From reading through this section, I have found out many people always talk about "doing something on the side" or "retiring early" etc. Is it really very important not to be working for someone? Those that are "strike out" minded, is not some people that will also work for you? How important is it to be independent/entrepreneurial career-wise?

beejaei:

From reading through this section, I have found out many people always talk about "doing something on the side" or "retiring early" etc. Is it really very important not to be working for someone? Those that are "strike out" minded, is not some people that will also work for you? How important is it to be independent/entrepreneurial career-wise?

It's important to be entrepreneural in your outlook to work and life. It can mean the difference between wealth and poverty, health and sickness, happiness and sorrow, longevity and untimely death. It helps you to be more independent-minded, and relaxed, and you can plan your future better.
Note, though: at some point you're going to work for an organization, or for someone. But you should be entrepreneural in your work approach, and regard your employer as your 'customer', cos they're paying for your services. You can also tap into your organization's resources (not steal from them o!) to develop yourself. My dad used to say the resource he used most during his work life was the telephone. Mine is computers, communications, and the Internet.
If I had to pay for the resources the company gave me (which I actually did for a brief period when I was between jobs and doing a personal consulting gig), costs would be huge.
Till date, I have always worked in an organization, and I consult in my personal capacity. It's likely to stay the same for possibly the next decade of my life. However, I am working to make it a lot less than that.
Final reason why you must be an entrepreneur. You are contributing to the nation's economy, creating jobs and creating wealth when you do that. Else we will be a nation of leeches (which we are!), always looking for 'The King's Meat'. That's why America is different from the rest of the world, the principles of free enterprise are preached and espoused by its people.

You can pay urself
You can be working and ur money will be working 4 u too
Your helping other people too

Its a thing of choice which ever pays more. I am self employed now but also worked for sometime. Both had its advantages and disadvantages

Ask the guys that have just been sacked by banks.You wil get your answer.Life is not all about white collar jobs that most educated people ave been made to beleive in this country.

@ op - na rich dad poor dad - a book too many nigerians have swallowed hook line and sinker

its become the nigerian version of the self help industry

oyb:

@ op - na rich dad poor dad - a book too many nigerians have swallowed hook line and sinker

its become the nigerian version of the self help industry

Do not discourage anyone that wants to be on his or her own.There are people who have been like that for a long time before 'rich dad poor dad' author wrote that book.

I love your write up, what are the types of work we can do, for me am an undergraduate and l need advice on which area to do work. I want to make 2010 a remarkable one . Reply me on mail. ask4charles@ymail.com. Thanks happy new year to you.

best thing is to start with what you have interest for,

asha 80:

Do not discourage anyone that wants to be on his or her own.There are people who have been like that for a long time before 'rich dad poor dad' author wrote that book.

^^^^

i am not discouraging anyone,

but its very irritating when people start assuming that 'self employment' is the beginning and end of 'financial freedom and all those other buzzwords'

in a way, being self employed can be a different kind of burden, especially if you are a responsible person, you now have the livelihoods of whole families as your responsibility - i say this because most nigerians who are self employed will simply not pay salaries when hit by hard times  - i have been there

banks lay off workers - hey if they had been self employed - no problem

okay lets look at it this way - banks are in trouble, therefore they cut back on their expenses, therefore they cut back on projects, therefore their contractors are out of business , and go broke  -

a depressed economy affects both employees and employers

and the really sad part about it is that most of these people touting self employment are looking to the us - the land of opportunity, where you can be an average joe, start a biz in your garage, and become an industry in 5 years.

there are no such stories in naija - dangote,, adenuga, otedola etc, no one can track their stories of their businesses, how they grew from a samll biz in an office to a sprawling
conglomerate.

It is an important part but you can succeed when you do what you have passion for, it also help your pockets.

Agree with most above. Working for somebody else is ok for a young person. Afterall, you're young, you've just come out of school, probably no financial capacity to do anything else, no experience and all that. So working for someone at this point is not a bad idea - probably the best start. HOWEVER, you should always have a clear vision of a way out of the modern-day slavery called "a job".

Alternatively, you can continue this way if you want to take an excuse from your boss everytime you have to go to the loo for the rest of your life, let somebody else determine how much you are worth, get fired or made redundant and re-employed, only to get fired or made redundant again and God knows how many times that might happen. You can also remain an employee if it is your dream to miss-out on your childrens life (you are gone before they wake up and back home just after they've gone to bed - but that is another day's topic). Infact, I could write a book on the cons of being in a job. But the truth of the matter is that "jobs" are demonic - simply put. Please note, I didn't say work. Everything in life revolves around work (doing something). But having a job (corporate or not) is SLAVERY because it ends up controlling your life. It dictates what you can or cannot do, what you can or cannot afford. And you are only free from it when you retire at 75, broke, busted and disgusted. And the worst part, you have lost the best of your days just to pay your bills.

