 All right welcome back it's still business insight and plus TV Africa as we look at the economy and how to survive there's young people they're trying to build the capacity so they can actually look for multiple streams of income and of course and get some better employment opportunities. Now my guest Barista Sheaia Wukwetu is a trained legal practitioner, principal partner Olu Sheaia Wukwetu and co-law firm established in 1996, managing director of Norwood Executive Driver's Management Limited. He is an entrepreneur with interest in health, human capital development and property development and management. He is a certified coach and trainer with the John Maxwell team and alumnus of the prestigious Hegai Leaders International and Deistar Leadership Academy. Also he is the CEO of Grow Leadership Development Center, a center set up to help people discover, develop, deploy and maximize child leadership potential. He joins me now to discuss more on coping with this present economic challenges. Many thanks for joining me Barista Wukwetu. Thank you. Pleasure to be here once more. Yes indeed in these are pleasure. Let me just dive straight into it because I was just discussing with my colleague just before I came on set he was complaining how he had them budgeted for an equipment, a piece of equipment just last require about a hundred and ten thousand and just that and they had sealed the deal and just yesterday the supply say oh god you know it would be like that again you know nine one sixty-five k you could pay. So what I'm trying to say is that you go over to the market today the price is like this the next day it has not just you know increased by a margin but like a very high premium. How do we cope in the present situation where salaries have not been increased labor and the federal government are locked in some negotiation battles as it were and we still go to the same market we still go we still go to our workplaces every day and we don't have extra money so what do you do as a Nigerian? Well when you're just speaking I what came to my mind was the story I had was the last week one of my friends said the daughter called she's a unilaterally and she called that she was crying. I said what's the problem why are you crying? She said mommy every day when I wake up I just see that the presence of things is just galloping going up up. Well how do you cope? Like I feel that if there's any time that one needs to stay so focused it is now. One of the lessons that we will get from this trouble this economic hardship that we're going through as a nation needs this is the time one must learn to know what our power is. This is not the time for favoritism. You know these are the times that this is the time that you know that this is what is important to me this is what I need this is you know this is not the time to show off it's not the time to impress anybody this is the time to just stay focused on achieving your goals. Like the example you give now of course if the machine the equipment that it wants to buy is of necessity of course you have to go for it but it's just something that's you know you know the way people said let me just show off this and that you know all the show that belongs to you will have to give because okay you've budgeted a hundred thousand there and now it's about a hundred and sixty there's a different of sixty thousand there and you actually it is a necessity it's something that you need for your job to still make income you know to even get back so somehow the sixty k will have to come from somewhere and you're going to do this thing you pass it over to if it's going to be for services you're going to pass it over that's that's the way things are going to pass over to your client that's what I'm saying that or if it's not a need if it's not if it's just like for example you have two phones and you just feel like I need to change this phone that's not a need except if you know there's some people their phone eats that's their office that's their workshop of course they need to upgrade you need to do that because of course ultimately you know you are going to pass it over to wherever you are rendering services to but if it's just just I want people to know that I've arrived I want people to that is not the period for that okay okay let's look at staples now what we consume daily you know right now gary and beans because I usually mention those two because then if you really don't have money like okay maybe I just go drink gary now you know with beans practically with just pepper and onions you can make beans and them drink water to the rest of the day but right now those staples are so so so expensive and they are necessities and you have to do with them so how do you begin to survive is it that you have to cut one or one or what exactly do you need to do or some people would say that they need to work harder to to be able to just show up so they can actually be able to sustain that level of consumption okay the way we react to that question is that you look at it that you said the things are necessary you know the hierarchy of needs what are the necessary things you know as they are throw the poser at some people and I was I told them I said how many how plenty is in it and he said very very plenty is more to this and I said can we use them and we don't look at everything basically feeling do you know buying a car is what you need you have alternative to it of course things that you don't have alternative to like that now so what our advice is look at it where can I cut cost so that we're able to afford what now I'm going to afford the things that are actually needed so those things are not the do or die thing and we want to and of course like somebody I had a pastor family man telling people that you know one of the shows was saying that who told you that you must eat three times a day the reality on ground is that you just have to cut your code not according to the not not the size now but the size so if what you could afford for this period is one meal two meal snacks in between or snacks even snacks or snacks are not the main meal okay let's let's let's slide over to the employer or employers themselves because some people are actually struggling to pay salaries and workers are lamenting that they need to get something higher to take home because at the end of the day the reality right now is that what they are taking home can not actually take them home as it is now so what should the employer do they are trying to still cut corners or cut costs and they still even have to try to pay the salaries regularly and if they are not really meeting the bottom line they might not be