The Professor Entrepreneur: Mo Ibrahim, Jack Ma, and the Nigerian NYSC Hustler

Hello and welcome to the show. Today's one of those art and about episodes. I'm actually at the mechanic right now. If you remember the time I was complaining that I needed about four or 500 grand to get some work done on my car. And anyway, it's gotten to the point where I can't ignore it anymore. In fact, my younger son, you know, he just told me that I should just straight up get this thing done before the car will collapse with us on the road.

So that's why I'm here spending time with my favorite people in the world, mechanics. Anyway, So while they're working on the car now, I forgot, let my time here not just waste. Let me just make one quick podcast recording. And recently a podcast listener reached out to me. For those of you who've been listening for a while, I mean, if you discovered the podcast in the last maybe 3 or 4 weeks, you should already be familiar with this lady.

She's currently doing her NYSE. Well then she has a side hustle so I'm not going to go into any more details. I'm sure you guys remember the NYSE episode and so she sent me a message 2 days ago. Just let me know that her business is now making 100K in profit monthly. By the way, when I say 100K profit, I mean profit, not revenue. Now a lot of you don't realize the significance of this but let me just put it this way. If you go and do some runs and then you make some money, OK,

since my background is in photography, let me use the photo and video example. So if you go and do a job for somebody, they give you 2.5 M Yes, we should celebrate and give thanks to God, but that doesn't mean that 2.5 M is what we keep. Because if you go and collect 2.5 M, then maybe you had subcontractor, you had editor, you had, you know, all these people. And then at the end of the day, you settled all the boys 1M.

Then actually the profit, the one that enter into your own pocket is actually 1.5. Now there are lots of business people who go around always shouting revenue, revenue, revenue. I'm not impressed by revenue. I'm impressed by profit because it doesn't profit you. If you go and do a job and the job is 10 M and you're shouting to everybody that I owe that you did 10M in revenue, you did 10 M will never knew what if at the end of the day, what you actually kept the profit.

By the time you remove expenses, you pay this person, you pay that person, you pay tax, you do this, you do that. If by the end of the day the one that entered your pocket is 2 MI, really think it's better to go around shouting that you're a 2M entrepreneur because that one is justifiable, not that you're a 10M entrepreneur. So that's the difference between revenue and between profits. So because some people will say 100K monthly, that's not money.

I'm just saying no, no, no, Put it in context. It means by the time she pays everybody that she needs to pay. You pay your contractor, you pay this person, you settle whoever it is you need to settle, the one that remain, the one that enter your pocket is 100K. Now for a first time entrepreneur doing 100K in profit, not in revenue. Actually, it's not bad because it's not just about how much money you make, it's about how much money you keep.

This is something that we're going to learn as we grow older and older in business. It's not just about how much money you make, it's about how much money you keep. And in fact, it's something I'm currently growing through right now because I think pains me when I go and do a job and then the money is big, big, big, big, big. But at the end of the day, you know, you pay editor, you know, you pay color grader, you pay this person, you pay that person.

And you know, the thing just vexes my spirit. But you know, it's one of those things. It's one of those things, you know, you get the job and certain costs are involved in producing the final outcome that the customer is the client is going to get. So that is ladies making 100K monthly. It's not a bad thing actually. It's a very, very good start. So she has paid everybody that she needs to pay. The one entered into her pocket is 100K now.

To put it in the context, she's in NYSE. So NYSE, how much did they pay you guys? I don't know how much they pay you guys now, but back when I was at NYICI, think the national one that government used to give us was like 5K. Then the one that Kano State used to give us was like 25 S. My allowee every single month was 7K5. I honestly pray that it is not 7K5 that's still paying you guys. In fact I hope it is more like 50 or maybe 100 because the way things are rough these days, I

don't know how you guys manage if you allow is is 50K. So but what I'm trying to say is this put it in context. Her first time business she's in NYSE, she's doing 100K. So let's say NYSE is not giving 100K. Can you see that by her augmenting her income, you know, times 2 is already a good thing. Even if she wants to go and do, let's say she doesn't want to stay in her primary place of assignment and she now wants to go and get work in town, and how much would the employer pay her?

