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Entrepreneurship Defined And Explained: What It Really Means To Become An Entrepreneur

Ossi Samuel

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become an entrepreneur

Entrepreneurship Defined And Explained: What It Really Means To Become An Entrepreneur

To become an entrepreneur has become a very important part of today’s society and people are increasingly joining the trend. It is very fashionable now to start a business than it was in the past especially in Nigeria given what it has to offer.

To become an entrepreneur has become a viable alternative to the failings of the Nigerian government in the area of job provision.

Our focus though is not on why people want to become entrepreneurs but on what entrepreneurship really is. There are a lot of definitions of entrepreneurship given the very many dictionaries available to us.

However, we want to take a practical approach to the entrepreneurship definition. By practical approach, I mean we will look at what entrepreneurs who have successfully run a business are saying what it takes to become an entrepreneur.

I came across an article by Paula Fernandes of businessnewsdaily.com and it gives me a direct link to what entrepreneurs are saying on what it takes to become an entrepreneur. She interviewed these entrepreneurs and their revelations on what it takes to become an entrepreneur are mind-blowing.

To become an entrepreneur goes beyond opening shop or hawking wares on the street. It is much more than that.

I know you are curious now. Maybe this guy should get this over with and be done with it. I will. Just a little longer. Stay with me and I know you won’t regret it.

Have you ever wondered why people would rather get a job and be comfortable than becoming an entrepreneur and becoming financially independent? It is easier to work for someone that is by extension, working for money than getting people to work for you.

When people work for you, money works for you. To become an entrepreneur guarantees that. This and other things are what the definitions and explanations of what it takes to become an entrepreneur or simply entrepreneurship as the interview by Fernandes show.

become an entrepreneur

Let us get to the point.

Related: Why social entrepreneurship is the ultimate job in Nigeria

Definitions Of Entrepreneurship: What It Takes To Become An Entrepreneur

  1. “Entrepreneurship is at the core of the American dream. It’s about blazing new trails, about believing in yourself, your mission and inspiring others to join you in the journey. What sets [entrepreneurs] apart is the will, courage and sometimes recklessness to actually do it.” – Derek Hutson, CEO of Datical

 

  1. “Entrepreneurship is the persistent progression towards an innovative solution to a key problem. It’s the constant hunger for making things better and the idea that you are never satisfied with how things are.” – Debbie Roxarzade, founder, and CEO of Rachel’s Kitchen

 

  1. “At its core, [entrepreneurship] is a mindset – a way of thinking and acting. It is about imagining new ways to solve problems and create value. Fundamentally, entrepreneurship is about … the ability to recognize [and] methodically analyze [an] opportunity, and ultimately, to capture [its] value.” – Bruce Bachenheimer, clinical professor of management and executive director of the entrepreneurship Labat Pace University 

 

  1. “It is important to balance strong vision with a willingness to embrace change. The ability to listen, whether it be to the opinions of customers or employees, is also integral to success. While … you must have the confidence to make your own choices, it is still incredibly important not to become detached from the people whose needs you are trying to meet. – Tirath Kamdar, founder, and CEO of TrueFacet

 

  1. “Being an entrepreneur is like heading out into uncharted territory. It’s rarely obvious what to do next, and you have to rely on yourself a lot when you run into problems. There are many days when you feel like things will never work out and you’re operating at a loss for endless months. You have to be able to stomach the roller coaster of emotions that comes with striking out on your own.” – Amanda Austin, founder and president ofLittle Shop of Miniatures

 

  1. “To be a successful entrepreneur you must have a passion for learning– from customers, employees and even competitors.” – James Bedal, CEO of Bare Metal Standard

 

  1. “To me, entrepreneurship means being able to take action and having the courage to commit and persevere through all of the challenges and failures. It is a struggle that an entrepreneur is willing to battle. It is using past experiences and intelligence to make smart decisions. Entrepreneurs are able to transform their vision into a business. I believe this process is at the core of any true entrepreneur.” – MJ Pedone, founder, and CEO of Indra Public Relations

 

  1. “Being a successful entrepreneur requires a great deal of resourcefulness because as an entrepreneur, you often run into dead ends throughout the course of your career. You need to be able to bounce back from losses if you want to be successful. There will be much more disappointment than progress when you first start off, and you need to have a short memory in order to put the past behind you quickly. It’s imperative to stay optimistic when bad things happen.” – Vip Sandhir, founder, and CEO of HighGround

 

