Skills Needed To Be An Entrepreneur In Nigeria – With the way things are going in the country and also the unemployment rate in the country, many Nigerians are beginning to look into entrepreneurship. Even the government has added entrepreneurship into the academic curriculum as a way of encouraging entrepreneurship in the country.
Entrepreneurs are pivotal in the growth and development of a country’s economy; they are game changers. But becoming an entrepreneur is not as easy as it seems especially in Nigeria. If your are already thinking of becoming an entrepreneur, that is a very good line to tow but it requires some skills which we are going to be looking at in this article.
You must have been used to the characteristics of an entrepreneur, well that’s kind of old school as you need more than just characteristics to become a successful entrepreneur. Anybody can become an entrepreneur but not everybody will succeed as an entrepreneur but this doesn’t mean you can’t succeed; that is why we have written this article, to help you development the skills to become a successful entrepreneur.
Entrepreneurs are God’s gift to a country and they aid industrialization in that country. These skills we are going to be showing you in this article are going to help you in establishing a successful and also long lasting business venture.
Setting up a business in Nigeria can be frustrating and with the present day situation in the country, you should know that you need to be very ready and prepared for anything that comes with being entrepreneurs.
You must have been used to the saying that entrepreneurs are risk takers; well it is true but it doesn’t stop at taking risk and besides not all risk yields positive outcome. The question is “how would you know the right risk to take?”
Well you are lucky to have seen this article as we are going to be answering that question and many other questions you might have in mind about becoming an entrepreneur.
At the beginning of this article, we said that becoming an entrepreneur is not easy especially in Nigeria; well this article is going to make that process an easy one for you. All you have to do is follow this article through to the end and get all the information we will be revealing in this article. We are going to make your entrepreneurship journey an easy on for you.
So without further ado, let’s look at what we have…
Who Is An Entrepreneur?
A lot of people have different definitions about who an entrepreneur is and all these definitions are related. Even you reading this article have you own opinion about who an entrepreneur is.
Well, an entrepreneur is someone that sees a problem as a business opportunity and decides to set up a business to solve that problem, bearing the risk of the business in order to make profit. An entrepreneur goes through the process of raising funds to finance the business.
Also, an entrepreneur is someone that comes up with an idea to set up a business, goes ahead to raise funds to set up the business and in setting up the business, bears the risk of the business for a reward which is profit.
An entrepreneur is seen to be a creative and critical thinker that tries to solve problems or meet the needs of people. Where other people see problems, an entrepreneur sees a business opportunity. Some people will tell you that an entrepreneur is a problem solver and a risk taker.
What Are The Skills Needed To Become An Entrepreneur?
Some of the skills are:
- Ability to think creatively
This is one very important skill for anyone that wants to succeed as an entrepreneur, you have to be creative and think creatively. Thinking creatively means you are thinking outside the normal and trying to either introduce a different product or modifying an already existing one.
Your ability to be creative will surely determine how far you would go in your business especially in Nigeria. Every entrepreneur needs to be creative as it will help you generate ideas to establish or expand your business.
Creativity makes you see solutions to problems, it makes you see business opportunities where others see problem. Your creativity boosts your problem solving skill and ability.
If you want to succeed as an entrepreneur in Nigeria, you will have to work on your creativity and come up with creative ideas. Many of us always believe that there is nothing else to produce or bring to the table as we feel that everything that is supposed to be produced has been produced but a creative person will think outside the box and come up with something unique or modified.
There are a lot of business opportunities in Nigeria and you will have to put on your creative thinking hat for you to harness these opportunities and make something out of it. This creative thinking skill is very important for business growth.
- Ability to think critically
Creative and critical thinking go hand-in-hand. For you to actually finalize on an idea, you must have actually thought about it critically to know if that is the best option or idea for you. Even if you are creative, you will still have to look at the best way to go about anything you want to do.
Critical thinking is trying to moderate your thinking ability so as not to overthink or under think. With critical thinking, you get to understand why you think the way you think. This skill is as important as creative thinking.
It is more of analyzing the way you think and it entails more of observation and rational thinking. Critical thinkers understand the imperfect nature in human thinking and they try to reduce the imperfection in thinking to the minimal.
So even if you come up with a business idea, you will have to look at the best ways to implement this idea and why you think you course of action will be the best and yield something positive.
- Ability to manage time
If you don’t know how to manage your time properly, you will find yourself procrastination and lagging in things you should do. Time management is also a very important skill for all entrepreneurs.
Time is money as an entrepreneur; you wouldn’t want to waste money. This is a valuable resource and managing time properly will help you in becoming successful as an entrepreneur.
As an entrepreneur, you just have enough time to invest in your business; you do not have enough time for luxury and procrastination. Procrastination is a very bad habit as it breeds laziness and negative attitude to work.