But basically I'm just saying that for somebody doing 100K in profits, not in revenue in profits, it's not a bad start, especially since we consider that for most people, where we start is an indication of where it is that we're going to because there are a lot of people where we start, you know, determines where it is that we're going through. So if she's doing 100K in profit now and she's a jam bite in the business, then let's give it 234

years. Is it inconceivable to think that she might be doing 200 K, 300K500K in profits? It's not inconceivable. It is not. So it actually is a very good start. So if you're one of those people who is starting off in business and you, you started January by February, you look, I said OK, this one month I only made 100 Ki know it sounds small, but don't do not be discouraged, especially if it is one K100K profits, no 100K revenue.

If you're doing 100K revenue, that means OK, maybe there's a problem. Because to be honest, if you're doing 100K revenue, by the time you remove and you pay tax and you, you settle the boys and the girls that work with you and everything, how much will remain? So yes, 100K revenue, that might be a problem, but if you didn't want 100K in profits and it's your first time, please clap for yourself. You're doing very well.

Tell your parents, be proud of yourself well, say your prayers, you know, thank God you know, pay your tithes if you believe in paying your tithe, but just know that you are starting well, it's not too bad. So the reason why I'm bringing this up is this, not just to share that our NYC entrepreneur is now making 100K in profits, but it's because while I was doing some research on her initially, because everybody who reaches out to me, I do my basic research on you because I don't like having conversations with people that I don't know at least some background information on.

And that was why I made, I think yesterday's episode or two days ago about my basic research stack. I'm going to take your phone number, put it in Truecaller. Truecaller will give me a name. Excuse me, I'll now take that name and then paste it in Google. Google is going to show me your LinkedIn, your Facebook, your social media, you know, your whatever, you know, if you've been involved in police case before you were in prison, you know, the thing will show up on Google and all of that.

So that's the basic research that I do on people. So when I did that basic research on her in the beginning and I found out that she was actually that she actually is a first class legal brain. So when she finishing her school, you know, she did first class, you know, waiting to see what she's going to come out with in law school. But I know she's not going to do too bad. She won't do too bad at all, but she's a first class legal brain and the reason I'm making this happen.

So basically is this because there's some kind beef, there's some kind of sentiment that exists in Niger and exists in America. I'm not sure about the UK 'cause I don't know, I didn't really hear it in the UK, but Niger and USA, yeah, definitely. I hear it a lot. And there's this thing, the sentiment regarding entrepreneurship and regarding academics and people just assume that if you're good in academics, then it means you have a poor disposition for business.

So let me repeat, the reason why I'm making today's episode is because there's this thing in Niger and in America where people assume that if you want akada, if you're good in books, it means you will be poor in business or you'll be poor in money. In fact, I think was a book that was written by I think was Robert Kiyosaki. That's rich dad, poor dad. And I can't remember one other author. But because of that, shop people now have this belief that if you are AC level student, it means you're going to end up hiring B

level students to work for you. And your B level students would end up employing A level people as your employees. So let me repeat. So lots of people who believe that if you're AC level student, it means that you're going to hire B level students as your managers. And then the B level student who is now a manager is now going to now hire a class people to be the workers. So that is the myth that exists out there that if you went to school and you are always struggling, you are getting 4050%.

You're the one who's going to become an entrepreneur and who will end up hiring the person who you should now pass at 60 and 80%, who will in turn now hire somebody who used to get 90 percent, 100%. Now statistically, is this picture true that if you are in academics it means you are not good at making money and it means that you are poor and entrepreneurship, which means that the Don's in your class is going to end up being your boss.

Statistically speaking, is that true? The honest answer is I have absolutely no idea whether that is true or not. I do not know if it is the Don's in class that ends up being the rich person who starts the business at the end of the day that now hires the B class student and the A class student who now hire the two ones and the first class. I have no idea whether it's true or not. But however, for my Nigerian audience of my American audience, we do have some anecdotal evidence.

