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7 Start-up Habits Worth Keeping No Matter How Big Your Business Grows In Nigeria

Ossi Samuel

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7 Start-up Habits Worth Keeping No Matter How Big Your Business Grows In Nigeria

I bet every start-up wants to become an established business eventually. If you don’t have that idea or view, then you have no business having a start-up. When you eventually become a known and respected business empire, there are start-up habits worth keeping.

Because of the changes in scale and operational level of a full grown business, people tend to erroneously forget some of the traits they had that brought them to that place and level.

Related: 5 fatal startup mistakes entrepreneurs make in Nigeria and how to correct them

This is not to downplay the importance of moving on from setting characteristics and habits. This is to tell you that there are certain start-up habits worth keeping and you better don’t forget.

You see, getting to the top is difficult. What you should also know is that staying at the top is even more difficult.

That is why you should hold on tenaciously to some of the habits you exhibited while going to the top. They will certainly help in keeping you at the top.

Below are seven start-up habits worth keeping. I bet you will find them intriguing. All the best.

Related: 7 habits of people with remarkable mental toughness in Nigeria

Start-Up Habits Worth Keeping When Your Business Grows

start-up habits worth keeping

  1. Experiment and take risks

Start-ups are always experimenting and taking risks because they are not really sure of what will work for them. They try new things and they iterate on things that work.

This is one of the start-up habits worth keeping because as a big company, you may have figured what works for you and you might feel there is no need for all of that.

You are so wrong. I’m telling you categorically that there is no need to stop innovating or experimenting with new things as the market around you evolves.

A big example is the Coca-Cola Company. Watch this:

“Coca-Cola, for example, splits its advertising budget in three. They use 70 percent of it to do things they know work well, 20 percent to try things that are a bit riskier or iterate on past successful experimentations, and the last 10 percent to go for crazy experiments on that could fail completely. This enables them to stay on top of advertising innovation as the largest beverage company in the world while ensuring they’re not risking everything.”

2. Keep mixing and matching jobs

start-up habits worth keeping

Most start-ups have one thing in common; the members of the team do everything together. They, usually, have between 3-6 team members doing everything. Everybody, out of necessity, wore different several hats. They multitasked.

This is regarded as one of the start-up habits worth keeping as a big business. You see, this ensures that your employees or partners can work better with each other.

3. Hang out

This is on the social plane. Take it or not, the social plane has a way of affecting the business plane. You have to find a way to have moments of social interaction with your team outside of meetings.

It may sound trivial but it is not. Start-ups always had time to hang out because of the microscopic nature of the business. You as a big business can do same even if it is sporadic.

You can have lunch or other moments that are not business inclined. They can offer a perfect opportunity to come up with new ideas.

4. Stay close to your users

What we advise is that you stay connected to your clients and customers and users. You know start-ups always stay close and connected with their first clients. They care for them and they are really dear to their heart.

It is this regard that we this point as one of the start-up habits worth keeping. Your business will grow because of your customers and clients. Never lose focus on that. Big businesses have the potentials to run the risk of not caring for their customers anymore. It is not right.

5. Stay transparent

start-up habits worth keeping

Transparency is one of the start-up habits worth keeping. As a start-up, you have the ability to allow free flow information because there are few people involved. When you become bigger, it becomes more difficult.

Some big businesses are really transparent while others are not. The argument is that you should be transparent. It does you a world of good. It is about the employee-employer relationship on the one hand and business-customer relationship on the other hand.

Transparency makes the workers stay loyal and it attracts more customer. Remember, mouth to mouth networking still works miracles.

6. Keep things simple

As your company grows, the temptation to make your products complex especially for those in tech business becomes very high. Beware, customers hate unnecessary complications. They will choose a simple product over a complex product in so far as the end results are the same.

You know, start-ups always keep it simple. Maybe that’s why they succeed in the first place. Don’t lose that simplicity and when you upgrade, hide the technicalities from the customers as much as you can.

7. Stop planning, start doing

Taking all your life planning something doesn’t exactly amount to success. This is something successful start-ups know. They just make do with what they have and that is it. They think of course and plan but they start and do. You should imbibe that same thought process.

We are not downplaying the importance of proper planning but perfection isn’t going to get you anywhere. It is very important for you to plan but you know what is more important than that? Acting.

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How To Invest 5 Million Naira In Nigeria 2021 – Top 5 Recommendations

Gudtalent Chrisent

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How To Invest 5 Million Naira Or More In Nigeria 

Indeed, 2020 was really a very dramatic year that affected lots of decisions both personal and business. While many markets have been swinging recklessly, it is very easy to get confused when deciding what investment to make that would maximize profits for you. Here at Entrepreneur Platform, we have put some list having looked at the new trends that are working for investors for your own insight on how to invest 5 Million Naira in Nigeria. 

If you wondering where you can invest 5 Million Naira or what sector to explore, below are our recommendations based on the industries capping:

How To Invest 5 Million And Above in Nigeria

  • Capital market
  • Cryptocurrency Investment
  • Forex Or Stocks Trading
  • Commercial agriculture
  • Venture funding via Angel investment

Discussing the best kind of investment with 5 million Naira can be a tricky one but our carefully selected recommendations are sure to help you know your risk appetite.

