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|What No One Tells You About Entrepreneurship In Nigeria by QueenMoremi(f): 11:41am On Jan 29, 2019|
Entrepreneurship in Nigeria has been extremely glorified. It isn’t rare to find young people talking about how much they can’t wait to leave their 9-5 jobs for something more lucrative where they get to be their own boss. This isn’t a bad thing. However, it is important to know about both the pros and cons of entrepreneurship before taking the leap.
Below are some of the hard truths:
It’s not always going to rain on Sunday
This simply means that there will be days where the income just isn’t coming in as it should. This doesn’t make you a bad entrepreneur. In fact, the true test of entrepreneurship is being able to withstand days or months like these. To combat this, make sure you get your savings right and you have enough for the dry seasons.
Not everyone is built for entrepreneurship.
So entrepreneurship isn’t just something you enter into because the sight of your boss disgusts you and you would like to wake up whenever you deem fit. It isn’t equally something everyone is destined to retire to. See point number 1, if you have that level of stamina to persevere where the going gets tough because that is inevitable, then by all means venture into it because many things are uncertain and risky about entrepreneurship. However, one thing that is certain is the fact that it will get tough.
A major part of your income will be spent on electricity
Lots of times, people don’t factor in the costs that fuel for the generator incure. In a day, you could end up spending as much as N10,000; calculate that for a week, now do the costing for a month. Not pretty is it? Unfortunately, you are no longer an employee and costs such as these which were previously not a concern of yours have now become part and parcel of your priority list. It is essential to factor in these costs, as it will be a key factor in how many hands you hire, the budget you present to your clients etc.
A lot of meetings are a waste of time
This is especially true in Lagos. Many prospective clients feel the need to have countless meetings regarding issues that can be sorted out via a single phone call. Guys, we are in the digital age, and there are things called Skype, Whatsapp video calls, etc, through which you can have virtual meetings. As an entrepreneur, time is money. Half the time there’s traffic on the roads. Then if you don’t own a car yet, you have to use Uber/Taxify to get to said meetings. You should get into the habit of determining whether or not a meeting is needed, and if not, politely explain to your client that a virtual meeting would suffice.
People like to OWE money
Yes, OWE is in caps for emphasis! When you first start out as an entrepreneur, it can be quite an exciting feeling knowing that people are patronizing your business. I tell you, your customers can smell your rookie excitement from a mile away. And if you are not careful, there are some people who will try to take advantage of you when they sense that you are a new, hungry entrepreneur on the come up. You need to come up with a payment system that favors and protects you. For instance, some service providers insist on upfront payment before service is carried out. Explore your options and find out what would work best for you depending on your field.
You will work harder than you’ve ever worked
The success or failure of your business is all on you. No pressure.
Nothing could ever prepare you for the life of an entrepreneur. You sink or swim. There are no short cuts. Some make it and others don’t. It is however important that you think carefully about all the pros and cons before you dive in. It is also of high importance that you read and try to equip yourself with as much information in the field in which you are trying to get into. Be a sponge and soak it all in, as much as you can.
Are you looking to take the leap to become a full on entrepreneur? Please consider some of these points. Are you an existing entrepreneur with a few more hard truths of your own? Please share in the comments below.
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|Re: What No One Tells You About Entrepreneurship In Nigeria by itiswellandwell: 12:35pm On Jan 29, 2019|
Very true. Nice points
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|Re: What No One Tells You About Entrepreneurship In Nigeria by Laredojohn(m): 12:35pm On Jan 29, 2019|
|Re: What No One Tells You About Entrepreneurship In Nigeria by Nobody: 12:35pm On Jan 29, 2019|
Yes entrepreneurship is difficult. But applying 5 years long for various jobs and receiving no's all the time, working 9-5 for a boss whose wife disrespect you and children see you as an errand boy, all of that for 90k per month for the rest of your life, is even more difficult.
Let those who would chicken out please leave the business space. We the real men shall emerge and take it over.
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|Re: What No One Tells You About Entrepreneurship In Nigeria by Sunday84(m): 12:36pm On Jan 29, 2019|
Is true oo
|Re: What No One Tells You About Entrepreneurship In Nigeria by BizLifeE: 12:37pm On Jan 29, 2019|
Thanks for this info.
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|Re: What No One Tells You About Entrepreneurship In Nigeria by bamasite(m): 12:37pm On Jan 29, 2019|
|Re: What No One Tells You About Entrepreneurship In Nigeria by Oyimeoyimemua(f): 12:38pm On Jan 29, 2019|
Family and friends will want to take your products for free
If you have a shop, local government and sign board levies are waiting to be paid
It's not easy but I still prefer it oh
|Re: What No One Tells You About Entrepreneurship In Nigeria by WeirdWolf: 12:38pm On Jan 29, 2019|
You need to have money or divine favour to keep the business going when the sea is rough.
|Re: What No One Tells You About Entrepreneurship In Nigeria by inforesource: 12:38pm On Jan 29, 2019|
You must have Nine lives because you will be killed several times.
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|Re: What No One Tells You About Entrepreneurship In Nigeria by e10nzy(m): 12:38pm On Jan 29, 2019|
|Re: What No One Tells You About Entrepreneurship In Nigeria by BruncleZuma: 12:39pm On Jan 29, 2019|
Last part though...work wen I finish since 2014 Paddy men still dey owe like Nigeria.
|Re: What No One Tells You About Entrepreneurship In Nigeria by blowjob: 12:39pm On Jan 29, 2019|
NA LIE ,JUST LOVE DOING IT.
