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How to Become a Famous Entrepreneur in 5 Ways

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becoming an entrepreneur

Should someone ask you to name a number of successful entrepreneurs off the top of your mind, the majority will list the same couple people of famous, usually names like Elon Musk, Jeff Bezos, Bill gates and other business-celebrities. Yet the number of successful entrepreneurs out there is staggering, and you probably haven’t heard their names once in your lifetime. This is only indicative of the fact that it is very much possible to have a successful venture to your name, and yet remain in obscurity in the minds of people.

becoming an entrepreneur

While some feel comfortable being away from the spotlight, others strive for that coveted place under the sun, and rightly so, for there aren’t any famous unsuccessful entrepreneurs out there, which can’t be said about the opposite. In fact, 20% of all enterprises in the US fail to reach their sales goals due to lack of popularity, and your popularity can have a direct impact on your venture, be it a positive or negative. And being easily noticeable will not only attract a greater number of customers to your company but will also gain the attention of investors to fuel the development of your venture.

Entrepreneurship is on the rise, and today it is far more lucrative and rewarding to start your own business than ever before. Widespread implementation of the internet granted people access to a wide variety of tools to assist them along their entrepreneurial journey, many of whom created products and services that had profound effects globally.

Starting your own company can be a truly mesmerizing experience, and can provide financial stability and growth opportunities of a lifetime. In fact, some people can’t imagine going back to a standard nine to five jobs after having a taster of the life of an entrepreneur, and for others, it is the only way to generate a stable source of income. But launching yourself into the entrepreneurial field without proper recognition can be a recipe for failure.

However, we won’t be talking here about the failures of others, but rather help guide prospective entrepreneurs on their way to take a spot under their own spotlight. Needless to mention, that a path to popularity has its own difficulties, and achieving fame is only half the equation – one should constantly consider means of maintaining their newly-gained recognition, that requires constant work and commitment, else risk to fade into obscurity and dishearten their loyal customer base. With that said, let’s delve into a number of ways that can assist any aspiring entrepreneurs to gain popularity on their venture journey.

Problem and solution

If you’ve attended any startup coaching session or an accelerator, the chances are, the first thing you have heard was to think in the framework of problems and solutions. Think of a problem that you or people around are facing and come up with an innovative solution to that specific issue. This is the first and perhaps the most basic rule of entrepreneurship that is used to build a solid basis for your venture. This same attitude can be applied for the means of gaining popularity, and grander you think, the greater are your chances to attract the attention of the society.

Just think of people that have introduced solutions to global issues, they have all attained popularity with people. Bill Gates introduced a solution to the existing issue in the IT field, becoming one of the world’s wealthiest and most recognizable individuals. Jeff Bezos solved the problem of online-shopping and delivery logistics, now his name is known by anyone who has at least once placed an order online for whatever product. Elon Musk is currently one of the lead innovators in the world, addressing a whole host of issues present globally, ranging from difficulties in financial transactions, affordability of electric vehicles, and now having his gaze upon the stars, aiming to improve the accessibility of commercial space flights. No surprise that he is one of the most beloved people in the internet community and beyond.

The point is, that the key to gaining entrepreneurial fame lays within the first few steps that any prospective entrepreneur shall be taking, so when starting off your journey, make sure to think big and think global – it will pay off in the long run.

Shoot for the moon

Once you identify the specific issue that you will be addressing, and choose the niche for your business, it is essential that you position yourself to be the leader in that field. The top companies that lead the innovation and development of the industry are the ones who are noticed, get media coverage, are more competitive in their field, and are more likely to secure investments on favorable terms. While you probably won’t become the top dog in your industry straight away, aiming high will ensure that you are constantly innovating and coming up with better solutions to problems at hand, and innovation will assist you in discovering greater niches in your field, enabling you to branch out in previously unknown directions, which will help you in securing a far more favorable position. So think big, keep innovating and think of ways of diversifying your business more.

Be a part of the community

The social responsibility in the world of business is on the rise. Companies are becoming much more aware of the fact that giving back to the society they benefit from is a perfect way of securing customer loyalty and maintaining a healthy and responsible social image. Given that any global business starts out in a specific community, you should consider ways to become more involved and engaged with your local community, to secure greater traction in the long run. If your business is in its infancy, and you don’t have the financial capacity to sponsor large community projects, like sponsoring a school renovation or construction of a park, don’t be afraid, you will get there eventually. What you can do, is engage in small-scale community events, sponsoring the event or participants with either small financial assistance, or use your product as an asset. Do you have a carpooling app? Give them some free rides. Do you have a tourist platform providing local guides? Give out some free tours. What matters here is that you remain in the scope of the society, constantly remain visible, once they see that you are engaging the community, they will naturally want to know more about you, and be inclined to sympathize with you more.

