Every Nigerian entrepreneur knows that running a business is one of the challenging things to do. I mean think about it. How easy do you think it is to turn one’s dream into reality and have people be a part of it? Of course, it’s tough. You’re probably wondering why being a Nigerian entrepreneur is this stressful. I’ll tell you why. There are 4 things every Nigerian entrepreneur needs to learn to succeed.
You see, most of us go to college, but not to study entrepreneurship or business or anything related. However, we find ourselves chasing our entrepreneur dreams right after we are done with university, with little or no knowledge to help. Yes, we are passionate about the journey, but somehow we realize that passion isn’t enough. Have you ever wondered why several Nigerian entrepreneurs don’t make it beyond the first couple of years before falling out of business?
Again, being a Nigerian entrepreneur requires a lot of work, learning and growth.
So, let me show you 4 things that every Nigerian entrepreneur needs to know to build a profitable business.
1. Learn how to build a team
One major reason why most business owners find it difficult to build a PROFITABLE brand is the lack of structure.
You see, except you want to wait a decade to make your first one million naira revenue as a business or organization, then you might need to consider working with people.
The truth is that you can’t do everything all by yourself. You need other people’s input. Let’s assume you know everything necessary to succeed as a business person, can you do it all at once. Can you handle production, finance, sales, strategy, logistics, customer service and PR all at the same time? Of course, not.
So, to build a reputable brand, you want to build a system where everything can run smoothly simultaneously, without entirely depending on you.
In building your brand, one of the questions you should ask yourself is, how quickly can you meet a customer’s demand? If it will take more than a couple of minutes to, then a few links of the chain have been broken somewhere along the line. Fix it! How? Build a structure. Build a team.
2. Learn how to sell and market
That you have an amazing talent or you’ve built the best product ever in the entire world doesn’t mean that people will come knocking at your door if you haven’t shown it to them.
When people are not aware of your brand or how well it meets their needs, then they won’t do business with you.
I know we all try to avoid salespeople because we think they are only concerned about our money, but not when they are genuinely trying to meet our needs. A good salesperson knows that their job is to meet a customer’s need. In meeting their needs, you will get their money in return. It’s value for value. So, you need to learn how to sell.
Note that pitching to investors is also a part of sales and marketing.
3. Learn how to manage money
If you cannot manage your money, then you can’t manage your business.
First of all, you need to separate your personal account from your business’s.
You need to learn about basic management terms such as profit and loss, ROI, cash flow statements, balance sheets, etc. The knowledge of these things will help you manage your finances properly.
4. Learn how to treat your customers right
As a Nigerian entrepreneur, it is important to understand that not only are you selling your product or services to your customers, you’re also selling an experience. So, on a scale of 1-10, can you rate your customer relation services?
You need to understand that your customers are the most important part of your business. Without them, there’s no business. So, what experience do you want to sell to them? Do you want them to think of your brand every time they think of fun or success or inspiration? Whatever it is, you need to learn how to make them get the message while treating them rightly.
So, to every Nigerian entrepreneur, I wish you all the best.