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How To Become A Better Entrepreneur in Nigeria

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how to become a better entrepreneur

The world’s economy is plummeting, and the needs of its people are skyrocketing.

Entrepreneurship is the single most powerful agent people currently used to beat all odds and not only keep their heads above water, but to also live their lifestyle of choice.

Everywhere you turn, there are start-ups being created, in agriculture, tech and IT, networking and trading, etc. Some of those thriving, while many others are failing.

According to reports, a whopping 90% of all new businesses fail. That’s a lot of failures for people that held high hopes for them and their businesses.

If you look closely, you’ll notice that there are some factors that cause these massive failures, the majority of which are linked to the lack of entrepreneurs trying to become better at what they do.

how to become a better entrepreneur

How to become a better entrepreneur in Nigeria

In this article, I will show you 12 ways to become a better entrepreneur so that you can keep your business afloat, prevent it from failing and live a good life.

1. Always Make a Plan

As a business owner or entrepreneur, you need to learn and apply proper planning before starting the business, and while at it.

In order to plan properly, decide what you want to achieve, how far you want to grow, and how well-known you want your business to be.

You should find answers to these before starting the business:

  • What kind of service are you providing?
  • What problems are you solving?
  • Who are you helping achieve their dreams?
  • How do you want to achieve all these?
  • How do you get the capital for your business?
  • How much would it cost you in time, money and manpower to make all these come to life and make you money?

If you’re able to answer all these questions, you’re on your way to creating a business plan.

Carry out a market survey/analysis and leave no stone unturned. There is no way you are going to become a better entrepreneur in Nigeria if your foundation, that is, how you started is faulty.

So, you must make a plan and start on a sound foundation if you must get better in the business and become a better entrepreneur in Nigeria. How you start matters and how you start determines how far you would go in the business.

2. Learn to Persevere

Everyone agrees that entrepreneurship is no easy task. It requires resilience and a tough skin to manage a business. Many challenges will come your way, many times you’ll feel like giving up because things aren’t going as planned, and you’ve slowed down in money making.

Take deep breaths, do the best you can to curtail the situation. Put in your very best to provide solutions to these problems, without overwhelming yourself and your staff.

The decision to become a better entrepreneur in Nigeria is more mental than physical.

You have to train your mind and brain to persevere and be resilient to whatever challenges come by.

If you fail to do this mind-training, don’t be surprised to see your business dwindling by the day.

Be patient and get your mind well-trained to surmount any obstacle that may come your way in this business, for in the end, it’s all worth it.

3. Be Creative

Make your products as unique as possible. Make them stand out against your direct competitors. Think of new problems to solve with your product. Make a name for yourself in the minds and homes or offices of people.

Create new products if need be, just to help satisfy your clients.

There are companies out there that started out doing one thing, but looked for other ways to solve people’s problems and keep their clients coming. Be this industrious.

Creativity does not fall from the skill; you have to make effort to develop your creative self. This could be by networking with others in your line of business, going for expos, workshops, seminars and watching others do the same or similar business as yours. That would give you an idea of what to add or subtract from your business to make it stand out from the crowd.

4. Be Decisive

As an entrepreneur, you need to be able to make quick and effective decisions for the growth of your business. Take the pain and make the right decision every time you’re faced with options.

Deal with problems as soon as they arise, and avoid procrastinating. Make the right decision, even if you’re in a hurry. Take everything into account and pick what’s best for your business. A stitch in time, they say, save nine.

5. Take Responsibility

Things will go wrong, as is bound to happen now or later. When this happens, do not play the blame game: there’s enough blame to go around if we’re going to be honest. Take responsibility, learn and make amends where possible.

The earlier you accept your shortcomings, the easier it will be for your business to bounce back and not receive the shock.

6. Take Risks

Try new things. Take bold, scary steps. Leave your comfort zone. With great risks come great rewards. Put your very best into what you do and make sacrifices that you know will better your business.