Customer is always right

One of the most common mistakes that early entrepreneurs make is that they fall in love with the initial concept of their business, and refuse to face reality once the customers voice their own opinions. If you are not willing to adapt yourself and your product to the current demand, you are bound to fail. It is crucial that you maintain constant communication with your customer base, testing out your concepts to see their reaction, doing frequent surveys with them, and above all, you should be ready to make changes and you should be ready to make them quick.

This may be far tougher than it sounds, after all, aren’t you the one who knows exactly what the product or service is all about and how it should function? Shortly speaking, no. Always keep in mind, that whatever is making, it is for your customers first, and they are the ones to use it. Keep actively engaging your customer base through direct contact or social media, and it will pay off massively, giving you the image of a company that sets its users first, and such attitude and image are bound to make you far more popular among your customer segment when compared to the majority of companies out there.

Maintaining your fame

Lastly, while attaining the spotlight is a challenge all in itself, it is maintaining the fame that comes in as a true test of your skills. One of the most common mistakes that the majority of SMEs make is that they tend to level their efforts for the aforementioned activities after a certain point, and should you do that, you will fall back into obscurity quite quickly. It is important to maintain and expand upon your efforts to be the most popular enterprise out there. Invest in social media and PR, hire people to manage your social image and keep actively engaging with your community, and in no time, you will make it into the coveted list of famous entrepreneurs.

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Giorgi is a financial analyst and news reporter at forexnewsnow.com. He has 3 years of experience trading and working with the Forex and cryptocurrency markets. His experience helps him to deliver quality information to every reader.

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A Brief Analysis Of The Nigerian Paint Industry

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For decades, Paint manufacturing companies have long been in operation in Nigeria, mostly as subsidiaries of foreign paint companies. As time passed, however, indigenous paint industries sprung up and completely bought over the shares of these foreign firms and continued to expand with every passing year. Several technological advancements have been witnessed since then, with the Nigerian paints industry contributing a significant quota to Nigeria’s economy and employment scheme.

The existence of paint manufacturing companies in Nigeria dates back to as early as the nineteen sixties. Recently, there has been a high demand for paint due to the increase in construction of buildings for private and commercial purposes. This factors thus makes the paint industry a profitable one to invest in.

An Analysis of the Nigerian paints industry

A Brief Analysis Of The Nigerian Paint Industry

A Brief Analysis Of The Nigerian Paint Industry

It has been estimated that the about 128 million litres of paints are consumed in Nigeria within a year. In the year 2012 alone, the Nigerian paints and coatings industry was estimated to be worth about $200m. this grew to about $218m by 2013, signifying an estimated 9.01% growth rate.

There are two major components of the Nigerian paints market. Lack of sufficient access to funds and technical imbalances needed for the production and management of industrial coatings constitutes a major yardstick for distinguishing between the industry players. The first sector is the organized sector which comprises of companies possessing sufficient capital and efficient distribution system.

The second sector is the decorative paint sector, which houses both the organized and unorganized players. This component does not need advanced technological inputs. With a good governmental backing, it is quite easy for new entrants into the Nigerian paint market to thrive in the system.

This sector is dominated by about 5 key companies, each of which’s annual revenue is estimated to exceed $7m, with several other small and medium-scale companies scattered across the country.

So, as it stands, the decorative sector of the Nigerian paints industry accounts for about 60% of the total sales volume and/or value. The industrial coatings segment of the market, on the other hand, is said to constitute about 40% of the total sales volume and 29% of total production volume.

As Frost & Sullivan report, in 2012, the decorative paints & coatings sector of the Nigerian paints industry was said to possess a significant synergy with the real estate industry and estimated at 71% of the overall volume of coatings and pains in the country.

Nigerian paint industry Regulatory Bodies and Associations

The regulatory body for the paint industry in Nigeria is the standard organization of Nigeria (SON).

They are entrusted with the responsibility of ensuring that all manufacturing industries in Nigeria are duly certified, their products are safe and guarantee maximum consumer satisfaction through compliance with government policies.

SON encourages healthy competition amongst manufacturers and also give room for continuous improvement on quality of manufactured products.

Paint Industry Manufacturers Association of Nigeria (PMA)

Asides SON, another regulatory body in the paint industry is the PMA. PMA caters to the welfare of the Nigerian paint industry. It is headed by a chairman and serves as a voice as well as a monitoring body for paint manufacturers in Nigeria.

PMA caters generally for issues bothering on productivity and development of the industry. In 2016, an exhibition was commenced which now holds yearly.

The exhibition which is centered on annual raw materials, equipment and painting show held on the 23rd of October and was tagged “PMA Nigeria Coating Show”.

The event had exhibitors from the United Kingdom, Germany, Greece, Turkey, South Africa and India in attendance. The major aim of the exhibition is to develop strategies on how to handle the issue of high cost and scarcity of raw materials for local production which is a major challenge faced in the industry and to promote paint Technology by sourcing for local contents.

