Becoming a successful entrepreneur in Nigeria makes you feel liberated and in control. Yes! You may draw up plans, organize strategies, and see them implemented to their full realization.
This is because entrepreneurs take responsibility for their actions, accomplish their imaginative goals, and build enduring bonds with their clients, partners, and suppliers.
It is also a known fact that, anywhere in the world, starting a business is a highly risk-taking move for aspiring entrepreneurs.
And while there is great potential for success and financial independence if the business is wisely managed, there is also a high likelihood of failure, especially in our proud nation Nigeria.
10 Ways to Be a Successful Entrepreneur in Nigeria
In Nigeria, the rate of company failure and collapse is infamous. Nigerian company owners have significantly suffered due to the nation’s economic unrest. Despite this, some determined Nigerian entrepreneurs still make it seem very easy.
Some even tell you it is easier to be a successful entrepreneur in Nigeria than abroad. And yes, this is true only if you adhere to the 10 steps below for success as an entrepreneur in Nigeria.
1. Develop the Right Mental Attitude
Before doing anything else, you must decide if you want to start your own business. This is the first step towards becoming an entrepreneur. Are you planning to quit your paid job, if you have one?
And in all sincerity, you will be running your business as a side job until you can stop working and devote all your time to it.
This might sound a bit scary, but the only right mental attitude in becoming a successful entrepreneur in Nigeria and anywhere else is developing a mentality that braces you towards taking a huge risk.
No matter how carefully planned, there remains a risk associated with entrepreneurship. You are assuming a risk.
Consider everything that may go well or wrong to decide if you are genuinely prepared to launch your own business. This step is crucial, and it is what will determine if you will be successful or not.
2. What Do You Want to Do?
Choosing the type of business you wish to start is the next step. Many businesses are out there, and you have many business options at your fingertips. Instead of rushing through it, it is advised that you give it some thought.
Entrepreneurship may be time-consuming at first and difficult to take off, so starting a business that you are passionate about or at least interested in is crucial.
It’s not a good thing to become bored. Entrepreneurs are frequently motivated by optimism and enthusiasm in their early stages.
It would be best if you started a business that you are competent at and are confident will succeed. However, your passion should be focused on identifying and solving a societal problem.
Solving a problem should be the primary objective of launching a firm or becoming an entrepreneur.
Everything makes sense when business is about resolving issues. For instance, perhaps locals in your neighborhood drive a long distance to buy a given commodity.
You may decide to sell an item in your community to save them the stress of making such a long drive. In this manner, an issue is resolved.
3. Do a Little Research
After choosing a firm to launch, do some research on it. Learn everything you can about the company you wish to undertake. Find answers by asking questions of yourself. Where would be the ideal location to launch that kind of business?
If you want to open a garage for repairing cars, are there already numerous garages in the region? What are your chances of making it big by plying your trade in such a region? Research is vital if you want to succeed as an Entrepreneur in Nigeria.
4. Degree or Nay, Everyone Deserves Tutoring
You must now choose if you will require mentorship or schooling before you begin. However, to be clear, obtaining a degree is not a prerequisite for becoming a successful entrepreneur. Ayodeji Ibrahim Balogun (WizKid) is a successful musician, having released many albums.
A lot of Nigerian business tycoons have no degree. A clear example is Orji Uzor Kalu reportedly dropped out of school.
However, do not get too excited and think obtaining a degree is a waste. Jim Ovia and Tony Elumelu also hold master’s degrees. Everything is dependent upon your goals, your aspirations, and dreams.
For instance, you must be a lawyer to start a legal company. That means that you could require schooling, 5 years in the University in Nigeria and 1 year in Law school.
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One significant fact is this: Whether degree or not, you must undergo mentorship from someone more experienced than you in that field.
For instance, to understand and master the process involved in imports, you may need to be close to someone who already works in that field.
5. Make it Legit!
You are now getting closer to launching your business. The moment has come to register it! A single proprietorship or limited liability business are the two options you have. Starting a sole proprietorship and upgrading to limited liability is always an option.
However, you should form a limited liability company if you want a complete business with all the advantages of running a firm.
The first step to becoming a successful entrepreneur in Nigeria is to register your business at this point. The Corporate Affairs Commission handles this registration.
6. Strategize
It would be best if you plan your business at this time. A failure to plan is a loss plan. When launching a business, a solid strategy is necessary to ensure you predict most outcomes and turn around. Many individuals choose to disregard this, but that is wrong.
You have to sit down and arrange your business before adhering to it. Make a business plan in writing. It may sound daunting, but a strategy doesn’t have to be extensive. It may only be a page or so!
Your strategy should outline your company’s goals and tactics. Keep in mind that a business plan can assist investors in understanding your company if you decide to seek funding in the future.
7. Who is Your Market?
Knowing who your clients are is crucial. Let’s face it; not everyone will use your services or purchase your goods. Yes, your close relatives and friends might patronize your business, but besides them, who else will?
Don’t just imagine in your brain that everyone would purchase your goods; I wish it were true, but it isn’t. What is your market structure like? Who are the group of people that will most likely purchase from you?
Young folks, perhaps? Students? Working-class people? Family-oriented individuals? And so on. These are things you ought to look into and be aware of. It will assist you in positioning your company near your target market.
And no matter how fantastic your business is, if it is located too far from your target market, you might not be getting the most out of it.
8. Financial Planning
Financial planning is required to launch a business. Additionally, the likelihood is that you will be the sole source of finance for your company, at least in the beginning.
Therefore, you must keep track of your income and decide how much you will invest in the company. Financial responsibility is crucial. So organize your funds thoroughly. Follow your plan boldly.
9. Strengthen Bonds and Relationships
For business owners who want to thrive, solid building relationships are crucial. Doing this increases your chances of meeting clients, investors, and business possibilities.
Attend business-related gatherings. Social media use Workshops or seminars on business topics relevant to your industry.
Enter any location where you can discover connection possibilities. Be kind and generous, and remember to introduce yourself when you meet new individuals.
By doing this, you may create a network of supporters, partners, suppliers, clients, and others that you can use to expand. Never forget to follow up and keep records.
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10. Strengthen Your Business With Time
Lastly, strengthen your company gradually as it grows. Do not expect that everything will be perfect immediately and that you will become the next great thing in town in two months.
Growth happens slowly. Gain new clients while keeping your current ones. Keep expanding and enjoy the journey!
It is worthy of note that your attitude will determine the company’s attitude. Negativity, laziness, and entitlement are time and money wasters that will gradually damage your reputation.
To avoid this, taking responsibility is essential to success. You may become a leader by accepting responsibility for problems and dealing with them head-on.
And although your personal life may suffer from starting a business, it is worth the sacrifice if you want to succeed as an entrepreneur in Nigeria.
However, it is pertinent that you also know that your ability to execute these principles listed above correctly depends on your food, sleep, and exercise regimen. They all influence attitude, desire, and interpersonal connections.
Therefore as a takeaway package, you must ensure you have the right balance towards achieving your goal and taking care of your mental health because health is unarguably wealth.
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