You have to use your time wisely in order to be efficient and effective in all you do. You have to know what is most important and do them. Focus your time and resources on important things that will yield positive outcome and add value.
- Ability to plan properly
Proper planning is very important in any business and that is why the skill is really important for entrepreneurs. With this skill, you get to make rational decisions as regards your business and engage in activities that will yield positive outcome.
Proper planning is the basis of any business and entrepreneurs are expected to plan every move they take in business, this will help minimize risk of doing business. For you to be able to plan properly as an entrepreneur, you will have to understand your business and what you want to do. Whether you are starting up a business or expanding an existing one, you will have to plan properly.
- Ability to take calculated risk
There is always risk in business and you should have this in mind before starting up a business even in Nigeria. When it comes to taking risk, you will have to know how to take calculated risk. This skill is very important for the success of your business as an entrepreneur.
For you to be able to take calculated risk, you will have to think critically about the action you want to take and why you feel it is the best course of action for you. Before you will take any risk as an entrepreneur, you will have to weigh the coat-benefit of the risk and others too.
When you take calculated risk, you will be able to overcome any challenge you may face as you must have thought about them even before embarking on the journey.
- Ability to be innovative
Innovation is implementation. If you really want to make a difference, you will have to be innovative. One thing is having an idea and another thing is following through with your idea. Innovativeness is an essential skill for every entrepreneur. You should also know that entrepreneurs are innovators.
Being innovative means you understand risk taking and how to take calculated risk. You also understand why you should take the risk and that the benefit outweighs the cost.
- Ability to manage business
Business management is a skill that every entrepreneur needs to develop as it will surely help in the smooth running of the business. Learning this skill is not only limited to college as you can learn it by working with other entrepreneurs or even as you progress in your business.
Business management skill helps you to make rational decisions and coordinate business activities. it involves planning and directing your resources as an entrepreneur to meet your objectives or goals. If you can manage your business, you will be able to allocate your resources effectively and ensure profitability in your business.
- Ability to lead
An entrepreneur is a leader; you will have to know how to lead and coordinate people. This is going to fast track the growth of your business. For you to excel as an entrepreneur in Nigeria, you have to develop leadership skill. You will have to be enthusiastic and motivate the people you are working with.
As an entrepreneur, you have to be self-confident and determined; these attributes will make you a good leader as people will want to follow you. Developing leadership skills will help you coordinate and work with a team and this will help in the growth of your business.
- Ability to manage a team
If you are a good leader, you will definitely be able to manage a team and work with people. Your team is actually your success and they will definitely propel you to success. You shouldn’t think that because you are an entrepreneur, you will have to work alone; the importance of team work in the growth of any business cannot be over emphasized.
Working with a team will help you ease stress and save time as you will have time to engage in other activities. The support you get from people will help you psychologically, physically and also financially. When you are able to manage a team, it becomes easier to delegate duties to your workers and ensure that everything goes smoothly.
When working with a team, you will have to listen to other people’s opinion and even ask for their inputs; you don’t know whose view or creative ideas can help improve the profitability of your business. Therefore having the skill of managing a team is very important for every entrepreneur.
- Ability to raise and manage finance
For you to become a successful entrepreneur, you will have to be able to manage your finance whether personal or business. Financial management is a skill that every entrepreneur should develop. The financial aspect of every business is important for the growth of the business and you will have to take it serious.
Raising funds for your business can be challenging especially if you don’t have family and friends to support you because this is more like the first place to run to if you want to start up a business. So your ability to raise and manage your finance will go a long way in determining the growth of your business.
You will need to know the best way to utilize your resources so as to minimize cost and maximize profit as this is the sole aim of every business. you might have enough finance to start up and run a business venture but in the end, everything might go to waste due to lack of proper financial management so that is why it is important that entrepreneurs develop financial management skill.
- Ability to communicate effectively
Communication is key to the progress of every business whether it is with your team or customer but you will have to develop sound communication skill. You should know how to relate with people and get them to follow what you want them to do. You shouldn’t be a control freak but effective communicate will make people follow you even if you don’t force them to.
Effective communication skill will help you know how to reach out and relate to your customers and know how best to meet their needs. It will also help you relate with other entrepreneurs and gather knowledge too. As an entrepreneur and business owner, this skill is very essential for the growth of your business.
- Customer service skill
You must have heard the saying that “the customer is always right” and that they should be treated as kings. Well, this is very true and if you have a good customer service and relationship, your business will flourish.
For every organization and business to succeed, customer service is really important. It is true that the sole aim of every business is to make profit but you can only make profit if you make sales and you can only make sales if your customers enjoy the goods or service you render.
Customer service will bring customer loyalty and trust and this is needed for the growth of your business. You should know how to relate with potential customers and also how to retain old customers.
