There is massive unemployment in Nigeria but some claim it is a human resource problem. Some people have resorted to starting their own businesses as a way out of unemployment but what most don’t understand that being an entrepreneur is not child’s play; starting a business goes beyond having the CEO tag. Research shows that approximately 90% of businesses fail within the first ten years.
Who is an entrepreneur? An entrepreneur is an idea genius, a creator of new business, a risk taker who is willing to work more hours and make less money, at least to begin with. So how then can an individual be a successful entrepreneur?
What is your purpose? Are you starting this blog, this shop, this forum to make money solely or to meet a need? Is your business going to address LOCAL problems? Is your idea achievable and realistic or just a pipe dream?
When you have identified your purpose, you must believe in your dream. If your thinking is sloppy, then your business idea will be sloppy. Be persistent. Never give up.
There are several examples of people who could have given up but didn’t. According to Ralph Waldo Emerson “Your greatest glory is not in falling but in rising every time you fall.”
To build a business, it is important to note that you will face challenges. No matter how great the plan is, it’s the willingness to try and keep trying that will guarantee success. Steve Jobs, Abraham Lincoln, Colonel Sanders and our own Jason Njoku are great examples of persistent entrepreneurs. Before NollywoodLove and now IrokoTv, Njoku was involved in several unsuccessful startups. These challenges are blessings in disguise as they build courage and character.
Be willing to take risks- calculated risks. Bankole Wellington took a risk coming down to Nigeria to pursue a musical career and today runs one of the biggest music brands in Nigeria.
Attend as many events as possible and set networking goals. Get off social media and start making real human connections because no one can tell how great you really are over email.
Get knowledge and hire the right people. Have you noticed that being a doctor doesn’t necessarily make the individual a hospital administrator, and being a teacher doesn’t mean you can run a school? A lack of knowledge is the reason why some people work so hard and earn so little. Success is assured when there is an insatiable quest for knowledge. What worked for X business idea in Kenya will not work for the same X business idea in Nigeria.
Always strive to be better and relevant.
Coming up with an idea to start a cyber cafe now in Lagos is a sure way to fail with the proliferation of mobile phones and numerous internet service providers.
Knowledge doesn’t have to be formal, it is easy to acquire knowledge by reading books, listening to audio tapes, taking free online courses and chatting with a mentor. Personal development is essential to starting and expanding an existing business.
Big brands like Toyota, Honda, and Guinness are global because their creators had a vision. How can we grow our local ideas and make them global?
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This article was first published on 18th June 2014
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There is massive unemployment in Nigeria but some claim it is a human resource problem. Some people have resorted to starting their own businesses as a way out of unemployment but what most don’t understand that being an entrepreneur is not child’s play; starting a business goes beyond having the CEO tag. Research shows that approximately 90% of businesses fail within the first ten years.
Who is an entrepreneur? An entrepreneur is an idea genius, a creator of new business, a risk taker who is willing to work more hours and make less money, at least to begin with. So how then can an individual be a successful entrepreneur?
What is your purpose? Are you starting this blog, this shop, this forum to make money solely or to meet a need? Is your business going to address LOCAL problems? Is your idea achievable and realistic or just a pipe dream?
When you have identified your purpose, you must believe in your dream. If your thinking is sloppy, then your business idea will be sloppy. Be persistent. Never give up.
There are several examples of people who could have given up but didn’t. According to Ralph Waldo Emerson “Your greatest glory is not in falling but in rising every time you fall.”
To build a business, it is important to note that you will face challenges. No matter how great the plan is, it’s the willingness to try and keep trying that will guarantee success. Steve Jobs, Abraham Lincoln, Colonel Sanders and our own Jason Njoku are great examples of persistent entrepreneurs. Before NollywoodLove and now IrokoTv, Njoku was involved in several unsuccessful startups. These challenges are blessings in disguise as they build courage and character.
Be willing to take risks- calculated risks. Bankole Wellington took a risk coming down to Nigeria to pursue a musical career and today runs one of the biggest music brands in Nigeria.
Attend as many events as possible and set networking goals. Get off social media and start making real human connections because no one can tell how great you really are over email.
Get knowledge and hire the right people. Have you noticed that being a doctor doesn’t necessarily make the individual a hospital administrator, and being a teacher doesn’t mean you can run a school? A lack of knowledge is the reason why some people work so hard and earn so little. Success is assured when there is an insatiable quest for knowledge. What worked for X business idea in Kenya will not work for the same X business idea in Nigeria.
Always strive to be better and relevant.
Coming up with an idea to start a cyber cafe now in Lagos is a sure way to fail with the proliferation of mobile phones and numerous internet service providers.
Knowledge doesn’t have to be formal, it is easy to acquire knowledge by reading books, listening to audio tapes, taking free online courses and chatting with a mentor. Personal development is essential to starting and expanding an existing business.
Big brands like Toyota, Honda, and Guinness are global because their creators had a vision. How can we grow our local ideas and make them global?
