How to Become an Entrepreneur in Nigeria

How to Become an Entrepreneur in Nigeria brings to your perusal the necessary step to step guide on…

How to Become an Entrepreneur in Nigeria brings to your perusal the necessary step to step guide on how to become an entrepreneur.

How to Be a Successful Entrepreneur 

How to Become an Entrepreneur in Nigeria
How to Become an Entrepreneur in Nigeria – Photo Source:

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An entrepreneur is a person who organizes and operates a business venture and assumes a great portion of the risks involved while making a profit from it.

This means that as an entrepreneur, you need to organize the operation of goods and service delivery and aim towards making a profit while also shouldering the responsibility for losses.

In Nigeria, there are many needs that have not been met. The high population even creates an opportunity for increased service needs. You can take advantage of this and make decent wealth for yourself.

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Are you tired of slaving yourself for some and earning peanuts in return? Are you tired of being bossed around and deciding to be your own boss?

Are you seeking to be self-reliant? If your answers are yes, this opportunity is for you. It will definitely help you become self-reliant.

Here are the steps on How to Become an Entrepreneur in Nigeria

So to become an entrepreneur in Nigeria, you should do the following:

1. Decide on what to do

You need to decide on what goods and services you want to make available in order to make a profit. In doing this, you need to take into consideration the skills you have and what you are good at doing.

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Even if you do not have the skills to do a particular thing, do you have the money to get someone else to do the main job while you only finance it?

In deciding on what to do, you can choose to deal with goods. You can manufacture the goods or supply the ones produced by others.

You can also choose to deliver certain services based on your skill set. The services you can gainfully deliver in Nigeria include but are not limited to dressmaking, catering, hair styling, cosmetics training, etc.

After discovering what you can do, confirm from within yourself if you have the technical knowledge to pull it through. If you do not have the necessary skills to pursue your chosen career, you should get trained in it.

2. Conduct a feasibility study

You need to carry out a study to confirm how viable your business idea will be in a particular environment. What is the demand rate for your intended goods or services?

What will it cost you to set up your business in that particular environment? By the time you arrive at answers to all these questions, you are now ready to take another step.

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3. Write a business plan

A business plan states the name of a proposed business and mentions specifically what goods or services the enterprise will provide.

The capital needed to start a business as well as other factors of production must be duly stated in the business plan. The cost of production as well as the selling price of each unit of your commodity should also be stated in your business plan.

4. Source for funds

After drafting a business plan, you need to gather funds to kick-start your business. You can present your plan to investors who could invest in your business for a certain percentage of profit.

You might want to use your money if you have enough. Banks and friends can also lend you some money to start your business.

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5. Start your business

With the availability of money, you can start producing or distributing whatever goods or services you are selling. Create enough publicity for your goods and services.

Treat your customers right and they will be loyal to you. As patronage increases, you can expand and diversify to other things. Build on your successes and even the sky cannot stop your entrepreneurship in Nigeria.

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