Starting entrepreneurship is a huge and life-changing decision. Especially if you’ve worked 9-5 and gotten used to being paid a steady salary. As a business owner, you’ll be the one making the money and paying workers. These things take some getting used to, but it must not be difficult. Learn how to become an entrepreneur in Nigeria with this post.
Entrepreneurs are the economic backbone of any country. They make up the highest employers of labour of any country. In Nigeria, entrepreneurs create more job opportunities than the government does. They keep the economy afloat and thriving.
When you do become an entrepreneur, you’ll play a big role in transforming the Nigerian economy.
Who Is An Entrepreneur?
An entrepreneur is a person who establishes a business and funds it with the aim of making a profit. Entrepreneurs often start by launching a small venture and then walking to grow it. These individuals may be involved in different businesses.
The idea behind becoming an entrepreneur is to be self-sufficient by running your own business. If you already do this, then you fit into this category.
Business owners are essential to Nigeria’s economy. Almost all the big establishments and private companies in this country were started by entrepreneurs. From small shops to business centres. They are the biggest driving force behind innovation and consumer behaviour.
Why Should You Become An Entrepreneur In Nigeria?
There are a lot of reasons why you should venture into entrepreneurship in Nigeria. We did a quick rundown of some of them below:
1. The Rise In Unemployment
One of the most important reasons why you should become an entrepreneur in Nigeria is the country’s high unemployment rate.
There are many qualified Nigerian graduates without jobs. And the available jobs offer low payment. Instead of sitting at home ideal or taking a low-paying job, you could start up your own business.
When you’re a business owner, you’re basically your own boss. No need to wake up super early to rush to work and come home late. You make your own hours and control the projects you accept.
3. Riches And Success
Working for a corporation offers job security and a steady supply of income, but it also hinders your progress. People will decide when you’ll get promoted, how to use your creativity, and when you should get a raise.
But with entrepreneurship, you have all the control, plus the money you make is yours alone. Additionally, the most successful people in the world ventured out on their own as entrepreneurs too.
There are a lot of problems in this world that can be solved with your smarts and creativity. You’ll be able to create solutions, impact lives, and provide job opportunities for struggling individuals.
5. Living Out Your Dream
All the ideas that have been locked in your head for years, can finally see the light of day when you start your own company. You get to become who you’ve always wanted to be, without the shackles of capitalism.
How To Become An Entrepreneur In Nigeria?
These are some sure steps on how to become an entrepreneur in Nigeria:
1. Decide What You Want
The first step is making up your mind as to whether you really want to become an entrepreneur. Starting your own business is a huge step. For instance, if you have a regular job, will you quit? Or perhaps run both projects simultaneously until you can quit and focus solely on your business?
That decision is a tough one to make; although if you are thinking about it, you are already considering doing it. Whatever you decide, just make up your mind about the challenges and risks associated with entrepreneurship. Be ready to face them too.
2. Choose A Business
The next step is to determine what business you wish to do. This space is a vast one, there are so many fields you can venture into. No need to rush, take your time to figure out what you want.
In the beginning, it will be tough and things will progress slowly, so it is crucial that you do a business you’re passionate about. Don’t pick something you’ll get bored of easily. It should also be something you’re good at, that way you can actually solve people’s problems.
Some things points that can help you are:
Identify A Problem
The main goal of beginning a business is to identify and then solve a problem. If your business solves problems, that’s when it becomes relevant to the community. So, just find out a pressing need you or people have, and find ways to fix it.
Find Out What You Are Good At
What do you love doing? Once you answer this question, then you can build a business around it. You could also gravitate towards any talents you have or traits people compliment you about.
You can then look at other successive businesses in Nigeria and see their ideas to get inspiration.
3. Research The Business
After picking a business to start, do research on it. It is important to familiarise yourself with the venture you want to start. Ask yourself questions and find answers to them.
Where is the best area to launch that type of business? Are there similar businesses in your area? What are their sales like? What do potential customers in your area prefer?
4. Draft A Business Plan
A business will state the name of the business and mentions the goods or services it will provide. It also covers the capital needed to kickstart it, including production which must be stated in the plan.
Other things you should include are the cost of production and the selling price of every unit of your goods.
5. Get Funding
After drawing up your business plan, the next step would be to source for funds to begin the business. You can show investors the plan in hopes that they’ll invest in it for a certain percentage of profit.
You may use your money if you have enough to cover it. You can also get the rest from microfinance banks, friends, or family that could give you a loan.
6. Get The Business Registered
During registering, you can decide if you want a sole proprietorship or a limited liability company. You can start with a sole proprietorship and upgrade to a limited liability.
However, if you want to have a business that comes with all the benefits of running a business, register as a limited liability company. You can go to the CAC which is the body in charge of this process in Nigeria.
7. Know Your Target Audience
Not everyone in Nigeria will buy your products or services and that’s okay. The best way to maximize sales is to identify your target audience. And don’t just stop at identifying them, know what they want too.
You can find out this information by asking yourself which group of individuals are most likely to patronize you. Young people? Students? Working class people? Families? Men or women? know these things before you start marketing your business.
8. Start Marketing
Marketing is the lifeline of any business. It’s how you get people to be aware of your business and bring them to you. Do the promotion according to your budget.
You may pay for newspaper advertisements, influencer marketing, posters, billboards, and Google ADs, or utilise free channels like social media pages, websites, customer reviews, or blog posts.
9. Make Your Product Valuable
Your product or service should have a unique selling point which will make it appealing to customers. You can pick this point depending on what type of service you offer. Once you understand the angle of your business that makes it distinct, you can help clients see it too.
10. Take Courses Or Get A Mentor
You’re never too experienced to learn new things, especially when you’re an entrepreneur. Whatever business you want to go into, you can take online or offline courses or talk to an expert in the field about it. This helps you expand your knowledge and ensure that you are on the right track.