FARMING INDUSTRY GURU SPEAKS…MR GEORGE EJIOGU
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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.
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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
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