Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,336 members, 7,780,880 topics. Date: Friday, 29 March 2024 at 02:08 AM

Starting a Business (For The Entrepreneurs) - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Starting a Business (For The Entrepreneurs) (13262 Views)

My Business 1 0 1: The Entrepreneurs' Lounge / 12 Young Entrepreneurs Who Make Me Feel Optimistic About Nigeria's Future / Nigerian Entrepreneurs Worth Admiring (2) (3) (4)

(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)

Starting a Business (For The Entrepreneurs) by bioye(m): 10:21pm On Jul 23, 2005
The Entrepreneurs

The goal of this thread is to share ideas about starting up a company. Do you want to start a new company? Have you started a company? Are you looking for venture capital? Let's share ideas about the challenges of starting a business in Nigeria today.
Re: Starting a Business (For The Entrepreneurs) by bioye(m): 10:27pm On Jul 23, 2005
My own experience:

I graduated 2000, worked for an IT firm for 3 years and went solo 2004. I must say I am not moving as fast as I want in my business, but I'm highly hopeful I will get there. I hope to source for more capital when my solution is presentable enough via the SMIES <editor: Small and Medium Enterprises Equity Investment Scheme> or other means.

Being a software developer, I don't have serious problems with infrastructure. I have a good generator and spend a few thousands on fuel and for me, the cost is not too high. The greatest challenge I have is being highly organised, highly disciplined, and getting enough capital to employ people to delegate some lesser tasks to.
Re: Starting a Business (For The Entrepreneurs) by tcherokee(m): 10:41pm On Jul 23, 2005
I've been working for people for like 2 years, and frankly I just got sick of it. I decided to register my own company and work for myself instead smiley I must also admit, it is not as easy as I thought it would be, but if you are dedicated, you'll find that you strive to do more than you were doing when you were working for someone. My own little advice for those who want to start a company:

Stay where you are. Don't just say you want to start a company and quit your job to do it. You'll regret it.

Stay where you where, build up contacts and your portfolio there. It is easier to find people who want the services your offering when you are still working for someone. Besides you always have your salary to fall on when things get rough in a month. Stay at it until the jobs you are getting are too much for you to handle without quitting, then you can quit.

Don't mind me, I just seem to be drifting. Anyway those of you wanting to start your own business, good luck!
Re: Starting a Business (For The Entrepreneurs) by Seun(m): 11:03pm On Jul 23, 2005
Well, I find it difficult to call myself an entrepreneur because I have hardly any possessions that are not work-related, the place from which I work is not even mine, et cetera. I'm still a struggle-preneur!

I believe that the web is the best and most cost-effective platform for a technology-based business, and for some time I've been in a personal race to try to really understand and start exploiting this platform (the Internet) before others people wake up to its potential!

My cause is helped by the fact that my current 'competitors' are not as aggressive as I am: the Nigerians that actually have the resources to make a difference do not see much value in the web, and the solopreneurs with website development skills are relatively inexperienced in business. This gives me a little more time to get my act together, which I'm grateful for.

But the lack of any reasonable 'working capital' or 'budget' does not help me at all, and I have certain 'principles' that tend to deny me of opportunities. But at the end it would be worth it by the time I'm running a billion-dollar business and I own 75%-100% of the company instead of the 5%-15% that I would own if I had been able to get people to invest big in my vision!
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 12:02am On Jul 24, 2005
Dem seun you are too bad. what would i do with you? tongue

Ehem the topic. lolz , i don't even know what to say, this is more of a tutorial topic.
Starting a business in Nigeria, is really easy, and not really challenging at all, just like Seun said. Infact I love the market so much that i decided to marry it with all the forces available to penetrate the market. And with the help of two of my loyal trusted partners, who happened to be Nigerians based in Nigeria surprisingly, we would hit that market badly. And to the rest yet to be entrepreneurs, keep up with that attitude.

I love the fact, that Nigerian youths, especially aspiring entrepreneurs hate partnership. They want everything for themselves. How can someone be running a Nigerian based company all the way from Malaysia, be doingwell in the Nigerian market, especially with a firm grip? No offense guys in Nigeria, but you guys really helped me a lot. Keep up the good work. I love your competitive price tags and innertia. Just keep it that way.

