Small and Medium Scale Enterprises, the Key to Building a Developed Nigeria- cont

There is absolutely no doubt that small and medium scale Enterprises contribute tremendously to the nation’s economic development. Harnessing the economic potentials of SMEs in Nigeria is still a mirage since several policies aimed at small and medium scale Enterprises development did not stand the test of time due to poor implementation, erratic financing of schemes initiate by the government and other administrative bottle-necks. These have made it difficult to existing and prospective SMEs operators to have easy access to funds set aside for SMEs development. Bank which are suppose to complement and implement government policies also clamouring for huge collateral which prospective poor borrowers usually do not have even borrowers who could afford to provide benefiting collateral are further discouraged by continuous increase in interest rate which make borrowers vulnerable to the risk of continuous indebtedness to rich lenders. The recent development by committee of bankers in Nigeria (SMIEIS) remains a vibrant scheme if the objective for which it was established is implemented to the letter. Of course SMEs will never thrive if government and financial institutions continue to pay lip services to schemes initiated by them. Base on this the following recommendations are hereby put forward. 1. Government and financial institution should develop a holistic approach to schemes initiated by them. 2. The Central Bank of Nigeria (CBN) and other financial institutions should embark on extensive sensitization of entrepreneurs on the operations of the banks. 3. Interest which deters people with genuine business ideas should be reduced to a bearable level so as to make borrowing cheaper. 4. All administrative bottle necks which make funds inaccessible to small and medium scale Enterprises operators should be mitigated. 5. The Central Bank of Nigeria should as a matter of urgency compel all other commercial banks to adhere strictly to banking policies and regulations. 6. Government should engage professionally in the formulation of policies that will stand the test of time. 7. Government should develop a lasting solution to the state of infrastructural deterioration especially electricity. 8. The security situation of the country needs to be improved so as to make business doable in the country. Arabian Journal of Business and Management Review (OMAN Chapter) Vol. 1, No.7; February 2012 28 9. Policies initiated by the government should be funded efficiently. 10. Policies which are aimed at rural development should top the lists of policies aimed at developing the already or semi-developed urban centers so as to reduce rural-urban migration. 11. Prospective business operators should conduct extensive feasibility studies to evaluate the viability of any proposed business to avoid investment in unprofitable ventures. 12. Finally, for entrepreneurs that may find it difficult to choose a line of business, the following have been recommended. Meat Retailing, Restaurant(“Buka”) Service, Growing vegetable during dry season, Backyard Poultry Raising, Operating a Nursery for Children, Home Laundry Service, Arranging Foods for Parties, Raising of Pets, Charcoal Making, Sing Writing, Writing of Book for Publication, Portrait of Flowers, Landscaping, Making Baskets and Cages from Palm Fronds, Making Brooms, Sand Blocks/Cocktail Sticks, Selling Food at Building Sites, Home Made Bread Cakes, Refuse Packing, Car Washing, Collecting Research Materials, Speech Writing, Editorial Work, Driving School, Clearing and Forwarding, Operating Grating and Grinding Machines, Coaching Classes, Renting Generator Sets, Operating a Barbing Saloon, Hair Weaving, Telephone Operation, Running a Catering Institute, Tailoring, Bricklaying, Plumbing, Rearing of Day Old Chicks to Three or Four Weeks, Weaving Traditional Clothes, GSM Business: Selling Recharge Cards and phone accessories, Palm Kernel oil Production, Soap Production, Aquaculture/fish farming, Chalk making, Nylon production, Concrete block production, Garri production/Cassava chips, Ice block production, Hair/ Body cream production, Big time rental services, professional practices etc

Small and Medium Scale Enterprises, the Key to building a Developed Nigeria

Small and Medium Scale Enterprises are sub-sectors of the industrial sector which play crucial roles in industrial development (Ahmed S. 2006). Following the adoption of Economic reform programme in Nigeria in 1981, there have been several decisions to switch from capital intensive and large scale industrial projects which was based on the philosophy of import development to Small and Medium Scale Enterprises which have better prospects for developing domestic economy, thereby generating the required goods and services that will propel the economy of Nigeria towards development. It is base on this premise that Ojo .O. (2009), argued that one of the responses to the challenges of development in developing countries particularly, in Nigeria, is the encouragement of entrepreneurial development scheme. Despite the abundant natural resources, the country still finds it very difficult to discover her developmental bearing since independence. Quality and adequate infrastructural provision has remained a night-mare, the real sector among others have witnessed downward performance while unemployment rate is on the increase. Most of the poor and unemployed Nigerians in order to better their lots have resorted to the establishment of their own businesses. Consequently, Entrepreneurship is fast becoming a household name in Nigeria. This is as a result of the fact that the so called white collar jobs that people clamour for are no longer there. Even, the touted sectors (Banks and companies) known to be the largest employer of labour are on the down-turn following the consolidation crisis and fraudulent practices of the high and mighty in the banking sector. The companies of course are folding up as a result of erratic power supply, insecurity and persistent increase in interest rate which has lead to high cost of production and undermines profit making potentials of companies operating in Nigeria. As a result of banking sector practices and continuous folding up of companies, a lot of Nigerians are thrown into unemployment which inevitably detriment the economic situation of the country. Since the office jobs that people desire are no longer there for the teeming population, and the few ones that succeeded in getting the jobs are thrown out as a result of the factors identified above, the need for the government and the people to have a rethink on the way-out of this mess became imperative. Hence, the need for Small and Medium Scale Enterprises (SMEs) became a reality as a means of ensuring self independent, employment creation, import substitution, effective and efficient utilization of local raw materials and contribution to the economic development of our dear nation (Nigeria). All the aforestated benefits of Small and Medium Scale Enterprises cannot be achieved without the direct intervention of the government and financial institutions.