able to pay salaries and workers on the one part are asking for better welfare that's where the the ongoing negotiation between the ns ns and nc and um the federal government only very interesting when I read that uh workers should be paid over 500 they want one million the cents and four acts for it under I say okay is it per hand monthly you know well that's actually not the way to go see the what I think we should do nights for example as an entrepreneur COVID taught us that you don't need to be in the office every day you know we need to just be creative ingenuity fashion with our courageous cost okay at the same time be more direct to the people that we're working with this is not the time to be why people working on that you are bearing a body when they see that that's what's going to happen the reality you know the worst way that's I'm sorry but that's the challenge I have with our system of government and government coming telling us you know that you guys we need to cut the things cut down you are living bigger than life it's it doesn't work it does not work that way so what I suggest to every entrepreneur understand is that look for ways of cutting your cost when you cut cost I don't know if that should be the because if if you if you are to reduce the work force will you be able to work to your strength so what I would suggest is that look if for example now tell the workers the ones that you know they could work from home anyone from home okay so the challenges once we face is that when you look at the power electricity supply at home yes that would be another challenge but as much as possible and of course until the way the thing react the way this works that until your income increases it will be very difficult for you to promise your employee that this is what you are paying because if you pay them one or twice and you are not able to sustain it so we must be very very creative we must look for ways just like you said ways of increasing an income and one thing that we must not share with this time as an entrepreneur is to encourage those that are working for you to verge out into a good income okay so that should be encouraged we should not because it's like when people what I've realized with my you know being a student of school of leadership is that when people know that you are very sincere you're authentic they tend to sympathize with you than when you are not straightforward you're not telling them what is so the truth if I have a staff and I could see that you could do my the work that your employer to do and you can do some things by the side and it will not affect the work I'm paying you for for crying out loud there's no one that stops me from encouraging you so invariably now people should actually aside from the employers agreeing to them you know people should on their own to look for other sources of income to just them arguments okay okay well so what would you really study because we've had this discussion before on the show as in alternative businesses people go to some people they'll tell you that they're not really business savvy except they look for maybe another job that like that is like the one they are doing but if it comes to maybe doing business for themselves or providing services they are not there really not some intro that person what would you really advise well one of the things uh but where were nine was so we by the nature of who we are as pastors the teenagers on the house one goal that we have for them is that you must learn one skill or the other if you must learn one skill or the other very very important because in things like this in period like this apart from what the job you are doing the skill that you have learned could come to very very beneficiary okay for imagine you know imagine if kubab you know kubab here that will not affect what you are doing regularly you know if it's own service you're going to do for people you don't want or you even have a shop you can afford it or somebody you know when you know you are good at what you do or if it's uh fixing of hair yeah you know there's so many things you talk about so many things you can do there's so many things you could do learn and do online for people that seem that they are not really business serving this is not the time to say you are uh well maybe all my own life but not really worked under any employment for a long time the best i think i did was over for three months and there about time i go fired and i fired myself and started working on it and whatever so what i would advise is that we should be open minded every one of us you need to discover the inner you what are things you could do naturally okay you need to learn and upgrade on it so that we were to have the way out like most of my mentors have all these advice the way out of it is i look you need to develop multiple stream of income okay i just want us to just say something uh just a typical one thing in 30 second focus our time is uh actually up um right now because of the economics challenges because of um the difficulties people who are going through or even in businesses people have resorted to all sort of loans to just them survive and most of these loans are actually given at a very exorbitant cost us by interest rate and sometimes people just want to take those loans to just get by you know without even having like a show um you know minded on how they're going to pay so what would you advise very quickly as we round off that's that's the way down like you know because when you when you are going down i keep on digging down in form of taking you know keep on going down that's not the way out what one is supposed to do now it's any loan that you take that you know you must be you must be disciplined enough okay to pay for it i know it's very difficult kind of climate that we are yes but one must be disciplined enough if you can afford not to take it please avoid it okay very very important make use of what you have why you believe god for all that things to come in okay right thank you so much and share i wish we had more time but time is usually not your friend when you have a wonderful time would appreciate the useful insights that you have provided on the show this morning thank you all right you've heard it from our guests that you just have to find a way to look for multiple streams of income that job that you actually depend on 100 percent is not the best or sure way to survive in any economy be it's a struggling inflationary or whatever but you just have to find ways to get money from other sources i'll leave you with that for today my name is justin akadonye many thanks for being a part of the show bye for now