How to become a successful entrepreneur in Nigeria — Step-by-step guide
In the world we find ourselves in today, competition has become a means of survival. There are so much competitions that without strategic measures, one would not survive. This article will be opening our minds to being a better and successful entrepreneur.
The 21st century has gone out of just graduating from school and looking for a job because population keep increasing.
As the growth in population rises, the demand for livelihood keep rising. While some see this as a set back, others with vision see this as an opportunity to grow.
Those with this kind of mindset are likely to be good and SUCCESSFUL ENTREPRENEURS.
In this article, we would be discussing
- Who an entrepreneur is
- Quality of a successful entrepreneur .
- How to be a successful entrepreneur.
- Benefits of being an Entrepreneur.
WHO IS AN ENTREPRENEUR
There might be many definitions of an entrepreneur, but the one which is more acceptable to me is what I will share with you.
An Entrepreneur is one who creates hope by solving problems and make good fortune out of it.
A good entrepreneur is a starter, a determined individual and goal getter in a business who takes most of the risk as well as the profit.
He is also a risk bearer and does what he told it takes to keep a business progressive.
A successful entrepreneur is always positive and thinks positive towards the growth of his/her business.
An entrepreneur is a fore fronter and always ready for a blow in times of arising challenges.
To be an entrepreneur means you should be able to be an initiator rather than a waiter. Even though it takes patience and endurance to be a successful entrepreneur, it also takes perseverance and hardwork .
If you have the ability to think ahead of a given task and also persist to meet perfection, you might want to consider setting up your own business.
There is a difference between being a business owner and being an entrepreneur. Some people are business owners but do not take positions of an entrepreneur. A business ownner might start up a business without a proper plan which can lead to the end of that business. It is even possible to be an employer of labour and yet not be an entrepreneur.
We would get to know more about being a successful entrepreneur as you read through this article.
With the rising population and high demanding for jobs, if everyone depend on getting employed in alreadg existing jobs, at a time, it would be dangerous.
This is why Entrepreneurs are the bed rock of the society, nevertheless, do not force yourself to be an employer of labour. While some people are meant to serve, some are meant to lead and that is why self discovery is key. We will talk further about this later in this article but for now, let us talk about qualities of a good entrepreneur.
QUALITIES OF AN ENTREPRENEUR
- Passionate: The whole entrepreneurship cannot exist without passion. You must have the passion for something before you try to invest or sacrifice so much for it. Since entrepreneurs are risk takers, they must have to sacrifice time, wants, emotions, finance, and other wise for the growth of their business. Passion could be referred in this context as a driving force.
- Problem solving: The reason why most entrepreneurs come up with an idea is usually to solve a problem. For example, if you look at your surroundings and you notice that people have to travel far to get food stuff, a good entrepreneur thinks of how to solve this problem. In this case, he can decide to open up a store closer to this environment so that people can now get food stuff easily than before. He has solved this problem and at the same time earned himself some good money. Also, business could come with challenges, but a good entrepreneur seeks to solve problems than create one.
- Foresight : In business, difficult and trying times can come up, but it takes a person of foresight to plan ahead in case these problems arise. A good entrepreneur always thinks ahead of time so that he would not be taken unawares.
- Patient: Like the popular saying, “nothing good comes easy”, a good entrepreneur must be patient. You have to plant the idea, cultivate it, water it, groom it and watch it grow gradually. It is better to be slow and steady than rush and later collapse. Be patient and enduring in hard times as it will later pay off once you keep your game up.
- Persistent and aggressive : As an entrepreneur, you must be a goal-getter and aggressive while doing that. In as much as patience is required to grow your business, do not just sit and watch your business fall. Pursue your goal and do not stop until you achieve it. Anyone who easily gives up cannot be a good entrepreneur, if you fail today, stand up and start again until you achieve your goal.
Other qualities are;
- Organised : A successful business takes a lot of preparations, plans, and a systematic procedure to achieve. Entrepreneurs are organised people because they set goals and are disciplined enough to follow each step gradually.
- Optimistic: Optimism in entrepreneurship is golden as the entrepreneur focuses on the brighter side and still plan for the rainy days.