continuation from previous post

Chap 14 In this chapter he talks about the importance of relaxing in order to be able to cope and deal with things better. He says, "we must remember what Carlyle called the 'calm supremacy of the spirit over its circumstances'" p. 222 And he talks more about draining the mind and about relaxation techniques. He quotes someone who said " I have learned one important fact and that is in any situation be relaxed, keep calm, take a friendly attitude, have faith, do your best. Do this, and usually you can make things come out all right." p.229 His summary at the end of the chapter: 1. Don't get the idea that you are Atlas carrying the world on your shoulders. Don't strain so hard. Don't take yourself so seriously. 2. Determine to like your work. Then it will become a pleasure not drudgery. [--- I tell people who complain about their jobs and things that the do have a choice. When they think it through they almost always realize that they really do want to do whatever they are doing. They just haven't thought the alternatives through to their conclusion.] 3. Plan your work--work your plan. Lack of system produces that "I'm swamped" feeling. 4. Don't try to do everything at once. Try to do one thing well. 5. Get a correct mental attitude, remembering that ease or difficulty in your work depends upon ow you think about it. Think it's hard and you make it hard. Think it's easy and it tends to become easy. 6. Be efficient. 7. Practice being relaxed. Take things in stride. 8. Discipline yourself not to put off until tomorrow what you can do today. Accumulation of undone jobs makes your work harder. (--- & causes stress just thinking about all the things we want to do or feel we "should" have done) Keep your work up to schedule. Chap 16 ... "Prescription for Heartache" He talks about the importance of keeping active, not brooding. Form new associations, get into new activities, lose your self in a worth-while project, help others. "Another profoundly curative element in the prescription for heartache is to gain a sound and satisfying philosophy of life and death." p. 249

The Power of Positive Thinking Norman Vincent Peale " A peaceful mind generates power"

Go to bed with a mind full of peace, not trouble. "The life of inner peace, being harmonious and without stress, is the easiest type of existence." p 19. A primary method for gaining peace is to practice emptying the mind. p. 21 22: Definitely practice emptying your mind of fears, hates, insecurities, regrets, and guilt feelings. ... after you have emptied your mind of all the old, unhappy thoughts immediately start refilling it with creative and healthy thoughts. (pp) p.23 --- Take an inventory of all the things you have going for you and begin to really appreciate your assets. Health, eyes, hearing, friends, family, son, house, shelter, food, income, transportation, intelligence, etc. p. 12 --- Think of the factors supporting you. Not of those opposing you. p.14 Quote from Karl Menninger: Attitudes are more important than facts. p. 13 "Any fact facing us, however difficult, even seemingly hopeless, is not so important as our attitude toward that fact. How you think about a fact may defeat you before you ever do anything about it." 13. "Feelings of confidence depend upon the type of thoughts that habitually occupy your mind. Think defeat and you are bound to be defeated. But practice thinking confident thoughts, and you will develop such a strong sense of capacity that regardless of what difficulties arise you will be able to overcome them. Feelings of confidence actually induce strength." p. 15 "Affirm it, visualize it, believe it and it will actualize itself." p. 15 Emerson: "They conquer who believe they can... Do the thing you fear and death of the fear is certain." "Practice confidence and faith and soon your fears and insecurities will have no power over you.... The secret is to fill your mind with thoughts of faith, confidence and security. This will force out or expel all thoughts of doubt, all lack of confidence. "Never think of failing ... the mind always tries to complete what it pictures" p. 16 "When a negative thought ... comes to mind, deliberately voice a positive thought to cancel it out." 16 "Do not build up obstacles in your mind. Minimize them." 16 "Practice the technique of suggestive articulation, that is repeat audibly some peaceful words. Words have profound suggestive power, and there is healing in the very saying them. Utter a series of panicky words and your mind will immediately go into a mild state of nervousness... If, on the contrary, " you speak peaceful, quieting words, your mind will react in a peaceful manner." p.23 "Watch your manner of speech if you wish to develop a peaceful state of mind... It is important to eliminate from conversations all negative ideas, for they tend to produce tension and annoyance inwardly." p. 27 Peale also says to spend some quiet time each day relaxing, and not thinking about anything much. He says picture your mind as a pond and see if you can achieve the state of smoothness and no ripples. p.28 "Fill your mind with all peaceful experiences possible, then make planned and deliberate excursions to them in memory." p. 31 He continues: "Saturate your thoughts with peaceful experiences, peaceful words, and ideas, and ultimately you will have a storehouse of peace-producing experiences to which you may turn for refreshment and renewal of your spirit. It will be a vast source of power." On energy: "You only lose energy when life becomes dull in your mind. Your mind gets bored and therefore tired doing nothing. You don't have to be tired. Get interested in something. Get absolutely enthralled in something. Throw yourself into it with abandon. Get out of yourself. Be somebody. Do something. Don't sit around moaning about things, reading the papers and saying, "Why don't they do something?" The man who is out doing something isn't tired. If you're not getting into good causes, no wonder you are tired. You're disintegrating. You're deteriorating. You're dying on the vine. The more you lose yourself, the more energy you will have. You won't have time to think about yourself and get bogged down in your emotional difficulties." p. 42 One reason fear and guilt are self-defeating: "The quantity of vital force required to give the personality relief from either guilt or fear or a