  1. “Entrepreneurship is the ability to recognize the bigger picture, find where there’s an opportunity to make someone’s life better, design hypotheses around these opportunities, and continually test your assumptions. It’s experimentation: Some experiments will work; many others will fail. It is not big exits, huge net worth or living a life of glamour. It’s hard work and persistence to leave the world a better place once your time here is done.” – Konrad Billetz, co-founder, and co-CEO of Offset Solar

 

  1. “[Entrepreneurs] have to be people-oriented. Your business will die without a good team to back you up. Study management techniques, learn from great leaders, review where you’re succeeding and failing so you can help others improve. An entrepreneur has to be able to build a team that cares about their work, and to do that you have to care about how you create your team.” – Jonathan Barnett, founder, and CEO ofOxi Fresh Carpet Cleaning

 

  1. “To be a successful entrepreneur you need perseverance. Most successful business people or entrepreneurs have never given up on their idea. When challenges arise, they have found innovative ways of overcoming them. You must be able to adapt to changing economic conditions, and innovate and embrace technological advances to keep your customers engaged. These things take determination and a strong focus on the end goal.” – Stacey Kehoe, founder ofBrandlective Communications

 

  1. “Entrepreneurship is the mindset that allows you to see opportunity everywhere. It could be a business idea, but it could also be seeing the possibilities in the people that can help

you grow that business. This ability to see many options in every situation is critically important; there will be unending challenges that will test your hustle.” – Preeti Sriratana, co-founder, and COO of Sweeten

 

  1. “Successful entrepreneurs … have the guts to take a calculated risk and the tenacity and persistence to keep going even when there are bumps in the road.”  – Eileen Huntington, co-founder, and CEO of Huntington Learning Center

 

  1. “Successful entrepreneurs look past [the] ‘quick buck’ and instead look at the bigger picture to ensure that each action made is going toward the overall goal of the business or concept, whether or not that means getting something in return at that moment.” – Allen Dikker, founder, and CEO of Potatopia

 

  1. “Being an entrepreneur is ingrained in one’s identity. [It] is the culmination of a certain set of characteristics: determination, creativity, the capacity to risk, leadership and enthusiasm.” – Eric Lupton, president of Life Saver Pool Fence Systems

 

  1. “Entrepreneurship is an unavoidable life calling pursued by those who are fortunate enough to take chances. [They are] optimistic enough to believe in themselves, aware enough to see problems around them, stubborn enough to keep going, and bold enough to act again and again. Entrepreneurship is not something you do because you have an idea. It’s about having the creativity to question, the strength to believe and the courage to move.” – Jordan Fliegel, co-CEO of DRAFT

 

  1. “An entrepreneur must be able to accept failure. Everyone thinks they can accept failure until they come face to face with failing at a major thing that they have put their everything into. To be a successful entrepreneur, you have to be someone who is able to risk failure at the deepest personal levels.” – Steven Benson, founder, and CEO ofBadger Maps

 

  1. “The journey of entrepreneurship is a lifestyle for many of us; we are wired this way and have no choice. We are driven by an innate need to create, build and grow. You must have an underlying positivity that enables you to see beyond the day-to-day challenges and roadblocks, always moving forward. You must also be a master plate juggler, able to switch between thinking, genres and activities moment to moment.” – Justine Smith, founder, and CEO of Kids Go Co.

 

  1. “Entrepreneurship is seeing an opportunity and gathering the resources to turn a possibility into a reality. It represents the freedom to envision something new and to make it happen. It includes risk, but it also includes the reward of creating a legacy.” – Maia Haag, co-founder, and president of I See Me!Personalized Books and Gifts

 

  1. “One must possess grit. The stakes tend to be high, the bumps in the road frequent. Remaining focused, regardless of the obstacles, is paramount. That said, being an entrepreneur means being in full control of your destiny. If that’s important to you, then all of the challenges associated with striking out on one’s own are but a small price to pay.” – Mike Malone, founder of Livestock Framing

 

I believe you have enjoyed the ride through the entrepreneurship journey. It was interesting to me and revealing too. Hope you also had the same experience. I believe you now understand better what it takes to become an entrepreneur.

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Top 20 Profitable Business Ideas With Low Startup Capital In Nigeria 2021

Gudtalent Chrisent

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Small Business Idea with low start-up capital

List of Top Small Business Ideas In Nigeria 2021

In today’s topic on top entrepreneur business ideas on Entorm, we will be looking at the hot and trending best small business ideas you can start will little capital and bag millions of profit from.

