How To Become A Successful Entrepreneur In Nigeria: 7 Tips
How to Become a Successful Entrepreneur in Nigeria? One of the easiest ways to become a millionaire in Nigeria is to become an entrepreneur, not just an ordinary entrepreneur, but a successful entrepreneur in Nigeria. This can be difficult for you to believe, especially because you also know 9 – 5 rich people, but it’s true. Nigeria is waiting for the next big news, the next big product.
A good way to understand this is to analyze what we are currently facing as a country (the high unemployment rate). I also knew about this entrepreneurship journey a long time ago, but I think I was lazy about it. I wrote a lot of business plans in 2019 and didn’t push many of them because everyone needed money, needed attention and I was too lazy to make an effort.
I wanted money and wanted it as soon as possible, so I did a job search instead of starting a business. But looking at those years now, I realize if I could push one, I would already do or have become a successful entrepreneur in Nigeria now because 5 years is enough to cultivate a new business.
This is why, recently, on the blog, I wrote many articles on wealth creation (companies that we can all start as an agitation) and how to cultivate them until the next big news becomes in Nigeria. Because I don’t want anyone to repeat the same mistake I made. So today I will share with us 7 tips that we can follow to become a successful entrepreneur in Nigeria.
Remember that these points you are about to read are now completely useless if you do not put them near your heart and put them into action immediately. It is about acting after reading, not just reading.
Table of Contents
Who is an entrepreneur?
An entrepreneur is a person who invents an idea or starts a business only to solve a common problem. He or she can be an initiator or a beginner. He or she sees opportunities when no one sees them. He or she sees progress when no one sees and he follows him to the end. Before we dive into how to Become a successful entrepreneur In Nigeria, let’s quick look at the benefits of becoming an entrepreneur and why you should consider being an entrepreneur
Why Should You Become An Entrepreneur?
There are many reasons why you should consider becoming an entrepreneur:
· Unemployment
One of the biggest reasons to become an entrepreneur in Nigeria is unemployment. The unemployment rate is high. There are so many Nigerians qualified without employment. Even jobs that arise offer a small payment. Why sit at home doing nothing when you can become an entrepreneur?
· To be your own boss:
If you don’t like the idea of waking up at 5 am to prepare for work and return at 9 pm. The best option can only be to become an entrepreneur! You can be your own boss and bring your destiny into your hands.
· To become successful and rich
Although you can become successful and rich working for large companies, your progress is limited and determined by the people. They decide when promoting and increasing your payment, no matter how much you work. But as an entrepreneur, you are in control. The money you earn is mainly yours. The richest people in the world are not employees, but entrepreneurs. From Jeff Bezos to Bill Gates, Warren Buffet, Mark Zuckerberg, Aliko Dangote, Feminola and others, all are entrepreneurs
· To build your dreams
You can have dreams and ideas you always wanted to pursue. Maybe no one else can see this as you. The best way is just risk and build it!
· To change the world
As an entrepreneur, you have an impact on the world. What entrepreneurs do is solve the problem and create jobs. If you like to impact the world and also create jobs, entrepreneurship can be a tool.
7 Tips – How to Become a Successful Entrepreneur in Nigeria?
How To Become A Successful Entrepreneur In Nigeria? Becoming a successful entrepreneur in Nigeria, or anywhere else, requires dedication, strategic thinking, and resilience. Here are the steps of how to be a successful entrepreneur in Nigeria.
1. Start Your Journey in Time
This is the first step you should take when thinking about how to become a successful entrepreneur in Nigeria. One of the reasons why many of us do not come to where we want to be today is procrastination. We suspend everything, especially the important things until we don’t have more time for them or we don’t have zeal for them anymore.
Starting a business in a country like Nigeria is difficult, and because it is difficult to look for an easy way to look for a job. I talked about it at the beginning of my introduction, but the best time to start a business is now. Do not allow funds or anything else you add. Start now! This is the only way you become a successful entrepreneur in Nigeria.
