AjanleKoko:

@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!

Thanks for this write up.The problem we are having with a lot of our educated folks are the 'i believe in my certificate will do it for me' rather than take time to learn or add enterpreuniship to their heads.

Man does not need to survive by 'white collar' jobs alone.

AjanleKoko:

@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!

therein lies the problem i guess

i actually read something like that somewhere, that the biggest enemy of your dreams is success in a lesser endeavor  - you feel you have something to lose

i had far more fire in me four years ago when i was working in my former employers office and earning a fifth of what i earn now

heck, back then i had big plans for writing a sci fi book/series

i had so much handwritten stuff, over a 100 used novels for research etal

i remember wishing then that if i had light all night long, i'd get round to finishing the book on a pc and er sending out the manuscript.

today, memories of it a in some dim recess in my mind - i sometimes tell myself i will try to strat it again, but. . .

a friend of mine has a slightly similar story. due finished with a third(civil engineer) bounced around for years on low salary jobs. he then got a job with some one man biz that had projecvts in ilorin. my friend was hired a site engineer. he was basically executing the contracts for the oga in lagos, and being paid peanuts. he noticed that the clients didn't really seem to get on well with his boss - apparently the guy was not settling them properly or some such. after a lot of reflection, he resigned created his company, walked up to the project oga of the client , said i'm on my own now. to wghich the PM replied about bloody time or some such, oya execute this for me - my friend is now a BIG boy, executing plenty projects in ilorin. he go soon become mafia for there.

but in the same way, i work with a lot of self employed contractors who are barely making ends meet.

i have been thinking - not as hard as i should - about alternative streams of income based on my skill set (computer stuff and engineering design)

problem basically is contacts i guess. and the fact that nigerians are bastard-s when it comes to paying up . some guy maybe an architect sends u some drawings to do a design on - u do em - send em to him when its time to pay he starts hemming and hawing . . .one just keeps at it because one day it may open a door . . .

i am also wary of self employment because skill in doing one thing does not necessarily translate to business savvy.

my first job was with a power engineering company run by my uncle. that man built most of the transmission power stations in naija back when he was employed. he's a brilliant engineer, but as a business man . . .na so so delayed salary etal

my second job was with a diff kind of one man biz - that man was an engineer, and he knew how to run a biz. .

God bless you for this post. I've been thinking about this for long. Entrepreneurship, it seems to me, is the answer for now.
I'm in my 200 L in school, and thinking of creating one soon. Thanks guys for the info.

@Ajanlekoko, You've spoken well. God bless you. My elder brother works for a big courier company in Nigeria. He is a top guy there, but he runs an agricultural business besides his job. He's even planning to float a solid Agriculture Newspaper in Nigeria [ I'm doing the consulting and research process for him ]. My brother makes more money from his farm than from his courier job. The way I'm seeing it, he might leave his job soon and face his business squarely. I know of some guys who after their NYSC went into the breeding of chickens immediately. They are my brother's friends and they had farms in the iju area of Lagos. I saw these guys making money from breeding Cockrels for sale. The Agric sector in Nigeria has vast potentials. Only if Nigerian youths can see these opportunities. It might be tough in the beginning but success comes after some time in the wilderness . Thanks.

@ Yashika, look at what you love doing most and make money from it. Do some research on the internet. Look at what people living around you need and satisfy their need. Cheers.

yashika:

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.

Unfortunately my brother, I don't know what investments will be best you in your region seeing that I don't even live in Nigeria. But I will make research on your behalf.
Anyone else with tips, please help.

BlueDiva:


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.

I stand corrected on the Nigerian Salary Investment even though I was more about investing your UK salary in the UK. I am yet to hear of that, again, I could be wrong.

Owning your own business is favorable; and so also is having a good job. 

Entrepreneurship is not for everyone. Many have tried and failed, while some have been successful. On the other hand, some people are not team-players and do not function well in a job setting. They prefer to run their own business and make their own decisions.

Both are important for different reasons to different people.

