BUSINESS IN NIGERIA
With the continued problems in getting a paid job, downsizing and bankruptcy in the economy, many Nigerians are looking for alternatives.
It’s not surprising that the trend in the economy now is to become self-employed. Unfortunately, most people taking this bold and positive step are failing. Why?
Before responding to this question and providing solutions, let me assure you that you can run a successful business in Nigeria.
There are successful stories of Nigerians who some years ago pursued their entrepreneurship dream. Despite the present downturn economy their businesses are doing very well.
The success story of these entrepreneurs is to show you that starting a business in Nigeria is do able. Here are some case studies to motivate you.
Cosmas Maduka, is the president/chairman of Choscharis Group. He started his business journey from a humble beginning.
After seven years of apprenticeship in selling motorcycle spare parts, his uncle gave him a token of N200 to start his own business in 1975. Today he is one of the most successful entrepreneurs in Nigeria.
Another creative successful business owner is Cosmos Okoli, who has proven that starting a business in Nigeria and achieving success is do able. At the age of four and half years he had polio. He lost his limbs to the disease.
He is making money by creating tools that help disabled people live a convenient life. He is the chairman of Mobility Aids and Appliances Research and Development Centre (MAARDEC) and the chief executive of Cosokoli Ventures Nigeria Limited and Omokas Nigeria Limited.
Let’s discuss the last testimony to buttress that starting a business in Nigeria and succeeding is achievable. Prince Samuel Adedoyin is the chairman/chief executive officer of Doyin Group of companies.
He started petty trading at age 14 with an initial capital of 48 pounds. With that token amount, his business grew to conglomerate of businesses which includes manufacturing, motor vehicle sales, real property investment, general merchandising, etc.
The truth of the matter is that running your own business is not an easy task, but applying the following success principles will guarantee success. Let’s get started:
Discover your potentials: The first step to starting a business in Nigeria is to discover your potentials. It’s easier to succeed when your business is based on what you know and love.
If you’re doing something you know that interests you, you will not mind devoting over 12 hours a day. The passion will propel the energy to persist until you succeed.
Become an apprentice to a successful entrepreneur: In today’s stiff business competition, your understanding of the business you intend to do must be above average to assure success.
I recommend where possible to become an apprentice to someone or an establishment already doing well in your proposed kind of business.
The experience you will acquire from the establishment will save you lots of money and mistakes you would have made if you had just started on your own.
In addition, read books and interviews from successful business owners in your area of interest on a continuous basis.
Offer quality service: When you're starting a business in Nigeria you should Offer your customers more value in terms of products and services than the money you receive from them.
You should strive to be the best company in your industry by building lasting relationship with customers with excellent customer service.
Tell everyone about your new business: If you’re just starting a business in Nigeria, develop a habit of telling loved ones, friends, neighbors and people that come your way about your business.
Let them know how a referral from them will be important to your success. For effective use of this strategy you should print quality business cards that you give out.
Application of the aforementioned strategies will help in starting a business in Nigeria successfully.
With the continued problems in getting a paid job, downsizing and bankruptcy in the economy, many Nigerians are looking for alternatives.
It’s not surprising that the trend in the economy now is to become self-employed. Unfortunately, most people taking this bold and positive step are failing. Why?
Before responding to this question and providing solutions, let me assure you that you can run a successful business in Nigeria.
There are successful stories of Nigerians who some years ago pursued their entrepreneurship dream. Despite the present downturn economy their businesses are doing very well.
The success story of these entrepreneurs is to show you that starting a business in Nigeria is do able. Here are some case studies to motivate you.
Cosmas Maduka, is the president/chairman of Choscharis Group. He started his business journey from a humble beginning.
After seven years of apprenticeship in selling motorcycle spare parts, his uncle gave him a token of N200 to start his own business in 1975. Today he is one of the most successful entrepreneurs in Nigeria.
Another creative successful business owner is Cosmos Okoli, who has proven that starting a business in Nigeria and achieving success is do able. At the age of four and half years he had polio. He lost his limbs to the disease.
He is making money by creating tools that help disabled people live a convenient life. He is the chairman of Mobility Aids and Appliances Research and Development Centre (MAARDEC) and the chief executive of Cosokoli Ventures Nigeria Limited and Omokas Nigeria Limited.
Let’s discuss the last testimony to buttress that starting a business in Nigeria and succeeding is achievable. Prince Samuel Adedoyin is the chairman/chief executive officer of Doyin Group of companies.
He started petty trading at age 14 with an initial capital of 48 pounds. With that token amount, his business grew to conglomerate of businesses which includes manufacturing, motor vehicle sales, real property investment, general merchandising, etc.
The truth of the matter is that running your own business is not an easy task, but applying the following success principles will guarantee success. Let’s get started:
Discover your potentials: The first step to starting a business in Nigeria is to discover your potentials. It’s easier to succeed when your business is based on what you know and love.
If you’re doing something you know that interests you, you will not mind devoting over 12 hours a day. The passion will propel the energy to persist until you succeed.
Become an apprentice to a successful entrepreneur: In today’s stiff business competition, your understanding of the business you intend to do must be above average to assure success.
I recommend where possible to become an apprentice to someone or an establishment already doing well in your proposed kind of business.
The experience you will acquire from the establishment will save you lots of money and mistakes you would have made if you had just started on your own.
In addition, read books and interviews from successful business owners in your area of interest on a continuous basis.
Offer quality service: When you're starting a business in Nigeria you should Offer your customers more value in terms of products and services than the money you receive from them.
You should strive to be the best company in your industry by building lasting relationship with customers with excellent customer service.
Tell everyone about your new business: If you’re just starting a business in Nigeria, develop a habit of telling loved ones, friends, neighbors and people that come your way about your business.
Let them know how a referral from them will be important to your success. For effective use of this strategy you should print quality business cards that you give out.
Application of the aforementioned strategies will help in starting a business in Nigeria successfully.
Thank you for reading, God bless you!
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