Successful businessmen and women know the value of risks. They can go as far as losing their present job and financial security just to make their businesses work.

7. Place Value On Your Product

We all know the best of products, even if they have numerous other competitors. Their products have left a mark on our minds that we unconsciously opt for them anytime we’re in need.

As a business person, your services should be able to meet your clients’ needs in a way that no other business does.

Create value around your product that encourages your customers to help you spread the word, even without asking them to.

8. Be Disciplined

There’s no successful business today that hasn’t been built with discipline and diligence. Time management is an integral part of successful entrepreneurship.

The busiest and most successful of entrepreneurs have time to read books, grow, learn, attend to other personal affairs and still bring something good to the business table.

They have mastered the art of managing their lives and businesses so well that they can successfully have a personal and business life.

As an entrepreneur, you need to hold yourself to a certain standard, and do all that you can in avoiding the pitfalls of indiscipline.

Your business is counting on you. You can’t afford to be oblivious of the importance of time.

9. Cultivate A Habit of Positive Thinking

Your biggest failures will come from how you really feel about yourself and your business. Do you doubt yourself about the success potential of your business? Are you sure that if you put in the work necessary, and with God’s blessings you will reach where you are planning to? Doubting yourself has never produced good results. So, you must avoid it.

Remember that you can do whatever it is that you put your mind to, and that the sky is your limit. There’s so much you can do if you fought negativity and focused on the positives. Do not bring down your business with your constant doubts and negativities.

Focus on your business, build on your strengths, and aim very high. Work hard and see your business flourish.

10. Define Your Business’s Vision And Goals

You really can’t go anywhere if you don’t know where you’re going. If you don’t know what you want your business to achieve in the short and long run, you have most likely prepared it to fail right from the start.

Draw out a plan that will take you and your business to your desired promise land, and be diligent enough to take the right steps towards it.

Create a motivating tag line for your business. This tag line would/should remind you and your staff of your business’ goals and aspirations every day. It will always keep you and your staff on toes.

11. Be Smart and Alert at all times

The hardest tasks don’t produce as many results as their smarter counterparts. Working smart means that you provide solutions to problems without overloading yourself or your staff, and all the while making money for yourself.

As an example, look for smart solutions to problems around you, like those of inadequate transportation in schools, lack of ATM points in a community, poor or low quality water supply, and so on.

Technology has made life very easy for us. Apply them wherever you can to help make your business easier than it would have been without it.

Save yourself a lot of stress by applying critical thinking and problem-solving techniques in your business.

12. Be Consistent and Work Hard /Smart

The most consistent efforts, even when they’re very small, produce the most effective results. Being a successful entrepreneur requires this slow and steady spirit.

When we are inconsistent in our efforts, our businesses take the proverbial one step forward and two backwards. No reasonable progress can be achieved with inconsistency. Your businesses will suffer for it, and will take a lot of unbearable responsibilities to get it back on track.

As an entrepreneur, set goals to be achieved in milestones (or chronological order) to serve as your guide and ensure you do what needs to be done when it needs to be done.

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Ekemini Ekpo is a professional Blogger, Research Analyst, Internet Marketer, and Tutor. He is passionate about Business, Investment, Entrepreneurship, Finance, and Personal development.

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5 Ways to Spot Exceptional Employees in Nigeria

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The Nigerian labor market is very flexible with a skilled, low labor cost, highly motivated, and productive workforce. High level of education and efficiency are common factors for spotting exceptional employees. Besides, exceptional employees are easily self-motivated and self-managed.

Another important factor used for distinguishing an exceptional employee is the personality of the employee. This informs why some people are more successful at work than others? Travis Bradberry of Forbes magazine stated that following a research done around 2016, it was concluded that the key to exceptional performance is in the personality of the employee. Bradbery (2016) stated that the results indicate that “78% of leaders consider that personality distinguishes great employees, much more than cultural adjustment with 53% and even the skills of an employee (39%)”.