Owning a business is not beans. Basically, to be a successful entrepreneur you have to be purpose driven, innovative, self-motivated, dedicated, industrious, enduring, and very, very patient. It is not easy, it comes with a lot of risk, there is nothing like monthly salary, you are solely responsible for your business and for yourself, there will be loads of competition, and you may fall many times before you finally stand and break even or make a profit. Not everyone has this kind of discipline and liver.

Everything has its own advantages and disadvantages. You just need to figure out where your strengths lie and pursue that path. If you rush into business because your neighbor did likewise, you may just be setting yourself up for failure.

oyb:

a friend of mine has a slightly similar story. due finished with a third(civil engineer) bounced around for years on low salary jobs. he then got a job with some one man biz that had projecvts in ilorin. my friend was hired a site engineer. he was basically executing the contracts for the oga in lagos, and being paid peanuts. he noticed that the clients didn't really seem to get on well with his boss - apparently the guy was not settling them properly or some such. after a lot of reflection, he resigned created his company, walked up to the project oga of the client , said i'm on my own now. to wghich the PM replied about bloody time or some such, oya execute this for me - my friend is now a BIG boy, executing plenty projects in ilorin. he go soon become mafia for there.

Oyb, I think I know this guy. Lol! I'm not surprised at his success.

Enlightening post, thanks yu'all

Y.M.E:

I stand corrected on the Nigerian Salary Investment even though I was more about investing your UK salary in the UK. I am yet to hear of that, again, I could be wrong.

You can definitely invest part of your salary even with responsibilities (mortgages, car notes, family, student loans, savings etc). The key is to spend less than you earn – of course, easier said than done.

Here's an article that I got from Small Business Administration (www.sba.gov) about planing a business.

Is Entrepreneurship For You?
In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight. Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

• Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.

• How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants, or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?

• How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.

• Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-¬hour workdays every week?

• How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization ¬ of financials, inventory, schedules, and production ¬can help you avoid many pitfalls.

• Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

• How will the business affect your family? The first few years of business start¬up can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.


Why Small Businesses Fail
Success in business is never automatic. It isn't strictly based on luck - although a little never hurts. It depends primarily on the owner's foresight and organization. Even then, of course, there are no guarantees.

Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years.

In his book Small Business Management, Michael Ames gives the following reasons for small business failure:
• Lack of experience
• Insufficient capital (money)
• Poor location
• Poor inventory management
• Over-investment in fixed assets
• Poor credit arrangements
• Personal use of business funds
• Unexpected growth

Gustav Berle adds two more reasons in The Do It Yourself Business Book:
• Competition
• Low sales


More Reasons Why Small Businesses Fail
These figures aren't meant to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.

On the Upside
It's true that there are many reasons not to start your own business. But for the right person, the advantages of business ownership far outweigh the risks.
• You will be your own boss.
• Hard work and long hours directly benefit you, rather than increasing profits for someone else.
• Earning and growth potential are far greater.
• A new venture is as exciting as it is risky.
• Running a business provides endless challenge and opportunities for learning.

I think I'm enjoying you guys. This is it!

@all
This thread is really getting interesting  

Like I mentioned earlier, one important thing you can do for yourself right away is to get INFORMED! If you think you KNOW when you are actually IGNORANT, LIFE will make you pay dearly for your ignorance.

I am gainfully employed. However, I run my own businesses online and offline. I study books, listen to mentors and I am busy building my businesses so that I can sell some in years to come and continue to earn passive income from those that do not need my physical attention.

One of the people that inspired me is an uneducated security contractor engaged by my company. One day, the guy approached me for loan and before I could ask him why he needed a loan at the beginning of a new month, he confided in me that he needed to expand his business. He went into details and shared with me how he started a small grocery shop and have now rented another one to accommodate his growing small business. Remember, he supplies security personnel to my company. We pay him, he pays them (only God knows how much)

I did a quick calculation and discovered that even though the guy calls me boss, he can actually pay my salary. He was as at the time we were discussing already a major distributor for INDOMIE, COCA COLA  and PEPSI. I was dumbfounded to say the least.

