How to Become a Successful Entrepreneur in Nigeria (2024)

Becoming an entrepreneur, and not just any entrepreneur, but a successful entrepreneur in Nigeria, is one of the fastest ways to become a millionaire in Nigeria. You might find it difficult to accept this, especially when you also know 9–5 wealthy people, yet it is real. Nigeria is eagerly awaiting the next big thing or product.

The high amount of unemployment that the country is currently experiencing is a good way to comprehend this. I suppose I was lazy about it even though I was aware of this entrepreneurial journey for a very long time. As far back as 2010, I developed a lot of business plans, but I didn’t pursue many of them because I was too lazy to put forth the work. They all required funding and attention.

Instead of starting a business because I needed money at the time, I went into the job market. But now that I’ve looked back on those years, I realized that if I had just been able to drive one through, I would or should have achieved success as an entrepreneur in Nigeria by this point. This is because it takes a new business 10 years to mature.

This is the reason I’ve been writing a lot lately on the blog about wealth creation (businesses that anyone can start as a side hustle) and how to take them and expand them until they become the next BIG THING in Nigeria. I do not want anyone to make the same error that I did. So today I’ll be giving you about 7 tips on how to on how to become a successful entrepreneur in Nigeria.

Remember that if you don’t hold the advice I’m about to give you near to your heart and immediately put it into practice, it will all be for nothing. It is not only about reading; it is about acting on what you read.

WHAT IS THE DEFINITION OF AN ENTREPRENEUR?

An entrepreneur is someone who develops an idea or launches a business exclusively to address an increasing problem. He or she may be the starter or the initiator. When no one else does, he or she spots opportunity. When no one else does, he or she notices progress and pursues it all the way to the end. While there are various types of entrepreneurs, each has its peculiar trait but can be similar as the end goal of a successful entrepreneur is to have a booming business with the necessary profits.

HOW TO BECOME AN ENTREPRENEUR IN NIGERIA

Below are steps to take if you want to become a successful entrepreneur in Nigeria.

STEP 1: BEGIN YOUR TRIP EARLY

This is the first action you need to take to become an entrepreneur in Nigeria. Procrastination is one of the reasons why many of us haven’t achieved our goals by now. We put everything on hold, particularly the vital things, until we no longer have the time or zeal for them.

It is difficult to start a business in a place like Nigeria, and because it is difficult, many of us just go for an easy solution, like looking for employment. The best moment to start a business is right now, as I mentioned in my introduction. Don’t let money or any other factor cause you to put it off. Start right away! This is the only surefire approach to start become a successful in Nigeria.

Start by sketching out your business concept and talking to smart people about it. People you admire, such as your mentors, millionaires, and wealthy friends. Fear not; they won’t take your concepts. Instead of going into something blindly, it is preferable to speak with them and receive advice on how to proceed. The adage “ride on the shoulder of giants” hasn’t gone away; it’s still true and significant in this regard.

I mention this because I formerly held onto the business’s ideas firmly out of fear of sharing them, which had a negative outcome because they were never given the chance to shine. A successful entrepreneur in Nigeria can spot an opportunity, seek guidance, and seize it without wasting time. An ordinary entrepreneur in Nigeria cannot do that.

STEP 2: KEEP TRYING AND DON’T GIVE UP

This is the second stage in today’s Nigeria to being a prosperous entrepreneur. There is no denying that Nigerians are steadfast individuals. No matter what we go through, we always have faith that tomorrow will be better, but many of us in Nigeria don’t apply this to the entrepreneurial side of our lives.

And for this reason, many Nigerian teenagers still don’t have much luck launching enterprises there. We give up on our company ideas too soon, and those of us who are finally able to launch it after much adversity still give up when it fails to live up to our expectations. Well, it has been repeatedly demonstrated by prosperous businesspeople from Nigeria and throughout the world that in order to succeed in business, one must adopt a never-give-up mentality.

The fact that your friend’s business is generating more revenue than yours does not imply that you are in the incorrect line of work. Hold on, and you’ll see that your own set time will arrive as well. It’s just your friend’s set time. It could take some time for new products to catch on in the Nigerian market, but that does not guarantee that they won’t be accepted and purchased. Only a magician will anticipate a boom right away. As a Nigerian entrepreneur, practice patience so that you can reap the benefits when they do.

STEP 3: NETWORK WITH OTHER ENTREPRENEURS

Another thing you must do if you’re serious about becoming a successful entrepreneur in Nigeria is this. I touched on this in point 1, but I think we should continue to talk about it to gain a better understanding. Dangote did not travel alone when you saw him today. When he was just starting his firm, he stood on the shoulders of his uncle and a few other well-known Nigerians.

He now stands on the shoulders of Nigerian politicians, which has proved to be advantageous for him because many of the decisions taken by the Nigerian government always seem to be in his favour. An island cannot survive on its own since it depends on neighbouring islands for its survival. In Nigeria’s entrepreneurial sector, things are as they are and always will be. Therefore, you must be prepared to connect if you want to succeed as an entrepreneur in Nigeria.