Start mapping your business plan and talk to people about it – smart people. Those you admire as your mentors, millionaires, and rich friends you have. Don’t worry; they don’t steal your ideas. It is better to talk to them and get advice on how to do this than you blindly get in. The old saying “Ride on the shoulder of the giants” has not disappeared, and is still relevant and important in this regard.
I am saying this because I was already afraid to share my business ideas and this was not well-ended, because the business ideas in which they kept (firmly) did not reach the center of attention. The difference between a successful entrepreneur and an average entrepreneur in Nigeria is the ability to see an opportunity, get advice, and grasp it without wasting time.
2. Persevere And Don’t Give Up
This is the second step in becoming a successful entrepreneur in Nigeria today. Honestly, Nigerians are suffering people and there is no doubt about it. We always believe there is a better tomorrow, no matter what we go through, but many of us do not apply it to the entrepreneurship of our life in Nigeria.
That is why many young Nigerians have not yet been successful when it comes to starting a business in Nigeria. We have given up our business ideas very early and we are able to start after much struggle still give up in the end, when the business is not meeting our expectations. Well, it has been proven several times by successful entrepreneurs in Nigeria and everywhere that to succeed in a business you need to develop an attitude of never giving up.
The fact that your friend’s business is making more money than yours doesn’t mean you are in the wrong business. It’s just your friend’s definite time, and you will see your own configuration time will arrive too. New products in the Nigerian market can take time before they are adopted from the left, right, and center, but that does not mean that they will not be accepted and purchased. It is just a magician who expects a boom immediately. Be patient as a Nigerian entrepreneur and you will take advantage of your rewards when they come.
3. Connect With Other Entrepreneurs
This is something else you should do if you really want to become a successful entrepreneur in Nigeria. I talked about it at point 1, but I feel we still need to look more for more understanding. The dangote you see today has not walked alone. He set up on his uncle and some other prominent Nigerian shoulders when he was just starting his business.
Now he rides on Nigerian political shoulders, and this has continued to profit from him, as many policies made by the Nigerian government always seem to favor it. It is impossible for an island to live alone because it needs other islands to survive. This is how it is on the side of Nigeria’s entrepreneurship and this is how it will always be.
Therefore, to become a successful entrepreneur in Nigeria, you must be ready to connect. And meet people (sloping in business, investors) who will support your business and take you where you want it to be.
4. Get the Necessary Capital
The ability to get capital when you need it can also make you become a successful entrepreneur in Nigeria. Let’s face the fact that not all companies can get a Bank of Industry loan because of their criteria. Therefore, the ability to obtain this capital always and where the DIM fits you makes you a successful entrepreneur in Nigeria.
Imagine that you need N1 million now and you can get it in 24 hours. This makes you a king among other entrepreneurs in Nigeria.
Thinking of how you get money to start your business in Nigeria as the next entrepreneur? Here are the tips below.
- Self-Fine Your Business
There are successful entrepreneurs in Nigeria who started their million Businesses from Naira simply with self-financing. You can do that too. You can fit your business if you know that you have any saved money that is kept in the bank for a while. The best thing about this source is that it is risk-free and saves the time to meet investors for money to start your business. B.
- Get The Support Of Family And Friends
Another way on how to become a successful entrepreneur in Nigeria is through the help of other people. You can find family and friends to support you and use them as the first investors in your business. You will be surprised at how far they will be willing to help you based on the relationship you have built with them and how they saw you could multiply money.
You should consider this if you have many entrepreneurs in your family and also have many of them as friends.
- Look for eligible investors
These are people who are willing to invest in business, whether new or old companies existing. These people are called angel investors. You can meet these people to get assistance to start your business.
5. Understand the financial statements
This was discussed several times by some successful Nigerian entrepreneurs in Nigeria. While some Nigerian entrepreneurs think it is necessary to understand accounting statements other Nigerian entrepreneurs say there is no need for it, after all, our ancestors never understood financial statements, but had profitable businesses during their lives.
