Do You Know 80% Of SME Fail In Nigeria Within 5 Years? Do Not Start Any Business In Nigeria Until You Read This -By Nwosu Chidiebele

Introduction

So you’re an aspiring entrepreneur, from Nigeria with passion in your bones. After reading Robert Kiyosaki’s book (Rich Dad, Poor Dad). You believe anything is possible and you are ready to pay the price. However, the issue is you live in Nigeria. Most start-ups in Nigeria crash within a year because of little knowledge on how to make a profit.  Simply put. Life as an entrepreneur in Nigeria is really difficult. In this article, we would be looking at some steps to take before getting into the Nigerian market. Let’s Begin. Knowing your Market Nigeria is an Untapped Goldmine. As an entrepreneur, for you to make a profit in Nigeria you need to stand out. This is one of the problems facing Nigerians today. Most Nigerians don’t think for themselves. Working on the idea of one person is the best way to earn money in Nigeria. That is why you would see two shops on the street selling the same products. This is wrong. If You don’t want to be someone who would need to beg your friends and family to buy your products, You need to know what your target market needs.

The market will always come first before selling your product or services. It saves time and effort if you know the needs of the crowd find a way to fulfil those needs. Your market should determine the type of business you do at all times. Starting Small It’s all about the process. No offence but, many of us believe that they can become the richest man in Africa overnight. This not true. It takes time to make your business successful. You must start with what you have to create what you want. Assuming you don’t have enough capital as an entrepreneur, starting Small helps you to adjust to your market.  Understand that business will always have its ups and downs. You may profit or you might lose. Starting Small would help you minimize your losses and this way you will be able to know what works and what doesn’t. Focus You can’t be a sun and moon at the same time. You must first channel your energy into one area. It is true we must not put our eggs in one basket but you must not spread too thin.

For you to stand out in business you must first be specific. Knowing that you are successful in one area of business would encourage you to do more and at the same build up experience on how to handle other businesses. Finally, your success in any business is not determined by your environment but by you. Prosperity is not in a place, it is in a person. As an entrepreneur, you must have the right mindset for you to succeed. Understand that you must fail. The road to success is not always smooth but your victory is certain. You must never relent and you must be ready to pay the price. Many people would rather jump the process than pay the price and this is because it’s painful. But it is worth it. Because If it was was easy, everyone would do it.

Nwosu is a business manager and CEO, Cpraxis Integrated Services.