combination of each is so great that often only a fraction of energy remains for living. The result is that he tires quickly. Not being able to meet the full requirements of his responsibility, he retreats into an apathetic, dull, listless condition and is indeed even ready to give up and fall back sleepily in a state of enervation." p. 45 [From my own experience, I have found beyond a doubt that when I have things I want to accomplish during the day, it is easy to wake up, to get up and to stay awake and alert. When not much is going on, or I don't know what to do with myself, my mind does in fact get sleepy and feels tired. I am convinced that thoughts can create energy. - SH] He goes on to talk about how we can not possibly sleep well if we go to bed burdened with fear or guilt. He says, "You must eradicate fear and guilt before you will ever be able to sleep and regain your strength." p.46 As he talks about prayers, I found the following interesting: "Spend most of your prayers giving thanks [not asking for things]" and "Only use positive thoughts in prayers, never negative. Only positive thoughts get results." p. 69 When they asked an obviously happy aged man his secret to happiness he said, "I haven't any great secret. It is as plain as the nose on your face. When I get up in the morning, I have two choices--to be happy or to be unhappy. And what do you think I do? I just choose to be happy, and that is all there is to it." Abraham Lincoln also said, "People were just about as happy as they made their minds up to be." p. 70 Peale says, "You can be unhappy if you want to. It is the easiest thing in the world to accomplish. Go around telling yourself that nothing is going well, that nothing is satisfactory, and you can be quite sure of being unhappy. But say to yourself, "Things are going nicely. Life is good. I choose happiness," and you can be certain of having your choice. Peale asked his daughter if she was happy. She said yes. He asked why. When pressed for an explanation she said, "I'll tell you what it is. My playmates make me happy. I like them. My school makes me happy. I like to go to school. I like my teachers. And I like to go to church. And I like Sunday school and my Sunday school teacher. I love my sister Margaret and my brother John. I love my mother and my father. They take care of me when I am sick, and they love me and are good to me." p. 71 [This reminds me of the song "My favorite things" from The Sound of Music.] He tells a story of a man who seemed overly happy and someone said sarcastically, "You certainly seem to be happy this morning. Why all the cheer?" "Yes," the man answered, "I am happy. I make it a habit to be happy." p. 74 So Peale says, "The happiness habit is developed by simply practicing happy thinking. Make a mental list of happy thoughts and pass them through your mind several times each day. If an unhappiness thought should cross your mind, immediately stop, consciously eject it, and substitute a happiness thought. [personal note from 1995 --- For me there are several things that I repeat on a regular basis. That I am happy to be alive to have another day to do what I choose and want to do. That I am happy to be in Florida. That I am happy I am getting my condo. That I am fortunate to be healthy and to have the time to do what I want. My time is so much more valuable to me now than it was before I realized how much choice I had in how to spend it. And before I really started to appreciate being alive and realizing that it is a very temporary state. And that each day gone is gone forever. So I feel it is more important now how I spend my time. And now I have so many things I want to do. I am much, much more motivated than ever before. My days are fuller, and I sleep better at night. If I can think of nothing else to be thankful for, I can always be thankful that I am single again! It is truly like being let out of prison. I appreciate my freedom so much more now, if I think about it. -- Note from 2006: now this is not so easy to do. I feel depressed and too negative to even try these suggestions. But they did help me back then. And maybe they would help if I read them over a few more times or made a tape of them and listened to it.] He says, each day when you wake up, think of things to be thankful for, happy about. Think about things you want to accomplish. See yourself accomplishing them. A little quote Peale likes: "The way to happiness: keep your heart free from hate, your mind from worry. Live simply, expect little, give much. Fill your life with love. Scatter sunshine. Forget self, think of others. Do as you would be done by. Try this for a week and you will be surprised." p. 79 Then he goes on to say that many will say "there is nothing new in that." But he says, "what is the value in knowing these principles all your life if you have never made use of them? Such inefficiency in living is tragic. For a man to have lived in poverty when all the time right on his doorstep is gold indicates an unintelligent approach to life. (!) "... what you are determines the world in which you live, so as you change, your world changes also." p. 83 William James said, "Our belief at the beginning of a doubtful undertaking is the one thing that insures the successful outcome of the venture." p. 107 Peale tells the story about a baseball team that was in a slump. Then a famous preacher came to town and the coach took the bats away, came back and told the players the preacher blessed the bats. Of course the next day, the team won easily. And then won the league. For many years, it was said, other players would pay a large sum for one of these bats. p. 108 --- A quaint little example of the power of suggestion and perception! (And of people's gullibility!) Another coach advises his high jumper, to "throw your heart over the bar and your body will follow." p. 111 Peale recommends we think about what we want to do if we could do anything. And to think about what we are good at. p. 117 --- This is pretty much the way I decided what I would do in FL. Combining what we want to do with what we think we are good at. Then we are able to "throw ourselves into something because not only do we want to do it, but we think we will be successful at it. He says that faith and belief supply staying power. He says that if you talk to your subconscious, you can convince it to change its mind about things. But that it is naturally very reluctant to do this. So you must be firm and persistent. p. 132 He says to remember that "mighty oaks from little acorns grow". I like that. He says that as a clean engine delivers power, so too a clean mind.