And by the way, I say anecdote, I just means them say them say, so this is not me going to go and do some researcher. So there's anecdotal evidence, there's them say them say evidence that if you have an academic bent, it doesn't mean that you're going to have poor entrepreneurial ability. So let me repeat, there's anecdotal evidence, there's them say them say evidence there is OK, I'm looking around in my environment evidence and it shows that if you're good in school, it doesn't mean that you'll be poor in business.

And these are some examples that you guys can easily find. Jack Ma, the founder of Alibaba, every single. OK, well, I don't know about now, but a couple of years ago, maybe like five years ago, I would have boldly declared that there is no Nigerian youth who does not know Alibaba. Because back then we used to buy a whole bunch of stuff through Alibaba. Whether it's camera you want to buy. I mean, for those who are started off in my space, you want to buy a camera, Alibaba.

You want to buy smoke equipment, Alibaba. You want to buy lighting equipment, Alibaba. You want to buy a bag for your wife on Valentine's Day, Alibaba. You want to buy diapers, Alibaba. You want to buy a flash drive, you want to buy everything. So there's a whole bunch of stuff that people could buy from Alibaba. Now, the founder of Alibaba, the man Jack Ma, used to be an English lecturer. So he used to be an English lecturer.

So this is just an example to show that somebody can be a Prof, you can be a first class brain and you can also be a founder of a billion dollar company that is known internationally. So please, Nigerian first class brains, you should stop believing what people say. OK, You graduated first class in school. Therefore, it means that you are doomed to be somebody's, you're doomed to be somebody's employee, that you'll always be working for someone, and that it means that you're not going to be able to start a company of your own.

Do not believe it. In fact, there's something that this guy was his name against of a very motivational fellow like this. What's his name now? I can't remember anyway, American dude. But basically whenever people come and whine to him, he says, OK, is there anybody in your neighborhood that made it? You say, yes, Chukui made it. You say if Chukui can make it, it means that you can make it too. So basically that's the scope I'm doing here.

If you know one professor, if you know one first class, bring, if you know one akada, if you know one bookworm, if you know one square guy, if you know one Jew boy, one Jew girl who made it, then it means you can make it too. So Jack Ma Alibaba. Then there's also Steven Spinelli. He's a PhD and he's founder of Jiffy Lube. I've heard of Jiffy Lube before, but you know, I'm not sure what Jiffy Lube is for. I don't know if he's Lube for you understand, or if it's looped for motor cars.

What if it's looped for that other whatever you understand then anyway, that's the guy behind it, he's a PhD. Then there's Jim Collins. Jim Collins, some of you have read his books. He's a Stan Stanford MBA. So he got his MBA, excuse me? And then he also ended up teaching at Stanford. Then the first person who got me thinking about these things actually is the chairman himself, Professor MO Ibrahim. Now, lots of you are not going to know more Ibrahim because,

well, First off, he's a Sudanese and he's a billionaire. And the time when he used to be in the news, you know, the time has come and gone. So you youngsters are not going to know more Ibrahim. But for those of us who you know, grew up in the military era, you know, into like Abbas and or you know Abbas and Joe, first you should know Professor MO Ibrahim. He's a BSE in electrical engineering. He has an MSE in electronics and electrical engineering.

And then he has a PhD in mobile communications. Now, the reason why people in my generation will know chairman, the man himself, Professor Moore, is because he's the founder of Celtel. When under Obasanjo the economy was opened up and then we got MTNI think was it equal to you know, but basically chef, it was MTN and then it was another company which used to be sell tell that ended up in Nigeria, you know, under a different legal entity.