I didn't hide my surprise and I was humble enough to ask for his help in getting introduced to PEPSI.

It is all about getting the right KNOWLEDGE and growing! It doesn't happen overnight and don't be afraid of failure either. Cheers.

yashika:

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'll suggest you go through this article, 10 Tips For Creating Business Ideas it will help you. Cheers.

Its is very important to be on your own . . . schooling is good but working onyour own . .  
nothign can top that . . . its my ultimate goal in life. . . forget having babies. .  i want my own enterprise


my dad built his from scratch, came to us without a dollar now big man
I wanna be just like him

@the poster

personally,i see entrepreneurship as a calling.if u jump in,then u jump out.it involves a lot of risk for the bold at heart.i embraced that calling last year when i resigned my managerial role in my former place of work.that is true freedom.u know what i mean?

@ OP,

you only live once to tell the story. good or bad? you decide before your time's up to leave the stage. 

Here's an article I got from SBA.gov,


Is Entrepreneurship For You?
In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight. Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.

How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants, or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?

How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.

Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-¬hour workdays every week?

How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization ¬ of financials, inventory, schedules, and production ¬can help you avoid many pitfalls.

Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

How will the business affect your family? The first few years of business start¬up can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.

Why Small Businesses Fail
Success in business is never automatic. It isn't strictly based on luck - although a little never hurts. It depends primarily on the owner's foresight and organization. Even then, of course, there are no guarantees.

Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years.

In his book Small Business Management, Michael Ames gives the following reasons for small business failure:
• Lack of experience
• Insufficient capital (money)
• Poor location
• Poor inventory management
• Over-investment in fixed assets
• Poor credit arrangements
• Personal use of business funds
• Unexpected growth

Gustav Berle adds two more reasons in The Do It Yourself Business Book:
• Competition
• Low sales

More Reasons Why Small Businesses Fail
These figures aren't meant to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.

On the Upside
It's true that there are many reasons not to start your own business. But for the right person, the advantages of business ownership far outweigh the risks.
• You will be your own boss.
• Hard work and long hours directly benefit you, rather than increasing profits for someone else.
• Earning and growth potential are far greater.
• A new venture is as exciting as it is risky.
• Running a business provides endless challenge and opportunities for learning.

@Moderator - are posts being deleted? My last two posts appeared posted for a second, only to later disappear.

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?

Very important! Time freedom is just one of the countless benefits of owning your own business, and it becomes even more important in the current global economic mess. Best thing that happened to me.

Thanks to the contributors, For and Against are well worth the time spent digesting this tread.

REPOST: Here's an article that I got from Small Business Administration about planing a business.

Is Entrepreneurship For You?
In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight. Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

•   Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.

•   How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants, or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?

•   How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.

•   Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-¬hour workdays every week?

•   How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization ¬ of financials, inventory, schedules, and production ¬can help you avoid many pitfalls.

•   Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

•   How will the business affect your family? The first few years of business start¬up can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.


Why Small Businesses Fail
Success in business is never automatic. It isn't strictly based on luck - although a little never hurts. It depends primarily on the owner's foresight and organization. Even then, of course, there are no guarantees.

Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years.

In his book Small Business Management, Michael Ames gives the following reasons for small business failure:
•   Lack of experience
•   Insufficient capital (money)
•   Poor location
•   Poor inventory management
•   Over-investment in fixed assets
•   Poor credit arrangements
•   Personal use of business funds
•   Unexpected growth

Gustav Berle adds two more reasons in The Do It Yourself Business Book:
•   Competition
•   Low sales


More Reasons Why Small Businesses Fail
These figures aren't meant to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.

On the Upside
It's true that there are many reasons not to start your own business. But for the right person, the advantages of business ownership far outweigh the risks.
•   You will be your own boss.
•   Hard work and long hours directly benefit you, rather than increasing profits for someone else.
•   Earning and growth potential are far greater.
•   A new venture is as exciting as it is risky.
•   Running a business provides endless challenge and opportunities for learning.