While the search for jobs keep increasing on a daily basis as the number of jobs keeps decreasing due to the high increase in population and other factors, there is also an increase in the question of ‘what are best small business ideas and what are the best small business ideas one can start in Nigeria to make a living.

We all know that Our Colleges and universities are graduating Tens and Thousands of students annually to compete and fit into just a few available jobs. Because of this, tens of thousands of people are considering starting a home-based business and other profitable business ideas.

On average, home-based businesses are mostly low-cost startup business ideas and good businesses that anyone can start without having to go through the long process of learning and mastering the deeps roots of the business.

People who have been part of the traditional 9-to-5 workforce and are on the verge of retiring from that life are thinking of what to do next. Well, it’s best advised you to Save for your Retirement to avoid long stories in the future.

The good thing about Starting a small profitable business idea today is that it’s almost within the reach of anyone who wants to take a risk and work hard.

So, let’s move ahead with the list of best businesses to start with little money

List of Top 20 Small Business Ideas with Low Startup Capital

  1. Computer Repair as a small business idea

Before starting a computer repair business, Study the main types of computer hardware and software that system users will want–word processing, photo manipulation software, mail merge, spreadsheet, design, and especially security software. Investigate all the components–monitor types in all their varieties; keyboards, from wired to ergonomic to wireless; mouse types; as well as peripheral components like printers and scanners. Become completely familiar with all the ISPs (internet service providers) available in the market area you plan to cover. Establish yourself as the guru who can meet the needs of the personal computer user, the small business or a larger corporation.

Entrepreneur Platform Help & Verdict on this:

You will need Experience, training or licensing, you will also need to have a good communication skill just to keep your customers as well as referrals. Starting a computer repair from your home will gradually push you into getting an office and within a few years’ time, you will become an incorporated company if you play by the rule. You can contact us for the business plan for computer repair now.

  1. Event Planning as a Small Business Idea

Nigeria is becoming more porous and open to event and show business, the love for event programs, shows, and parties is on the increase and as such you can take advantage of this green sign-waving you into the entertainment world. One of the first things you need to do is visit every potential event location with which you plan to work. Work with the marketing manager to tour each site and learn what is available at each location. Start a database that will allow you to sort venues by varying features–the number of people each site holds if there is equipment available on site, will you need to arrange for rental chairs, sound system, etc. Then when you are beginning to plan an event with a client, you can find out what the key parameters are for the event and easily pull up the three or four sites that meet the basic criteria. And engagement parties, etc. Good luck.

Entrepreneur Platform Help & Verdict on this:

This business has expansion possibilities and it can gradually pull you into becoming a popular celebrity in though you are or not full time into the entertainment industry. You don’t really need any professional skill here, all you need to be a good logician and know what people in a particular area want.

Need more and well-detailed guide on this? Order for the business plan by calling our number +2347037281050.

  1. Computer Training as a Small Business Idea

If you are proficient in both Macintosh and PC, you should offer training in both types of computers. You could probably make a living helping seniors learn how to use the internet and e-mail to keep in touch with their loved ones, who are now commonly spread around the country. Err on the side of caution in this business. People do not want to know all the details about what makes a computer work. If you overload them with information from the beginning by explaining bits, bytes, and megapixels, they will stick to their paper and pencil forever.

Entrepreneur Platform Help & Verdict on this:

You need Experience, training or licensing and good teaching skill and has expansion possibilities.

  1. Photography as a Small Business Idea

Even those on Campus can do this business and make huge profits. This makes photography one of the best small business ideas for students as making money as a photographer can be done in a number of different ways. You can specialize in one area, the most common being weddings. There are niches you can explore for photography: portraits of people and their pets, families, and homes; photographs of holiday events, birthday parties or Christmas cards; the possibilities are endless. A standard Cannon or Nikon Camera sales for about $400-$500 (average of 150000).

Entorm Help & Verdict on this:

You will need Experience, training or licensing. Learn the basic and go pro and watch how clients infiltrate from nowhere to you location.

  1. Website Developer as a Small Business Idea

Many courses exist (many of which, logically, are offered online) where you can learn the language of website creation and can learn about the details, like how to set up shopping cart systems, security concerns, etc. You will, of course, need to learn about each company you design for is not a big deal. What is the atmosphere of the company that you need to reflect in the website design–is it wild and contemporary, meaning brilliant colors and fun graphics? Or will more classic colors like black, navy blue and maroon be more appropriate? One thing good about this one is that you can design any type of website now without having the knowledge of any HTML, CSS, PHP, JAVASCRIPT, etc. All you need to is choose a good CMS platform like WordPress, buy a decent hosting plan for your client and themes will be used to make customization and give your client that look they want to see.