However, the qualities that the leaders pointed out as part of the personality are those of emotional intelligence. Unlike personality (which never changes), emotional intelligence can be transformed and improved. So executives don’t need to look for employees who have these skills. His duty, and also that of the company, is to help the entire team to enhance their emotional intelligence to become exceptional.

In essence, a typical team does all of its planning to achieve goals, with minimal intervention from management. Exceptional employees are also known to be healthily self-critical, with a willingness to learn and a commitment to making improvements both in production and performance.

It is clear, therefore, that the key indicators of exceptional employee are high level of education, efficiency at work, self-motivation, self-management, great personality, and emotional intelligence.

However, how can we see these playing out to determine how exceptional an employee? How does one spot the level of education, efficiency at work, self-motivation, self-management, great personality, or emotional intelligence of an employee? It is by observing if the employee has the following characteristics before and after employment.

Exceptional Employees in Nigeria

Spotting Exceptional Employees in Nigeria

5 Ways To Spot An Exceptional Employee.

 Exceptional employees may be spotted using the 5 indicators below:

(1) The Employee Is Willing To Delay Gratification.

Exceptional employees work outside the range of job descriptions. Rather than expect recognition or compensation to come first, they move forward in their work, confident that they will be rewarded later, but they don’t worry if they aren’t.

(2) Exceptional Employees Tolerate Conflict.

While exceptional employees don’t seek conflict, they don’t run from it either. They can maintain their composure while presenting their positions calmly and logically.

(3) Exceptional Employees Are Focused.

Exceptional employees are not distracted by grumpy customers or disputes in the office. Rather, they know how to detect the important issues and that is why they stay focused on what matters.

(4) An Exceptional Employee Is Judiciously Brave but Courteous

An exceptional employee is willing to speak up, ask a difficult embarrassing question, or challenge an executive decision. Besides, an exceptional employee chooses the best time to do act and thinks before speaking.

(5) Exceptional Employees Control Their Ego

While the ego is part of an exceptional employee’s drive to constantly improve, they never overdo it. An exceptional employee admits when he/she is wrong and agrees to do things differently with or without correction.

Becoming an exceptional employee is a skill, an art that can be learned and practiced to efficiency. One of the ways to become an exceptional employee is to establishing open and trustworthy lines of communication with the management and co-workers.

Besides, the Human Resources (HR) department has a role to play in the building of an average employee into an exceptional employee. Rather than dismiss below average or average employees, the Human Resources (HR) team can deploy technology to improve their integration with the entity’s values. In this sense, e-learning, for example, can have great value in developing courses that convey to that person what it means to work in that company and what it contributes to society.

Another mechanism that may be used to is improve an employee’s performance is proper mentoring, that is, involving some of the people with the best reputation and knowledge within the organization to protect and accompany the toxic worker, giving them advice and offering advice whenever they need it. In this way, individual attitudes can change, although care should be taken so that it does not in any way cloud the relationship between the company and the staff.

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Why You Should Go To Business School As An Aspiring Entrepreneur

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A school is a place where knowledge is acquired. As an aspiring entrepreneur, going to school is important because it helps you to add knowledge to your skills or ideas. A business school is a school where basically business-related courses are taught and it is advisable for all entrepreneurs to go to Business School in order to add additional knowledge and information to their skills. This will enable the entrepreneur to function and stay relevant in the Business and Corporate world.

Although going to a business school in Nigeria is somehow costly, there are different categories of business schools out there which one can enroll in and get the necessary professional skills for efficient business operations. Make your research and choose the one that is comfortable to you financially and which matches your day-to-day business operations. Luckily, you will find some that run at a subsidized rate and which you can attend while running your business simultaneously.

