2s£xy:
This is an effective question with yearnings for attention. But unfortunately only a very few people take their time to ponder over such a question.

So, what do millionaires see that others don't?

duality: How many of you responding are presently millionaires.

naijacutee: Millionaires see opportunities where everyone else sees problems.

- For example, in the 90's everyone saw a problem in getting clean drinking water while about town. The filtered bottled water of the time (Ragolis) was expensive at N100+, and the "ice water" people sold for 1 Naira had no credibility. Someone saw a gap in between, and thought about treating water to make it drinkable, and selling it at an affordable rate of 5 Naira. A millionaire was born.

In the same way, where many see an ASUU strike, some will see opportunities for alternative teaching methods that can lead to successful careers. Where many see a phone battery problem, a few will see an opportunity for portable battery charging devices, and stations. Where many see a traffic problem, a few will see an opportunity for a home working solution that can be employed across businesses. Where many see a problem in the effort required to pound yam, a few would see an opportunity for an automated yam pounder.

Billyonaire: They see millions and others see kobos.

That' all

2s£xy:
This is an effective question with yearnings for attention. But unfortunately only a very few people take their time to ponder over such a question.

So, what do millionaires see that others don't?

hunter2,1:

hmmm, i guess you see billions.

nickz: VERY SIMPLE,THEY KNOW THE SECRET

2s£xy:
Manufacturing... On of Dangote's advice. But I think you have to buy and sell FIRST before you manufacture so as to gain experience in the terrain and also understand the dynamics of the whole system.

Great point,buddy!

2s£xy:
Copycat syndrome is ingrained in our DNA- hardly are there any innovation. E.G nairaland.+net . Check it out!

Sorry to say, but I feel most Nigerians aren't good at business. Many are so myopic that they tend to cut corners and jump the gun. Hence, they are rabid 'get-rich-quick' hunters, chasers of the next shinny object.

2s£xy:
Exactly!

Another perspective is that millionaires take calculated risk.

Millionaires get into the arena early, dominate it and exit when it get crowded and then look for a less competitive but profitable market.

I am pretty sure the man with 'pure water' innovation exited when it got crowded.

My late mother ones thought about the possibility of making beans cake(akara) without the rigorous routine of socking the beans in water but as dry powder.

She experimented it at home, milled the beans into powder, mixed with water and prepared the beans cake, which came out perfectly well.

Though this isn't very much popular at the moment, but she saw someone doing same thing after some months and if someone could perfect it well coupled with good marketing system, I see no reason why it wont sell.

Another example of the early bird strategy is the stock market. I read that Warren Buffet was shinning his shoe and the shoe shinner showed him 'hot' stocks to invest in. After he left, he knew the market was already over saturated(considering the fact that it's a highly speculative venture) which may eventually result in a crash. He sold all his stocks and exited the market and it crashed few weeks later.

This was a couple of decades ago before the last recession.

I smiled when I saw an 'okada' rider wanting to buy stocks through a stock broker. It only reminded me of the Warren's story. As usual, history repeated it self and we experienced another recession.

Warren Buffet also buy stocks of companies where people spend money heavily, such as health, drinks(eg coke) , companies that have stood the test of time over a 50-100 years.

When the stock market crashed last time was the best avenue to buy stocks at dead cheap prices... But people were selling out of panic.

What did Warren do? He was buying because people were selling. Now that America(and most part of the world) is out of recession, I bet the stocks are already in a bull trend. It's only a couple years before it get saturated again and just before then, Warren must have sold his stocks to buyers... He and some smart investors might just be the few(20 %) sellers selling to a large crowed of buyers (80%).


Millionaires Do The Opposit Of What The Crowd Do. 80/20 Rule

naijacutee: This is so true! The problem is that in Nigeria, we are so risk averse. We would rather use the spare N5,000 to "treat ourselves" to fast food, so that we know we at least "ate the money" rather than know that we used it to test out something that no one had ever tested before. But as soon as someone takes the plunge and proves the venture successful, you see copycats everywhere. I don't know how many Nairaland clones have existed since inception.

dheaven: No matter how you plan if there is no Divine back up nothing for you.

2s£xy:
This is an effective question with yearnings for attention. But unfortunately only a very few people take their time to ponder over such a question.

So, what do millionaires see that others don't?

2s£xy:
This is an effective question with yearnings for attention. But unfortunately only a very few people take their time to ponder over such a question.

So, what do millionaires see that others don't?

Promhize:
Pls do u have a link to where I can download that book.