If you are reading this, there is still time. Please think of something at least.

Men need Income, not salary

Profit is better than wages

God help us.

I really like this topic a lot. I am still an employee in one the banks that are cutting cost seriously. I have been hearing abt being on your own for long and i have tried and crack my brain on what to do but yet could not point at anyting. I had put all my savings in stocks b4 it started sliding down, now i dont av much and really hungry to do something on my own. @ajalekoko, i really like your contribution and i will really appreciate it if you can advice or suggest with guidelines on what to do. egorat@yahoo.com is my mail. tx

Y.M.E:

Agree with most above. Working for somebody else is ok for a young person. Afterall, you're young, you've just come out of school, probably no financial capacity to do anything else, no experience and all that. So working for someone at this point is not a bad idea - probably the best start. HOWEVER, you should always have a clear vision of a way out of the modern-day slavery called "a job".

Alternatively, you can continue this way if you want to take an excuse from your boss everytime you have to go to the loo for the rest of your life, let somebody else determine how much you are worth, get fired or made redundant and re-employed, only to get fired or made redundant again and God knows how many times that might happen. You can also remain an employee if it is your dream to miss-out on your childrens life (you are gone before they wake up and back home just after they've gone to bed - but that is another day's topic). Infact, I could write a book on the cons of being in a job. But the truth of the matter is that "jobs" are demonic - simply put. Please note, I didn't say work. Everything in life revolves around work (doing something). But having a job (corporate or not) is SLAVERY because it ends up controlling your life. It dictates what you can or cannot do, what you can or cannot afford. And you are only free from it when you retire at 75, broke, busted and disgusted. And the worst part,  you have lost the best of your days just to pay your bills.

If you are reading this,  there is still time. Please think of something at least.

Men need Income, not salary

Profit is better than wages

God help us.

i no fit laugh

so if jobs are 'demonic' what does that say about employers  

anyway, it is better to be a slaver than a slave - i'll say that much

Guys, good talk. i like this kind of discussion. Please i would like to know what kind of business someone can start up with 200k. Am based in port harcourt and can come down to lagos and buy any thing. thanks

There's nothing like having your own job, i can't wait to have mine

In as much as having your business is very good, the question is, how many of us are willing to take the risk involved?

Both have their advantages and disadvantages.
Who says one can't do both? You can be employed and still have something on the side.

Every individual should decide what he/she want's from life.
Some people are orientated towards career life, they educate themselves fully in their field.
Even though they get sacked, they're easily picked up by other companies.

Being self employed is not a guarantee that one will be successful.
If one isn't disciplined, then you can be a self employed pauper.
Many employed people have become millionaires through investing their salaries, it's all about discipline.

A lot of people think self employment is a tea party, be ready to work twice as hard.
Study yourself before deciding what you want. Like Socrates said, " Being know thyself".

BlueDiva:

Both have their advantages and disadvantages.
Who says one can't do both? You can be employed and still have something on the side.

Every individual should decide what he/she want's from life.
Some people are orientated towards career life, they educate themselves fully in their field.
Even though they get sacked, they're easily picked up by other companies.

Being self employed is not a guarantee that one will be successful.
If one isn't disciplined, then you can be a self employed pauper.
Many employed people have become millionaires through investing their salaries, it's all about discipline.

A lot of people think self employment is a tea party, be ready to work twice as hard.

Study yourself before deciding what you want. Like Socrates said, " Being know thyself".

precisely,

an employer with character is working for two sets of people - his clients and his employees

i guess what it comes down to is that self employment in naija is an euphemism for buying and selling

Y.M.E:

Agree with most above. Working for somebody else is ok for a young person. Afterall, you're young, you've just come out of school, probably no financial capacity to do anything else, no experience and all that. So working for someone at this point is not a bad idea - probably the best start. HOWEVER, you should always have a clear vision of a way out of the modern-day slavery called "a job".

