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7 Steps To Becoming An Entrepreneur

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Entrepreneurship is being glamorized these days and it seems everyone wants to go into it to rake in some profits for themselves. It is worthy to note that for every successful entrepreneur, there are many others who failed in the venture. This is to show that becoming an entrepreneur is not an easy task and if you are not willing to do the intense work it involves, you should probably try not to get into it.

Before you decide to be an entrepreneur, you have to make research on what it entails. You have to find out what makes an entrepreneur and what doesn’t. You should not just go into entrepreneurship simply because you want to become your own boss and don’t want to answer to anyone. No, that won’t help you in the long run. Make sure you are clear on what it takes to become a successful entrepreneur.

After figuring out if you really want to be an entrepreneur and concluding on becoming an entrepreneur, you should proceed to take certain steps needed to become a successful entrepreneur.

This article lists the 7 important steps you have to follow in becoming an Entrepreneur.

7 Steps To Becoming An Entrepreneur

7 Steps To Becoming An Entrepreneur

The 7 Important Steps To Becoming An Entrepreneur

Step 1: Pick a Niche

Before starting out as an entrepreneur, you should take your time to pick a particular niche that you are interested in and wish to focus on. Focusing on just one niche would make the business operation smoother. Also, it will help you to spend lesser time to learn all about the business compared to if you wanted to learn everything wholesale. You cannot afford to go into entrepreneurship blindly, trying to get your hands on whatever looks appealing. If you do this, you could fail woefully. So, focus on just one niche at a time.

The business you choose should be in line with your personal interests and goals. You would spend a lot of time working on this business. So, from the set go, settle for something that you really enjoy doing. It might be something you have worked on before or just a hobby you wish to expand into a viable business.

Step 2: Acquire and/or Update Your Skills, Get Help Where Necessary, Outsource

When you are just starting out as an entrepreneur, you need to be honest with yourself. Make a list of the skills you possess and those you do not have but know that you need or will need to enhance the business operations and success. If you lack some of these skills, you can get a friend or family to help you with this. This activity will give you a clear picture of your strengths and weakness. It gives you a better understanding of where you need to improve and also where you need to ask for other people’s help.

Many budding entrepreneurs make the mistake of wanting to do everything by themselves. They may do this simply to lower startup costs or because they feel they do not need help. Various aspect of your business needs different kinds of expertise some of which you may know little or nothing about. Be prepared to ask for help, you might have to pay to get professionals to work on certain things sometimes.

Step 3: Research Further About the Business (i.e., Conduct a Feasibility Study)

Even after you have chosen your preferred niche, there is still the need to make a lot of researched on the business before launching it. You should find out how profitable the niche you intend to go into is, who your competitors are, etc. For instance, let’s say you want to start a salon business in your neighborhood. You should conduct deep research otherwise known as a feasibility study to find out things like:

  1. How many saloons are in that area?
  2. How are those saloons fairing?
  3. Are the available salons making a substantial profit or are they just struggling to get by?
  4. Would the locals be able to afford your services?
  5. Is this a suitable location for this kind of business?

You need to find the answers to these and many other questions before proceeding to start a business. They would be of tremendous help in figuring out exactly how you should run your business -what to do and what not to do.

Step 4 – Draft a Business Plan

There is a saying that goes thus, “we plan to fail when we fail to plan”. A business plan is simply a must- have for every aspiring entrepreneur. Even if you are in the business already and you do not have a plan, you really should get one. A business plan clearly shows you in detail the various aspects of your business. It highlights your goals and the steps you need to take in accomplishing them. It does not have to be perfect at first, but it needs to be good at least.

There are various business plan templates online that can help you with this crucial task. Some are paid while there are also some free ones out there. If you have a good grasp of what your business is all about, then go ahead and deploy a template to draft out your own business plan. Also, there are various experts out there who specialize in helping people develop an adequate business plan for their business ideas. You can seek them out if you feel you need to.