PMA (Paints manufacturers association of Nigeria) functions collectively with SON (standard Organization of Nigeria) to guarantee an acceptable global quality standard for manufactured products.

Challenges and Prospects of the Nigerian Paint Industry

These include:

1)     NEGLECT BY THE GOVERNMENT

The paint industry is one of the most neglected in Nigeria. There are no incentives provided and routine checks are not always carried out. This, in turn, puts a restriction on the percentage of the paint industry’s contribution to the gross domestic product of the country.

Also, the lack of an efficient regulatory system increases the emergence of new industries which lead to a decline in the standard of products manufactured.

2)     ACCESS TO FACILITIES

This can be said to be a major limitation for investors in the industry. These facilities include: constant power supply, access to funding, unavailability of raw materials, lack of proper facilities for certification and test purposes.

Prospects of the Nigerian Paint industry.

These include:

1)     QUALITY CONTROL

Due to the effort of the Paint Manufacturers Association of Nigeria and the standard organization of Nigeria, the quality of paint produced has improved tremendously.

2)     HIGH DEMAND

The increase in demand for paints is as a result of the increase in building construction in the country which has also helped the sustenance of the industry.

LIST OF PAINT INDUSTRIES IN NIGERIA

Paint industries in Nigeria include:

  1. Premium paints,
  2. Dulux Paints,
  3. Meyer paints, Berger paints,
  4. IPWA,
  5. Nigerian German Chemicals,
  6. African Paints
  7. CAP Plc.

I hope we have made your search complete.

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How to Pitch Your Idea to Investors in Nigeria

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Are you an entrepreneur in Nigeria with a business idea that you want to pitch to investors? But you don’t have the finance to invest in the business and the only option left is to look for investors in Nigeria who would love to invest? Read this simplified guide to learn how to pitch your idea to investors in Nigeria in a professional way.

You see, Nigeria is a country with many people with money that don’t know what to do with it. A large chunk of these people will be very happy to invest their money in places that will bring them maximum profits or a good return on their investment. Having the opportunity to meet this class of people (i.e., angel investors) to share your business idea with is one problem.

Here’s what you should know…

You see, it is one thing to have a good business idea, but a completely different thing to know how to pitch it to potential investors. You need the skills of how to convince potential investors within minutes to invest in you, because if you don’t know how to do it professionally, investors won’t be able to understand what you’re trying to relate with them or how best to help you.

The importance of rehearsing your pitch is one thing I can’t stress enough in pitching potential investors in Nigeria. As an entrepreneur, you might think that you know your business in and out, and that when it comes to pitching it to investors, it will be easy just like singing the National anthem (is that even easy?). Well, this is not always the case most times. Cases abound where entrepreneurs freeze in front of investors while pitching, and ramble on and on. Many entrepreneurs don’t put the same effort they used in preparing their business plan to pitching their plan to investors. As such, you should take the time to acquire the needed skills of business idea pitching to pitch your business idea to investors in Nigeria with ease.

How to Pitch Your Idea to Investors in Nigeria

How to Pitch Your Idea to Investors in Nigeria

How to Pitch your Idea to Investors in Nigeria.

1. Start with a story, end with your solution

If you can relate your story to the problem you are solving in the market place, then do it. Nothing engages people better than a good captivating story. Start your pitch with a story that will catch your audience or investor’s attention, the complaint and address it to how your business idea will be the solution to the problem in your story.

So, don’t just keep talking about the problems all day, pitch your idea by showing potential investors how your product or service will solve the hungry market’s problem. Make it easy for the investor to understand how you plan to execute the solution with your idea.

2. Niche down to the exact market you are targeting.

Every product, service or business idea has a specific market it is made for. Don’t lie to investors saying that your product or services is for everybody on earth. It is too broad. Everybody is no market. Tell your investors the market needs your idea is meeting.

3. Analyze Your competitors

A quick analyses of your potential competitors is very important as every business has a competitor even if the competitor is located far away in another continent. Tell the investors how different your business model or approach to solving the problem is from that of your competitors and how much market share you are likely to take if your idea comes to the limelight through their support.

4. State the exact amount you need

Don’t beat around the bush about the exact amount of money you need to fund this idea. Tell investors the exact amount of money that will be required to fund the business idea to success, as well as how much have been invested (if any). Also, give a detailed breakdown of why you need the exact amount you have stated and the intended outcome of the money too. You can do this using slides, charts, tables, diagrams, etc.

These are few tips to know on how you can pitch a business idea to investors in Nigeria. I hope with this  information, you have gained clarity on how you can pitch your idea to investors in Nigeria. Go ahead and put it into practice.

If you have any questions on this topic or a related on, let me know in the comments box below.

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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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