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Good Morning FAM

Offer still available...

Get your Upwork account approved today for just₦3000

Good Morning FAM

Offer still available...

Get your Upwork account approved today for just₦3000

20 UNCOMMON REASONS YOU ARE STILL BROKE


DAY 15


*15. You don't understand magnitude and scale**


Broke people start their business with a very small mindset.


Whatever a broke man starts, he is only thinking of his stomach and how he can feed himself.


Rich people are different. We start businesses with scale and magnitude in mind.


Scale is the number of people you reach (quantity) while magnitude is the value you add to this number of people (quality)


When a rich man starts a business, his goal is always to reach thousands, millions and billions of people. He is thinking expansion, leverage, franchise and distribution.


When a broke man starts a business, his goal is to satisfy his stomach and pay bills. He is a Bill Gate that pays his bills at the gate.


Sir, you cannot have a million people buying your product and you are still broke. Even if the profit is N5, that's an easy N5 million.


You see, the easiest way to become a millionaire by scale is to offer your product to a lot of people.


Let's do the maths...


N500 product x 2,000 people = 1 million naira.


N1,000 product x 1,000 people = 1 million


N5,000 product x 200 persons = 1 million


N10,000 product x 100 persons = 1 million


N100,000 product x 10 persons = 1 million (This is now magnitude)


Magnitude involves quality.


N500,000 product x 2 persons = 1 million.


N1,000,000 product x 1 person = 1 million.


Product here also covers projects and other service based businesses.


Scale alone can make you a millionaire..


Magnitude alone can make you a millionaire..


But when you combine scale and magnitude, this is what makes you a billionaire..


See a quick example.


N100,000 product (magnitude) x 10,000 customers (scale) => 1 billion.


See how I've made making a billion easy.. Lol.


We've totally left the realm of being broke and we are talking billions now.. Hehe


To escape the community of brokes, rewire your mindset to offer your product to more people and increase the value of what you are offering so that you it can have more magnitude..


*16. You are not thinking in dollars*


This will be taken tomorrow.. Stay glued


Until I write to you again, I remain your chief value officer (CVO)


Akpe Emmanuel


The Prince of Copywriting.


Comment below: what strategy can you use to reach more people?