THE EVERYDAY STRUGGLE OF THE NIGERIAN ENTREPRENEUR

Being a start up business anywhere can come with its fair share of bumps. But being a start up business in Nigeria can be extra difficult. The reasons are not far-fetched. Let’s highlight a few.

• Lack of capital.
• Difficulties in getting loans.
• Time Management.
• Poor state of infrastructure.
• Economic Instability
• Inconsistent government policies.
• Poor knowledge on how to run a business.
• Marketing strategy challenge.

Add these to other unique circumstances not captured here, and you would agree that getting a business to set sail and thrive in Nigeria is almost a Herculean task. Despite this being fact, there also exist people who have succeeded in setting up, building and even growing businesses from the scratch! No, it’s not magic. They just quickly utilized a few low hanging fruits that others have not even recognized. The good news is, we have been there and will share them with you. KEEP ACQUIRING KNOWLEDGE – The world of business is highly dynamic with new information and ideas springing up daily. What’s even better is the fact that knowledge is more readily available today than ever before. There exist tons of data on literally every aspect of business, with daily updates! How much of this are you availing yourself to? KNOW YOUR CUSTOMER – Even if a business has access to funds, if such funds aren’t properly utilized to address the needs of the customer, the goals of that business will not be achieved. No matter how great your product is, everyone cannot be your customer. There is a customer for every product. Find yours, understand their pain points, know where they can be found and speak the language they understand. CHOOSE COLLABORATION OVER COMPETITION – There’s so much value you can derive from having a mutually beneficial relationship with people who play in the same field as you. Harness it. Get over the stiff competition mentality, because really, the sky is big enough to accommodate us all. TECHNOLOGY – Which artificial intelligence tools are you using to achieve more productivity in your business? ADD VALUE – Always give your customers an additional reason to choose you. Share knowledge that they would find beneficial.   It shouldn’t be about selling all the time. KEEP YOUR WORD – Never over-promise and under deliver. Stay transparent and consistent. There…try these tips consistently and keep track of your records. Never forget that you can’t keep employing the same approach and expect different results. So change the things you can and find a way around what you can’t change. Need tailor-made financial advice? www.citmfb.com For access to loans? Call 01-4547 432