10 Qualities Of A Successful Entrepreneur

Hardworking professionals have a lot of traits in common, so it’s not surprising that the qualities of a successful entrepreneur look similar. Successful business people possess innate creativity and a drive to excel. They are confident and optimistic. They are disciplined self starters and are open to new ideas.

The Top Qualities of a Successful Entrepreneur

1. Disciplined
Successful entrepreneurs are focused on making their businesses work. They eliminate all hindrances and distractions to their goals and outline tactics to accomplish them. They focus on the day-to-day operations of their business without disregarding their long-term goals. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their goals and objectives.

2. Confident

One quality of a successful entrepreneur that people quickly notice is their confidence. Entrepreneurs don’t ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do.

3. Open Minded

Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. They are constantly looking for new ways to improve the current systems and processes. Entrepreneurs have an uncanny ability to envision a product that will solve a problem, even though it may not currently seem possible. They have the ability to look at everything around them and focus it toward their goals.

4. Self-starter

Self-starters tend to be more successful because of their innate ability to manage their time and control their performance. If something needs to be done, entrepreneurs know they should start it themselves. They set project parameters and are proactive, not waiting for someone to give them permission. Entrepreneurs look for solutions to make starting their business less complicated and other processes that can reduce complications in the workplace.

5. Competitive

Many companies are formed because an entrepreneur knows that they can do a job better than another. They need to win at the sports they play and need to win at the businesses that they create. An entrepreneur will highlight their own company’s track record of success. To excel in business, entrepreneurs have the ability to explore all of their options and remain aggressive in pursuing their goals. They are willing to accept any challenges that may come their way in order to excel even more.

6. Creative

A successful entrepreneur is creative and always looks at the big picture. Their creativity and vision often lead to the invention and discovery of new things. These traits require an entrepreneur to take their ideas and dreams into a physical form. One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions which are the synthesis of other items. They will repurpose products to market them to new industries. They must also be willing to step outside their comfort zone in order for their ideas to come to fruition. Sometimes these inventions result in new technologies and advancements that can create breakthroughs in industries.

7. Determined

Entrepreneurs look at defeat as an opportunity for success. They are determined to make all of their endeavors succeed, so they will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done. Therefore, one quality of a successful entrepreneur is determination. They possess the determination to persevere through all of the ups and downs of business in order to achieve their goals and dreams.

8. Strong people skills

Entrepreneurs use strong communication skills to sell products and motivate employees. Most successful entrepreneurs know how to motivate their employees so the business grows overall. They are very good at highlighting the benefits of any situation and coaching others to their success.

9. Strong work ethic

Highly-successful entrepreneurs are always willing to put in the necessary effort. They are leaders that set a strong example to others, especially in the sense of urgency and responsibility. The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. They will come in on their days off to make sure that an outcome meets their expectations. Their mind is constantly on their work, whether they are in or out of the workplace.

10. Passion

One of the most important qualities of a successful entrepreneur is passion. They genuinely love their work. They are willing to put in those extra hours to make the business succeed because there is a joy their business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better. They are willing to put in their time and effort to learn new techniques or applications in order to stay ahead of their competitors. They make sure that they are always learning new things about their industry to keep abreast of new developments and be as efficient as possible.

Successful entrepreneurs want to see what the view is like at the top of the business mountain. Once they see it, they want to go further. They know how to talk to their employees, and their businesses soar as a result.

NO. TYPES OF LUB. MAJOR RAW MATERIAL

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A Automatic transmission fluid (ATF)
Synthetic base oil (PAO), Petroleum base oil Additives, colourant.

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B Brake & Clutch Fluid
Methyl proxitol, polyethylene Glycol, polypropylene glycol Dioxitol, mineral oils.

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C Chain lubricant
Sodium lauryl Sulphate, Glycerine, Sodium Chromate, water, soda ash.

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D Cutting Oil
Oleic Acid, Potash, mineral Oil, TEA, Butanol, spindle Oil.

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E Engine Oil
Base Oil (petroleum & synthetic), Zinc Dialkyl-dithiophosphate and dispersant. All purpose lubricant additive (pack), viscosity index improve, clay (optional) etc.

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F Engine Oil Coolant
Ethylene Glycol, Propylene Glycol, Lard, Sodium Silicate, Mineral Oil, TSP, Water, Colour.

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G Gear Oils
Base Oil(synthetic & petroleum), Tricresyl Phosphate ZDDPTP, Cotton seed oil, Lub, Additive, Dispersant.

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H Hydraulic Oil
As in Gear & Engine oils

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I Greases
Caustic Soda, Calcium Hydroxide, Lithium Hydroxide, Graphite, Petroleum Jelly, Lanolen, Mineral oil, Palm kenne Oil, Rosin, water, colour, stearic Acid, Aluminium Stearate.

