There is no denying that the rate of entrepreneurship in Nigeria has grown over the past few years.
There are more entrepreneurs in Nigeria now than in the last six years. It feels like the condition of the country is worsening with the current rate of dollar to naira, unemployment and the inflation in prices of some goods.
Youths and salary workers have opted to become part-time and full-time entrepreneurs just to make ends meet. However, there are some important things every Nigerian entrepreneur must always put in place.
As an entrepreneur, your goal is to make money but how do you go about it? There is just one logic to making money in Nigeria. Even the salary most people receive these days is only enough for you to survive and not thrive.
When you take a look at the kind of country we live in, you should notice that this country is like a hub of unending problems. Which makes it the perfect spot for business.
The number one rule of starting a business is to “identify a problem and solve it“.
Here is a little case study – Lagos Traffic
Every Lagosian keeps complaining about the bad roads and traffic. There is almost no day you wake up in Lagos without facing the annoying traffic jam.
To beat this traffic, a lot of people have opted to go for motorbikes but there are limits to where these bikes can reach.
Then came the advent of Gokada which has the right to ply highway and beat the dreadful traffic jam. Opera also came up with ORide and then Maxikada joined the gang.
ORide was able to raise $50million from an investor to strengthen its operations in the country.
Now, ORide, Gokada, and Maxikada are three of the widely used brands in Nigeria today. The reason behind their success is that they identified a problem and solved it.
As an aspiring entrepreneur looking to go into one business or the other, there are certain things you must first put in place.
1. Solve A Problem
This is the ultimate secret to a successful business. If your business is not helping people, then there is no need to do it because nobody will buy something that won’t add value to them.
There are countless issues in Nigeria and you can start to tackle these problems as a young entrepreneur. Some people are making money from data reselling because the data prices are actually cheaper than what the real network providers are offering their customers.
Cheap data is one of the biggest needs in this country and if there is a way to build a business around it, you might as well try.
This is one of the biggest problems youths have with their businesses. A lot of people have failed to collaborate with other colleagues thinking they can run a business alone and enjoy all the profits.
You can be a CEO, but a CEO without an efficient and creative team can fall anytime soon. Collaborate with a skilled person or a friend and start that business. Try as much as possible to get a TEAM.
Even if it is a board of only 3 people, start small and later expand.
Don’t be scared to invest in any business. Becoming an entrepreneur means that you will need to spend money on promoting that business.
The mistake many people make is not investing in their business. You will need to spend on flyers, branding, and advertisements.
Every business must reach its target audience in order to sell. You can hire a digital marketing specialist or pay an influencer to help you promote your business. Invest in adverts, giveaways, and merchandise.
4. Be Patient
Another mistake people make is giving up too soon. There is a misconception that certain things are meant to work for you while some things are not meant to work for you.
This has forced many people to give up too soon in what they believe. There is a bible verse that says “commit your works to the Lord, and he shall establish your plans” (Proverb 13 : 6).
Just work and pray. If you believe and have a passion for something, it will work out in the end. If it does not work out, it is not the end.
5. Leverage The Internet
If you want to have a chance at competing with some of the biggest in your field, you need to do more than they are doing.
Of course, it may take years to be one of the top entrepreneurs in the country, but the internet can help you reach that level in no time.
Create a social media page and a website. The internet can help take your business to other parts of the world with a simple click.
Those are five important tips every young entrepreneur must prepare their minds for before starting any business.
It is usually a case of easier said than done but once you use the right tactics, your business will surely grow more than what you ever prepared for.
Thank you all for reading.