Step 5: Acquire More Knowledge (i.e., Upgrade on What You Know)

It is true that you do not necessarily need a college degree to run a successful business. This does not mean you should not seek out knowledge that is relevant to the type of business you are involved in. Every business has a particular way to run it its own principle(s) and techniques which one has to follow to achieve success.

You do not have to go back to college to acquire this knowledge. There are short courses on business management which you can easily acquire from a business school near you. Besides, you can enroll on online certification courses in entrepreneurship that offer immense value. A course that relates to your business would give you better insights on how to run it effectively. For instance, if you are into the food business and you own a restaurant, you can take courses on how to make some foreign cuisines to add to your expertise.

Step 6 – Put the Right Team Together

You cannot possibly do all the work alone. Getting the right team to work with you is essential on your path to becoming a successful entrepreneur. Make sure you hire like-minded people. People who see and help you to harness the vision you have for your business. They do not have to be experts in what they do. But you must be certain that they have a good work ethic and are ready to learn new things. Also, you should make sure that their values and personalities resonate with the ones you want for your company. A good team would propel the business on a faster track to achieving the set goals.

Step 7 – Sell Your business Idea, Make Money

Even with all the planning and knowledge acquired, if you do not know how to sell your idea (product) to your customer for cash, it is no good. The business world has changed tremendously over the years and there is probably competition everywhere you turn. Knowing how to sell your product properly is a game-changer for you in the industry. One way of doing this is to find something unique to the product you are selling. Sell this unique property by attributing the value it gives to the customers.

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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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All You Need To Know About Hotel Management in Nigeria

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What is the secret to success in Nigeria’s hotel management industry? The key to success for an investor in the real estate market especially in the hospitality industry in Nigeria has been the same as what it has for the last 100 years and that is the location of the hotel. To win the game however, you need a number of things including successful marketing, good planning, wonderful architects and engineers, and professionals who can help you along the way. Sometimes, you may need a bit of luck to break through.

That being said, what is the outlook for hotel management in Nigeria? What is Nigeria’ potential to offer hotel services which are truly a home away from home? This article covers these and provides use tips in the Nigeria’s property trade specifically in hotel management industry.

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Time, patience and consistency in quality are essential to the success of hotel management in Nigeria from design to construction and subsequent management of the hotel. It might interest you to know that Lagos state, Nigeria is the most preferred destination of choice when it comes to investing in the hospitality industry in Nigeria. This is so because the state is home to major International Airport in Nigeria and Africa, has a huge number of airlines flying in both international and domestic, a large number of Companies and their subsidiaries, a large population and the availability of a large pool of basic and social amenities. So, it is inevitable that the highest volume of demand for quality hotel accommodation is in Lagos. This attracts a lot of local and international investors to develop and/or manage hotels in this part of the country.

But there is a little problem…

The tourism sector in Africa is said to be one of the fastest growing in the world. Visitors are attracted to the rich cultural heritage and natural beauty of Africa. However, while the South African market continues to see a rise in the number of international visitors flooding in, Nigeria has not done as well as expected over the past three years. The outlook remains bleak as the real estate sector sits in a recession.

What could be responsible for this?

The reason is not far-fetched. The hotel industry relies on the many other sectors of the economy especially the oil and gas industry for its demand, for its hotel rooms. Following what’s happened since 2014 with the plunging prices of oil and in 2015 the plunging output, things have since taken a downward turn for the hospitality industry in Nigeria. When the oil and gas industry/economy in Nigeria is not thriving, the hotel industry also catches a cold. But this isn’t stopping savvy investors from coming into the market. Lagos, for example, has seen an increase in the number of luxury hospitality brands springing up.

This background is necessary to give you an idea of what the hospitality industry in Nigeria and how to go about hotel management in Nigeria as an investor or as a job seeker.