Well come to think of it, i really do not have much to say. I don't need to leak all the secrets to them, just like seun did a little bit. Oh seun i feel like smacking you. Keep up the good work guys. peace.
Re: Starting a Business (For The Entrepreneurs) by obong(m): 2:20pm On Jul 24, 2005
One of the things stopping me from starting a business in Nigeria is the distance. If I hire somone to run it for me (since I live in the US) the chances are high he will rob me blind.
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 3:37pm On Jul 24, 2005
rob you blind grin. depends on how you do it.
Re: Starting a Business (For The Entrepreneurs) by obong(m): 5:47pm On Jul 24, 2005
how can i do it
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 7:59pm On Jul 24, 2005
Well if you really interested to know, you can pm me, stating the type of business you would like to run, and what it would entail as in the inputs and roles of the Nigerian based partner, etc. I would be glad to help you through.
Re: Starting a Business (For The Entrepreneurs) by bioye(m): 7:31pm On Jul 25, 2005
tcherokee: Stay where you are.  Don't just say you want to start a company and quit your job to do it.  You'll regret it.

Well, it depends on what kind of business you want to do.  I was watching CNN weekend and they had this special about Entrepreneurs.  There was something like the ABC of Entrepreneurship:

A Action
B Business Plan
C Cash

Also, an expert said on the show that Entrepreneurs take big risks without doing detailed research and they are workaholics.  I also believe in the saying Persistence Pays
Re: Starting a Business (For The Entrepreneurs) by Seun(m): 7:53pm On Jul 25, 2005
My belief that to be a successful entrepreneur one needs to take calculated risks, not just blind risks.  A blind risk might put you in debt, but a well-calculated risk will be such that even if you fail you will still be financially buoyant enough to try again and again and again until you finally succeed.

I don't believe that someone who is afraid to leave his job is likely to make it as an entrepreneur.  Such a person may be successful as a consultant or even manager, though. Entrepreneurship and self-employment are not the same thing. If a man works for himself he's self-employed; if a woman has other people working for her she's an entrepreneur!
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 8:11pm On Jul 25, 2005
Good point raised there, Seun, i wanted to hit on that in my first post, but i taught it was unnecessary. What we have mainly in Nigeria is self-employed people. Entrepreneurs are not that many, and even some people tend to confuse the difference between a business man, an investor and a self employed person.

They are totally different. And i guess Seun explained that already. Everything has risk as Seun already stated, There is no business in this world, that would say, it has never made a bad decision before, during operation, either to improve the current services rendered or to decrease running cost, whatever the case might be, there is always the possibility of overlooking some possible factors . Just that the way they cope with the effects of the bad decision, varies on how well they would have prepared to accommodate possible failures of that operation in question. Infact every business decision making is risky. All we have to do, is prepare and have a backup plan, in case the decision fails.

Working for someone is not even less risky, because you can get fired or even demoted, anytime. Losing a job means 0 income, demotion means your lifestyle has to change. Except maybe you work for the Federal Government of Nigeria, which in that case, you might be safe from such factors. I love Nigeria.

But the question is, how many of us are entrepreneurs and how many of us have the courage to take the risk?
Re: Starting a Business (For The Entrepreneurs) by bioye(m): 8:57pm On Jul 25, 2005
well, seun, kazey. dont really get you guyz. an entrepreneur is someone who starts a business. often times, they start alone, as they do better, they employ pple. who says big is better anyways? bill gates started with a partner. they employed nobody initially and so on. bioye has a partner and hopefully, we'll do better, expand and employ.
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 9:36pm On Jul 25, 2005
grin Bill gates wasn't an entrepreneur at the beginning, he was a businessman and a programmer. He had passion for computers and the future prospect of computing. Bill has been involved in business since he was in school, he made money selling software that he made for his school and city.His first company was called Traf-O-Data, they sold a program that could count traffic in a city.

The difference between an entrepreneur and a businessman is that, the entrepreneur is in it for the quick flip, while a businessman makes a lasting contribution to the community. The business men are important people - they make the world run on time - but they are not all entrepreneurs.

A simple shopkeeper is a businessman, but not an entrepreneur. All Entrepreneurs are businessmen, but not all businessmen are entrepreneurs.

