Sat. Jan 16th, 2021

How To Become A Succesful Entrepreneur In Nigeria

We all know that we are in a country where the economy if nothing to write home about, every year we have millions of youths graduating from higher institutions and unofficially initiated into the labor market with no tangible job or funds to start a business. 

We are in a country where employments are being given to people not based on merit but on personal relationships, this sentiment has destroyed many talents.

Apart from those who wish to work in companies or civil service. Business is a good venture, I always say that there is nothing as good as a business. It gives you time, liberty and above all it exposes you to different kinds of people and you learn a lot.

To be a successful entrepreneur man or woman, there are certain basic things you must understand.

1.       Consistency

There is no business that grows overnight, you must understand that your business is like a newborn child that needs breastfeeding and bathing everyday for over 2 years. When you want to start a business, do not have the mindset of making it big in the first 6 months, be prepared to be consistent, if the profits come within 6 months good for you but if it doesn’t, just keep working, it will surely yield positives soon.

2.       Sincerity

There is nothing that kills a business as insincerity.  No customer wants to have a business transaction with a company that has no relationship with sincerity.  Money is hard to make so no one will want to waste his hard-earned money.  You must present your business and yourself as a sincere person to your clients, let your word be your bond. If you cannot do a certain thing or meet a certain deadline simply inform your customers, they may be angry then but they will always trust your words.

3.       Have Control Over Your Spending

A good businessman cannot be a reckless spender.  You cannot build a successful business empire when you do not have control over how you spend money.  It is not called stinginess and this does not mean you don’t take care of yourself, far from it but as a businessman, you do most of your things out of necessity.  You pay attention to needs not wants.  At least 70% of your income and profits should be reinvested, do this for 5 years and you will be amazed at how far you have gone.

4.       Live Within Your Limit

We are in a crazy world where people live fake lives just to please others. This should not be said of a businessman or woman that wants to grow, you must always know your limit and try not to exceed it.  I am an example of such, I do not live my life to please anyone because I know if I fail tomorrow no one will be there for me so I try as much as possible to live within what I can afford.

5.       Venture Into What You Know

Many people go into businesses they have no idea of maybe just because their friends or relations are making it big in that area so they feel they too can go into that line and prosper. We are all unique in our own ways with different talents.  Look into yourself and discover your God-given talent, groom it, develop it into something realistic and big, be consistent in it and soon you will be smiling to the bank every day.

6.       Solve Problems

A good businessman looks for questions and problems in his line of work and solves it, this is the best way to develop customer trust and make so much money. Never stop thinking, ask yourself, what problems are my customers facing with regards to my products and service, what services or products can I offer that will solve their numerous problems? When you can answer these questions then you are a good businessman.

7.       Never Stop learning

Education doesn’t earn, in fact, you start another phase of education when you start a business, never stop learning new ideas about the product and services you are rendering.  Keep learning new things and be innovative. A company or business that is not innovative becomes boring.  Learn from your competitors and change your concepts if needed to surpass them.

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