Entrepreneur Platform Help & Verdict on this:

You will need Experience, training, and creativity. You will need a PC or Laptop, an Internet-enabled device or Modem, time, and patience.

  1. Dog Breeder as a Small Business Idea

Pets are phenomenally popular in the U.S. but its gradually getting popular too in Nigeria and I suggest you take advantage of this and make you known with this business practice. While many people are willing to adopt from animal shelters, others are looking for a specific breed. Purebred dogs are more popular than ever and can command large sums of money. Guess you know that buying a dog is very costly, if you don’t know, why not take a tour and check out how much Foreign and Local dogs are sold for one. But becoming a dog breeder is serious business catering to savvy consumers with high expectations of their pet purchases. You will need to establish yourself as a conscientious breeder who cares about the health and welfare of the animals you bring into the world.

Entrepreneur Platform Help & Verdict on this:

You need Experience, training, or licensing. Make sure you segregate the security dogs from the domestic ones to avoid the security dogs from biting people.

  1. Business Plan Service as a Small Business Idea

Take your time to make market research and get the feasibility studies for different business practices. Offer a soup-to-nuts business plan, including market research, the business plan narrative and the financial statements. Plan your fee around the main one that the client will want and offer the others as add-on services. You can give clients an electronic file and allow them to take it from there, or you can keep the business plan on file and offer the service of tweaking it whenever necessary. Have business plan samples to show clients–and make sure to include your own!

Entrepreneur Platform Help & Verdict on this:

It has expansion possibilities and be ready to receive calls from people from different places that you don’t know. Because we also offer this business plan writing services, you could see we have our phone number in this article, asking you to call us if you need our Business Plan.

  1. Interior Decoration as a Small Business Idea

Interior decoration is one of the good and profitable small Businesses with low start-up capital that can propel you into a multi-million Naira entrepreneur if you can get and become very creative with the works of your hands. Market your talents to building contractors. People purchasing new homes can often be overwhelmed with the choices and possibilities in home decorating. Design some questionnaires for each major element and each major room in the house. Find out how the homeowner will use the home–are there children? Pets? Does the woman in the house wear high heels? Do the home’s residents neglect to remove shoes? How will each room be used? Where might task lighting and ambient lighting be most appropriate?

Entrepreneur Platform Help & Verdict on this:

Experience, training, or licensing and helping hands may be needed here. Get up and take a walk and do a market research and marketing yourself and make your money. Don’t forget to come back to here for my own share of the money once it starts coming. Hahaha.

Want a full report on the feasibility study or the business plan for interior decoration? Kindly contact us or call +2347037281050

  1. Jewelry Making as a Small Business Idea

Being Business start-ups with low start-up capital, Jewelry making/production can be a bit Capital intensive if you want to produce as a brand designer but you can start with a very little capital from the comfort of your room, all you have to do is to be very creative with your hand works and keep learning the new trends. There are many different ways of getting into the jewelry business and many different types of materials with which you can work. Working in metal will probably require the most in the way of specific tools. You need to be able to heat the metal to manipulate it, and you need metalworking tools to cut and engrave it. But there are many other materials that you can work with to make jewelry–glass, plastic, beads, feathers, even wood, to name just a few.

Entrepreneur Platform & Verdict on this

Experience, training or licensing, helping hands, and creativity may be needed. As said earlier on, be very creative and your market will grow drastically.

10. Property Management as a Small Business Idea

No wonder why Lawyers are all over this business, but I tell you; you don’t need to be a Barrister in order to go into this business. Your job, in the case of rental units, will be to make sure the property is running smoothly. For seasonal properties, you will most likely spend your management time making sure the property is ready for seasonal visits and well-maintained when no one is around.

If the owners go away for six weeks in the winter, the property manager makes regular checks on the property. You will be the contact number if the security system operator needs to contact someone about a breach of security.

  1. Wedding Planner as a Small Business Idea in Nigeria

Wedding programs are organized every weekend and as such probably don’t have to miss out on this opportunity. You will need to be up-to-date on wedding trends and fads, dress styles, color trends–almost everything under the sun! Offer your customers an ala carte menu of services, from helping pick flowers, the wedding gown and bridesmaid dresses to picking the venue and hiring the caterer.