Why You Should Go To Business School As An Aspiring Entrepreneur

Why You Should Go To Business School As An Aspiring Entrepreneur

As an aspiring entrepreneur, making a choice to go to a business school is one of the best life decisions you will ever make. There are various reasons why you should go to a business school as an aspiring entrepreneur. In this article, I share 10 good reasons why you should go to business school with you as an aspiring entrepreneur in Nigeria.

See them below.

10 Reasons Why You Should Go To Business School

(1) Attending A Business School Will Help You To Make Better Career Choice

Attending a business school as an aspiring entrepreneur will help you to make a better career choice and help you focus. There are different courses taught in the business school and going for (i.e., offering) these courses especially the ones that match your business delineation will help you to structure your business ideas and help you to make better decisions in your career.

Aside from helping you in your idea formation, execution, and expansion, attending a business school in Nigeria will help you to function well and have an edge in the cooperate world. As the world is going more digital today, it is most likely that only people with multiple streams of income wil be able to survive the tough climates of the future. If you are an aspiring entrepreneur, with your degree from a recognized business school, you can work in the cooperate setting and also run a business as a side hustle.

(2) Attending Business School Will Help You To Attain Personal Growth

As an aspiring entrepreneur, attending a business school is not only for career development but also for personal growth. Let’s looking away from the monetary sacrifices or benefits and focus on the personal growth for a moment. When you attend business school, you get exposed to different categories of businesses. In business school, you will be exposed to in-depth knowledge of business education which will personally groom you for what lies ahead of you in both your business and career. It is a great opportunity for you to fulfill your goal of becoming a certified entrepreneur. Business school degree is equivalent to University Degree and fortunately they run postgraduate studies for graduates from other schools and Universities.

(3) You Get Upgraded Skills

As an aspiring entrepreneur, going to a business school will help you to acquire more skills. Examples are critical thinking and analytical skills which will help you to make good decisions in your business choice and anywhere you find yourself in the world. The knowledge and skills that you gain from business school will also help you in your day-to-day activities. Also, business school teach different skills related to the cooperate world. Some of these skills are Presentation Skills, Interpretation of data (Data Interpretation), Information Management and Personal Development skills which will help you to function not only in the business world but also in other areas of your life.

(4) Helps to Widen Your Scope

Business programs offered in business schools will widen your scope about your business. For example, with the knowledge gained from business school, you will learn how to and be able to write your business plan(s), structure of your business, have risk awareness, know different marketing strategies, learn finance management, and acquire leadership skills. Acquiring a skill is not enough in business. For example, we have a lot of people with different business ideas but who have difficulties with structuring the business and this limits the lifespan of their business. Therefore, business school will help to widen your scope about the business you want to venture to.

(5) Helps You To See Beyond Local Lens

Business programs/course taught in business school will help you to understand business beyond the local lens. It will expose you to working with different people; there are some business schools that run their program with international students. This will help to broaden the scope of study which will include studying business beyond your local environment or country (i.e., Nigeria).

(6) Business School Showcases Practicality Of Business

In most business schools, the students are taught practical business operations; they undergo several business projects which expose them to the practicality of business. There are several models and theories in business but as an aspiring entrepreneur, you will need more of practical in your business and the most interesting thing about going to a business school is that you will be exposed to both basic and comprehensive business practices which will help you stand out among your fellow aspiring entrepreneurs.

(7) Attending Business School Offers You The Opportunity To Further Your Education

Business school is not just for people who studied Business Administration and Management in the tertiary institution at bachelors (i.e., graduate) level but for everyone who wishes to have the knowledge of business. Therefore, there is opportunity for further studying i.e. you can obtain your Masters and Doctorate degree respectively in business. This is a great opportunity for people who graduated from other University courses but want to switch to Business Management and Administration or Entrepreneurship.

(8) It Helps To Fuel Your Passion

When you make a decision to go to business school as an aspiring entrepreneur, you are indirectly or directly fueling your passion for business. It will help you to take what you love seriously and see it from a different angle. Business practices taught in business school will help you to develop more interest in your field and it can also help you to make better decisions in your business idea which will help you to achieve your goals faster.