Hotel Management in Nigeria for Investors (Local and International)

So, if you want to invest in hotel management in Nigeria, these are the things to do:

  1. Have A Vision For The Niche You Want To Play In

The first thing is for you to decide on the particular niche of hospitality industry you want to key into, the kind of hotel you want to build. You need to decide on the quality of staff and management you want to implement in your ideal hotel. This is where it starts for an investor.

  1. Get The Consultants To Help You Make The Vision A Reality

Once you decide on the vision for your hotel, you have to then gather the consultants who are able and capable in that those areas and in those levels. Then, you pass on the vision to them and see to it that they implement everything according to the plan.

The Challenges…

There are a number of roadblocks that you are likely to face in putting up and managing a hotel in Nigeria and these are discussed below.

  1. Trade Problems

First and foremost, there is generally difficulty in getting people who can deliver to the standard you want. Another trade problem is compliance problems. Sometimes, it is difficult to get a consultant to stretch themselves to meet the specification and standard. This may warrant having to repeat a process over and again to get the quality and standard that you desire.

  1. Governmental, Equity, and Management Problems.

In Nigeria, there is the usual problem of governmental authorities who come to demand one thing or the other and sometimes delay or request that the job be stopped for whatever reason. Besides, there is the issue of finance. The interest rates are very high and you are to have a lot of equity; your own equity and then the actual management of your hotel. It is not easy to deliver first-class service, five star hotel services in Nigeria. Sometimes, the management team has to be trained and retrained and followed-up to get the desired result.

Employment Opportunities in Hotel Management in Nigeria

Due to the complexity of the hospitality industry and the variegated needs of people, there is a huge demand for different skilled workforce in the hospitality industry. As it applies elsewhere, so does it apply to Nigeria. That is why today there are various hotel management job openings in the hospitality industry such as

  1. A hotel manager job
  2. A PR manager job
  3. A restaurant manager job
  4. A hotel administrator job
  5. A catering manager job

How to Become A Hotel Manager in Nigeria

To become hotel manager in Nigeria, you have to be trained and certified. In Nigeria, there are several companies that train and certify people as hotel managers in Nigeria. Some of them are:

  1. Alpha Partners.
  2. Hospitality and Tourism Management Association of Nigeria or simply HATMAN.
  3. Legend Hospitality Managers Limited.
  4. National Institute for Hospitality and Tourism or simply NIHOTOUR.
  5. Hospitality Legend Limited.
  6. Passionview Solutions Limited.
  7. And many others.

Salary of Hospitality Manager in Nigeria

The average salary of a hotel manager in Nigeria as of 2019 was about N500,000 per month. Roughly, it is between N375,000 per month to N650,000 per month. This must have increased or decreased by now. How much you earn depends on several factors like the volume of remuneration earned by the hotel you work at. This also depends on the location, the number of outlets and the volume of investments done by the hotel administration. Another factors that might influence how much you are paid as a hotel manager in Nigeria is the your experience and professionalism in the hospitality industry as well as the possession of other unique skillsets.

Hotel management in Nigeria whether seen from the angle of investment of a job is a lucrative industry to play in. It offers a lot of potential to anyone interested in it to learn, earn and grow at the same time. Now that you know what hotel management in Nigeria entails, the question is, “would you like to come in? if not, why?” Let me have your response in the comments box below. Thank you and have a blessed day ahead.

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How to Set up Your PayPal Account Without Stress

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In this article, I’m going to walk you through the step-by-step process on how to set up PayPal account right now. To access the PayPal homepage, go to https://www.paypal.com/.

Now, the first thing that you need to decide is whether you’re going to go with a personal PayPal account or a business PayPal account. The vast majority of people go with the personal account now. The personal PayPal account is great for buying goods and services online. Also, it enables you to transfer funds between your own PayPal account and friends and family at no fee charge to you. You may want to link your Credit Card or Debit Card to your PayPal account as well as a bank account to give you different options for paying for things online.