(--- Free from negative thoughts, guilt, hate, bitterness, fear, etc) p. 133 He says that Thoreau believed the secret of achievement is to hold a picture of a successful outcome in mind. p. 137 Jefferson said, "Always take hold of things by the smooth handle." Peale said (in 1952!) that physicians found worry to be a factor in arthritis.He goes on to talk more about the link between mental and physical health. He mentions how a child responds to the game of kissing away a hurt or throwing away a fear. Partly because of childrens "superior imaginative skill". p. 145 So he says to "visualize your fears being drained out of your mind and in due course the visualization will be realized." p. 145 --- a modern tape I just listened to says exactly the same thing! "Worry is a destructive process..." p. 151 He, as well as other authors, suggests we surround ourselves with positive people and friends. And that we "never participate in a worry conversation" p. 155 He says "do not let hate creep in because not only does it corrode the soul, but disorganizes thought processes as well." p. 157 Peale's problem solving tips: p. 169 1. Believe that for every problem there is a solution. 2. Keep calm. Tension blocks the flow of thought power. Your brain cannot operate efficiently under stress. Go at your problem easy-like. 3. Don't try to force an answer. Keep you mind relaxed so that the solution will open up and become clear. 4. Assemble all the facts, impartially, impersonally, and judicially. 5. List these facts on paper. This clarifies your thinking, bringing the various into orderly system. You see as well as think. The problem becomes objective, not subjective. 6. Trust in the faculty of insight and intuition --- believe in your own ability to come up with a satisfactory solution. Don't get paralyzed by focussing on the idea that you must have the "perfect" or the "best" solution. Probably several solutions would somehow work out. Suggestions on Anger: "Since irritation, anger, hate, and resentment have such a powerful effect in producing ill-health, what is the antidote? Obviously it is to fill the mind with attitudes of good will, forgiveness, faith, love, and the spirit of imperturbability. Here are some practical suggestions: 1. Remember that anger is an emotion which is always warm, even hot. Therefore to reduce an emotion, cool it. When a person gets angry, the fists tend to clench, the voice rises in stridency, muscles tense, the body becomes rigid.(--- & the mind) Psychologically you are poised for a fight, adrenalin shoots through the body. This is the old caveman hangover in the nervous system. So deliberately oppose the heat of this emotion with coolness-- freeze it out. Deliberately, by an act of will, keep your hands from clenching. Hold your fingers out straight. Deliberately reduce your tone; bring it down to a whisper. Remember that it is hard to argue in a whisper. Slump in a chair, or even lie down if possible. It is very difficult to get mad lying down. 2. Say aloud to yourself, "Don't be a fool. This won't get me anywhere, so skip it." --- I say to myself, "Everything is okay. It is not that big a deal. Everything is all right. It is ok." 3. --- Basically here he says to employ your mind with other thoughts. For example, try to name all 50 states in the USA.. Visualize a state that you have positive associations with. When you get to that state, relax. Or picture yourself doing something you enjoy in each state. 4/5 Anger is a great term expressing the accumulated vehemence of a multitude of minor irritations. These irritations, each rather small in itself, having gathered force by reason of the one being added to the other, finally blaze forth in a fury that often leaves us abashed at ourselves. --- Then he says to make a list of all the minor irritations. And find a reason for them not to irritate you anymore. Then cross them off. Do not leave any irritations uncrossed off. "The purpose of doing this is to dry up the tiny rivulets that feed the great river of anger... In this way you will weaken your anger to the point where you can control it." 6. Train yourself so that every time you feel the surge of anger you say, "Is this really worth what it is doing to me emotionally? I will make a fool of myself. I will lose friends (--- & respect from others & for ourselves)." Practice saying, "It is never worth it to get worked up or mad about anything." It isn't worth it to spend $1,000 worth of emotion on a five- cent irritation." 7. When a hurt-feeling situation arises, get it straightened out as quickly as possible. Don't brood over it for a minute longer than you can help. Do something about it. Do not allow yourself to sulk or indulge in self-pity. Don't mope around with resentful thoughts. The minute your feelings are hurt, do just when you hurt your finger. Immediately apply the cure Unless you do so the situation can become distorted out of all proportion. So put some spiritual iodine on the hurt at once, [by using a healing thought.] 8. Apply grievance drainage to your mind. --- He gives the example of pouring out your feelings to someone you trust, or to yourself on paper, until "not a vestige of it remains within you. Then forget it." 9. --- For those who believe in power of prayer he offers this technique: Pray for the person who you feel caused the hurt. Over and over and over until "... you feel the malice fading away." --- I would say find something loving to say to yourself about the person Peale tells us that Emerson also said: "A man is what he thinks about all day long." p. 204 "To change your circumstances, first start thinking differently." p. 204 --- Later he offers more facts on how worry, hate, guilt cause ulcers and other physical illness (p. 219) and other authors and doctors corroborate the psychosomatic link. So our bodies actually like us better when we are happy as well as other people liking us more. "... The laws are so precise and have been so often demonstrated when proper conditions of understanding, belief and practice are applied that religion may be said to form an exact science." "Self-knowledge is the beginning to self-correction."

