Fintech – A Choice Between N20 Million Seed Capital And An Employment Opportunity With Facebook. A Radio Interview on Jordan 105.5FM

I was invited as a guest to speak on a Fintech related topic, if i would choose between an investment of N20 Million in Fintech Startup and an employment opportunity in Facebook.

This discussion was a very interesting one because i chose an option of N20 Million to invest in Nigeria, as against taking up an employment opportunity in Facebook. Part of what i had said is that, in the Nigerian context, N20 Million is a lot of money and if invested in a Fintech and managed, there are a lot of benefits that can come from that, including the creation of job opportunities.

The radio presenter said that N20 Million could not buy a Prado Jeep. I told him that Entrepreneurs don’t think that way. If a responsible Fintech Startup gets a N20 Million investment, the last thing that would be on his mind is to spend such investment on luxury items. That money is a seed capital, that is meant to be invested. When that money is invested in the Fintech Startup, then at a later date, after the business is consolidated, a portion of the profit can be spent on acquisition of a luxury item. It is forbidden to spend a seed capital acquiring such a wasting asset.

My co-guest was of the opinion that he would choose to go work at Facebook and i told him some certain conditions, that would make that sensible. Working as an employee for Facebook is by no means a small feat, that would require that the person is very smart, coupled with the fact that this would give the individual some boost in the person’s social capital. However, this is good when the person is just starting up a life career. Working in such structured environments also helps, for personal and character development, which is needed for the future.

One of the important conversations centered around my advice for those who are interested in going into Fintech and Entrepreneurship generally. Its a long and lonely road, that requires some level of tenacity. Its never a smooth road, not even in Nigeria, because everything that is meant to work for you easily, would work against you.

One of the best ways to venture into entrepreneurship is to find a mentor. A mentor usually would make the road a bit smoother to ride on. A mentor would hold your hand and lead you on a possible right path, knowing that they have threaded the path you are trying to thread. So, its advisable that we do not reinvent the wheel. While you choose a niche, look for people who have ventured in that area. Most of all, your customers that would pay for the services or products are the most important thing in the entrepreneurship journey. If there are no customers, there is no point in venturing into any business venture.