Well, as much as the second school of thought is sure about our ancestors, we live in the 21st century, and, at that time; the ability to understand financial statements saves many problems as an entrepreneur in Nigeria. The ability to understand financial statements helps you know if your business is making a profit or loss and if there are violations in your business.
In other words, it helps you see directly the business’s future and make plans. A Nigerian businessman who does not understand that this will be shaken just below the nose.
6. Reduce Expenses, Increase Sales
This is a trick that maintains the business of many Nigerian entrepreneurs, despite all the difficult times in Nigeria. For those of us who do not understand this, it is like earning a salary. No matter how small, you can still do something about it and live in it. No matter how small your commercial profit, you should still find a way to live in it and look for other methods to increase your sales.
I remember the time to earn 25k as a salary. I was still able to live with it. Even the time I started my business and was unemployed, I still managed to survive in business simply by reducing my expenses and increasing my sales. You will be surprised by how quickly your business can grow with this technique – cutting many expenses and increasing your sales.
This accounting technique has made many Nigerian entrepreneurs successful without just fighting and can make them very successful as close entrepreneurs in Nigeria.
7. Risks of Reasonable Business
This is another way on how to become a successful entrepreneur in Nigeria. I will say this once and for all “If you can’t risk it, you are not an entrepreneur and should not be an entrepreneur” because becoming a successful entrepreneur in Nigeria is mainly about risks. And when I talk about risk here, I’m talking about calculated risks, non-hazardous risk – a risk-based risk.
If you know that the product will be accepted in Nigeria after market research invests, and if you know it is not, do not waste your money and other people’s money (OPM). Don’t be sentimental because it’s your product as a Nigerian entrepreneur or because it’s okay. Be honest with yourself! My brother once invested in a business that should start last year.
He didn’t know he gave his money to the wrong people and these people took it. To this day he is not discouraged by this. He has gotten up and is ready to invest again in another business. This is life! And that is what it really takes if you are thinking of how to become a successful entrepreneur in Nigeria. My point here is not to give up, even if you have been fooled with your money.
Take yourself and keep doing the right thing you are investing in your business and you will see that during your business you will reach your peak and money will start to arrive.
FAQs About How To Become A Successful Entrepreneur In Nigeria
Here are some frequently asked questions (FAQs) on how to become a successful entrepreneur in Nigeria:
Why entrepreneurship is considered a viable path to wealth in Nigeria?
Entrepreneurship allows individuals to create businesses that address common problems and meet market demands. In Nigeria, where there is a high rate of unemployment, starting a successful business can be a pathway to financial success.
How can I overcome the challenges of starting a business in Nigeria?
Overcoming challenges in Nigerian entrepreneurship involves starting early, persevering through setbacks, networking with other entrepreneurs, and being resourceful in acquiring capital.
What role does networking play in entrepreneurial success in Nigeria?
Networking is crucial for entrepreneurs in Nigeria as it opens up opportunities for mentorship, support, and collaboration. Connecting with experienced individuals and investors can significantly impact the success of a business.
Why is understanding financial statements important for entrepreneurs in Nigeria?
Financial statements provide insights into the financial health of a business, helping entrepreneurs make informed decisions. Understanding these statements is crucial for managing expenses, planning for growth, and ensuring long-term sustainability.
What steps can I take to increase sales and manage expenses effectively?
Entrepreneurs can increase sales by identifying market needs, implementing effective marketing strategies, and offering quality products or services. Managing expenses involves cutting unnecessary costs while maintaining the quality of business operations.
What are some practical tips for taking reasonable business risks in Nigeria?
Taking reasonable business risks involves conducting thorough market research, evaluating potential outcomes, and learning from both successes and failures. Entrepreneurs should be willing to adapt their strategies based on changing circumstances.
How to Become a Successful Entrepreneur in Nigeria: Conclusion
How To Become A Successful Entrepreneur In Nigeria? Being a successful entrepreneur in Nigeria is not easy, but you need to keep pressing and never give up. One day, with these tips, you will succeed. Keep going and never give up.