Alternatively, you can continue this way if you want to take an excuse from your boss everytime you have to go to the loo for the rest of your life, let somebody else determine how much you are worth, get fired or made redundant and re-employed, only to get fired or made redundant again and God knows how many times that might happen. You can also remain an employee if it is your dream to miss-out on your childrens life (you are gone before they wake up and back home just after they've gone to bed - but that is another day's topic). Infact, I could write a book on the cons of being in a job. But the truth of the matter is that "jobs" are demonic - simply put. Please note, I didn't say work. Everything in life revolves around work (doing something). But having a job (corporate or not) is SLAVERY because it ends up controlling your life. It dictates what you can or cannot do, what you can or cannot afford. And you are only free from it when you retire at 75, broke, busted and disgusted. And the worst part,  you have lost the best of your days just to pay your bills.

If you are reading this,  there is still time. Please think of something at least.

Men need Income, not salary

Profit is better than wages

God help us.

Wow. It's like you read my mind. I'll just like to add that, when you're on a salaried wage, your ratio of productivity to reimbursment is fixed. In other words, if you bust your balls for your employers and they have a really good month, you still get your same salary and if you're lucky a bonus and a promise of promotion (which normally will not materialize) no matter how much extra money they make of your sweat.

Starting your own business involves a lot of risk and be under no illusions, is hard as hell, but the plus side is, no matter how small, it's yours to own and sell. And what you put in, is exactly what you get out.

Good month, you buy a new car, bad month, you chill and work harder.

Personally, this year, i'm doiing my own thing. I will be responsible for my own fate.

BlueDiva:

Both have their advantages and disadvantages.
Who says one can't do both? You can be employed and still have something on the side.

Every individual should decide what he/she want's from life.
Some people are orientated towards career life, they educate themselves fully in their field.
Even though they get sacked, they're easily picked up by other companies.

Being self employed is not a guarantee that one will be successful.
If one isn't disciplined, then you can be a self employed pauper.
Many employed people have become millionaires through investing their salaries, it's all about discipline.

A lot of people think self employment is a tea party, be ready to work twice as hard.
Study yourself before deciding what you want. Like Socrates said, " Being know thyself".

Very good point too

You may be thinking that starting your own business will bring an end to all your financial woes. That is a gross misconception.

While I advise young people to start their own business, as early as they can, I do not subscribe to calling paid employment evil. Like someone already mentioned, it is a matter of time as your business expands, you will need to employ people. So if you are of the opinion that it is evil to work for others, then I wonder what you expect your staff to be thinking of you.

We need to understand certain issues:

1. Entrepreneurship is not for everyone. You ask why? The answer is simple, not everyone is ready to pay the price!
Please note that an entrepreneur is different from a self-employed person. It takes much more effort and sacrifice to become a successful entrepreneur than it is to become self-employed. An entrepreneur undergoes training takes actions which an average person consider risky!

Even though anyone can decide to become self-employed, success does not come cheap either. Being self-employed is not without it own disadvantages.

2. Being self-employed is not the same thing as owning a business! For example, a self-employed motor mechanic whose workshop is heavily dependent on him been present to attend to customers does not own a business. He is just an employee. The difference between him an another mechanic working in a corporate organization is that he is his own boss. This have advantages and disadvantages.

However, an experienced mechanic who started a workshop, built a system for running the workshop and employed capable hands to run the system such that he is not physically needed for the workshop to run successfully owns a business!

3. Being on your own means you are saddled with not only the provision of services or products for your clients, but also the management and survival of the business entity. This is not as easy as it seems. It is not easy to be the one saddled with the responsibility of taking day-to-day critical business decisions. I've experienced the anxiety associated with such in a little dimension and I can honestly say that it is not an easy one. It is a lot easier earning a salary than being the one worrying about how the staff salary for next month will be paid on time!

My conclusion is that anyone interested in entrepreneurship should take time to understand what it is all about. Robert Kiyosaki did a good job at explaining these issues in his series of books. There are other books that will also help your financial intelligence if you are desirous of quitting the rat race, e.g. Who Move My Cheese, The Richest Man in Babylon, Think and Grow Rich etc.

If you need my humble opinion or personal help, check me at Nigerian Entrepreneur. Cheers.

Lovely Post.

I have done both and presently my husband and I do own a Computers Solutions Company in the US Virgin Islands ( St. Croix to be exact). We were both professionals for years. He worked for IBM for donkey years and I in  real estate sales . we making OK money to be comfortable, but in June  2007, we decided to branch out and do our thing. Opened up our company.

Huge difference, not easy but definitely the best thing we did, as 2 years later, we are opening  a 2nd location in the St. Thomas area.  So I am of the premise that that being on your own will open doors that working for someone else will not. But being your own boss is no easy feat as discipline and extreme love and dedication to what you do becomes a major factor, and forget about having a social life in the first few years. But is it extremely rewarding?, hell yeah.