(9) Build Interpersonal Relationship Skills

Attending a business school as an aspiring entrepreneur will help you to develop interpersonal relationship skills which involve proper communication skills, customer relationship skills, and human relationship skills all of which is are basic skills you should have as an entrepreneur. You will learn how to communicate with people at different levels. You will be taught how to give business report and you will also acquire passive and active listening skills.

(10) Self Improvement

Doing new and different thing for yourself is a form of self-improvement. Going to a business school as an aspiring entrepreneur is a form of self-improvement because you are not just limiting yourself to only what you know. Rather, by engaging in academics, you are actively brainstorming, tasking your brain and challenging yourself to become a better person in your field, moving from just an entrepreneur to a business guru. Upon completion of your studies, you will not just have the skill but the knowledge of how to become a business mogul. Going to a business school as an aspiring entrepreneur is one of the best things that you can do for yourself.

Conclusion

As an aspiring entrepreneur you must dare to stand out by going beyond your circle to be the best among your peers. Going to a business school to acquire professional knowledge on business and management will help you to stand out both in the business and corporate world.

Looking for a business school you can attend close to you? Go through this comprehensive guide that shows a list of available business schools and their locations in Nigeria.

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Best Business Schools For Aspiring Entrepreneurs

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When you acquire useful business administration/management knowledge and add this to your skills, you are unequivocally bound for the top of the game in your chosen business line. This is the more reasons it is advisable to go to one of the business schools that teach the basic business administration/management skills before or after acquiring the basic skills of a business. You can never be wrong to go to a business school.

I have noticed that a larger percentage of entrepreneurs with a form of formal education are always different from and perform comparatively better than those without any form of formal education. Therefore, to boost your game in entrepreneurship and up your ante as an entrepreneur, it is advisable for you an aspiring entrepreneur to get a formal education to upgrade your skills.

If you don’t know why you should go to Business School as an aspiring entrepreneur, then I advise that you should get that settled first before proceeding to the rest of the article. Why would you want to learn about available Business Schools in Nigeria when you don’t even know why you want to attend one in the first place! Well, I guess you know why already. But if you don’t, I have compiled a full guide that lists and explains 10 key reasons why you should go to Business School as an aspiring entrepreneur. You can get the full guide here.

In this article, I share the best business schools in Nigeria for aspiring entrepreneurs.

A business school is tertiary institution that offers a university degree equivalent certification upon competition of a training in a business-related courses.  The courses you can offer at a business school include Business Administration, Business Management, Business Strategy, Finance, Management Related Courses and Customer Relations related courses. The length/duration of the courses varies with the courses offered although they all share the in-depth knowledge in business. This is the more reason why you should enroll in one of these courses today.

best Business Schools in Nigeria to attend

Best Business Schools For Aspiring Entrepreneurs

There are various business schools in Nigeria and I will be sharing the best of them with you in this article. The sprout and growth of the various business schools in the country currently is largely supported by the large population of Nigeria. Being the most populous country in Africa, Nigeria offers so many great opportunities for business making the establishment of business schools a beautiful idea to investors. Doubtless, these business schools have aided the growth of businesses in Nigeria.

Below is a list of best business schools in Nigeria, their offer packages and locations:

(1) Lagos Business School

Lagos business school was established by the renowned economist, Pat Utomi. It is a graduate business school of pan-Atlantic university officially owned by Pan Atlantic University Foundation. Over the years, Lagos business has been rated the best business school in Nigeria. The school offers different categories of courses for aspiring entrepreneurs which ranges from executive courses to basic business courses like Business Decision, Business Administration, Finance, Accounting and so on.

Lagos business school is really a good and reputable business school that suits all business styles. Due to the increasing trend in the digital world, they have introduced online courses for people/businesses which cannot be on ground physically for studies. This implies one can get a business degree online from the school from the comfort of his/her home.

