FARMING INDUSTRY GURU SPEAKS…MR GEORGE EJIOGU

 

 

FARMING INDUSTRY GURU SPEAKS…MR GEORGE EJIOGU

 

You should also have discipline in terms of use of fund. For instance you have a layer farm and you make a thousand birds and you sell it. If you eat half of that money, you will have yourself to blame when financial needs arises.

 

There is something we call capital formation. This is very important. You need to first form capital in any kind of business you want to go into. How? By investment you form capital not because you took the money from the bank. As you make money from the farming business, you should invest on tools. That is actually what will make the future for you. You should keep buying assets so that your liability in future will be less. You must really adopt capital formation. If you have greater assets and less liability, you are in profit.

ReadAlso: Check out the Full List of Agric Products and others that Remain Banned from Being Imported

 

In the paper your profit might be low. If you look at banks, they have assets they can point out and government knows this. It is the same with a small scale business. If you are running a poultry business, and you don’t have wheelbarrow, cages and all the necessary tools but you have the intention for a cage system, you should start buying the cage little by little. By 3-4 years you would have many cages. You can buy an incubator machine and keep it if you are not using it now. These are assets. The money is not for you to start marrying wives. People tend to live by CONSPICUOUS SPENDING. That is, spending money on things which people can see and praise you. This is a wrong way to start a business. You cannot just wake up and see two million in your account and the next thing is to go and buy a Jeep. You should use the money to buy a truck or a bus that will help you carry goods. You think of buying a flat screen television in your house and yet you may not pay your workers.

 

Everything has time, the time to sow and time to reap. If you have not sowed and you are reaping that is a wrong start.

Contributed by GEORGE EJIOGU, CEO, GCE ANIMAL NUTRITION

INTERVIEWED BY DR. JOSEPH DEJI FOLUTILE, PUBLISHER, FARMING ADVICE DIGEST

 

[READ ALSO] HOW TO SURVIVE AND THRIVE IN FARMING

 

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