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J Machine Oil
Technical White Oil, Mineral oil, DOK, Diesel, Transformer Oil

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K Penetrating Oil
Acetic Acid, Mineral Oil, Diesel, kerosene, palm kernel Oil, Amyl Acetate, Carbon tetrachloride.

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L Radiator Coolant
Sodium Chromate, Sodium Silicate, Propylene Glycol, Sodium Ash, Water, Glycerine, Colour.

About NACCIMA

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) was established in 1960. The Association is the umbrella organisation for various affliate member Chambers of Commerce within Nigeria. The Association's membership is voluntary and encompasses City, State and Bilateral Chambers; Business/Professional Associations; and Corporate Bodies. The Association champions the course of business through its advocacy role and influences public policies that promote free enterprise.

A Nigerian Industrial Standard is document established by consensus and approved by the Standards Council of SON, that provides, for common and repeated use, rules, guidelines or characteristics for products and services and related processes or production methods, aimed at the achievement of the optimum degree of order in a given context. It may also include or deal exclusively with terminology, symbols, packaging, marking or labeling requirements as they apply to a product, process or production method. Standards, therefore, help to make sure that products and services are fit for their purpose and are comparable and compatible.

The standardization activities are managed by the Director of Standards with the support from the Groups Heads who coordinate the activities of these Technical Groups:

The Chemical and Production industry is a wide industry with potential to engage the teeming youths.

Do you know more than 80% of chemical industries in Nigeria are concentrated around producing polymers and plastics. You can see them not only in the packaging but in a lot of other products, like huge storage containers, water tanks, PVC piping, electronics, prosthesis, home décor, furniture, wiring and a lot more.

Happy Independence Anniversary, Nigeria.

Start the Production of Adhesives and Sealants (Glues, Gums, and Paste)

An additional thriving and profitable business venture in the chemical industry that an entrepreneur who is looking towards launching a business should consider starting is to go into the production of adhesives and sealants. There is a large market for glues, gums, and paste etc as long as you are able to favorably compete with other manufacturer of same products. This type of business is a business that can be started on a small scale with low start – up capital.

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Production is the action of making or manufacturing from components or raw material. In Nigeria, some of our raw materials for industrial uses are imported while rest are sourced locally. It's imperative to consider as a factor the source and availability of your raw material before production.

Cosmetics are substances or products used to enhance or alter the appearance or fragrance of the body. Many cosmetics are designed for use of applying to the face and hair. They are generally mixtures of chemical compounds; some being derived from natural sources (such as coconut oil), and some being synthetics.

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Personnel/Business Structure Of Cosmetics Firm

Your cosmetics business company should
be established with the aim of competing favorably with other leading cosmetic and beauty care product brands in the industry. This is why you will ensure that you put the proper structure in place that will support the kind of growth that you envisaged while setting up the business.

You should make sure that you only hire people that are qualified, honest, hardworking, customer centric and are ready to work to help you build a prosperous business that will benefit all the stakeholders. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more depending how fast you meet your set target.

In view of that, you have decided to hire qualified and competent hands to occupy the following positions;

Chief Executive Officer (Owner)
Plant Manager
Human Resources and Admin Manager
Merchandize Manager
Sales and Marketing Manager
Machine Operators
Accountants/Cashiers
Distribution Truck Drivers

In any economy, it's imperative to produce as it helps in creating value by applying labour on land and capital. It will also Improves welfare as more commodities mean more utility and generates employment and income, which develops the economy.

Job Roles and Responsibilities
Chief Executive Officer – CEO (Owner):

Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
Generates, interconnects, and gears the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.

Responsible for fixing prices and signing business deals
Responsible for providing direction for the business
In charge of signing checks and documents on behalf of the company
Evaluates the success of the organization.

Plant Manager

Responsible for overseeing the smooth running of the cosmetic and beauty product manufacturing plant
Part of the team that determines the quantity of cosmetic and beauty care products that are to be produced
Maps out strategy that will lead to efficiency amongst workers in the plant
Responsible for training, evaluation and assessment of plant workers
Ensures that the steady flow of both raw materials to the plant and easy flow of finished products through wholesale distributors to the market.

Human Resources and Admin Manager

Responsible for overseeing the smooth running of HR and administrative tasks for the organization
Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
Defining job positions for recruitment and managing interviewing process
Carrying out staff induction for new team members
Responsible for training, evaluation and assessment of employees
Oversee the smooth running of the daily office and factory activities.

Merchandize Manager

Accomplishes vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
Responsible for the purchase of raw materials and packaging materials
Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors.

Sales and Marketing Manager

Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
Models demographic information and analyze the volumes of transactional data generated by customer purchases
Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
Develops, executes and evaluates new plans for expanding sales
Documents all customer contact and information
Represents the company in strategic meetings
Helps increase sales and growth for the company.

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Accountant/Cashier

Responsible for preparing financial reports, budgets, and financial statements for the organization
Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.