So what used to be, if I remember correctly, is it equal tell or any equal tell? It is a lot 9 mobile, you know, the the father of those companies was what would have been settle, you know, founded by Chairman Moore, if I remember correctly. So like I said, he's a Sudanese billionaire. So I don't expect most of you listening now, most of you youngsters listening now to know. But anybody who is like 3540, definitely 50 year olds, you know, who Sharma MO is now is Sharma MO that got me on this name because growing up at that time, you know, through, you know, during the military era,

that was the part of the assumption that I was exposed to that if you're a sharp guy in class, the best you will ever be is somebody's employee. We always assumed that the chairman that the big boys, the big girls were the people who are currently struggling in school or maybe who I'm making like, you know, fifty, 4050%. We always assumed that that was the case. So honestly, when and I saw Chairman MO on an international stage, you know, did he really mess with me?

Like this guy's a first class brain. Now how come he's a billionaire? So for me, that was the eye opener. No one was he a billionaire. He was working on this something index, index on good governance or something like that. So not only was he a billionaire, he also was trying to, you know, walk on ways of moving society forward. Basically, I'm just trying to say that Chairman MO was was an eye opener for me just to see that because you're a first class brain, it doesn't mean that you're condemned to be a book a book one more your life.

You can be a first class brain, you can be a billionaire, you can be a founder, you can have renown on the international stage. So because you're a first class brain doesn't mean you're you're condemned to be a book one more your life. And that's the reason why I'm making today's podcast episode because of this Niger entrepreneur and academic beef, because I still hear it today. People say things, you know, I have kids now.

So people say things, oh, this guy is sharp. This guy is bright. You know, this that, that, that from the things they say, you can hear that, OK, because this baby is bright. You think she's going to end up being some tenured research professor or something. But then that's the limit of where it is that she can shine. And then if somebody's struggling school, say, well, school is not for everyone that, you know, that's where business people come from.

So the point I'm making this podcast is because, well, I didn't tell her all of this, but you know, it's nice to meet first class brains. It's always nice to meet one of them. Oh, by the way, I'm not one of you guys. I'm not a first class brain. Some people think I am. Yeah, I'm smart, but I'm not a first class brain. So it's always nice running into you first class guys. But I just want you people to know you first class people ignore this whole Niger, USA

entrepreneur and academic beef. Ignore this thing because you're a first class mind. Do not be afraid that you are not going to XLS an entrepreneur if you're a first class brain boy. You have ambitions to get into business, go ahead. I keep throwing the same level of effort and dedication that you threw into getting that first class throwing into business as well. Keep shining and don't worry, God is going to take you far.

In fact, it is my firm belief, looking at the first class brains that we had in my class, my own set in OAU, the guy who graduated first class was Tola here, Tola Bella. There was Tola Bella and then there was Shadi, Shadi Agmaji. Now, Shadi is currently a partner in one of these firms on Banana Island. I can't remember what it was, what the name of the law firm is, what somebody was saying. Typical first class brain.

She went ahead to be showing I had to be a partner in the law firm. You know, some of you say well expected, but you can see that there's some entrepreneurial ability that is involved in being a partner of a law firm because the partner of the law firm is not necessarily somebody who's the smartest. The partner in the law firm is the person who also brings in the biggest amount of naira and cobo. That is what being a partner in the law firm entails.

It means that you're good at going out, bringing business and bringing the money back to the table so that the law firm can share. That's how it works. So she has entrepreneurial ability there. Then Tala would also, both Tala and Shadi would end up in Harvard. I think they got some other degrees in Harvard and then he came back to the country. And I think currently now Tala is in, last I heard, I think he's in the startup space.

I don't know if he's the founder anyway, but I'm just trying to show you that because somebody graduated first class, assuming you're one of those first class brains, do not assume that you're stuck with being a bookworm for the rest of your life. But the point I'm trying to make is that there's some transferable skills that come through this because looking at Taller and looking at Shadi and looking at another of my classmates who also graduated first class, but hers was in back when when law school, but she's late now.

Male soul, rest in peace. But looking at them, I realized that there was a couple of things that these people had to do to change that first class thing. Number one, they needed critical thinking and problem solving skills. You cannot be a first class lawyer by cramming. Just ain't going to work. You can cram your way to success in a couple of things, but for law, it's not going to work. In fact, I don't think you can cram your way to success in any discipline.