That is to say that you can also transfer funds around between those accounts linked with your Credit Card or Debit Card and your bank account. So, a personal account is great by itself and the majority of people go with it. You may want to go with a business PayPal account if you’re selling goods and services with this PayPal account or if you’re going to be accepting donations. These are the situations where you probably want to go with that business PayPal.

Also Read: Venture Capitalist Firms in Nigeria You Should Trust

How to set up your PayPal account without stress

How to set up your PayPal account without stress

Steps to Set Up Paypal Account without Stress

There are four (4) simple steps to set up Paypal account without stress and they are

  1. Begin Sign-up Process
  2. Provide Your Biometric Information
  3. Link Card/Bank Account
  4. Registration Complete!

Step 1: Begin Sign-up Process

Visit https://www.paypal.com/ and on the homepage, click “Sign Up For Free”. You will be taken to a new page, the sign-up page. On this page what you need to do is type in your legal first name, your legal last name as well as the email that you want associated with your PayPal account. Also, you will provide a password and you need to confirm that password and then click “Next”.

Step 2: Provide Your Biometric Information

Once you’ve complete all the steps above, you will be taken to the next page. On this new page you’re going to type in your personal address, the city, the state, the zip code, and a phone number whether it is your home phone number or mobile phone number. If you care, you may go through the e-communication delivery policy, the user agreement and privacy statement. If you’d not like to do that, check the tiny box below to agree to the terms and privacy policy. Then, go ahead and click, “Agree and Create Account”.

Step 3: Link Card/Bank Account

After you’ve completed the above, you will be taken to the next screen and on this page you will be offered the option to link a debit/debit card or link a bank account instead. It’s up to decide what you want to do here.

Also Read: Best Locations for Fintech Companies in Nigeria

Linking a Debit/Credit Card

Let’s say you decide to link a debit card. So, what you are going to enter in is your card information namely the debit card number, the expiration date and the CVC. Once you’ve done that, the billing address is going to automatically fill in with whatever you filled in as your address earlier on in this process. If your billing address is different from your home address that you used in the earlier portion of this application, you can change that in this area.

But as soon as you’ve entered in that information you can go ahead and click link card.

Step 4: Registration Complete!

Once you’ve linked your Debit/Credit card or bank account, it will take you to the last page with an icy green checkmark showing that your registration was successful, your card is completely linked and that everything is set up ready for use.

You may now proceed to use your PayPal account for shopping, sending money, transfers, and a ton of different things that you can use your PayPal account for. So, scroll down to the bottom and click on “Go To Your Account” and this will officially take you to your brand-new PayPal account page and that’s exactly how to set up PayPal account without stress.

N/B: not all countries are allowed to receive money using PayPal and the restricted countries are Angola, Anguilla, Armenia, Aruba, Azerbaijan Republic, Belarus, Benin, Bhutan, Bolivia, British Virgin Islands, Brunei, Burkina Faso, Burundi, Cambodia, Cameroon, Cape Verde, Chad, Comoros, Congo, Democratic Republic of Congo, Republic of Cook Islands, Côte d’Ivoire, Djibouti, Eritrea, Ethiopia, Falkland Islands, Gabon Republic, Gambia,Guinea,Guinea-Bissau,Guyana,Kiribati,Kyrgyzstan,Laos,Macedonia,Madagascar,Maldives,Mali,Marshall Islands, Mauritania, Mayotte, Micronesia, Federated States of Mongolia, Montenegro, Montserrat, Namibia, Nauru, Nepal, Netherlands Antilles, Niger, Nigeria, Niue, Norfolk Island, Papua New Guinea, Paraguay, Pitcairn Islands, Rwanda, Saint Helena, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, Sao Tome and Principe, Sierra Leone, Solomon Islands, Somalia, Sri Lanka, Suriname, Svalbard and Jan Mayen,Swaziland,Tajikistan,Tanzania,Togo,Tonga,Tunisia,Turkmenistan,Tuvalu,Uganda,Ukraine,Vanuatu,Wallis and Futuna Islands, Yemen, Zambia, and Zimbabwe

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