Biko nu. I never said all employments/employers are bad. I just said having a "job only" mentality or having no plan other than "jobs", doing or relying on nothing other than jobs, jobs as only source of income, a life planned around jobs, what the heck; the word, the idea of "jobs for life" is and I repeat DEMONIC.

Please help me here, if you work for a company and literally run the business yourself, yet you feel trapped and undervalued, definitely unappreciated because you are still accountable to probably an ingrate for a boss.

I also didn't say owning your business was a walk in the park. But, if you can work for somebody else effectively enough not to get fired every two weeks. Then you have most of the personal attributes like, commitment, discipline etc that is required to successfully run your own business - capital? totally up to you, but not always essential.

And please, let's not fool ourselves, you cannot afford to invest your salary, no matter how much you earn, unless you have no responsibilities. You can afford a saving however, but invest, IMHO, I'm yet to see.

God bless the initiator of this thread There is nothing like being an entrepreneur or starting out on your own. Entrepreneurs are the ones that spur the growth of economies all over the world. President Barack Obama of the United States has created a special department to encourage entrepreneurship and innovators in a bid to stem the recession. Obama believes entrepreneurs can revive the American economy. In the United States, Canada and Europe, entrepreneurs are encouraged by the Government and local councils with financial grants, business advice, solid information and efficient monitoring by mentors who are already successful entrepreneurs.

In Nigeria, entrepreneurs are not supported by the authorities. However, Nigerians trudge on and achieve something for themselves. We need more entrepreneurs in Nigeria, Nairalanders. Please don't be afraid of starting your own company. Don't be afraid of starting small. Great things start from small beginnings. If you have a good business idea, the sky is your limit. The problem is many Nigerians want to do the same thing and there is so much copying from other people. I know a young man that left a popular news Magazine in Nigeria to start his own Magazine. He did not have much money but he had ideas. His area of coverage was the South-South area of Nigeria. He came from that part of Nigeria and knew the terrain well. I saw this man struggle and at a stage he could not pay his small group of writers [ I was one of them ]. Things were tough and he got ejected from the office space he rented. However, this guy was determined. He knew he had a niche market to cater for. He wrote to many companies and solicited for adverts from them. His secretary stood by him. They got a few adverts and the Magazine started to grow. I left the Magazine and moved to Europe. When I came home for a visit, I dropped by at his new office and I was surprised at the posh place he had moved into. Today, our young man is made  He is doing well now. He's not too happy I did not stay with him, but I told him God has plans for me. I was only meant to help him start the Magazine

Nigeria is a land of opportunity despite all the problems we have. I've been to Europe and I can confidently say the grass is not always greener on the other side. If you're abroad and you're thinking of coming back to Nigeria, please don't hesitate to come back. Come back and start your company. Start small and don't worry too much about the inconveniences of PHCN and the water corporation. Use all the exposure and ideas you've garnered abroad to your advantage. I spoke to my mum yesterday and she's about to float her ice block business in Nigeria. She has held the dream to her chest for years. She's gotten the freezers and shop space [ at our home, though ]. She will be employing two workers to help her out [ creating jobs ].  I will also advice Nigerian youths to start making intelligent use of the internet to get business ideas and solid information that can change their lives. There is a lot to gain from being an entrepreneur. Read Richard Branson's story. Cheers.

its cool to work for yourself but most times its also necessary to work for others inorder to get the cash and the xperience needed meanwhile you u invest your income,


check my signature,

oyb:

^^^^

i am not discouraging anyone,

but its very irritating when people start assuming that 'self employment' is the beginning and end of 'financial freedom and all those other buzzwords'

in a way, being self employed can be a different kind of burden, especially if you are a responsible person, you now have the livelihoods of whole families as your responsibility - i say this because most nigerians who are self employed will simply not pay salaries when hit by hard times  - i have been there

banks lay off workers - hey if they had been self employed - no problem

okay lets look at it this way - banks are in trouble, therefore they cut back on their expenses, therefore they cut back on projects, therefore their contractors are out of business , and go broke  -

a depressed economy affects both employees and employers

and the really sad part about it is that most of these people touting self employment are looking to the us - the land of opportunity, where you can be an average joe, start a biz in your garage, and become an industry in 5 years.

there are no such stories in naija - dangote,, adenuga, otedola etc, no one can track their stories of their businesses, how they grew from a samll biz in an office to a sprawling
conglomerate.

@oyb,
There's hope for you yet!
I wish I could agree with you on this one, but . . .  hard evidence points to the contrary.
In my opinion, self-employment is indeed the beginning of financial freedom. Have you ever been in a situation where you compared yourself to a hustling compadre, who basically seems to have everything you have - i.e. comfortable home, family responsibilities, landed property and investment, etc, etc - but in reality only earns or makes maybe a tenth of what your nominal salary is? Dig deep, I'm sure you'll find someone like that.