WE WERE FORCED TO FLY THE FAULTY PLANE – DANA OFFICIALS via ChannelsTV

An official of Dana Airlines who does not want to be named has just confirmed to Channels Television that the ill-fated Dana Air flight 0992, MC Donnell Douglas (MD 83) was faulty even before it took off from Abuja. She also claimed the flight has very recent history of problems and it was not supposed to have flown. According to the official, “the plane has had problems that the airlines were aware and should not have flown but the owners inisted that the ill-fated flight must go ahead. “The same plane had issues in Uyo, Calabar and Abuja over the last few weeks and even experienced issues yesterday morning.” Officials of Dana Air were advised earlier that the plane shouldn’t fly due to some faults noticed in it, but the Indian owners insisted that the air craft should fly. Also, the Special Adviser, Technical to Minister of Aviation, Mr. Victor Oche Elias, has revealed that the pilot of the ill- fated plane, had alerted the aviation authority of the airport, on the emergency situation 11 nautical miles to landing. It was further disclosed that the pilot’s may-day cry was given priority, but the plane could not make it, as it crashed 4 nautical miles to landing. MC Donnell Douglas MD 83 was sold to Dana Airline in 2009 by a US-based Alaska Airlines ahead of the airline, commencing its services in Nigeria.

The Power of Positive Thinking By Norman Vincent Peale

"Believe in yourself! Have faith in your abilities. Without a humble but reasonable confidence in your own powers you cannot be successful or happy. But with self-confidence you can succeed. A sense of inferiority and inadequacy interferes with the attainment of your hopes, but self-confidence leads to self-realization and successful achievement." ".. to build up feelings of self-confidence the practice of suggesting confidence concepts to your mind is very effective. If your mind is obsessed by thoughts of insecurity and inadequacy it is, of course, due to the fact that such ideas have dominated your thinking over a long period of time. Another and more positive pattern of ideas must be given the mind, and that is accomplished by repetitive suggestion of confidence ideas. In the busy activities of daily existence thought disciplining is required if you are to re-educate the mind and make of it a power-producing plant. p8 "We build up the feeling of security or insecurity by how we think. p. 10. ... And what is even more serious is the tendency to create, by the power of thought, the very condition we fear. List all the things you have going for you when you face a problem. (if you are religious think that some god is helping you. For if he/she/it is on your side, if this "god" is guiding you, you will be successful) Go about your business on the assumption that what you have affirmed and visualized is true. Affirm it, visualize it, believe it, and it will actualize itself. Feelings of confidence depend on the type of thoughts that habitually occupy your mind. Think defeat and you are bound to feel defeated. Emerson said: "They conquer who believe they can... and "do the thing you fear and the death of fear is certain". Practice confidence and faith and your fears and insecurities soon will have no power over you. First chapter summary: 1. Picture yourself as succeeding. 2. Whenever a negative thought comes to mind, deliberately voice a positive thought to cancel it out. 3. Do not build up obstacles in your imagination. Instead tear them down by tearing them apart 4. Do not compare yourself to others. 5. Get a competent counselor to help you understand why you do what you do. Learn the origin of your inferiority and self-doubt feelings which often begin in childhood. Self-knowledge leads to a cure. 6. Practice self-affirmations, for example, Yes, I can. or I can do all things through belief in myself 7. List all the things you have going for you.

