" expectations in church.
e.) The move-out-of-dad's-BQ rush.
f.) Bachelor pad gadgets
g.) etc

(6.) Don't be limited by your degree. A lot of people are stuck working in careers chosen by their teenage selves. If you feel you have to change careers to get ahead, do so. I have friends working in IT who trained in careers like virology/medicine.

(7.) For marriage, it helps if your partner also earns something sizable or has a channel for earning some extra cash. Reduces your expenses significantly.

(8.) And most importantly for you (and the rest of us), you could find a big problem and come up with a way to solve it lucratively. (Some call that kind of business "a startup"). Here's a list to set you on your way: Some great problems in there.

31/03/2018

HOW DO I BECOME RICH AND POWERFUL ELITE?
I won't exactly tell you how (probably because I don't know), but I'll surely tell you how not.

Success lies in the quality of your decisions. So, like I promised, I won't tell you how to be rich, let me just go straight to how you can be very very poor.

#1. Eat your seed.
Seeds are meant to be planted, but the trap is that they're also edible. So spend your productive time and energy squandering your NOW.

#2. Be carried away by what you see.
Success isn't exactly what you see from the outside, just like the way acting a movie is different from watching it. The thrill you get by watching millionaires (or billionaires) is quite different from their own reality, which is how to discipline their appetite of instant gratification and capture their greed.

#3. Believe that you don't need to make sacrifices.
Billionaires sacrifice their pleasure, their sleep, their time, and almost everything. Your ability to sacrifice and push yourself beyond limits is everything.

#4. Wait till you get a push.
Wait for someone to help you. I'm almost sure you'd find yourself complaining about the government. Just wait for someone to give you a free ride, you'll wither wait long or get something that's not worth your time.

#5. Wait for approval.
Damn approval. It's not coming, and it's never going to be. People are only going to say, "I knew you could do it" when you already doing amazing things. Just please everyone and wait for someone to tell you that you can. You'll wait forever.

I promise not to tell you how to be rich because I'm still on my way, but I'll tell you to do the opposite of this is you want to be poor.

1. Make the training ground your second room.

2. Live on purpose. Create a need for the money. You nee a better reason to keep you awake (even in your sleep).

3. Believe in your ability to figure things out.

4. Know that most people are ignorant. They love you, but they'll almost always never give the right advice.

5. Never give up.

30/03/2018

As a startup Entrepreneur in Lagos, Nigeria, West Africa, how can I raise startup funds for my business?
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HOW TO RAISE MONEY FOR STARTING A BUSINESS

The task of raising money for a business is not as difficult as most people seem to think. This is especially true when you have an idea that can make you and your backers rich. Actually, there's more money available for new business ventures than there are good business ideas.

A very important rule of the game to learn: Anytime you want to raise money, your first move should be to put together a proper prospectus.

This prospectus should include a resume of your background, your education, training, experience and any other personal qualities that might be counted as an asset to your potential success.

You'll have to explain in detail how the money you want is going to be used. If it's for an existing business, you'll need a profit and loss record for at least the preceding six months, and a plan showing how this additional money will produce greater profits. If it's a new business, you'll have to show your proposed business plan, your marketing research and projected costs, as well as anticipated income figures, with a summary for each year, over at least a three year period.

It'll be advantageous to you to base your cost estimates high, and your income projections on minimal returns. This will enable you to "ride thru" those extreme "ups and downs" inherent in any beginning business. You should also describe what makes your business unique - how it differs from your competition, and the opportunities for expansion or secondary products.

This prospectus will have to state precisely what you're offering the investor in return for the use of his money. He'll want to know the percentage of interest you're willing to pay, and whether monthly, quarterly or on an annual basis. Are you offering a certain percentage of the profits? A percentage of the business? A seat on your board of directors?

It's always a good idea to have an attorney and an accountant help you make up your business prospectus. As you explain your plan to them, and ask for their advice, casually ask them if they'd mind letting you know of, or steer your way any potential investors they might happen to meet.

Once your prospectus is done and thoroughly reviewed for errors and omissions, take the following steps:

Set up a party and invite your friends, family and well-wishers over. Explain your business plan, the profit potentials, and how much you need. Give them each a copy of your prospectus and ask that they pledge a fifty or hundred dollars each as a non-participating partner in your business. All you need is 15 people pledging $100 each or 30 people pledging $50 each, to reach your target.

If you fail to raise the capital with the method above, start thinking about the idea of inviting investors to share in your business as silent partners. You can start by Authorizing 1,000,000 shares of common stock at 1 cent par value for $10,000 and... You can issue and sell up to $2,000 worth of stock in your company to meet your capital needs.

You would offer each other investor 10,000 shares of common stock at $100. This way you have 20 units of block of investment and each unit is $100. That would give you $2,000 capital. You are giving out 200,000 shares (20% of your company) to raise the money, you are left with a 80% controlling interest.

The above scenario is for illustration purpose only. You have to determine how much of your company you are willing to give up to get the funding required. Feel free to tweak the plan to suit yourself and purpose.

Seek appointment with owners of successful businesses that you know. Share your prospectus with them. Successful business people are potential investors that you should go after

An investor uses his money to make more money. He wants to make as much as he can, regardless whether it's a short term or long term deal. In order to attract him, interest him, and persuade him to "put up" the money you need, you'll not only have to offer him an opportunity for big profits, but you'll have to spell it out in detail, and further, back up your claims with proof from your marketing research

Don't ever try to "con" a potential investor. Be honest with him. Lay all the facts on the table for him. In most cases, if you've got a good idea and you've done your homework properly, an "interested investor" will understand your position and offer more help than you dared to ask.

12/03/2018

Only the wise ones will understand.