Remember the “customer is always right”. Always be ready to give what they want and give them the best. This will help you stay relevant in the market and system. Conduct a market research so as to understand and know what your target consumers want and need. Treat your customers well and they will become loyal to your business or company.
- Ability to be self-disciplined
Self-discipline is an important skill for every entrepreneur as if will help you deal with procrastination and lazy. With self-discipline, you know what you have to do at the right time and you do it.
Self-discipline makes you understand why you have to carry out a particular task even when you don’t feel like doing it. If you want to build an admired brand and a successful business, you will have to be self-discipline as it will help you work hard and work well in order to deliver the best to your customers or consumers.
- Ability to market properly
Every business owner and entrepreneur needs to be good at marketing. Marketing is not only about creating awareness for your product; it entails anything that will increase the sales of your product.
You will need to develop a good marketing strategy that will help your reach out to your customers and target customers and see how you can serve them better. Through marketing, you can come up with better ways to meet the needs of your customers and boost their confidence in your product.
A good marketing strategy will see that you remain relevant in the market for your product and it ensures profitability.
- Ability to understand competition
There is competition in every business and for your business to grow and expand; you have to understand that competitions are necessary for the growth of your business. You should be ready for competition and try to be at an advantage when compared to your competitors.
When you understand competition, you will try to look for loopholes in the products of your competitors and see how you can improve on those loopholes and make your product better and modified.
Engaging in a healthy competition will help your business grow and as an entrepreneur, you have to understand the competition for your product.
- Ability to use online marketing
The world is becoming digital and many businesses are keying into this trend and as an entrepreneur or a prospective entrepreneur, you should know how to use technologies and internet to market your product or service. This is really going to increase your customer base and also sales.
Your ability to use social media and other platforms to reach out to your potential customers will go a long way in making your business grow. Many businesses in Nigeria now use the internet as a marketing tool as many of them now have website and even engage in E-commerce.
Through online marketing, you get to communicate with your potential customers and even get feedbacks from them as regard your product or service. It helps to build customer relationship. So it is very important you develop online marketing skills as it will even put you at an advantage when compared to your competitors.
It also helps you as an entrepreneur to be up-to-date with the trends and improvement in your line of business.
- Ability to manage stress
One benefit of being an entrepreneur is that, you are your own boss and work for yourself. Your ability to manage stress is very important as an entrepreneur as stress will make you break down. You have to know when to work and when to rest. You should work every day but not every time. Set out time to relax, hang out with friends and family and also eat.
As an entrepreneur, you should try to balance your work life and social life. Also, you should train yourself not to get frustrated by challenges or setbacks as this frustration could lead to stress.
- Ability to spot weaknesses and improve
One way you can grow and excel as an entrepreneur is being able to spot weakness and see how you could improve and become better. This is why it is very important that you listen and get feedbacks from your customers; this will help you know where to improve and how to improve.
Every business has weakness and it is for you to be able to identify these weaknesses and figure out ways to improve. Also, you should know that as you progress in your business, you learn and become more experienced so do not give up or get frustrated when you hit a roadblock.
- Ability to learn from failure
Every successful entrepreneur had encountered one or two failures in their journey to success. You should understand that success is not overnight and you will have to work and fail at some point in your hustle.
Learning from failure makes you better at what you do and become a master of your field. Failure doesn’t mean you are not good; it is only giving you an opportunity to see better ways you could do things.
As an entrepreneur, you should be ready to work for hours and days and in this period, you should also be ready to fail but at this point, you should brace yourself and see why you have failed and how you can do better. Failure makes you understand your business better. If you really want to grow as an entrepreneur, embrace success but learn from failure.
- Ability to learn from others
In one of the points we highlighted in this article, we said that it is important to listen and communicate with people. When you listen to people, you will be able to learn one or two things from them. Even as someone that is in charge, you should try to listen to people’s opinion and be open to learning.
You should know that no one is an island of knowledge and if you want to excel in anything you do, you should be able to learn from others. Do not be a control freak as this will make people draw back even when they have an idea that will help in the growth of the business.
As an entrepreneur, you should be open-minded and flexible to an extent. Know when to say yes or no.
- Ability to follow trend
As an entrepreneur or business owner, you should be up-to-date with latest trends in your line of business and how you can improve your product or service to suit your customers better. This will help get potential customers and retain old customer.
If you really followed the article from the beginning down to the end, you will have gotten a thing or two from this article. Entrepreneurs are game changers and if you want to become a successful entrepreneur, you will have to understand the skills needed to be an entrepreneur as these skills are necessary for you to establish a successful business in Nigeria.
One thing is establishing a business venture, another thing is for it to thrive in the Nigerian economy and so you will also have to understand the economy of the country and how you can succeed regardless.
We wish you all the best in establishing your business venture.