(2) Business School Netherlands, Nigeria

Business school Netherlands, Nigeria was established in the year 2003 in Ikeja, Lagos State Nigeria. It is different from other business school because it is managed by foreigners. Its uniqueness is due to the fact that the school offers its students the opportunity to study at a lower rate especially if you are a Nigerian. Besides, the school teaches both the theoretical aspect of business and the practicality of business theory. Since their establishment in August 2003, they have made great effort in improving the business world in Nigeria.

(3) Executive Business School

Executive business school is one of the top business schools located in Nigeria. It was founded in 2007. This business school is unique because it is internationally affiliated to some schools oversees for example in Europe and the United Kingdom. Executive business school offers courses at both the undergraduate and postgraduate levels e.g. Masters and doctorate degrees. They offer various courses in different spheres of business world e.g. Finance Accounting, Business, Information Management, Business Law and so on.

(4) African Business School

There is hope for aspiring entrepreneurs who want to gain knowledge and improve their skillset in Nigeria. African business school is a good choice business school located in Gwaripa Estate in the Federal Capital Territory (FCT), Abuja. The school was established in the year 2000 and is not only affiliated with international institutions but national institutions also. They offer great courses in Business, Management, Finance, Accounting, Banking Studies, and Public Administration. The school is also known as Centre for Management Development. The courses offered in the school help to shed more light not only on business but also in the cooperate world.

(5) The Delta School Of Business And Technology

The Delta School of Business and Technology is located in Warri in Delta State, Nigeria. The school offers various courses ranging from Business Management to Business Technology. Besides, they offer skills acquisition training for undergraduate and unemployed graduates respectively. It is unique school to study because they offer both business knowledge and practicable skills at the same time.

(6) GPE Business School

GPE Business School is a known business school located in the south-eastern part of the country. The school which was founded in 2007 is located in Enugu State, Nigeria. They are unique because they offer free training for their best candidates that shows dedication to their work. They offer intense practical and research of/in business. The school teaches business education that helps to prepare aspiring entrepreneur for the business and cooperate world. They offer not only Undergraduate studies but also Postgraduate studies in various business courses.

(7) Integrated Business School

Situated in the northern part of the country, Integrated Business School was founded in the year 2000. It is one of the best business schools for aspiring entrepreneur who live in the northern part of the country. Specifically, the school is located in Kaduna state and has been officially accredited by the National Universities Commission (NUC).

(8) Kaduna Business School

Kaduna Business School is a known Nigeria business school situated in Kaduna State, Nigeria. The school encourages innovative thinking among aspiring entrepreneur. They offer Business and Management Courses respectively and also train aspiring entrepreneurs for managerial roles. They teach professionalism and leadership in the business and cooperate world.

(9) West African Business School

The West African Business School operates in Nigeria and Ghana. It is located in Ikeja, Lagos State, Nigeria. This school was founded in 2002 to provide the best knowledge for Business Managers and Public Administrators. Also, this school helps to train business men and women in skills training and development as well as business education. Besides, The West African Business School offers world class Undergraduate and Graduate courses in Business Administration and Management. It is one of the best business schools in Nigeria as evidenced in their laudable past records and the world class training offered in the institution.

(10) Bowell Business School

Bowell Business School is one of the best of business schools in Nigeria. Like The West African Business School, this school is also situated in Lagos State with another branch in Akure, Ondo state. The school delivers the best entrepreneurial and General Management education which helps to develop both Business and Management skills. They also deliver online training programs.

Conclusion

Attending a business school (in Nigeria) as an aspiring entrepreneur is one of the best things that you can do for yourself today. The knowledge and skills that you gain from the training that you undergo in any of these schools can help you to top your game and increases your chance of success in the entrepreneurship world. Make your thorough research on the different business schools I mentioned here today and pick the one of your choice. Best still, visit any of their physical offices for enquiries. No knowledge acquired is a waste.

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