One of the easiest ways to become a millionaire in Nigeria is to become an entrepreneur, not just an ordinary entrepreneur a successful entrepreneur.
This might be hard for you to believe especially because you also know 9 – 5 people that are rich but it’s true. Nigeria is waiting for the next big thing, the next big product. A good way to understand this is by looking at what we’re currently facing as a country (the high rate of unemployment).
I have also known about this entrepreneurship journey a long time ago but I guess I was lazy about it. I wrote many business plans as far back as the year 2010 and I didn’t push many of them through because they all needed money, needed attention and I was lazy in making an effort.
I wanted money then and I wanted it as soon as possible so I went on a job search instead of starting a business.
But looking back at those years now I’ve realized if I had just managed to push one through I would or I should have become a successful entrepreneur now because 10 years is enough to grow a new business.
This is why recently on the blog I’ve been writing many articles on creating wealth (Businesses we all can start as side hustles) and how to go grow them till they become the next BIG THING in Nigeria.
Because I don’t want anyone to repeat the same mistake I had made. So today I’ll be sharing with us 7 tips we can follow to become a successful entrepreneur in Nigeria.
Keep in mind that these points you’re about to go through now are completely useless if you don’t put them close to your heart and you don’t put them into action. It about taking actions, it’s not just about reading.
How To Become a Successful Entrepreneur in Nigeria
1. Start Immediately
Starting a business in a country like Nigeria is tough and because it is tough many of us just look for an easy way out like looking for a job. I talked about this earlier in my introduction but the best time to start a business is now.
Don’t allow funds or any other thing to make you postpone it.
The difference between a successful entrepreneur and an average entrepreneur in Nigeria is the ability to see an opportunity, get advice and grab it without wasting time.
Sincerely Nigerians are enduring people and there is no doubt in that. We always believe there’s a better tomorrow no matter what we pass through but many of us don’t apply this to the entrepreneurship side of our life in Nigeria.
We give up on our business ideas too early and those us that we’re able to start after so much struggle still give up at the end when the business is not fulfilling our expectations.
Well, it has been proven time after time by successful entrepreneurs both in Nigeria and far and wide that to be successful at a business you need to develop a never give up attitude.
The fact that your friend’s business is making more money than yours doesn’t mean you’re in the wrong business. It is just your friend’s set time hold on and you’ll see your own set time will also come too.
New products in the Nigerian market may take time before they are embraced from left, right, and center but it doesn’t mean they’ll not be accepted and bought. It is only a magician than will expect a boom immediately. Be patient has a Nigerian entrepreneur and you’ll enjoy your rewards when they come.
I talked about this in point 1 but I feel we still need to dwell on this more for more understanding.
The Dangote you see today didn’t ride alone. He rode on his uncle and some other prominent Nigerians shoulders when he was just starting his business.
Now, he rides on Nigerian politician shoulders and this as continued to profit him as any policy by the government always seem to favour him.
It’s impossible for an island to live alone because it needs other islands to survive. This is how it is in the entrepreneurship side of Nigeria and this is how it will always be.
So to become a successful entrepreneur in Nigeria you have to be ready to connect and meet people (business inclined, investors) that will support your business and take it to where you want it to be.
The ability to get capital when you need it can also make you become a successful entrepreneur in Nigeria.
Let’s face the fact, not all businesses can get a loan from the Bank of Industry because of their criteria. So the ability to get this capital whenever and wherever dim fit makes you a successful entrepreneur in Nigeria.
Imagine you needing N1 million now and you’re able to get it in 24 hours. This makes you a king among other entrepreneurs in Nigeria.
So you might say how do you get money to start your business in Nigeria as an upcoming entrepreneur?
You can self-fund your business if you know you have some saved up money that you’ve kept for a while in the bank.
The best thing about this source is it is risk free and it saves you the time of meeting investors for money in starting your business.
You can also meet family and friends for support and use them as the first investors in your business. You’ll be amazed at how far they will be willing to assist you based on the rapport you have built with them and how they have seen you been able to multiply money.
You should consider this if you have lots of entrepreneurs in your family and you also have many of them as friends
These are people who are willing to invest in business whether new or old businesses already in existence. You can meet these people for assistance in starting your business.
For more guidance on this, you should read:
The 3 links above will guide you on how to go about on your entrepreneurship journey in Nigeria.
5. Understand Financial Statements
This has been argued time and time again by some Successful Nigerian entrepreneurs.
Where some entrepreneurs think it’s necessary to understand accounting statements some other entrepreneurs say there’s no need for this that after all, our forefathers never understood financial statements yet they had profitable businesses during their lifetime.
Well, in as much as the second school of thought is right about our forefathers, we live in the 21st century and in this time and age, the ability to understand financial statements saves you a lot of troubles as an entrepreneur.
Ability to understand financial statements helps you to know whether your company/business is making profit or loss and whether there are loopholes in your business. In other words, it helps you see right into the future of the business and make plans. A Nigerian entrepreneur who doesn’t understand this will be jilted right under his nose.
6. Reduce Expenses, Increase Sales
This is one trick that keeps many businesses going despite all their trying times.
For those of us that don’t understand this, this is like earning a salary. No matter how small it is you can still make something out of it and live on it. No matter how small your profit is from your business you should still find a way to live on it and look for other methods to increase your sales.
I remember the time I was earning 25k as a salary. I was still able to live on this. Even the time I started my business and was jobless I was still able to survive on my business by simply reducing my expenses and increasing my sales.
You’ll be surprised how fast your business can grow by this technique – cutting out so many expenses and increasing your sales.
This accounting technique has made many Nigerian entrepreneurs successful without putting in much effort and it can make you too successful as an upcoming entrepreneur in Nigeria.
7. Take Risks
I’ll say this once and for all “if you can’t take the risk, you’re not an entrepreneur and you shouldn’t be an entrepreneur” because an entrepreneur in Nigeria is majorly about taking risks.
And when I talk about risk here I’m talking about calculated risk not foolish risk – a risk-based on imagination.
If you know the product is going to be accepted in Nigeria after your market survey invests in it and if you know it’s not, don’t 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 fine.
Be honest with yourself!
My brother once invested in a business he was supposed to start last year. He didn’t know he gave his money to the wrong people and these people carted away with it. Till today he’s not discouraged by this. He has picked himself up and he’s ready to invest again in another business.
My point here is don’t give up even if you’ve been swindled of your money. Pick yourself up and still continue to do the right thing which is investing in your business and you’ll see that as time goes by your business will get to its peak and money will start coming in.
Being an entrepreneur in Nigeria is not easy but you need to keep pushing and never give up. One day, with these tips you’ll become successful. Keep going and never give up.
What other points do you think makes a successful entrepreneur in Nigeria?
Let me know in the comments.