Before you open your business, shop at all the wedding shops, and even pretend you are a bride-to-be to see what kinds of services the wedding gown shop provides and how they treat potential customers. You need to know every detail of the business to give the accurate impression that you are the go-to person for anyone planning a wedding.

  1. Cleaning Service as a Small Business Idea

Please ooo, don’t be shy here. Because it’s a money-making machine. it’s a Business startup with low start-up capital in the sense that there are many directions you can take this business. If you want to work during hours when no one else does, you can focus on office clients.

You can focus on retail businesses and keep your customers clumped into one or two blocks. Restaurants are in great need of daily thorough cleaning and can be a great source of steady clients. Perhaps you would be more interested in house cleaning. Many times with cleaning services you don’t have to spend lots of money on advertising or marketing because your customers will come by word of mouth.

People are building companies by starting a home Cleaning service business, there is no reason you can’t try this.

  1. Freelance Graphic Designer as a Small Business Idea

This? I know it too well. I’ve been a freelance graphics designer since 2013 and I must tell you it really paying well only if you give and spend quality time to becoming a better and creative designer.

Despite the proliferation of the internet, print media is here to stay for the foreseeable future! Fliers, newsletters, magazines, information sheets, letters, and advertisements are just a few of the types of print media that businesses hire freelancers to create for them.

Websites and online advertising need graphic design services as well. Even if your expertise is only in design, offer the works for potential clients, including the editorial creation and the printing and even mailing of the final piece. You can line up regular freelancers for those parts of the job you can’t do.

Entrepreneur Platform Help & Verdict on this

You will be needing Experience, training, and creative concept her

  1. Hairstylist as a Small Business Idea 2020

Hair-styling is one of the Business start-ups with low start-up capital that you can do today that have the power to gradually make you a millionaire. Hair-styling is a popular business that can be quite lucrative. Generally, a home-based hairstylist business is likely to be started by someone who has already had a cosmetology career and wants a change. If you already have your cosmetology training and license, and loads of experience under your belt working in a hair-styling salon, you probably have a following that will follow you right home without any hesitation.

Entrepreneur Platform Help & Verdict on this

Experience, training, creativity and good customer management may be needed. This business can be started as a freelancer if you don’t have a dime to rent an office. Meanwhile Setting up a small hairdressing saloon will not cost you more than 100,000 and 800,000 for a big saloon.

  1. Herbal Farm Stand as a Small Business Idea

the rate at which herbal products are increasing in its market demand is seriously calling for the attention of the entrepreneurs. Likes of GOKO cleanser, Osa Herbal Mixture, Dr. Aladin, etc. you need to decide whether you will sell your herbs as live plants, picked or cut in bunches, and packed, or dried. If you plan to market to cooks instead of gardeners, you will want to sell your herbs either fresh cut and packed in sealed bags, or dried and sold in baggies. You can also consider a “pick-your-own” arrangement; however, be aware that herbs are more delicate than most P.Y.O products. You may save your garden a lot of strife and your plants a lot of wear and tear if you do the picking.

  1. Body Spa And Massage Therapist as a Small Business Idea 2019

You will want to become certified in massage therapy to be able to effectively market your services. Courses that lead to certification include not only information on human anatomy and physiology and the effects that massage has on both, but also on how to make a business out of the field of massage.

Entrepreneur Platform Help & Verdict on this

You will be needing Experience and the act of professionalism. For a start, you need to have a conducive environment that must be in an environment of the rich who can pay for such services. Maybe as your business grows, you can include an aging park home for the aged people. Those in the European countries are already doing it and its generation thousands of dollars for them monthly.

Must Read: Don’t have money for your Business? Here are ways to raise the money.

  1. Music Lessons

Using Nigeria as a point of contact, in a number of 100 young guys, 10-30 are musicians. That is to tell you that Nigeria is really blessed with the market and has the resources it takes to make a good living producing and teaching people how to go about the music and music career. You want to stick to the instrument(s) you know, but you may be a skilled enough musician to offer lessons on several different instruments, or those in a particular class, e.g., strung or woodwind, Drumming, Piano, etc. You can decide to take on individuals or classes, depending on space and availability of instruments. Public schools are continually reducing their commitment to art and music classes for students, so you can try to work with the public school system to supplement their efforts in those areas. guess you didn’t know this business is among the Business start-ups with low start-up capital? now you know

Entrepreneur Platform Help & Verdict on this

Experience, training, and good teaching skills may be needed. Don’t forget to help the people you are coaching as it will help boost your demand once they turn into celebrities.

