The life of an entrepreneur is not for everyone, that’s fine, we are not all cut out for it. Being an entrepreneur in Nigeria also serves up its own unique challenges.
To stand a chance of being a successful business owner in Nigeria, there are certain activities you have to love. Loving these activities would not guarantee your success, but will put you in good stead to create a good business.
Beyond a divine voice telling you in a clear voice that you are meant to be an entrepreneur, here are nine signs you are meant to a be business owner in Nigeria.
Getting funds for small businesses is a great source of concern for entrepreneurs. Whatever route you choose to raise money, whether it is from government or private agencies, or you choose to get from family and friends, you have to like the process of sourcing for funds for your business.
2. Making difficult decisions
If you do not like making difficult decisions then maybe the life of an entrepreneur is not for you. These decisions could range from hiring and firing, to deciding what direction your business should be headed. You often have to make these decisions also fairly often and quickly.
3. Dealing with difficult customers
Nigerians know things do not always work as they should, but do not expect them to take excuses from you. You will get difficult customers, you have to learn how to handle them.
4. Handling legal contracts
You don’t have to have a background in law to do this, at least not clam up whenever the thought of contractual agreements come up. It could be contracts as simple as registering your company with CAC or filing your taxes.
Even if your business doesn’t have a product it sells, you need to love selling ideas. So when you have to pitch what you do to potential investors, you are genuinely passionate about selling to them.
6. Learning new things
The nature of business is often “adapt or die”. The newspaper and television industry were on the rise for a number of years till they got disrupted by the internet, businesses in that industry have had to adapt to the changing times to survive.
The same applies to the Nigerian entrepreneur, you have to constantly be abreast of new trends in your industry to stay ahead, or at least keep up with the competition. This requires learning new things. Whether it is a new way of delivery or customer relations, it is important that you are amenable to learning new things.
7. Taking risks
Business in Nigeria is a risk, but that hasn’t stopped entrepreneurs from recording success in the industry. However, you have to like taking risks. If you always want to play it safe, then maybe being an entrepreneur in Nigeria isn’t for you.
Business owners in Nigeria often complain about how difficult it is to get the right talent. Besides that, the good talent you get will often move on to either their own projects or other organisations. So the process of recruiting has to be something you enjoy.
9. Working long hours
While the image of a successful entrepreneur often looks like a life of luxury, you know, private jets and meetings in swanky restaurants. The truth is, to get to that point a lot of hours of work have to be put in. Starting out as an entrepreneur in Nigeria will often require you working for long hours.
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