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Debunking The Myths Of Entrepreneurship: My Take On Entrepreneurship In Nigeria

Ossi Samuel

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my take on entrepreneurship

Debunking The Myths Of Entrepreneurship: My Take On Entrepreneurship In Nigeria

I woke up this morning with a nibbling feeling. I was thinking that something was not right. I checked a friend’s status and saw something like, “sleep is now a luxury.” It reminded me of when I used to tell my homies that Poverty has murdered sleep. For me, they needed to know my story before sharing it in my glory. This is my take on entrepreneurship from the little time I have spent talking to entrepreneurs, listening to them, and trying to become one myself.

Now, when I said that poverty has murdered sleep, I was naïve. How little I understood these things. I am also sure that my friend is also a product of that naivety. One fact remains that nobody cares.

You can keep your story to yourself and become successful. Whether you sleep at night or you sleep in the morning; that is totally up to you. People are only interested in what they see. Very few will want to know the process. You see, the process will only make sense when the end result will be worth it.

I see a lot of people doing businesses coming out to claim the same stage as an entrepreneur. You are merely selling and buying if you are a businessman but an entrepreneur creates. Give some respect man.

Nightwalkers, nightcrawlers, night gurus, or whatever they call it are some of the mantras from some people who think they are entrepreneurs. They may spend the larger part of the night doing things that have absolutely no bearing to entrepreneurship. Some of the big names I know all built-in silence. Remember, this is my take on entrepreneurship so no villain need be, please.

A Personal Experience Backing My Take On Entrepreneurship

You know I have always referred to myself as the Magician. Recently, I have taken on the title of the Controversial Local Man. Well, I’m also considering changing it. Have a synthesis of both. Why did I say this? Story. It is powerful. Maybe some stories will help. But remember, this is no story.

When I was in university, I was a bookworm in my first three years in school. I was obsessed with getting a degree in political science that I will probably never need. Strange, right? But that is your story too. Yes, your story.

I was so serious that I became the holder of the departmental keys. Thompson, Adaobi, Odili, Abagha, and all the earthmen can confirm this story. I was dedicated. I stayed away from alcohol and women. Momma told me they will make me fail. Chai, if only I knew. I was so serious that I didn’t tolerate noise in LG building. I did drive you out if you disturbed and nothing will happen. Remember, I’m a magician, so nothing will happen and this is my take on entrepreneurship. Tell those people to look at me with compassion and forgive my naivety.

When I got to the final year, I had already met with important people in the department. I knew some of the lecturers personally and we could grab a bottle or two once in a while and talk about girls and other supposed distractions. But, we could also talk about the reality of the outside world. I was schooled again on the outside world. I became a realist. I started studying Mafia literature and becoming very serious about playing chess. I became a realist and the best version of what I have always been. A strategist.

The bottom line is that in my final year, I had the best result. It was only in my final year that I made first class. Strange? I had more fun in my final year than I had in my first three years combined. The girls, drinks, and other indulgences but I came out clean.

What this means is that there has to be a practical strategy for your works. It is not enough to keep working hard. There has to be smartness to it. Suffice it to mean that I worked hard in my first three years and worked smart in my last year. Now, imagine what will happen if I combine hard work with smart work.

Disclaimer: I’m not advocating a wayward life as the way to achieve success before my mentees and even my mentors will come for my head. Everything I said here was my demonstration of how we get it wrong and still come out to shout some annoying mantras. We need to put some people straight. It is pertinent.

When any of you will call me out again, I will call on Amadioha and Arusi Okija for you. Okay, to ensure that doesn’t happen again, let us look at some of the myths of entrepreneurship and that will enable you to know the right thing to do and what you should be when you tell people you an entrepreneur. Let me not call names shaa.

With that said, let us look at the myths of entrepreneurship. This is a focus on my take on entrepreneurship and how it works.

My Take On Entrepreneurship: The Myths Of Entrepreneurship

my take on entrepreneurship

 

  1. As entrepreneurs, you don’t have personal lives

I don’t know where this is coming from but it is totally wrong. Very very wrong. Why would you even become an entrepreneur if you won’t have a personal life? This is where the principle of working both hard and smart comes into play.

As an entrepreneur, you are not expected to work for 24 hours a day in a year as some people think you should. Actually, I believe you should have more time than someone who is not an entrepreneur. You control outcomes.

So many people have abandoned friends, family, and some leisure activities because they are busy working. Given, entrepreneurship requires some energy and commitment but don’t ever think that abandonment will help you out.