Richest man in Babylon

In old Babylon there once lived a certain very rich man named Arkad. Far and wide he was famed for his great wealth. Also was be famed for his liberality. He was generous in his charities. He was generous with his family. He was liberal in his own expenses. But nevertheless each year his wealth increased more rapidly than he spent it. And there were certain friends of younger days who came to him and said: "You, Arkad, are more fortunate than we. You have become the richest man in all Babylon while we struggle for existence. You can wear the finest garments and you can enjoy the rarest foods, while we must be content if we can clothe our families in raiment that is presentable and feed them as best we can. "Yet, once we were equal. We studied under the same master. We played in the same games. And in neither the studies nor the games did you outshine us. And in the years since, you have been no more an honorable citizen than we. "Nor have you worked harder or more faithfully, insofar as we can judge. Why, then, should a fickle fate single you out to enjoy all the good things of life and ignore us who are equally deserving?" Thereupon Arkad remonstrated with them, saying, "If you have not acquired more than a bare existence in the years since we were youths, it is because you either have failed to learn the laws that govern the building of wealth, or else you do not observe them. “Fickle Fate' is a vicious goddess who brings no permanent good to anyone. On the contrary, she brings ruin to almost every man upon whom she showers unearned gold. She makes wanton spenders, who soon dissipate all they receive and are left beset by overwhelming appetites and desires they have not the ability to gratify. Yet others whom she favors become misers and hoard their wealth, fearing to spend what they have, knowing they do not possess the ability to replace it. They further are beset by fear of robbers and doom themselves to lives of emptiness and secret misery. 20 "Others there probably are, who can take unearned gold and add to it and continue to be happy and contented citizens. But so few are they, I know of them but by hearsay. Think you of the men who have inherited sudden wealth, and see if these things are not so. "His friends admitted that of the men they knew who had inherited wealth these words were true, and they besought him to explain to them how he had become possessed of so much prosperity, so he continued: "In my youth I looked about me and saw all the good things there were to bring happiness and contentment. And I realized that wealth increased the potency of all these. "Wealth is a power. With wealth many things are possible. "One may ornament the home with the richest of furnishings. "One may sail the distant seas. "One may feast on the delicacies of far lands. "One may buy the ornaments of the gold worker and the stone polisher. "One may even build mighty temples for the Gods. "One may do all these things and many others in which there is delight for the senses and gratification for the soul. "And, when I realized all this, I decided to myself that I would claim my share of the good things of life. I would not be one of those who stand afar off, enviously watching others enjoy. I would not be content to clothe myself in the cheapest raiment that looked respectable. I would not be satisfied with the lot of a poor man. On the contrary, I would make myself a guest at this banquet of good things. "Being, as you know, the son of a humble merchant, one of a large family with no hope of an inheritance, and not being endowed, as you have so frankly said, with superior powers or wisdom, I decided that if I was to achieve what I desired, time and study would be required. "As for time, all men have it in abundance. You, each of you, have let slip by sufficient time to have made yourselves wealthy. Yet, you admit; you have nothing to show except your good families, of which you can be justly proud. 21 "As for study, did not our wise teacher teach us that learning was of two kinds: the one kind being the things we learned and knew, and the other being the training that taught us how to find out what we did not know? "Therefore did I decide to find out how one might accumulate wealth, and when I had found out, to make this my task and do it well. For, is it not wise that we should enjoy while we dwell in the brightness of the sunshine, for sorrows enough shall descend upon us when we depart for the darkness of the world of spirit? "I found employment as a scribe in the hall of records, and long hours each day I labored upon the clay tablets. Week after week, and month after month, I labored, yet for my 24earnings I had naught to show. Food and clothing and penance to the gods, and other things of which I could remember not what, absorbed all my earnings. But my determination did not leave me. "And one day Algamish, the money lender, came to the house of the city master and ordered a copy of the Ninth Law, and he said to me, I must have this in two days, and if the task is done by that time, two coppers will I give to thee." "So I labored hard, but the law was long, and when Algamish returned the task was unfinished. He was angry, and had I been his slave, he would have beaten me. But knowing the city master would not permit him to injure me, I was unafraid, so I said to him, 'Algamish, you are a very rich man. Tell me how I may also become rich, and all night I will carve upon the clay, and when the sun rises it shall be completed.' "He smiled at me and replied, 'You are a forward knave, but we will call it a bargain.' "All that night I carved, though my back pained and the smell of the wick made my head ache until my eyes could hardly see. But when he returned at sunup, the tablets were complete. “Now,' I said, 'tell me what you promised.' 