So i hope you get me now smiley
Re: Starting a Business (For The Entrepreneurs) by Seun(m): 11:01pm On Jul 25, 2005
Kazey, I think you're mixing everything up!
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 11:28pm On Jul 25, 2005
I stand to be corrected. So point out my mixup. smiley
Re: Starting a Business (For The Entrepreneurs) by Seun(m): 11:57pm On Jul 25, 2005
A self-employed person is primarily concerned with doing the job he has been trained to do (maybe website development, law, writing, or something else). The self-employed person is just like an employee, but answers only to himself (and clients) and may employ others to assist him.

But the entrepreneur is primarily concerned with his business; i.e. how to make money using the resources at his disposal. An entrepreneur in web design does not think of herself as 'head designer'; she thinks of herself as someone who combines human resources and capital to make money! She may do part of the work but that's not her primary concern. Her primary concern, typically, is how to make profits in order to expand the business!

The main difference, I believe, is that the entrepreneur is willing to to delegate the [color=#000077]actual work to others[/b]. But the self-employed person sees himself as the main person doing the work while the employees, if any, are just there to assist him!

The self-employed person's goal is to create a source of income for himself (and family), so the business is likely to stop growing at a point. The entrepreneur's goal is to build a system that generates money to expand so it can generate more money and keep expanding until it takes over the world!
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 12:05am On Jul 26, 2005
Seun ?? Entrepreneur in design shocked. its like saying an entrepreneur in selling groundnuts, whilst he participates directly in the sales.Man do some research on your definitions . You seem to believe a Businessman = An Entrepreneur. And Besides your self-employment, idea of employing another person, theory is quiet interesting. Anyways we all got our definitions and understandings. I respect yours smiley



An entrepreneur is a person who habitually creates and innovates to build
something of recognized value around perceived opportunities


So in point form
An entrepreneur

1
Is a person who makes a significant difference
2 Is creative and innovative
3 Spots and exploits opportunities
4 Finds resources and competencies required to exploit opportunities
5 [/b]Is a good team-builder and networker
[b]6
Is determined in the face of adversity and competition
7 Manages change and risk
8 Creates capital.

Therefore, a Businessman is different from Entrepreneur. Forgot the building part, but i guess i said it before.
Re: Starting a Business (For The Entrepreneurs) by joftech(m): 12:16am On Jul 26, 2005
Before finishing my secondary education I have always been saying it that I will not attend any Nigerian tertiary institution, and I hope anyone reasonable enough should be able to catch my drift.

Anyway while still at school I don’t used to attend classes “normally”, I only go to the library to read encyclopedias and books about/on computing and anything related because I consider normal subjects as too boring.  I enroll at a computer after the first week of finishing my WAEC exam. Couple with my knowledge on reading about computers, I was soon on my feet in the IT world when my mates where still grappling with NECO, WAEC and JAMB.

After some time I found myself working in an Internet cafe, this really opens my eyes to the potentials of the Internet. Because the Internet is the biggest University, Library, Church, Mosque, Market, Bank and Research facility anyone can ever wish for.

While working my mates think I don’t have any better things to do with my life since am not making attempt to get to the university like them.  But since they don’t know what I know I only used to pity them, because what you only get from the university is a piece of paper “certificate” which certify that you are learned, but me I get proper education by properly harnessing the power of the Internet to my own advantage.

And since I don’t pray to work for/under anybody in my life, am yet to see a reason why I need a “certificate” from a university yet.

So for anyone that want to be an entrepreneur you must have the inbuilt willingness to work for yourself and not under anybody, because what powers an entrepreneur is the willingness to take risks, these risks include letting go of some things like a university education, comforts and enjoyment and many other things.

One must know that the world over there is nothing like having a smooth start in any business. Even people that have endless Venture Capitalists (VCs), you still have to pay your dues. So in Nigeria too, you must be ready to pay the price. Because when there’s no pain there’s no gain.

The only thing is that for the government to improve the IT sector in Nigeria, she should improve on the area of power generation and supply, this will really bring out the best of the IT potentials in Nigerians.
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 12:29am On Jul 26, 2005
joftech:

So for anyone that want to be an entrepreneur you must have the inbuilt willingness to work for yourself and not under anybody, because what powers an entrepreneur is the willingness to take risks, these risks include letting go of some things like a university education, comforts and enjoymentand many other things.

