Gmnm

Many days of rejection will make you also to question your capability and hope in the business

Entrepreneurship is lucrative indeed, you have to be an enormously shrewd individual to avoid terrible loss of money, being knowledgeable is key to whatever area you plan on diving into.

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In Niggeria you will see a man with zero skills and one tin roof shack telling you he is an entepreneur. People will say he will grow eventually. SMH

If it is your calling you just have to do it

Jaqenhghar:
In Niggeria you will see a man with zero skills and one tin roof shack telling you he is an entepreneur. People will say he will grow eventually. SMH

I'm sure over 70percent of nairaland entrepreneurs fall under this category��

Oyimeoyimemua:
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

You are right but I don't give chances for friends and folks they know my slogan

God bless u pretty good

nonyjay:
Very true...

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..

...

Well, you wouldn't know the one that will click with that kond of attitude. We use money to get more money.

I have gone for many social media advert meetings and item procurement from Jumia as a Jumia sales consultant with organizations in Lagos and some states in Nigeria from Ijebu-ode, some clicked while several others didn't, but if i did not go to meet those clients i am limiting my chances of survival as a one man hustler.

QueenMoremi:
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.


http://queenmoremi.com/2018/06/what-no-one-tells-you-about-entrepreneurship-in-nigeria/

Lovely writeup.

It is definitely not easy, but at the end it will worth it.

I sell Bedsheets and duvet...
God bless you as you patronize me

Charmingz:


I'm sure over 70percent of nairaland entrepreneurs fall under this category��

LMAO. The thing they know how to talk big. When they start telling you about their successes and accomplishments yet to be, you may start feeling insecure.
They are into every thing.... they have experience in every sector. I met one at my friend's office. Said he was an entepreneur. I asked hom what he was into precisely. He said everything and was like "in short" then gave me his complimentary card. On it he listed virtually every sector. Construction, supplies of everything, marketing, research, motivational speeches, mentoring , tourism, forex, printing, .... the list was endless. I tried a little sarcasm and mentioned that I dont see oil and gas he replied that they were into that too and he was going to upgrade the card to have it listed.

Op I need honest answer please


If i register PayPal with my national ID card will I be able to receive payment online? Please I need answers

There is this online business I'm doing I didn't spend a Kobo on it it's just to install an app through invitation link and keep the app running then each month the person will be paid 100$ depends on how long you run the app I was invited through the link and register successfully the app is running how an I got mail that I'll be paid on the 15th of every month if I run the app daily

Now I've created a PayPal account I want to know if I can send and receive money through the PayPal cause I oppened it with my real NINC card

During your early days as a start up u might not get what you want yet. But with consistency you would hit it

blessedqueen:


You are right but I don't give chances for friends and folks they know my slogan

sure, to mk it in business u have to frown at such

Goldenventures:
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 should please leave the business space We the real mean shall emerge and take it over.

True talk my NL brother. We tend to only base our judgement on other people success story while trying to succeed.

Working for someone is not easy and being an entrepreneur is also not easy.

I got a trade training in South Africa 5yrs ago and another with a USA firm 3 years agi. I have not been able to recover my taxi fair to the airport talkless of my flight ticket and training fee. Everyone is asking me to quit.

I made up my mind not to quit, because I have learnt in the cause of trying to succeed that you need to first know why you had not succeeding. Should I quit now, I will never succeed.

In the cause of finding an answer on why I was not succeeding, I learn how to produce materials use for my trade locally. Soon, I will will become a producer instead of being an importer.

Although, its not easy being an entrepreneur. I will advise everyone not to give up or give in.

inforesource:
You must have Nine lives because you will be killed several times.

my dear more than nine lives because the obstacles are much most especially when you are working with low capital, seeking for an interest free loan etc.

You are right. I run business and I can relate with your thought.

chidaddy1198:

my dear more than nine lives because the obstacles are much most especially when you are working with low capital, seeking for an interest free loan etc.

nepapole:
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.

I have always wished the same. to make money online in the comfort of my house. just don't know what and where to start from.