22 “You have fulfilled your part of our bargain, my son,' he said to me kindly, 'and I am ready to fulfill mine. I will tell you these things you wish to know because I am becoming an old man, and an old tongue loves to wag. And when youth comes to age for advice he receives the wisdom of years. But too often does youth think that age knows only the wisdom of days that are gone, and therefore profits not. But remember this, the sun that shines today is the sun that shone when thy father was born, and will still be shining when thy last grandchild shall pass into the darkness. “The thoughts of youth,' he continued, 'are bright lights that shine forth like the meteors that oft make brilliant the sky, but the wisdom of age is like the fixed stars that shine so unchanged that the sailor may depend upon them to steer his course. “Mark you well my words, for if you do not you will fail to grasp the truth that I will tell you, and you will think that your night's work has been in vain.' "Then he looked at me shrewdly from under his shaggy brows and said in a low, forceful tone, 'I found the road to wealth when I decided that a part of all I earned was mine to keep. And so will you.' "Then he continued to look at me with a glance that I could feel pierce me but said no more. “Is that all?' I asked. “That was sufficient to change the heart of a sheep herder into the heart of a money lender,' he replied. “But all I earn is mine to keep, is it not?' I demanded. “Far from it,' he replied. 'Do you not pay the garment- maker? Do you not pay the sandal-maker? Do you not pay for the things you eat? Can you live in Babylon without spending? What have you to show for your earnings of the past mouth? What for the past year? Fool! You pay to everyone but yourself. Dullard, you labor for others. As well be a slave and work for what your master gives you to eat and wear. If you did keep for yourself one-tenth of all you earn, how much would you have in ten years?' 23 "My knowledge of the numbers did not forsake me, and I answered, 'As much as I earn in one year.' “You speak but half the truth,' he retorted. 'Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you. If you would become wealthy, then what you save must earn, and its children must earn, that all may help to give to you the abundance you crave. “You think I cheat you for your long night's work,' he continued, 'but I am paying you a thousand times over if you have the intelligence to grasp the truth I offer you. “A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much more as you can afford. Pay yourself first. Do not buy from the clothes-maker and the sandal-maker more than you can pay out of the rest and still have enough for food and charity and penance to the gods. “Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.' "So saying, he took his tablets and went away. "I thought much about what he had said to me, and it seemed reasonable. So I decided that I would try it. Each time I was paid I took one from each ten pieces of copper and hid it away. And strange as it may seem, I was no shorter of funds, than before. I noticed little difference as I managed to get along without it. But often I was tempted, as my hoard began to grow, to spend it for some of the good things the merchants displayed, brought by camels and ships from the land of the Phoenicians. But I wisely refrained. "A twelfth month after Algamish had gone he again returned and said to me, 'Son, have you paid to yourself not less than one-tenth of all you have earned for the past year?' "I answered proudly, 'Yes, master, I have.' 'That is good,' he answered beaming upon me, 'and what have you done with it?” 24 "I have given it to Azmur, the brick maker, who told me he was traveling over the far seas and in Tyre he would buy for me the rare jewels of the Phoenicians. When he returns we shall sell these at high prices and divide the earnings.” "Every fool must learn,” he growled, 'but why trust the knowledge of a brick maker about jewels? Would you go to the bread maker to inquire about the stars? No, by my tunic, you would go to the astrologer, if you had power to think. Your savings are gone, youth, you have jerked your wealth-tree up by the roots. But plant another. Try again. And next time if you would have advice about jewels, go to the jewel merchant. If you would know the truth about sheep, go to the herdsman. Advice is one thing that is freely given away, but watch that you take only what is worth having. He who takes advice about his savings from one who is inexperienced in such matters, shall pay with his savings for proving the falsity of their opinions.” Saying this, he went away. "And it was as he said. For the Phoenicians are scoundrels and sold to Azmur worthless bits of glass that looked like gems. But as Algamish had bid me, I again saved each tenth copper, for I now had formed the habit and it was no longer difficult. "Again, twelve months later, Algamish came to the room of the scribes and addressed me. ”What progress have you made since last I saw you?” "I have paid myself faithfully,' I replied, 'and my savings I have entrusted to Agger the shield maker, to buy bronze, and each fourth month he does pay me the rental.” "That is good. And what do you do with the rental?' "I do have a great feast with honey and fine wine and spiced cake. Also I have bought me a scarlet tunic. And some day I shall buy me a young ass upon which to ride.” To which Algamish laughed, “You do eat the children of your savings. Then how do you expect them to work for you? And how can they have children that will also work for you? First get thee an army of golden slaves and then many a rich banquet may you enjoy without regret.” So saying he again went away. 25 "Nor did I again see him for two years, when he once more returned and his face was full of deep lines and his eyes drooped, for he was becoming a very old man. And he said to me, “Arkad, hast thou yet achieved the wealth thou dreamed of?” And I answered, “Not yet all that I desire, but some I have and it earns more, and its earnings earn more.” "And do you still take the advice of brick makers?” "About brick making they give good advice,” I retorted. "Arkad,” he continued, “you have learned your lessons well. You first learned to live upon less than you could earn. Next you learned to seek advice from those who were competent through their own experiences to give it. And, lastly, you have learned to make gold work for you.” "You have taught yourself how to acquire money, how to keep it, and how to use it. Therefore, you are competent for a responsible position. I am becoming an old man. My sons think only of spending and give no thought to earning. My interests are great and I fear too much for me to look after. If you will go to Nippur and look after my lands there, I shall make you my partner and you shall share in my estate.” "So I went to Nippur and took charge of his holdings, which were large. And because I was full of ambition and because I had mastered the three laws of successfully handling wealth, I was enabled to increase greatly the value of his properties. So I prospered much, and when the spirit of Algamish departed for the sphere of darkness, I did share in his estate as he had arranged under the law." So spake Arkad, and when he had finished his tale, one of his friends said, "You were indeed fortunate that Algamish made of you an heir." "Fortunate only in that I had the desire to prosper before I first met him. For four years did I not prove my definiteness of purpose by keeping one-tenth of all earned? Would you call a fisherman lucky who for years so studied the habits of the fish that with each changing wind he could cast his nets about them? Opportunity is a haughty goddess who wastes no time with those who are unprepared." 