How To Become An Entrepreneur In Nigeria
Becoming an entrepreneur comes with lot of hard work, dedication, and determination. – How To Become An Entrepreneur In Nigeria
Yet, it gives you the opportunity to engage in a career path that allows you to maximize income, create time for people and things that matters to you.
Getting started as an entrepreneur is usually the most difficult, since you need to oversee every aspect of your business.
Most times, you’re likely to multitask, get practically involved in multiple activities.
That’s why it’s important to learn some business skills we’ll discuss latter in this article.
Becoming an entrepreneur can be highly profitable when you have a good business idea and you’re able to set things right.
Then you can leave your business to run on auto pilot while you focus on other activities that matters to you.
And that’s the essence of being an entrepreneur, to build a business that does not require your physical presence before decisions can be made.
Who is an entrepreneur
An entrepreneur is someone who invest his time and capital in building business and is expected to recover his capital and profit over a period of time.
Entrepreneurship is about service, giving people what they want, this could also mean giving people what they need.
To become successful as an entrepreneur, you must be ready to serve your customers with your product or service.
It’s not just about maximizing profit, this should come as a reward for your continuous quality service delivery to your audience.
When you have a business that deliver good service to it’s customers, chances are your satisfied customers will repeat business with you and also recommend your service to their loved ones leading to free publicity for your business.
As an entrepreneur, it’s important to cultivate the mindset of providing high quality service and more money will natural flow to you as a reward for your service to humanity.
What are the responsibilities of an entrepreneur
Your key responsibility as an entrepreneur is to help people solve problems by building a business that solve real life problems.
The importance of the problem your business solve largely determine how your audience will respond to your business.
You could join in solving an existing problem within an industry of your choice.
These are proven problems that other businesses are already solving with their product or service.
You could also invent a solution to a problem people are having but didn’t recognize it as a problem since there’s no common solution yet.
People who invest solution to common problems tend to gain attention fast since they are likely to be one of the few service provider within such industry.
Some of these industry include wardrobe organizer. Few decades ago, there was nothing like wardrobe organizer but today, it has become an industry and people are willing to pay someone to help them organize their wardrobe so they can easily access any item from their clothing collections.
So your duty as an entrepreneur is to solve problem, you could venture into a saturated market and create an identity for yourself by being distinct with your service delivery.
You could also venture into a new industry and become the first or one of the few service provider within such industry.
Creativity is a core characteristics of an entrepreneur, whatever you do, be creative.
Always find ways to do things in a unique way that will make your business standout, becoming the talk of the town.
Why should you become an entrepreneur
There are many reasons why you should consider becoming an entrepreneur, let’s talk about the most common reasons.
It gives you the opportunity to work at your own space and time
As an entrepreneur, you can create your own working hours to suit your personality, you can also choose to work from any location of your choice.
This does not necessarily mean you’ll work less, but it gives you the opportunity to create a conducive working environment that’ll enhance your productivity.
You can easily maximize your profit
As an entrepreneur, there’s no limit on how much you can make.
Your income is largely determined by your contribution and this makes it easier to increase your profit.
You could possibly increase your brand awareness to attract new customers.
Or introduce a new product to your existing customers to increase their number of purchase.
Create time for people and things that matters to you
A common challenge people face as an employee is not having the opportunity to create adequate time for things that matters to them.
As an entrepreneur, you can conveniently schedule your activities to suit your interest.
It gives you the opportunity to balance work and pleasure so you can have a healthy lifestyle while you continuous build your business.
What skills do you need to become an entrepreneur
To achieve success in any endeavor, you need to have adequate knowledge about how the entire system works.
Same apply to entrepreneurship.
We’ve seen or heard of businesses that failed within few years after launch and when you ask such business owner the reason for the failure they give reasons like lack of funding and so on.
But in reality, the main reason why businesses fail is due to lack of knowledge.
When you have adequate knowledge about a field, it become easy to achieving success in such field but when you don’t, then it becomes difficult.
Some important skills you need to acquire to help you become successful as an entrepreneur include:
Suggested Article: Reasons Why Businesses Fail
Entrepreneurship / Business Management
I’ve seen cases of people who venture into businesses without learning about entrepreneurship, and their journey was not an interesting one.
Some of them manage to struggle through and succeed while others barely survive the first year.
Learning about entrepreneurship / business management helps you understand the fundamentals and essential of building a business.
You will learn about business idea generation and how to select a business idea that aligns with your personality.
You’ll be able to validate your idea to be sure that your audience will accept your business once launched.
Business structuring is an important element that determines the success of a business.
These are some modules you will be opportune to learn, that’s essential to build a business that will succeed.
I have an online program that teaches in details how to become a successful entrepreneur. You can sign up for the online course.
Marketing and Sales
Marketing is the heart of every business. Your ability to sell consistently determines how fast you’ll grow your business.
No matter how good your product is, if you’re unable to present your business to the right audience who genuinely need your business, you might be kicked out of business in no time.
When you understand how to sell, you’ll be able to confidently sell anything to anyone and people will be willing to pull out their wallet and buy from you.
Selling is an essential skills in entrepreneurship, I have an explanatory marketing program that’ll help you understand how to confidently sell anything to anyone.
The are incidence of entrepreneurs who squander their entire business capital before getting to launch stage.
And the large sum of these capital were spent on irrelevant activities that could have been avoided.
Financial Management skills helps you manage your capital while building your business.
And also manage your finances after launch so you’ll always have enough capital to continuously build and expand your business.
My entrepreneurship program has a module that’s dedicated to financial Management.
Not only in business but in every other aspect of life.
Communication is a skill that govern every aspect of our life. If you can communicate effectively there’s a huge possibility you’ll get almost everything you want from anyone.
Communication is a skill that helps you express yourself clearly, to help your audience understand your point.
You’ll also be able to encourage them to take steps towards your direction and they will.
Because you’re able to help them understand why they should.
My communication program is a great resource that’ll help you express yourself confidently and clearly in every situation.
This is another skill you must acquire to succeed as an entrepreneur. You can’t build your business alone, you need competent hands on board.
Your ability to build and management people will determine the quality of people you’ll bring on board.
Team building is about hiring the right staff and empowering them with the right resources that’ll encourage them to discharge their duties effectively and accordingly.
My team building program demonstrate how you can build a team of professionals that will become passionate towards helping you grow your business.
To encourage your team to be a good follower, then you must be a good leader that lead by example.
As a leader, you shouldn’t be caught in an activity you don’t expect of your follower.
Learning about leadership will help you build a team of staffs that will respect you, and value your business.
Becoming an entrepreneur can be an interesting career path but you must be ready to put in the hard work that’s required before you can get the dividend of being an entrepreneur.
You should continuously learn how to improve on your product and service. And also never stop learning about how you can grow and expand your business.
I wish you luck as you embark on your entrepreneurship journey.