True. But what do you have to lose if you strive to build a credible system around your business in 5 years instead of working for someone for 40 years.
Anyway, entrepreneurs who are interested in taking their brands to the next phase through business registration and company incorporation should message me. It would be difficult to reach a certain level of social acceptance without being easily registered and recognized as an existing entity by the law.
I also help dymistify the tax system to help you pay the lowest possible legally acceptable tax accruing to your business in relation to your earnings.
Call me on 08067981080

zz

your startup will die many times before it becomes self sustaining. another source of income to fall back on and resurrect it each time it dies is essential.

You Nailed it

These are the risks involved. Overcoming these risks is SUCCESS.

codemaniacs:




if you want to be an entrepreneur in Nigeria then its better to be an offline entrepreneur.

online entrepreneurship is very difficult and takes time if you don't have capital or time to advertise yourself.

if you have a shop (offline) in a populated area then u can make money.

I've been trying to be an online entrepreneur for over 4 years and I haven't made monthly revenue.

a job is better unless you have sponsors.

what are do you sell?

Oyimeoyimemua:
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

. I always try my best to avoid family and church when it comes to my business. Its safer

zz

codemaniacs:


over 4 years ago at the beginning I was doing affiliate marketing (but not seriously as in everyday) and I made over $210 in about 2 years from spamming my affiliate links on Nigerian blogs and some foreign blogs.

I was also learning how to code which taught me how to create mobile apps and web templates that I could sell, but each time I submitted my apps and templates were always rejected.

2 years ago I tried adult affiliate marketing and made over $23 but it needs to be over $100 for me to be able to withdraw it.

last year, I decided to try coding templates and apps again and submit them to free directories and surprisingly they got accepted.

so to answer your question, I am not selling anything yet.

I am building a website that may or may not bring revenue, right now I have over 130+ active users using my templates and apps, I will create premium versions of those templates and try to sell it to those 130+ active users who are already using the free templates.

hmmm a long journey without much money made

why do you think you didn't make money from affiliate marketing though? I see people advertising everywhere that its a goldmine

zz

codemaniacs:


the type of affiliate marketing I started with was based on me getting commissions from the products my referrals where buying and the next type I did was based on PPS which is Pay Per Signup which means I get a commission for every person that signs up using my affiliate link, referrals from the United States where worth $5 per sign up so I focused on getting referrals from the U.S using ads and I spent $50 daily on ads for some days and got 2 signups daily ($10) but $50 for $10 revenue was a bad ad spend.

I noticed that most of the people making money online own the products or were into dropshipping which mean buying products from china for $20 and selling it around $70 - $150, I did not have the money for dropshipping so I chose coding.

there is no goldmine anywhere.. if there was a goldmine people especially Nigerians will keep it to themselves.

so to answer your question? I didn't make much money because

- I was a novice (I'm still a novice with experience).

- I did not know the right ad to buy.

- I did not know anything about niche marketing.

- I did not know where to advertise my affiliate links.

- I did not know that if your ad is profitable the CPA (Cost Per Action) companies can stop your ad and use it for themselves.

- I did not know that the people making the most money own products.

- I did not know about dropshipping.

- I did not know how to create a product.

- I did not own a popular website with thousands or millions of daily visitors.

- I did not own a popular product.

- I did not know how to build a customer base using free products.

- I did not know that most of the people who buy ads had loads of money. for example, I was spending $50 daily or sometimes $300 for 5 days on an ad that was getting me U.S signups and there was someone else buying that particular ad so I guess I was frustrating the person because the person bought it for 1 month and when that month finished, the person immediately bought it again for 4 months, I realized I didn't have the same capital as that person and that ad was the only one getting the signups.

- I did not know it was better to blog about the affiliate products that I was marketing which means creating and owning a blog for affiliate marketing in general or that specific affiliate product so that I don't spend much on ads.

I did not know a lot things and this is after 4 - 6 years and spending most of the ₦450,000 start up capital I had buying ads. so I would always advise anyone to get a job because online you're competing with different people especially if you want to earn in dollars..

its better to focus on your own country and dominate locally first.

let me stop here....

thanks for this detailed explanation.
I wish you goodluck in your future online endeavours