I'll tell you a story about someone. An old schoolmate of mine, who was practically living off me  about six years ago. I'm not flattering myself, mind you, this guy's situation was that dire back then. No job, no nothing. I was able to find him a job with a PP client of mine, where he got paid about 50 grand a month. That job opened up a world of hustling for him, and he started doing many things on the side. Three years later he quit the company where he was working, and struck out on his own. Well . . . guess what, the guy has managed to put down like four houses in Lagos, owns a business that has offices in upwards of ten states, and is doing pretty well. Much better than I am, with all my position and salary. This one aint no fantasy o.

The bottom line is, I have noticed that the street hustlers always have this I-have-nothing-to-lose attitude, compared to the pretentious know-it-all attitude of those of us who work in offices. There's a even a guy who i know, who has made a huge fortune from selling apparel out of the boot of his car, to people like you and me who work in VI and Ikoyi offices. To add insult to injury, the guy is now loan-sharking his clothing clients!

yme, ( and the house) pls can anyone tell me what kind of business on can run or do with 300-500k in a place like ph.

I agree with NiajaECash and Ajanlekoko; being successful takes a lot more than just owning a business and nothing is stopping you from "doing it on the side."

To those wondering about what type of business to start, the easiest way is to ask the question “why” and try to find a solution to it. Chances are that whatever issues you have that forms the basis of your “why” question, other people have the same issues. It is easier to ask the question and find a solution in industries that you’re familiar with. I was an engineer and my issues tend to be technical in nature. However, the methodology, if you can call it that, works for any industry.

Here are some examples of how the process works:

Issue: Why can’t I watch a movie in the comfort of my home exactly when I want to watch it?
Solution: Video On Demand

Issue: Why can’t I rewind the soccer match playing on the TV to see the goal I missed while talking?
Solution: Digital video recorder

Issue: Why can’t I figure out exactly where my driver is at this particular moment?
Solution: GPS tracking device that can be monitored on the internet or mobile device.

Issue: Why can’t the police verify my identity (or particulars as it is called) when I get pulled over?
Solution: ***not telling:-)

Issue: Why can’t I figure out my way around Lagos?
Solution: GPS navigation

Issue: Why can’t I eat mango or any other seasonal food all year round (off season)?
Solution: Food processing

All the issues I listed above are some of the business ideas that I started/thought of starting/might be starting. Most of the ideas I listed are now moot because I got to the market too late.

It's funny when people reason one way.
I'm into both right now and know their pro's and con's.

Y.M.E:

And please, let's not fool ourselves,  you cannot afford to invest your salary, no matter how much you earn, unless you have no responsibilities. You can afford a saving however, but invest, IMHO, I'm yet to see.

I believe you speak for yourself.
People have built a fortune from investing part of their salaries.

Are you aware some people earn about a million naira a month?
You don't even have to earn as much to be a good investor, just know the tricks.

AjanleKoko:

@oyb,
There's hope for you yet!

I'll tell you a story about someone. An old schoolmate of mine, who was practically living off me  about six years ago. I'm not flattering myself, mind you, this guy's situation was that dire back then. No job, no nothing. I was able to find him a job with a PP client of mine, where he got paid about 50 grand a month. That job opened up a world of hustling for him, and he started doing many things on the side. Three years later he quit the company where he was working, and struck out on his own. Well . . . guess what, the guy has managed to put down like four houses in Lagos, owns a business that has offices in upwards of ten states, and is doing pretty well. Much better than I am, with all my position and salary. This one aint no fantasy o.

The bottom line is, I have noticed that the street hustlers always have this I-have-nothing-to-lose attitude, compared to the pretentious know-it-all attitude of those of us who work in offices. There's a even a guy who i know, who has made a huge fortune from selling apparel out of the boot of his car, to people like you and me who work in VI and Ikoyi offices. To add insult to injury, the guy is now loan-sharking his clothing clients!

For every story like this,
There are those who invested millions and folded up too.
There are those who can't pay their workers salaries.

Being an entrepreneur in this country is challenging.
No power, no quality raw materials, poor govt policies etc.
It's certainly no stroll in the park.

Wallie:
All the issues I listed above are some of the business ideas that I started/thought of starting/might be starting. Most of the ideas I listed are now moot because I got to the market too late.

It's never too late to enter the market.
There is room for everybody, just add the extra touch.