| From my undergraduate days I have honed my skill | | | | So he spoke a while to us on "How to get other |
| at taking near verbatim transcriptions of speakers' | | | | people's cooperation". |
| utterances! Even clients often compliment me on my | | | | Basically, Sunny explained that you have to think of |
| knack for documentation. That's why you can be | | | | the interest of the other person. Ask yourself - |
| sure this article based on my handwritten notes | | | | "What do I give in return for the money?" and /or |
| taken from a seminar - hosted by Sunny Obazu | | | | "How will the person giving his money get it back out |
| Ojeagbase (Publisher, Success Digest Magazine & | | | | of the business?" |
| Complete Football International Magazines) - in the | | | | In March 1984, Sunny decided to put his idea of |
| year 2000, offers you a unique opportunity to access | | | | starting a business of his own on the back burner. |
| practical wisdom he shared with those of us who | | | | However, the decision by his then employer - |
| were there. | | | | Guardian Newspapers (where he worked as editor) - |
| In addition to the actual notes I took from the | | | | to implement a 25% cut on staff salaries forced him |
| seminar, I have also included REAL-WORLD relevant | | | | to revisit the idea and eventually put in his resignation. |
| comments and annotations on the subject discussed, | | | | So, he converted his assets (mainly 6 professional |
| by drawing from my 10 years of experience in | | | | cameras he used as a career sports journalist) to |
| applying Sunny's ideas in starting/running my own | | | | cash. That got him N4,000.00 (Four Thousand Naira). |
| business in Nigeria! | | | | Note that this was a significant amount of money |
| Sunny's seminar was titled "How To Start Your | | | | back then in 1984! |
| Business With Little or None of Your Own Money". | | | | Sunny then went to Chief Olukanmi (who today is |
| This article treats one of ten principles he explained: | | | | Chairman of Complete Sports), who without asking |
| "How To Get Other People To Give You Money To | | | | any questions gave him a N2, 500 cheque. |
| Start A Business (ONE Big Mistake You MUST | | | | Summary |
| Avoid)". | | | | My experiences in trying to get money in my startup |
| It is instructive to note that this veteran | | | | years, confirm Sunny is right. Without offering WIIFM |
| entrepreneur told the personal story of when he | | | | answers, people will either NOT help or they'll STOP |
| started out in business, to explain to us the concepts | | | | helping. So, when you start planning to start your |
| he wanted us to understand in order to increase our | | | | business, take time to THINK of useful benefits you |
| chances of succeeding. | | | | will offer to those you intend approaching, in |
| "Without ideas or without a sound idea, if you have | | | | exchange for the capital, money or funds you need |
| money, it will soon vanish. Don't have money ahead | | | | them to give you. |
| of ideas." - Sunny Obazu-Ojeagbase | | | | You could offer them a stake in the business - |
| Sunny told us that between December 1983 and | | | | equity. Or promise to pay back at an interest rate |
| January 1984 he read two of Napoleon Hill's books - | | | | attractive enough to make them feel justified in |
| "Think & Grow Rich" and "Positive Mental Attitude". | | | | taking the risk to invest in your idea. While making |
| What he learned from them prepared him mentally | | | | your offers and promises, be RESPONSIBLE - do not |
| for the journey he planned to embark upon into the | | | | exaggerate the possibilities, and DO tell let them |
| world of self-employment/business. | | | | know the risks involved, as there will often be that |
| In February 1984, he had no one to give him money | | | | chance that your idea might not get up and running |
| to start his own business even though they had it. It | | | | instantly:-) |
| took a while, but eventually, based on hind sight, he | | | | Very rarely will people be prepared to part with |
| discovered the main reason why no one seemed to | | | | significant amounts of money, if they have nothing |
| want to give him the money he needed. | | | | to gain in return for doing so. Cater to that identified |
| It was due to a mistake he was making. Simply put, | | | | need in people, and you WILL get ready cooperation |
| he was NOT addressing the issue of WIIFM | | | | from them most of the time! |
| translated to mean "What's In It For Me?" | | | | |