We have already made 3 recommendations in our previous article on how to invest 1 million Naira where we mentioned 1 of the best investment companies to invest 500k and above if your money is not up to 5million Naira for investment in Nigeria.

How To Invest 5 Million Naira In Nigeria

  • 1. Capital Market: (Invest with SHIFDA on Sumotrust)

According to Wikipedia, “capital market is a financial market in which long-term debt or equity-backed securities are bought and sold. Capital markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments”.

One of the best capital market investments in Nigeria to make right now if you have 5 Million Naira and above to invest is by investing into SHIFDA, a fixed hedge fund investment offered by Sumotrust. It is secure and has 0 risks on the investor.

Sumotrust Investment has an ROI of 24% per annum with a minimum investment of 500,000 Naira and a maximum of 100 million Naira per individual.

Minimum maturity is 6 months to as much as 10 years.

With 5 Million Naira into Sumotrust SHIFDA, you will be getting 1.2 Million Naira returns per annum. The most interesting part if it is that its a secured investment.

To get started with SHIFDA by Sumotrust; 

  • Kindly visit www.sumotrust.com and create a free savings and investment account.
  • Login to your account and navigate to the ‘SHIFDA Wallet’ tab from the menu section.
  • Read through the details and follow the instructions given to invest.
  • Once your Investment request has been approved, go ahead and create a ‘Fixed Savings’ in your account, you will see a notification about your account qualifying for SHIFDA. Kindly fill-up the form and complete the process.
  • On the maturity date, your capital and interest will be automatically released into your Kick wallet where you can withdraw instantly to your Bank.
  • 2. Invest in Cryptocurrency:

Cryptocurrency investment is known to be the best investment of the last decade as seen on CNN

In 2020 alone, we save Bitcoin tell to as low as $3700 and in 9 months, went up to as high as over $18400, which is over X4 in ROI. 

Investing in cryptocurrency can be tricky and will cause you to lose money if you don’t know the right portfolios to hold.

If you’re just getting started, definitely, Bitcoin is one if not the only cryptocurrency to hold onto until you gain deeper knowledge and understanding of investing in cryptocurrency.

With platforms like Truzact, investing in cryptocurrency in Nigeria will never be a problem for you; as you can easily make Naira deposits using your Naira debit card or the virtual account number given to you and instantly convert it to Bitcoin.

The platform (Truzact) also allows you to save in cryptocurrencies and earn interest on your savings.To start investing into cryptocurrencies in Nigeria, kindly visit www.truzact.com and create an account, fund your wallet and instantly swap it to your favorite cryptocurrency.

  • 3. Invest in Foreign Stocks or Buy Eurobond.

The Nigerian stock market hasn’t performed really well when compared to the foreign stocks for some reasons like inflation against the Naira and other factors. 

However, investors are resorting to putting their money in foreign stocks where they get to bypass the adverse sides of inflation. You can download the InvestBamboo app from Google Playstore or Apple store, fund your account with Naira and buy US stocks directly from the App. 

Understand that the performance of your foreign stock investment is also determined by fundamental and technical analysis just like investing into bitcoin in Nigeria, so you will also need to do your due diligence before making your decision.

Looking at the 5 investment options in Nigeria listed here on how to invest 5 million Naira, Only investing with SHIFDA on Sumotrust promises secure investment and less risk management.

  • 4. Commercial agriculture

The agricultural investment will remain evergreen because people must eat to survive on daily basis. Anything Agriculture that is well-practiced on the commercial scale is sure to give you high ROI. You can go into non-perishable food production like Rice, beans, maize, melon, etc.

With commercial Agricultural investment, you should be on a 40-100% return on investment if properly done.

  • 5. Venture funding Or Angel investment

Venture funding is one business model that a lot of Nigerians aren’t doing for some reasons but I can tell you it’s a very profitable one. 

Venture Funding or Angel Investing is a type of business investment where one gets to invest a certain amount of money into a Business or startup in exchange for equity in the business. Both profit and losses are shared in Angel investment, meaning that you lose money when the business goes bad and you also make money based on the percentage of the business that belongs to you if the business goes well. 

The difference between Venture funding and Angel investing is that Venture funding lets companies invest in a startup for equity ownership while Angel investing lets you invest in a startup or business as a person. Venture funding is on a company level while Angel Investing is on a personal level. 

You can learn more about Venture capitalism here and Angel Investing here on Investopedia.

So now you have 5 Million Naira to invest in Nigeria but don’t want a secure investment of 24% via SHIFDA on Sumotrust and want something more flexible that lets you enjoy even better return, you can easily bet on a promising startup you trust based on stats and other judging metrics. 

There are lots of amazing startups in Nigeria with good prospects seeking funding to scale up, you can bet on one of them with your money and expect huge returns.

Check out our list of top 10 startups to look out for in 2021.

Still have the question of ‘where to invest my money in Nigeria’? Kindly check out the list of top investment opportunities in Nigeria.

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How To Become A Better Entrepreneur in Nigeria

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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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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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