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Building a New House…With Your Business Capital
The fifth entrepreneur, “Mr. New House” had hopes of expanding his auto-refurbishing and auto-refinishing business with N10 million. He boasted of a turnover of N5 million for the past 3 years, with a profit of N2 million each year, to which John Momoh asked, “why do you think you’ve been making N5 million for the past 3 years- no growth?”, on a further probe by Ibukun Awosika, the entrepreneur confessed to having embarked on a few projects (with his capital?)- And when Ibukun Awosika asked what the nature of the projects were, the entrepreneur proudly announced that he had built himself a house. “If I give you this money, you might just decide to build a second house, or even marry a second wife- a good business man never touches his capital, for this reason I’m out” Ibukun Awosika had declared. The other dragons opted out too, and this entrepreneur went back to his newly built house with no investment.
Honesty…Honesty…Honesty! Is the den a confessional? I still can’t understand why Mr. New House confessed to astute business men and women that he had built a new house with his capital? What you think?
July 31st, 2008 at 7:33 pm
If truly the figures he gave as his Turn Over and Profit are true, then there is no basis of justifing his sourcing of Fund from the Dragons to expand his business. He has a good opportunity of enjoying “a one man business” with the prospect of expanssion in the long run. But he lost out to have spend his profit instead of Rolling it over into his business. Anyway, he has not done the wrong thing thing by building a house but he is just too fast, thus puts his business in a static and unhealthy state.
August 5th, 2008 at 8:02 am
lol……this was very funny. Im luving this programme