Well said, but i don't agree with the university education and comfort lines. Maybe you might give examples like Micheal Dell, Bill Gates, Henry Ford etc.

But that should not be an excuse to run away from education, or even deny yourself the comfort of life.
Re: Starting a Business (For The Entrepreneurs) by joftech(m): 12:59am On Jul 26, 2005
"But that should not be an excuse to run away from education, or even deny yourself the comfort of life." - kazey (m)

Kazey, is like you are getting me wrong, am not saying education is not good, am talking about education in Nigerian parlance, and if you are in Nigeria today you should know what am talking about.

Of what use is a degree holder in computer science that can't code a functional simple program.
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 1:11am On Jul 26, 2005
He has a Bachelors certificate, thats one. He is a graduate, who has the potential of getting employed into any flexible industry such as the banking sector, that does not have anything to do with computer science degree, thats another. He doesnt even need to know how to program, the most important thing is he graduated.

By the way, if you are not a skilled graduate, that is not a problem at all, especially in Nigeria cheesy. Infact I am the type that would throw away my "kpali" after i graduate. But what i was trying to correct there was, Scarifies such as "sacrificing your university education" to be an entrepreneur, shouldn't be encouraged.
Re: Starting a Business (For The Entrepreneurs) by Imnakoya(m): 2:08am On Jul 26, 2005
Interesting exercise in semantics, I'llsay.

Entrepreneur: one who organizes, manages, and assumes the risks of a business or enterprise, whereas
Businessman: a man who transacts business; especially : a business executive

Via Webster Online Dictionary, http://www.m-w.com/cgi-bin/dictionary?book=Dictionary&va=entrepreneur

Fire on at will, please.
Re: Starting a Business (For The Entrepreneurs) by joftech(m): 2:23am On Jul 26, 2005
Kazey, now i know you don't really know what is obtainable here in Nigeria today, is it just so easy to get a job in bank in Nigeria these days.

So how does one without some skills get a job. Recently Mr. Biggs opened a new branch close to my town. I don't know if you will believe this, 2000 candidates appllied for just 2 slots; All of them graduates. So where does one without some skills stand. An ordinary Nigerian university education today in Nigeria does not guarantee a job, it's only a visa to nowhere.

An in been an entrepreneur, you have to make some nice sacrifices, I think you should read more on what Bill Gates went through when he was in New Mexico, a boy from a rich home sleeping in a cramped office. That’s part of the sacrifice he has to make to bring Microsoft to the world.

There is a guy in Michael le Boeuf’s “The millionaire in you” he could not “afford” cable TV in his home, and even have to watch the stock quotes in the evening in a neighbors house. He died with millions in his investment portfolio, and he did not even have Cable TV. He made a sacrifice there, or do you think he did not have one because he can’t afford it.
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 5:52am On Jul 26, 2005
joftech:

Kazey, now i know you don't really know what is obtainable here in Nigeria today, is it just so easy to get a job in bank in Nigeria these days.

Can you quote me, where i said specifically that it is easy to get a job in the banks in NIgeria? I was giving you an example, there, besides if i may re quote what i said, here it goes again.

kazey:

He is a graduate, who has the potential [/b]of getting employed into[b] any flexible industry such as the banking sector, that does not have anything to do with computer science degree, thats another.

So where did i say, you can easily get a job? Of course i know that there are too many graduates than the jobs available in Nigeria. And reallym you are going off topic. No offense.

Is Billy your role model? In your aspiration for entrepreneurship? Good, I don't take him as a role model. He is just the richest man in the world, that controls, the most successful software company in the world.

I do not agree to the fact that you have to deny yourself the simple comfort of life, just because you want to be an entrepreneur.


joftech:

There is a guy in Michael le Boeuf’s “The millionaire in you” he could not “afford” cable TV in his home, and even have to watch the stock quotes in the evening in a neighbors house. He died with millions in his investment portfolio, and he did not even have Cable TV. He made a sacrifice there, or do you think he did not have one because he can’t afford it.


