50m revenue? Not Profit??
Office Rent in Lekki= 5m annually
Salaries = 40m annually
School Fees = 5m
Lekki House Rent = 4m
Quilox Allowance @ 40k/w = 2m
Extended Family = 5m
Seriously, 50m annually is excellent for living in Agbor and not Lagos.
Lagos people are not doing business, they are doing masochism.
Seriously though, I know someone who has quietly been making 20m a month (unencumbered profit) from an SMS based VAS and he lives in Yaba without all the Lekki expenses.
I think a lot of people make more than 50m revenue but that is not the point. The point is ambition. I believe people should be ambitious. I don’t know why we think any tech play in Africa should be purely internet. Even Peter Thiel in Zero to One mentioned it that people cannot be ruled out of the equation. There are hybrid models that will go on to do very well. .I know a guy who runs a Buka chain offline alredy killing it and now wants to try something online. He makes more than that 50m a week.