Its just very simple: No matter how highly paid you are working for either Mobil, Zenith Bank, Zain etc, someday your either going to get fired, reshuffled, discharged or disengaged or frustrated and the need to sort things out yourself will become more manifest in your life.

Bottom line you need to be prepared to be on your own or do private practice while working for the big firms to support yourself and the only way is for you to have your own small private company registered. You dont know when it might come in handy for you to become a Business Superstar in your own right. I believe people who dont have a company registered when they have reached a certain age (21 or after you leave school) really have no plans to be enterpreneurs but followers.

I have seen people working for companies but with their small company they registered they have used it to collect small contracts from bigger companies to sustain themselves i.e whether to supply toilet rolls or merchandise or lap tops etc.Only people with companies can benefit from it.

When you go to your office tomorrow, look around you and look at all the merchandise and accessories in your office. Somebody like you formed a small company and bidded to supply those goods and products around you and pocketed that money. It wasn't a ghost. It was your next door neighbour who is sharper and more enterpreneurial than you. What of ladies that work in Banks but have companies where they sell aso-oke, import and export them? What about oil company boys that are savvy in I.T and still have small companies that supply laptops to the same company staffs? Nobody will do business with you if you dont have your own company no matter how small and once you have it, you can think straight on what next to do!

So you can be on your own and still be working for a bigger company. Its all about having more choices and more sources of income.

Just my 2 cents on how i know loads of Nigeians make money today by working in a big office for a firm and still make side money working on their own.

Cheers

I started my own business at 26 and 6 years after.i swear i couldn't have made a better decision.now not to brag ,i had a massive education which means i have very enlightened contemporaries who have since gone on to monumental stuff in the corporate world but the difference is worlds apart between consulting for someone else's business or advicing them and being the man seeking professional help.

i listen to these people talk about 13th month,upfront and profit sharing and i peep into my own thoughts only to see billionaire dreams,seeking businesses to buy and watching out for the trends that will shape tomorrow and how i can both generate and ride the wave of the next big thing

Do your research,america's population is more than twice that of nigeria and check what fraction of the working population run small businesses,America is what it is because of entrepreneurs of old like rockefeller,getty,j.p morgan,ford and these days bill gates,larry ellison and steve jobs.Now i am not demanding that kiyosaki be your mentor but i am suggesting that you read biographies of successful people because they can be rather inspirational.

I might not have all the cash now and sometimes i am flat broke but whenever i talk like a broke person especially around my peers,it is more like to make them comfortable around me because really i have left them behind in the way we see ideas,opportunities and money.

a job can help you with a flat in surulere or ogba,but you need a business or a political appointment[shame on them] to buy your own house in ikoyi except ofcourse you ascend to the top echelon of your organisation so therefore enjoying all the perks like an official residence you can be booted out of anytime or have you forgotten bunmi oni of cadbury ,a whole the most respected ceo.

Here's an article that I got from Small Business Administration about planing a business.

Is Entrepreneurship For You?
In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight. Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

•   Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.

•   How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants, or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?

•   How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.

•   Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-¬hour workdays every week?

•   How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization ¬ of financials, inventory, schedules, and production ¬can help you avoid many pitfalls.

•   Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

•   How will the business affect your family? The first few years of business start¬up can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.

Continued,

@kushe
Nice one brother. Someone got to Mind his own business if he plans to get wealthy

Why Small Businesses Fail
Success in business is never automatic. It isn't strictly based on luck - although a little never hurts. It depends primarily on the owner's foresight and organization. Even then, of course, there are no guarantees.

Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years.

In his book Small Business Management, Michael Ames gives the following reasons for small business failure:
•   Lack of experience
•   Insufficient capital (money)
•   Poor location
•   Poor inventory management
•   Over-investment in fixed assets
•   Poor credit arrangements
•   Personal use of business funds
•   Unexpected growth

Gustav Berle adds two more reasons in The Do It Yourself Business Book:
•   Competition
•   Low sales


More Reasons Why Small Businesses Fail
These figures aren't meant to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.

