How To Become An Entrepreneur In Nigeria: To become an entrepreneur in a country like Nigeria is big and can be a life-changing decision. Most especially if you are a salary earner before you make a decision to become an entrepreneur, it takes thorough planning, determination, and discipline. As an entrepreneur, the income is yours and out of it, you have to pay staff or other people who work with you and do other expenses.
Who is an Entrepreneur?
An entrepreneur is a profit-minded person who starts a business, puts in his finance and commitment to achieve his aim of making a profit. Therefore, Entrepreneurs play a big role in shaping a country and its economy globally and the idea behind being an entrepreneur is to be self-sufficient running your own business, creating more opportunities for job seekers, and letting the nation’s economy depend on you.
Why should you become an entrepreneur?
- Unemployment: Unemployment regards nobody and that is one of the biggest reasons to become an entrepreneur in Nigeria. The rate of unemployment is high. We have many qualified Nigerians without jobs and even the few that have jobs are paid below their worth, which is known as minimum wage. To the graduate out there, don’t sit at home doing nothing you can become an entrepreneur.
- Be Your Own Boss: If you want to defeat the idea of waking up every day by 5 am to prepare for work and return late in the night or putting in your best for your boss yet it’s not appreciated rather you received queries upon any mistake or error that comes from you. All I will tell you is to be your own boss. “Your destiny is in your hands.”
- To become Successful and wealthy: It is possible for you to become successful and wealthy while working for big companies. But even at that, your progress will be limited and it will be determined by the company or the people. They decide when to promote you and when to increase your salary no matter the effort you put into work. But as an entrepreneur, the money you make is yours.
- Change the world: Your goal as an entrepreneur should not just be the money but to impact the world. And your responsibility as an entrepreneur is to solve problems and create jobs. If you imbibe the habit of impacting the world and creating jobs as an entrepreneur, you will be more successful.
- Build your dreams: As an entrepreneur, always pursue or go after your dreams and ideas. Spend much time on it and take the necessary steps to build it because others might not see it as you do.
How to become an entrepreneur in Nigeria
- Decision Making: Becoming an entrepreneur requires a big step. Especially if you have a regular job, will you quit your job to become an entrepreneur? Or will you be working and at the same time running your business as a side hustle until you can quit and focus on it?
Becoming an entrepreneur in Nigeria has to do with decision-making, because no matter how well you plan, entrepreneurship has an element of risk. If you really want to become an entrepreneur the first thing you should do is to make up your mind.
2.Think Right: Entrepreneurship is large! There are so many businesses you can do. Don’t rush into business because a friend or relative is doing well in that business. Take your time to think and meditate on it.
The initial stage is always time-consuming and slow to pick up, so it is important you choose a business that you have passion for. If you don’t have passion for a business and you get bored with challenges, you might lose hope.
But if the business is something you are good at and you are passionate about, you will be successful.
3.Make Research: Once you take a decision to start a business, do thorough research and get familiar with the business. Ask different questions about the best location for the business, the companies that have invested in a similar businesses, the success rate of the business, and possibly the startup capital. This and many more are important as they aid business success.
4. Education: Education is a necessary tool for every successful business. But at this point, before you start you have to define the type of education you need if it is formal education or mentoring.
Some businesses warrant that you go to school, get a license before you can establish on such business while some business requires mentorship.
5.Register the Business: The moment you get to this point, it means you are getting closer to starting your own business. You have to decide if you want a sole proprietorship or a limited liability company.
The limited liability company has more benefits compare to Sole Proprietorship. But if you can’t afford the payment for a Limited Liability Company, you can start with a sole proprietorship.
6. Planning: If you fail to plan it means you are already planning to fail. It is true and I advise you not to ignore planning when starting a business. Plan your business and stick by the plan. Write down a business plan.
Writing a business plan might be stressful and time-consuming but it is better you do it and make sure it is detailed. If you decide to look for investors in the future, your business plan will help investors to understand your business.
7. Identify your target audience: The fact is that not everyone will buy your product or patronize your services. It is important you know who your customers are, the category of people that will likely buy from you, old or young, working-class or students.
These are things you should research because they will help you locate your business in the right place probably close to your audience.
8.Finance: To start business money is needed and it is possible that you will be the only person funding your business at the initial stage. Therefore, necessary planning is needed to determine how much you are going to put into the business. It will also help discipline yourself financially instead of spending unnecessarily.
9. Network: If you want to succeed as an entrepreneur, you need a network. With networking, you are open to possibilities and you have chances of meeting investors, clients, and rapid growth.
Attend workshop or seminars that relate to your business and don’t forget to use social media. Also, be generous, nice, and polite to people as it will help you to build a network of supporters, partners, customers, and more that you can leverage to grow.
10. Market: Marketing will make people be aware of your business and bring them closer to you or your business. Devise every means to market your business because until you create awareness many people might not know or might have a wrong impression about the business. You can create awareness through posters, content that will go viral on the social media platforms, websites and blogs.
Conclusively, becoming an entrepreneur in Nigeria, it’s a big project and can be a life-changing decision. As you have a bigger budget, explore bigger beneficial marketing opportunities in order to shape the country and its global economy.