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|Re: What No One Tells You About Entrepreneurship In Nigeria by stanliwise(m): 12:40pm On Jan 29, 2019|
In Addition to what OP has said:
1. Entrepreneurship need an empowered environment which Nigeria seriously lacks.
2. Entrepreneurship is not the necessarily for those who couldn't get employed or are underemployed but rather for risk-takers that has prepared themselves to exploit opportunities.
3. You don't need to start out as an entrepreneur. you could work for someone or company and later go your own path
4. You loose some year of building a normal career path when pursuing entrepreneurship. It is very risky and for those with brave heart.
The second(2) and third(3) is most important which many youth are obviously failing to do. I wouldn't blame them... Nigeria poor administration from inception till today caused it. They didn't give us proper orientation and they didn't give us a workable environment for those already oriented.
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|Re: What No One Tells You About Entrepreneurship In Nigeria by puresaint(m): 12:40pm On Jan 29, 2019|
You just listed what am passing through now in my young business.. May God see us through..
|Re: What No One Tells You About Entrepreneurship In Nigeria by nepapole(m): 12:40pm On Jan 29, 2019|
I wish to be a tech guru because of my introverted nature. But i have been too slow to learn all these tech things. I rili dislike the office work. Jus wanna stay in my room and make a living.
Entrepreneurshhip is not soo easy in naija. Too many obstacles. I wish all legit hustlers the best.
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|Re: What No One Tells You About Entrepreneurship In Nigeria by Ajibolatao(m): 12:41pm On Jan 29, 2019|
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|Re: What No One Tells You About Entrepreneurship In Nigeria by Dekingmoses(m): 12:42pm On Jan 29, 2019|
NYC topic @ d ryt tym for me . kuddos op
|Re: What No One Tells You About Entrepreneurship In Nigeria by helinues: 12:42pm On Jan 29, 2019|
He no easy for Ezekiel self..
|Re: What No One Tells You About Entrepreneurship In Nigeria by wittydee: 12:43pm On Jan 29, 2019|
Very correct but there are more points
|Re: What No One Tells You About Entrepreneurship In Nigeria by qanda: 12:43pm On Jan 29, 2019|
It is important to note that being Entrepreneurial is not all about working for yourself! It is more about a mindset and attitude.. having a problem solving mindset, spotting opportunities, being creative, innovative and a problem solver. If you run your own private business, you will need to work with people, enter into partnerships where necessary.
As a standalone entrepreneur, you will likely need to work harder than you do with your current employer to grow your business and succeed. So entrepreneurship is about passion, it is about solving problems. You will need to work hard and stay consistent to succeed.
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|Re: What No One Tells You About Entrepreneurship In Nigeria by Emeks008(m): 12:45pm On Jan 29, 2019|
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|Re: What No One Tells You About Entrepreneurship In Nigeria by Nobody: 12:46pm On Jan 29, 2019|
totally agree with the above write up, scary but the truth.
we also need to know is that a lot of serious minded entrepreneurs put in more time than some salaried employees. For some, the concept of having control of their time is even elusive. Moreover, entrepreneurship is not a quick fix for unemployment, underemployment or a shock absorber for unexpected job loss. It is serious business! And truth be told, its no walk in the park. To become a successful entrepreneur of an equally phenomenally successful business, you need to be deliberate about it. You'll need to put in time and sweat, have a business plan (even if its a sketch for starters), basic skills to manage operations of a business, resources (especially human and some capital) and last but not the least, the discipline to delay gratification and tame your consumptive appetite.................
|Re: What No One Tells You About Entrepreneurship In Nigeria by emmy85: 12:46pm On Jan 29, 2019|
But I still believe despite all these challenges facing entrepreneurs in Nigeria, being self employed is still the best way to go.
|Re: What No One Tells You About Entrepreneurship In Nigeria by derbykol(f): 12:48pm On Jan 29, 2019|
These points should not deter aspiring entrepreneurs.
|Re: What No One Tells You About Entrepreneurship In Nigeria by AdonaiAluminium: 12:49pm On Jan 29, 2019|
This is very enlightening
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|Re: What No One Tells You About Entrepreneurship In Nigeria by nonyjay(m): 12:50pm On Jan 29, 2019|
I'm about to cancelling a meeting now with a prospective client in Sagamu... I will proposal phone call...
Why invite me to Sagamu for job I'm not sure of..
|Re: What No One Tells You About Entrepreneurship In Nigeria by IJEYdiamond(f): 12:50pm On Jan 29, 2019|
Thinking of being an Entrepreneur, Business Consultant,independent Distributors and partners with Royale Global international Worldwide and you reside in Port Harcourt(Rivers State) Enugu, Anambra and the FCT
|Re: What No One Tells You About Entrepreneurship In Nigeria by LZAA: 12:52pm On Jan 29, 2019|
Finally finally somebody speaks sense concerning this nonsense where everybody wan be CEO
|Re: What No One Tells You About Entrepreneurship In Nigeria by don4real18(m): 12:53pm On Jan 29, 2019|
Even employees have challenges...
If you don't have a sense of responsibility, do not become an entrepreneur
|Re: What No One Tells You About Entrepreneurship In Nigeria by don4real18(m): 12:55pm On Jan 29, 2019|
nonyjay:Welcome to the world bro... Sometimes, you just have to take the risk but some clients are hell-bent on being time wasters
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