- Disciplined: If an entrepreneur is not disciplined, there would be mis-management of funds, customers, labour and time. Customers, Funds, labour and time are the most valuable asset ofa successful business.
- Tolerant: lastly but not the least, a good entrepreneur should be tolerant. While dealing with customers, you should be tolerant to their “excesses” to keep them patronising your good or services .
A good entrepreneur should posess the charaters listed above as it qualifies him and grows his business.
How to be a successful entrepreneur
Make the decision and mean it:
There could be times when we harbour the feeling or idea of being an employer of labour but at the end we side line it. Now this is what you will do; stop the thinking part of it now and make up your mind already.
Think of what you love doing
Imagine getting a good fortune out of your hobby, lovelelyrics right? Of course! You can actually make this possible simply by thinking of how it could be useful to another person. Imagine if you loved making jokes and make people laugh, you could actually put up a comdey skit with your phone and upload it. In due time, you can own a YouTube channel, upload your videos and get people subscribe to your channel and watch them.
Do research and survey the business basics
If you have decided to get into a business, know that every business has its ethics. It will be a plus for you to learn the dos and don’t of the business in other to have a clear insight of what you are getting into. Engage professionals and have a mentor who would guide you and train you.
Make a business plan
Good and strategic planning will give way for being organised and allow you focus on one thing at a time. Take a minute and plan your site, funds, target customers, marketing. Set goals and meet them one after the other till you reach a prime.
Register your business
Once you have a solid background, register your business to have and enjoy legs grounds. Registering your business with the corporate affairs commission (CAC) allows you to explore your business to the fullest.
Start with what you have
Do not think so much of making it at once or how to get a very huge capital, start with what you have. As a beginner, it is even better to start small so you could learn how to manage it well before investing big.
Tips on keeping a standard and growing your business.
I mentioned earlier that there is a difference between being a business owner and being an entrepreneur. A business owner might not be ready to attend to the needs of his staff and customers. He might as well he is paying them well and hand over his duties to someone else without proper investigation. As an employer of labour and an initiator, you should learn to;
Take the lead
Leaders must learn how to serve, and a servant should attend to the needs of his master. In this case the master you are serving as an entrepreneur is your business. Your employers if you have any might not take the business as serious as you might want so you must do the needful.
We have learnt that entrepreneurs are risk takers and bearers. To succeed in business you must learn how to take certain calculated risk. This does not mean you should take unnecessary risk when the appear, but calculated ones. You can seek advice from professionals and trusted persons to help you analyse risks to know what to do.
Set a standard
Show your employers and competitors how to work. Set a standard to work with and improve on it to get to its peak.
For every good work of your staff and employees, learn to reward them. This will encourage them to put in their best and yield more output or generate income. Also, reward and appreciate your loyal customers so that they can keep patronising your goods or services.
After putting all these listed above into good practice and heed towards improvement, you will be a successful entrepreneur in no distant time.
BENEFITS OF BEING AN ENTREPRENEUR
- Being your own boss :The number one benefit of being an entrepreneur is being your own boss. You do what you need to do without someone ordering you around.
- Leisure time : Being your own boss allows you have your space and time. You are under no obligation to answer to anyone for being present or absent.
- Solve problems: it gives honour and pride to be able to solve a problem plus getting paid for it (that feeling is awesome)
- Being rich at your pace : As an entrepreneur, you own most of the profit of the business and decide what and how to spend the resources.
- Pace setter: Being a pace setter is a prestigious act as people look up to you and depend on you to make a move that will change their lives for good.
- Be a part of Economic growth and success : It is no news that employers of labour (entrepreneurs) are the reasons why an economy grow fast. They make things go round by providing a means of survival and earnings for individuals.
Wow! All these and many more to gain from being an entrepreneur. Stand up now, discover yourself and know where you would fit in the most and start exploring. Bring out the best of your potentials and take power.
I hope this article has been informative enough, you can always visit this site for reviews and revisions.
Share with young and vibrant people to empower them too. Does this confuse you in anyway?
Do you want to share your experience to learn more or to encourage young and willing entrepreneurs?
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