Related: Politics And Entrepreneurship in Nigeria: The dilemma of being a Nigerian doing business in Nigeria

There is a balance and you need to strike it. You are not expected to become totally lackadaisical about it. That balance is what you need. Work when you need to but create time for your family and friends and other social activities as a way of staying wealthy in your soul too.

Time management can also help you. In fact, that is what you need. If you can, avoid multi-tasking. It is crazy shit. It has the same effects on your brain as sleepless nights and it is worse than smoking weed in terms of IQ reduction. It could also lower productivity.

So, my dear, stick to your to-do list if you can as that will always be better. One task at a time could be more productive than multitasking. I will probably write a piece on this topic. It looks juicy.

It is my take on entrepreneurship so, what can possibly go wrong.

  1. Entrepreneurs must take lots of risks.

Entrepreneurs take risks. That has been in our head for a long time. From the days of business studies that we were taught the factors of production, we were told that the entrepreneur who is the fourth factor after land, labor, and capital must take risks.

Here is what you need to know. Entrepreneurs take risks alright. But the risks are calculated risks. They are not gamblers. I know how many proposals that come our way but we don’t stand up and jump into all of it. It doesn’t make a lot of sense. You need to have a little understanding of what to expect.

Let me illustrate. There is this huge deal that is worth lots of money if it succeeds. At the same time, it has the capacity of putting you out business if it fails. Would you take it? That is what I’m talking about. You must balance your risk with your reward.

  1. You must raise money from a Venture capitalist (VCs) And Angel Investors as entrepreneurs

my take on entrepreneurship

The biggest challenge entrepreneurs have is raising funds for their businesses. That is always the issue with entrepreneurs. They want to wait until one VC comes with a lot of money. This is a misconception. You must not get funding from a VC before you can kick start your business.

There are many sources you can explore. What happened to personal funds? I’m sure you can use it. You can take loans from financial institutions too; your family and friends can also help you out. You can also be crowdfunded. Thinking that you must pick money from VCs is just a big myth.

  1. Anyone can be an entrepreneur

This is very wrong. It is not everyone that can be an entrepreneur. So many people are trying to get a handle on this. Entrepreneurship, especially within the Nigerian sphere is not for the feeble-minded. It is for the strong.

I know when GT Igwe Chrisent preached that anyone can become an entrepreneur. Now, the dude has changed his mind. He says exactly what is written in the paragraph. It is not everybody that can survive it.

The fact is that most people are not entrepreneurs. That is very simple. There is a stat I saw. It puts entrepreneurs at 400 million out of the world population. That tells you a lot I believe.

Now, here is the tricky part. It takes a high level of motivation to become an entrepreneur. Therefore, anybody can become an entrepreneur in theory. However, in practice, it doesn’t work like that. It takes only a few people to get to that level.

  1. Entrepreneurs must have great and new ideas

I laugh in Swahili. Whoever invented that saying shaa. People are thinking day and night for their Eureka. You may never get something that has not been done and that is the truth. So, if you take an existing idea and make it great, does it make you less entrepreneur than the person with a brand new idea.

Let us understand it and follow it up. Uber came into the picture as the initiators of that car-hailing service. Lyft came in three years after and added their tweaks and twists. Now, there is Bolt. They also have their uniqueness but the idea remains the same. We just have to know exactly what we are dealing with.

Conclusion

This is just the first part of my take on entrepreneurship. Part two will come up soon. Sometimes, you need to unlearn certain things to relearn the good and relevant ones. Entrepreneurship could be all that is mentioned above but it is more than that.

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How To Grow Your Side Hustle Into A Big Business In Nigeria

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turn side hustle into full business

Did you know that a lot of big businesses in Nigeria today began as side-hustles? With the advent of the internet, it is now possible to have both a side hustle that could bring you a lot of money and a full-time job at the same time.

So, what is a side hustle? A side hustle is basically a business you do part-time while retaining your full-time job. Sometimes, a side hustles has the potential of becoming a full-time business.

Having a side hustle, apart from giving you an opportunity to make extra money for yourself, can also be a good way to spend your leisure. However, turning a side hustle into a big business in Nigeria is not devoid of several challenges. So, I decided to dedicate a section of this discussion to address some of these challenges and the way forward.

Converting A Side Hustle To A Full, Big Business In Nigeria: Challenges and The Way Out

In Nigeria, our educational system teaches mostly theory and almost nothing about money or entrepreneurship. So, you’d have to educate yourself on what the education system failed to cover. Besides the faulty education system in the country, there is this misconception in the society that one always needs to have huge capital before starting a business. Well, that is not true most of the time.

