The journey to creating wealth as an entrepreneur is an interesting but difficult one, especially in Nigeria. It’s started by many but ends with only a few success stories of strong and focused people. It takes, like Maya Angelou said, “…seeing the diamond in the stone”.
In this neck of the woods, there are many obstacles associated with being an entrepreneur. Depending on your industry & the focus of your business, the challenges range from startup capital to manpower. Others include hiring, cash flow management, tough competitive landscape e.t.c.
However, with the right focus, knowledge, energy & guidance, most of these issues are surmountable.
Startup capital & financing is probably the most difficult challenge for any start up. Irrespective of your business idea – big or small, it still needs financing to get off the ground & running. A start-up should never be conceived based on structured loans except you want to fail before you even start. Start with what you have, your own personal funds and only covering a little at a time.
Better still, talk to family & friends and get ‘soft loans’. This is completely different from a formal loan. Structured or formal loans are for existing businesses. They’re already running but need the funds for expansion. Imagine how many brilliant ideas are buried today because of lack of financing.
Finding, hiring & retaining the right staff for the business is another frustrating adventure for entrepreneurs, because you want good return on investments (ROI), you will need people who are aligned with your vision & who are competent. The frustration is not in hiring but more in finding & retaining the right personnel at a reasonable cost. The wisdom here is to hire one very good personnel that does the job of 3 people but gets the pay of 2.
Keep your operational cost to the barest minimum. Yes, that business will absolutely need all the savings it can get.
Get support for your business. You need an accountant, lawyer, auditor, e.t.c specifically for start-ups. Getting a grip on these & other ideas will tilt your business in the right direction.
Finally, remember there is no challenge that is insurmountable. You have all it takes to be an extraordinary entrepreneur. Please don’t give up as an entrepreneur in Nigeria. Our people & economy need all you have to offer!
Have a great week ahead and do enjoy the Democracy Day celebrations. Ciao!