I have a couple of business here in Lagos island and Victoria island. I can say with confidence, being an entrepreneur is no kids play especially during the first 5 years of your business. Therefore I wanna drop a few things I have learnt over the years as an entrepreneur after quitting my job to start a business of mine. Which I started with just 15000 naira few years ago. Yes you heard me right 15000 naira was what I started with.
The fear of facing the unknown is the reason why people go about looking for jobs in established companies unknowing to them their are plenty of opportunities around in ones area. All that is needed is to look for a service that's needed and you are good to go.
Here are a few things I have come to learn, mastered and still learning.

1) idea also know as ( product)
People often do not know that ideas is far more important than money. First as an entrepreneur or a business person or someone who just wanna start a business. What you need is idea or a solutions to peoples problem.
If you are able to find a solution, product or idea that people can buy then you are half way done.
So instead to look for money, I rather would say you should look for ideas.

2) purchasing power of an area. People often make mistakes of sighten their business in low income areas. Now am not saying this is bad but truth is there is a high chance of your business collapsing in low income areas. Not because your ideas is bad but because your business is located at a wrong environment.
For business to grow, environment is key. Look around your environment. How many companies can you see, probably limited I believe. This is because investors knows the importance of high income areas. This high income areas help businesses to grow faster unlike low income areas. So before you start that your business, choose your environment carefully.

3) quality of product.
Whatever it is you intend to sell to the people, make sure it is top notch. As customers are easily taken away by a better product. Competitors are always looking for weaknesses in business so they capitalize on it. Always always make sure your product is superb.

4) do a checkmate on your possible competitors.
Before you start a business, make sure you are able to move around in the area and do a check on your competitors. Buy their products as much as you can. Compare it with yours this is to enable you know what your weakness is and to find a solution to it.

5) aggressive marketing.
To break even into the market, you need do aggressive marketing. Take your product to the buyers. The fact your product is superb is not enough reason people will patronize you. Humans are funny creatures. They may like your product but not all will remember as people have things bothering their minds. So learn to take your Product to your customers. If possible, do a weekly promo invite DJ's so to create a better awareness.

6) while its is good to have an established company in ones name. It also takes years of sacrifice, sleepless nights, hunger.
Everyone wish to succeed in their businesses but we often find it hard to accept the bitter truth. In other to succeed in business, so much must be sacrificed. Lack of time for family, many night of no sleep, days we go hungry just to grow a business this and many more. Entrepreneurs are often lonely or have very few friends and can be very stingy and strict. This is because, they know the importance of every penny. The mindset of an entrepreneur is totally different from that of an average person. The way they see things, understand things is different due to their experience in life. So when you see tall buildings or companies rather than wish to be like them. First try to imagine how many years it took them to be in such position. If you can figure out the years, then you will know being an entrepreneur is not for every person.

7) loss of capital.
The world of an entrepreneur is a risky world. A reason they are often lonely as no one is willing to share in one failure so they share their pain and failure alone. As an entrepreneur, be ready to loose your capital, be ready to get frustrated, downtrodden and broke. Be ready to start from scratch, be ready to wear one clothes in days, be ready to walk the walk. Its never an easy road for an entrepreneur.

never touch your first 2 to 3 years income.
As an entrepreneur, for you to grow. You need not touch your first few income. This is to enable the business have a strong capital base incase their is some failure along the line or maybe a drop in sales.

9) expansion.. Be ready to expand your business to help create regular stream of income.
However, be careful of the environment you intend opening it. As environment can make or break a business. Do a survey of the environment, no what is likely to sell or not before investing your money. Because a money gone can't be recovered.

If you have anything to add, please feel free to do so

I commend ur effort in this write-up,it really gave me insight in my business to do more.keep it up.