Capital is powerful. But capital in the wrong industry is wasted.

Many entrepreneurs assume that enough money can solve anything. But money poured into a declining industry is like pouring water into a basket. No matter how much you add, it won’t hold.

The print newspaper industry is a perfect example. Even if you raise billions, you cannot reverse the fact that people no longer buy newspapers. Information has gone digital, and the shift is irreversible.

The lesson is simple: capital works best when it meets timing. Study the cycle of your industry. Enter at the right phase. Scale when the conditions are ripe. Otherwise, no matter your connections, energy, or strategy, decline will swallow your effort.

Dr. Smith Ezenagu is the Chairman of Esso Group, a diversified conglomerate shaping real estate, finance, education, and media. Dr. Smith Ezenagu is recognized as a real estate & investment mogul, life coach, and private equity expert. He leads Esso Group and its subsidiaries: Esso Properties (awarded Nigeria’s Most Innovative Real Estate Company in 2024 and recognized as the best real estate company in Nigeria), Esso School of Enterprise (the leading institution equipping entrepreneurs), and Esso Capital (delivering smart, trusted financial solutions across Nigeria).