26 "You had strong will power to keep on after you lost your first year's savings. You are unusual in that way," spoke up another. "Will power!" retorted Arkad. "What nonsense. Do you think will power gives a man the strength to lift a burden the camel cannot carry, or to draw a load the oxen cannot budge? Will power is but the unflinching purpose to carry a task you set for yourself to fulfillment. If I set for myself a task, be it ever so trifling, I shall see it through. How else shall I have confidence in myself to do important things? Should I say to myself, 'For a hundred days as I walk across the bridge into the city, I will pick from the road a pebble and cast it into the stream,' I would do it. If on the seventh day I passed by without remembering, I would not say to myself, Tomorrow I will cast two pebbles which will do as well.' Instead, I would retrace my steps and cast the pebble. Nor on the twentieth day would I say to myself, 'Arkad, this is useless. What does it avail you to cast a pebble every day? Throw in a handful and be done with it.' No, I would not say that nor do it. When I set a task for myself, I complete it. Therefore, I am careful not to start difficult and impractical tasks, because I love leisure." And then another friend spoke up and said, "If what you tell is true, and it does seem as you have said, reasonable, then being so simple, if all men did it, there would not be enough wealth to go around." Wealth grows wherever men exert energy," Arkad replied. "If a rich man builds him a new palace, is the gold he pays out gone? No, the brickmaker has part of it and the laborer has part of it, and the artist has part of it. And everyone who labors upon the house has part of it Yet when the palace is completed, is it not worth all it cost? And is the ground upon which it stands not worth more because it is there? And is the ground that adjoins it not worth more because it is there? Wealth grows in magic ways. No man can prophesy the limit of it. Have not the Phoenicians built great cities on barren coasts with the wealth that comes from their ships of commerce on the seas?" "What then do you advise us to do that we also may become rich?" asked still another of his friends. "The years have passed and we are no longer young men and we have nothing put by." 27 "I advise that you take the wisdom of Algamish and say to yourselves, 'A part of all I earn is mine to keep.' Say it in the morning when you first arise. Say it at noon. Say it at night. Say it each hour of every day. Say it to yourself until the words stand out like letters of fire across the sky. "Impress yourself with the idea. Fill yourself with the thought. Then take whatever portion seems wise. Let it be not less than one-tenth and lay it by. Arrange your other expenditures to do this if necessary. But lay by that portion first. Soon you will realize what a rich feeling it is to own a treasure upon which you alone have claim. As it grows it will stimulate you. A new joy of life will thrill you. Greater efforts will come to you to earn more. For of your increased earnings, will not the same percentage be also yours to keep? "Then learn to make your treasure work for you. Make it your slave. Make its children and its children's children work for you. "Insure an income for thy future. Look thou at the aged and forget not that in the days to come thou also will be numbered among them. Therefore invest thy treasure with greatest caution that it be not lost. Usurious rates of return are deceitful sirens that sing but to lure the unwary upon the rocks of loss and remorse. "Provide also that thy family may not want should the Gods call thee to their realms. For such protection it is always possible to make provision with small payments at regular intervals. Therefore the provident man delays not in expectation of a large sum becoming available for such a wise purpose. "Counsel with wise men. Seek the advice of men whose daily work is handling money. Let them save you from such an error as I myself made in entrusting my money to the judgment of Azmur, the brickmaker. A small return and a safe one is far more desirable than risk. "Enjoy life while you are here. Do not overstrain or try to save too much. If one-tenth of all you earn is as much as you can comfortably keep, be content to keep this portion. Live otherwise according to your income and let not yourself get niggardly and afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy." 28 His friends thanked him and went away. Some were silent because they had no imagination and could not understand. Some were sarcastic because they thought that one so rich should divide with old friends not so fortunate. But some had in their eyes a new light. They realized that Algamish had come back each time to the room of the scribes because he was watching a man work his way out of darkness into light. When that man had found the light, a place awaited him. No one could fill that place until he had for himself worked out his own understanding, until he was ready for opportunity. These latter were the ones, who, in the following years, frequently revisited Arkad, who received them gladly. He counseled with them and gave them freely of his wisdom as men of broad experience are always glad to do. And he assisted them in so investing their savings that it would bring in a good interest with safety and would neither be lost nor entangled in investments that paid no dividends. The turning point in these men's lives came upon that day when they realized the truth that had come from Algamish to Arkad and from Arkad to them.