  1. Editorial Services as a Small Business Idea

Here are some of the editorial services you can provide from the comfort of your own home:

Copy editing. This is where fact checking takes place, and where grammatical, stylistic, and typographical errors are caught.

Proofreading. This is the last stop for a “finished” piece. The proofreader makes sure the copy editing changes have been properly made and no new errors are created in the process.

Indexing. There are indexing courses available and you can get indexing software.

Developmental editing. A developmental editor works with a manuscript on big-picture things like organization and content issues.

Book doctoring. This is an editorial service provided for manuscripts written by experts. They create a manuscript as best they can and then a book doctor puts it into publishable shape.

Ghost Writing. As a ghostwriter you actually do the research and write the book and someone Else’s name is attached as the author.

Copywriting Also known as business writing is writing that promotes a product or a service.

Book writing. Do you have expertise in something professional, such as accounting or interior decorating? Or personally, like knitting? Why not write a book about it?

Magazine article writing. Magazines and newspapers are a great way to get your writing published before tackling the daunting task of writing a whole book.

Web page content provider. Providing content for a web site is a good way to make some money writing.

Entrepreneur Platform Help & Verdict on this

This Business Has expansion possibilities and you really need to sit down and work.

  1. Car Wash as a Small Business Idea 2019

This business is good if you can set it up in a strategic location in a big town and cities where there are a good number of cars. It can at the same time be done both as a small enterprise and as a big enterprise. A car is being washed at the price of 500-1500 depending.

  1. Christmas Tree Sales as a Small Business Idea

I guess Christmas is fast approaching and this business is becoming a hot cake. It’s a seasonal business with high returns. If you want to start a Christmas tree farm, you need to plan ahead. It takes approximately seven years for a Balsam fir–perhaps the most traditional Christmas tree–to grow from a small sapling to a 5- to 6-foot tree. Selling your trees yourself is the best option. Consumers come to the property, pick the one they want, and you harvest it for them. The other option is to buy your trees from a wholesaler and sell them either in your yard or in a vacant lot that you rent from Thanksgiving to Christmas. If you like this business but you don’t have time for it, why not go for the artificial ones that are even more available in the Nigerian market.

How do you like this work on 20 Business start-ups with low start-up capital and its strength and how to go about it? Share on all the social networks and don’t forget to drop your comments below.

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Hope this article helps you find the next small business ideas that will help you make your next million-dollar move is well innovated.

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6 Modern Ways Of Saving Money In Nigeria

Odi Chukwuemeka Valentine

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Modern ways of saving money

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How To Invest 1 Million Naira In Nigeria – Best 3 Places to Invest

Gudtalent Chrisent

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how to invest in nigeria

While so many people are searching for the best Nigerian investment companies that pay weekly and investment with monthly returns in Nigeria, this article is a short breakdown on how you can invest 1 million Naira in Nigeria and be sure of a good return of investment in a matter of months.

So, if you still have the question of ‘Where should I invest in Nigeria come 2021?’Below are 3 solid recommended investment moves you can make without regrets;

How To Invest 1 Million Naira In Nigeria

  • Invest on SHIFDA on Sumotrust

Sumotrust is a secure savings and investment platform popularly known with a good reputation for helping customers save and invest money. Investing with Sumotrust is already recommended and one of the best investment options in Nigeria. They offer a secure hedge fund program called SHIFDA for high net worth investors with a 24% return on investment per annum.

The minimum investment is 500,000 Naira and you can invest as much as 100 Million Naira.

SHIFDA means Sumotrust high interest fixed deposit account which works like a fixed deposit with a minimum of 6 months maturity and can last as much as 10 years.

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.

There are lots of invest-earn-daily on Nigeria platforms, but for the purpose of security; I can’t recommend any of them. However, If you’re looking for where to invest money in Nigeria; Sumotrust should be your best choice because it is trusted and has maintained a good reputation over the years as one of the reputable investment companies in Nigeria.

Related: How to Invest 5 Million Naira in Nigeria.

  • Invest in Cryptocurrency

Cryptocurrency investment is known to be the best investment of the last decade as seen on CNN. However, investing into 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 into 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 is 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.

  •  Invest in Foreign Stocks or Buy Eurobond.

The Nigerian stock market haven’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 on the Naira. 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 3 investment options in Nigeria listed here on how to invest 1 million Naira, Only investing with SHIFDA on Sumotrust promises secure investment and less risk management.

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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