The Right Way To Do Business
My first internet business was an eBook that sold thousands of copies and did over 40 Million naira+ within 2+ years, which was how long I ran the business.
I was advertising on Linda Ikeji’s blog (a top blog in Nigeria) when she was the only blogger. I did this every two weeks before people even started using influencer marketing.
Way before most Instagram blogs became a thing…way before Tunde Ednut started his first Instagram…, and way before Tahoma even became a celebrity online.
And here is my ONE regret.
I regret not building ONE THING early enough in the RIGHT market.
You see, I am a very intelligent person. I know I am (or at least I like to think I am) – so because of this,
I am extremely good at spotting patterns and making inferences, knowing why things happen (even when others don’t see them), and I am superb at having original thoughts.
Plus, I have done this long enough to know that if you are a very ambitious person with big goals – you will most likely regret it too if you make the mistakes I did.
Consolably, it won’t be your fault. We are fighting for survival, and when you start from scratch, with no startup capital and very little support – all you’d care about will be THE MONEY.
No matter how small, no matter how it comes.
So you won’t think of the long term.
But in the end, here is what you would wish you had done – Building ONE THING.
You see, there are only two ways people like us can build long-lasting wealth, and by people like us, I mean people who were not born into riches –
- By Media (Blog + recurring revenue from a Newsletter, a Membership site, a site or brand that sells subscriptions to a physical product)
- By Code (Software)
Everything you do online should be to push one of these two categories.
Every success you get is constrained by time, which means – given enough time, EVERYTHING will grow exponentially.
This means, if you follow the model everyone is doing here right now: make posts, sell courses, rinse and repeat – one-off payments.
You will make money, no doubt – but COMPOUND EFFECT will not be on your side, at least not on the right things.
Yes, you will have the compound effect that gets you a few thousand followers (I have 100k across my accounts), and you will even mistake this for some form of success.
People will respect you and hang on to your words. It is suitable for your ego, but it is worth very little in the long term.
Heck, getting a compound effect in your follower list will even boost your income through a couple of millions in sales here and there. But take that income & put it into something solid.
Money is not the goal; Wealth is – and Wealth comes from OWNERSHIP.
Own Media or Code, focus on this EVERY DAY for the next five years. – you will thank me for it in the end.
The cheat is the “Compound Effect”.
I have met many very wealthy people, and I can tell you that they are not smarter than you. Most are flat-out dumb – but they do one thing for ten years, sometimes twenty years.
Their ONLY secret is the “Compound Effect.”
When you do something long enough, the results grow exponentially. For more on this, read ‘’Compound Effect’’ by Dareen Hardy.
This brings me to the next point: if you are going to do something for an extended period, then it must be worthwhile.
The MARKET you pick to play in is the next most crucial thing after focusing on one thing. A market where people can pay for or are willing to pay for what you bring.
Here is the thing – Every business that lasts sells ONE THING or multiple things to the SAME SET of people numerous times. They optimize to sell and sell to one person.
So play in a market where people have a CONSISTENT need for what you sell; that is how you know you have an idea with a COMPOUND EFFECT QUALITY.
Amazon created Prime to get people to use/shop consistently, Apple built the App Store, and Tesla built their software.
These businesses are building consistent use into their system for a reason: it is the ONLY way to build longevity.