I think it's doubtful. So you need to show critical thinking, you need to show problem solving skills, you just show research and analytical skills. You need to be good in communication skills. You need discipline and perseverance. In fact, the discipline and the perseverance, that's the one that I saw the most of my classmates who graduated first class. You need discipline and you need perseverance. Yeah. You also need adaptability and learning because surprisingly,

because growing up, the impression that I got was first class brains are very narrow people, very straight. But surprisingly was not the case because like Shadi back then, she was born again. I hope she's still born again now. Anyway. So back then she was born again. She used to like dancing. So Shadi was always in the dance troupe in church and stuff like that and was still coming top of the class. There's adaptability that is needed enough and Toler was an OK guy, but he had one streak like you know, he had some Rosman streak in him if you, if you catch my drift.

You know, he's married now so let me not say too much, but you know, he was able to make it work. So those of you who have first class brains, you guys have got some transferable skills that you needed to secure your first class. It is also going to transfer as well when it goes into business and all these skills. Basically, it just means that when it comes to business, you guys are going to be good at strategic thinking and you guys are going to be good at efficient operations because you cannot clinch your first class and be inefficient with your time, except if you're born a genius.

Because I went to school one of those types, no matter how he played, what this was like secondary school shop, no matter how much he played and the guy really liked to play football, like was mischievous like the rest of us. But no matter what he did, he always graduated top of class. So if you're one of those people, yeah, OK, maybe you don't need to be efficient with your time. But for everybody else want to secure their first work, sorry,

their first class through hard work and through grit, strategic thinking, efficient operations. So you guys have transferable skills that are going to help. The only thing I will add for those of you who have first class brains, those of you who are Akada as used to call them back in OAU or bookworms as they used to call them when I was in secondary school. If you're a book 1 before and Akada, the only thing I had is continue where you are.

Just be learning networking and be learning sales because when you're ready to make that leap, you know, you finish university while you're doing NYSE, you're now trying to make that leap into business. You will need networking skills, you will need sales skills. That's the only thing I have to add. Apart from that, ignore this Nigerian thing of you're a bookworm, therefore you'll be a bookworm forever. If you want to be an entrepreneur, it's not a problem.

I even think the fact that you were a bookworm in school is going to help you when you enter the field. So that's all for today. Let me head back and see how far with the mechanic working on my car. And in fact, only I'm frustrated with all this rubbish and I declare and I decree that by this time next year, I shall be driving a brand new car. Go punish devil. I will not drive a what's it called Belgium car again next year.

So, so I just know that I buy the car once and I use it for three to five years. No mechanic Wahala apart from servicing and, you know, changing tire and then stuff like that. So anyway, thank you very much for your time and attention. If you'd love to connect with me for a business audit, a strategy session, or you have questions you want me to answer, the phone number to reach out to me on is 08064662140. The country code is +234.

For those of you who are not Nigerian, that is my WhatsApp number. And please do not try to call me on a video call. I do not accept unsolicited video calls. Somebody tried to call me today. It turned out to be a sales call. So I immediately blocked the person. And by the way, I hope you guys are seeing in practice what it is I'm talking about. I am lenient, but even for me, I have to block the person. Like, come on, that takes the cake.

Like where do I know you're from? You're not trying to do me a video call. So where did that come from? That's, you know, in the past when I've talked to you guys about how best to use unsolicited outreach, you know, when people don't know, Yeah, when you're a total stranger, the best way to go about it. So you can check my YouTube, my YouTube channel, the name of the YouTube channel is establishing my IUD. So just go on the YouTube and check.

If you put WhatsApp in the search, you should see episodes that I have done on WhatsApp, especially when we're using WhatsApp unsolicited to drop my business. Unsolicited just means I don't know you, I don't send you what total strangers. I have no idea who the heck you are, but I'm trying to reach out to you to drop on business. So there's a right way to to doing these sorts of things. So that's it. Oh, and then also follow me on connect with me on LinkedIn, the name to look for establishing my IED.

Thank you very much for your time and attention. Let me head back to the mechanic and let me see how far because this Abuja, he is not smiling.