And connect with individuals (investors, business-minded individuals) who will help your firm succeed.

STEP 4: OBTAIN THE REQUIRED CAPITAL

Being able to obtain financing when you require it is another factor that might help you succeed as an entrepreneur in Nigeria. Let’s face it: due to the Bank of Industry’s requirements, not all firms qualify for loans from them. Therefore, being able to access this capital whenever and wherever it is needed makes you a prosperous businessperson in Nigeria.

Consider a scenario in which you require N1 million today and can obtain it in 24 hours. This elevates you to the status of a king among Nigerian businesspeople.

STEP 5: DISCOVER HOW TO SET UP A BUSINESS

How can you get money to launch your business in Nigeria as an emerging entrepreneur, you might ask? Here are some pointers.

• SELF-FUNDING

There are prominent entrepreneurs in Nigeria who self-funded the beginning of their million naira enterprise. You are able to accomplish this as well. If you have some money saved up that you have held for a while in the bank, you can self-fund the business you run. The nicest part about this source is that it is risk-free and that you may avoid meeting investors in person to get capital for your startup.

• FUNDS FROM FAMILY AND FRIEND SUPPORT

Getting assistance from others is another approach to succeed as an entrepreneur in Nigeria. You might solicit the aid of loved ones and use them as the initial backers of your firm. Based on the rapport you have established with them and how they have observed you to be able to double money, you will be astounded at how far they will go to help you. If you have a large number of businesspeople in your family and among your friends, you ought to take this into account.

• LOOK FOR SUITABLE INVESTORS

These are the people who are prepared to make investments in existing or brand-new companies. Angel investors are those individuals. You can speak with these people to get help launching your business. You should read for more advice on this. You can get advice on how to start your entrepreneurial adventure in Nigeria from the three sources above.

STEP 6: ANALYZE REPORTS ON FINANCES

Some successful Nigerian entrepreneurs have disputed this repeatedly. While some Nigerian business owners believe it is essential to comprehend accounting statements, others argue that there is no real need for this because our ancestors didn’t grasp financial statements and nevertheless ran successful enterprises throughout their lifetimes.

While the second school of thought may be accurate in regards to our ancestors, we now live in the 21st century, and being able to read financial accounts can help entrepreneurs in Nigeria avoid a lot of hassle. Understanding financial accounts enables you to determine whether your company or organization is earning a profit or losing money as well as whether there are any weaknesses in your operations.

In other words, it enables you to foresee the business’s future and set strategies. A Nigerian entrepreneur who doesn’t comprehend this will be dumped right in front of him. Be careful!

STEP 7: LOWER COSTS TO BOOST SALES

This is one tactic that, despite all the hardships in Nigeria, has helped many Nigerian entrepreneurs maintain their operations. This is like getting paid, to those of us who don’t get it. No matter how small, you may still use it to produce something and support yourself. No matter how little money your company makes, you should still find a way to live off of it and look for alternative ways to boost sales.

I recall the day when my income was N25,000 at the time. I could still get by on this. Even when I first started my business and was out of a work, I was still able to make ends meet through my business by cutting costs and growing sales. You’ll be astonished at how quickly your company can expand with this strategy by reducing so many costs and raising sales.

This accounting method has helped many aspiring Nigerian entrepreneurs succeed without putting in a lot of work, and it can do the same for you.

STEP 8: EMBRACE PRUDENT BUSINESS RISKS

This is an additional route to entrepreneurship success in Nigeria. I’ll tell it clearly: “If you can’t take the risk, you’re not an entrepreneur and you shouldn’t be an entrepreneur” because, in Nigeria, success in business depends largely on taking chances. And when I refer to risk in this context, I mean calculated risk—not risk taken carelessly—a risk driven by creativity.

Invest in the product if you are confident it will succeed in Nigeria based on your market research; otherwise, save your money and the money of other people (OPM). As a Nigerian entrepreneur, you may be proud of your product, but it doesn’t mean you should be sentimental about it. Be truthful to yourself! Once, my brother made a financial investment in a company he planned to launch last year.

He had no idea that the wrong people had received his money, and they made off with it. He has not yet been deterred by this. He has recovered and is prepared to make another investment in a different company. That is life. And that’s exactly what it takes to start and grow a successful business in Nigeria. My main message is to persevere despite being defrauded of your money.

Pick yourself up and keep investing in your business as the right thing to do, and you’ll see that over time your company will reach its peak and money will start flowing in.

CONCLUSION

It is difficult to be an entrepreneur who succeeds in Nigeria, but you must persist and never give up. With these suggestions, you’ll achieve success one day. Never give up and keep going. What more qualities do you believe a successful entrepreneur in Nigeria must possess?