Another fad that is widely circulated is that Nigerian banks do not grant loans to businesses that are just starting out. Well, you have to understand that money is attracted to fresh, new ideas and most Nigerian banks are open to helping such ideas to grow. However, in the absence of external aid, you can generate capital for your business from your savings; get a loan from family, friends, your religious circles and well-wishers. Interestingly, today you can easily save money with Sumobank and use it to finance your business startup.

As regards saving, a good book which can assist you is, “The Millionaire Next Door”. It is a classical book which teaches savings and how to survive below the income level.

Finally, there is this challenge of over-dependence on salaries or regular income without due consideration of how to grow that income. It is the mistake of one working for money instead of making it work for him or her.

These are all unique challenges any Nigerian must overcome when trying to diversify income by turning a side hustle into a big business in Nigeria.

5 ways you can overcome these challenges are:

  1. Educate yourself on finance and how to multiply money.
  2. Make your money to work for you
  3. Create an emergency fund.
  4. Start and grow a business.
  5. Collaborate with business partners.
turn side hustle into full business

A lady working to turn her side hustle into a big business

Want to turn your side hustle into a full-time business? Read the 5 important tips below.

  • Design a Solid Plan

You cannot simply abandon your full-time job for your side hustle when you have no solid plan in place. You need a plan that outlines how your business will operate once it is fully functional.

Your plan should incorporate your business’ vision and mission statements, your business values, and the goals which you have in mind to achieve in your proposed business. Outline what your business would accomplish within the first 90 days of setting it up.

  • Make Everything You Can Automatic (i.e., Automate the Operations)

Today, you can find an app on the internet for handling any aspect of your business. Automating as many things as possible would give you free time to handle other tasks that could bring you much money since you have a limited time at your disposal daily.

So, from the set-go, acquire the necessary tools which would help you to automate your side hustle into a full-time business. You can use Buffer or Hootsuite, for example, to automate your social media posting and Canned Responses from Gmail to send out recurring mails.

  • Create More Leads 

Creating more leads for your business is the quickest way to grow your business and generate a favorable cash flow system for yourself and your business. So, invest a good amount of your time and energy in publicizing your business to get more leads (i.e., contacts – phone numbers and emails) who would sooner or later become paying customers. One way to do this is to create and distribute a lot of quality contents which will attract potential customers to your business.

One way you can do this (i.e., create content) is to start a blog and use it to reach your potential customers. This would give you the opportunity to build a customized email list for your business which you can use to push out (i.e. publicize) your new products, offers, and services.

  • Take Advantage of Freelancers.

Freelancers can help you to have an incredible amount of free time by helping you perform some heavy lifting in the business. Delegate some tasks and outsource them to freelancers and have a budget ready for their payment every month.

You can give them tasks like developing your blog content and managing your social media platforms while you handle the critical aspects of your business.

  • Create and Follow Your Schedule Religiously.

You must have a schedule with which you run the day-to-day activities of your business. This would really help your business to grow rapidly. You do not want to put too little or too much time into your business. So, create a schedule that would point out your working hours, what you do each time and the expected results.

It is not enough to have a schedule. You must endeavor to follow it to the letter to achieve success at the end of the day.

Conclusion

Everything is possible in life with hard work and determination. Anybody can begin from anywhere, even the lowest bottom and climb to the top.

In life, one essential asset you always spend but can never recover is time. So, time management is very important if you want to grow your business and you can do this with automation software. Besides doing things faster and precisely, automation helps to cut down on the time which could be wasted handling recurring tasks.

Are you involved in any side hustle or thinking of starting one soon? Let me know in the comments’ section of this blog. Thank you for the audience.

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7 Stupid Mistakes Young Nigerians Make That Is Destroying Our Generation

Gudtalent Chrisent

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mistakes of young people

There has never been a more woke generation like this current one and the behavioral trend is only getting worse that if nothing is done about it, i wonder what the next generation will look like.

This is African and what works in this part of the world is different from what works in the western world.

Today, I’m sharing with you the 7 mistakes young people in Nigeria are making that won’t result to anything good by Mildred Kingsley Okonkwo.

Related: Money mistakes you should avoid

In her video, she mentioned 7 dilapidating mistakes a lot of young Nigerians are making and it will shock you to see that you’re guilty of one or two if now all of them.

Kindly watch the Video below and do share.

Let me know your thoughts in the comment section.

Also read: My 2050 predictions

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Business Growth In Nigeria: 10 People Who Will Destroy Your Business

Gudtalent Chrisent

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Business Growth

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