Hum what was he trying to prove? How to be a stingy millionaire and die with your millions??. Well i was taught in my upbringing to live according to my means. If I have money, I should spend it. If I don't have, I should manage. That is sacrifice in life to me. You missed the whole point of sacrifies honestly, if you call being stingy sacrifice, i have nothing futher to say. But as far as i know it is not denying yourself, the comfort in life or even university education.

Thank you bros Imnakoya. You said it all.
Re: Starting a Business (For The Entrepreneurs) by Seun(m): 8:21am On Jul 26, 2005
Imnakoya, I was simply trying to differentiate between self-employed persons and entrepreneurs.  Kazey was the one who mixed everything up by bringing in the concept of "businessman" which is a word I didn't use even once

It's too bad you people didn't understand me at all. This thread has been spoiled. angry
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 8:34am On Jul 26, 2005
It hasnt, my apologise. Can we begin? Starting a business (for entrepreneurs) ??

I would say build a business plan, and the achitechture of the system, then follow up your design to the later. Easy for me to say, but still the low success rate of newly established businesses in the world, speaks for it self.
Re: Starting a Business (For The Entrepreneurs) by bioye(m): 7:37pm On Jul 26, 2005
Seun, i guess you are a sucker for perfection. The thread has not been spoilt. You are just getting to know members of this forum better..

One of the greatest challenges of communication is clarity. I cant even try to define entrepreneur, businessman and a self-employed person now unless i do a rigorous research in definitions and arrive at the most unarguable definitions.

But, maybe exact definitions are not so important yet; even if i start alone, i have a plan of growing the business very big and employing a lot of pple in the future. so, you can call me an entrepreneur in waiting, hopefully.. smiley
Re: Starting a Business (For The Entrepreneurs) by kodewrita(m): 2:55pm On Jul 28, 2005
starting a business?

1. have a very good idea of what you want. you must be able to describe it in a few short sentences.

2.know your target demographic (what section of the market you are targeting, how many, and any other special characteristics)
3. determine how much capital you need.
4. write a business plan and preferably include analysis of how long it would take you or your investors (or both) to break even.

joftech:

"But that should not be an excuse to run away from education, or even deny yourself the comfort of life." - kazey (m)

Kazey, is like you are getting me wrong, am not saying education is not good, am talking about education in Nigerian parlance, and if you are in Nigeria today you should know what am talking about.

Of what use is a degree holder in computer science that can't code a functional simple program.

@joftech Read any newspaper ad or read any vacancy ads relating to comp. sci., you will find out that they ask for B.Sc in any field not neccessarily comp sci (though that wud be an advantage). HND is even preferable to no cert. pls don't miss out because of what obtains outside the country. the fact that someone climbed everest barehanded doesn't mean you can climb Kilmanjaro too. A B.sc also has societal value. DON'T MISS OUT.
Re: Starting a Business (For The Entrepreneurs) by timmy(m): 3:46pm On Jul 28, 2005
Being an entrepreneurer around Nigeria isn't easy, especially if your starting out alone without capital.

I'm one and men its tough, and then all of a sudden youre smiling home with a fat pay cheque. I guess my main challenge as been management of myself and money, and spending it as it comes, being that I am alone and make my decisions alone and all the alone stuffs. But I'm getting better try to listen to some advice and some TV shows as help any way, but I'm still looking for a more financially minded partner may be that'll put me in check.
Re: Starting a Business (For The Entrepreneurs) by joftech(m): 7:58pm On Jul 28, 2005
A B.sc also has societal value. DON'T MISS OUT
@kodewrita, yeah what you said is good. But as for me i don't pray for a university degree from any Nigerian school. My aim in life is to get one from the big names (Stanford, MIT, LSE, UCLA), no matter how long it will take i will wait, instead of wasting some valueable years learning nothing.
Re: Starting a Business (For The Entrepreneurs) by kazey(m): 8:04pm On Jul 28, 2005
This is serious o. Brother Joftech. What in the world have you said?

By the way, i dont think you really need that degree. tongue. Seems you are doing good. If i had it my way, I wouldnt be after one.

(1) (2) (3) (4) (5) (6) (7) (Reply)

World ('diaspora') Remittances In The World From 2010 / Militants Destroy Trans-niger Pipeline, Nigeria Loses 150,000bpd / What Business Can I Start With Little Capital?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 76
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.