On the Upside
It's true that there are many reasons not to start your own business. But for the right person, the advantages of business ownership far outweigh the risks.
•   You will be your own boss.
•   Hard work and long hours directly benefit you, rather than increasing profits for someone else.
•   Earning and growth potential are far greater.
•   A new venture is as exciting as it is risky.
•   Running a business provides endless challenge and opportunities for learning.

Talk is cheap.

If u wan be entrepreneur, go do am,

If you wan be employee, go do am, All dis one na stori,

skilled Job is the best. get one

Here's an article that I got from Small Business Administration about planing a business.

Is Entrepreneurship For You?
In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight. Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

•   Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.

•   How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants, or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?

•   How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.

•   Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-¬hour workdays every week?

•   How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization ¬ of financials, inventory, schedules, and production ¬can help you avoid many pitfalls.

•   Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.

•   How will the business affect your family? The first few years of business start¬up can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.


Why Small Businesses Fail
Success in business is never automatic. It isn't strictly based on luck - although a little never hurts. It depends primarily on the owner's foresight and organization. Even then, of course, there are no guarantees.

Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, roughly 50% of small businesses fail within the first five years.

In his book Small Business Management, Michael Ames gives the following reasons for small business failure:
•   Lack of experience
•   Insufficient capital (money)
•   Poor location
•   Poor inventory management
•   Over-investment in fixed assets
•   Poor credit arrangements
•   Personal use of business funds
•   Unexpected growth

Gustav Berle adds two more reasons in The Do It Yourself Business Book:
•   Competition
•   Low sales


More Reasons Why Small Businesses Fail
These figures aren't meant to scare you, but to prepare you for the rocky path ahead. Underestimating the difficulty of starting a business is one of the biggest obstacles entrepreneurs face. However, success can be yours if you are patient, willing to work hard, and take all the necessary steps.

On the Upside
It's true that there are many reasons not to start your own business. But for the right person, the advantages of business ownership far outweigh the risks.
•   You will be your own boss.
•   Hard work and long hours directly benefit you, rather than increasing profits for someone else.
•   Earning and growth potential are far greater.
•   A new venture is as exciting as it is risky.
•   Running a business provides endless challenge and opportunities for learning.

kushe:

I started my own business at 26 and 6 years after.i swear i couldn't have made a better decision.now not to brag ,i had a massive education which means i have very enlightened contemporaries who have since gone on to monumental stuff in the corporate world but the difference is worlds apart between consulting for someone else's business or advicing them and being the man seeking professional help.

i listen to these people talk about 13th month,upfront and profit sharing and i peep into my own thoughts only to see billionaire dreams,seeking businesses to buy and watching out for the trends that will shape tomorrow and how i can both generate and ride the wave of the next big thing

Do your research,america's population is more than twice that of nigeria and check what fraction of the working population run small businesses,America is what it is because of entrepreneurs of old like rockefeller,getty,j.p morgan,ford and these days bill gates,larry ellison and steve jobs.Now i am not demanding that kiyosaki be your mentor but i am suggesting that you read biographies of successful people because they can be rather inspirational.

I might not have all the cash now and sometimes i am flat broke but whenever i talk like a broke person especially around my peers,it is more like to make them comfortable around me because really i have left them behind in the way we see ideas,opportunities and money.

a job can help you with a flat in surulere or ogba,but you need a business or a political appointment[shame on them] to buy your own house in ikoyi except ofcourse you ascend to the top echelon of your organisation so therefore enjoying all the perks like an official residence you can be booted out of anytime or have you forgotten bunmi oni of cadbury ,a whole the most respected ceo.

For the likes of ellison, jobs and gates to have done it, they need great followers. Great leaders, can never be great without the support of a combined effort of great followers.

You have to understand that, it's your choice.

Steve Ballmer, was a great follower, and today, he's on top of Microsoft,

For me I think people need to understand their strength, whether you are an employer or employee, where is your strength,

Like I said, talk is cheap, Be the best you can be.!

Nice write-up from both Lawyer and Kushe. Food 4 tot.