Nigeria’s Top 7 Entrepreneurial Skills to Learn
In Nigeria, starting a profitable business is harder than most people realize. You need to have these top entrepreneurial talents in addition to having a thorough understanding of the business world and the type of business you are running.
By acquiring these talents, you’ll be able to expand any kind of firm, whether it’s new or established, and do so consistently over time as a business owner.
The top entrepreneurial talents that you must have in Nigeria are listed below:
1. Financial Management
You must first acquire the ability to manage money in this situation. Many people believe that after they launch their firm, money (profit) would flow naturally. People believe that because they sell goods or provide services, money will flow in abundance and they won’t need to learn how money functions. This is untrue.
You must understand how to manage your business profits if you are an entrepreneur. You cannot run a firm with irresponsible spending and expect it to succeed. Understanding ways to decrease your spending and boost your income is a key component of good money management.
You must understand what is truly worth investing in as a businessperson and what is not. Also, you must be familiar with words like assets, liabilities, liquidity, income, and spending.
2. Time Management
The capacity to manage your time, particularly at work, is essential. If you’re serious about starting a business in Nigeria, you’ll need to learn this additional entrepreneurial skill.
Entrepreneurs with good time management skills have been able to accomplish a lot in a short amount of time. We all have 24 hours in a day, therefore it is understandable if we are unable to meet up with everyone owing to various commitments and appointments, particularly given the traffic issue and other unanticipated events in Nigeria.
Entrepreneurs must understand that they cannot be in all places at once. You should therefore employ a personal assistant who may act as your representative (if you can afford one). To reduce the amount of time you spend stuck in traffic, you could also think about doing meetings via apps like Zoom or Google Meet rather than in person.
Prioritize what is essential and unnecessary. Having excellent time management skills ensures that, despite your busy schedules, you still have time for yourself and your family and maintain a healthy work/life balance.
3. Crucial Considering
The ability to study and assess a situation in order to make a judgment or a final choice is known as critical thinking. As an entrepreneur, you must be able to reason through issues and come up with solutions.
You must complete this by yourself, especially in the beginning when you cannot afford to hire others to complete it for you. According to my experience, one way to achieve this is to keep a notebook nearby where you may jot down both fresh and old information regarding your company. One crucial entrepreneurial talent you must develop in Nigeria is critical thinking.
Another crucial entrepreneurial ability to have in Nigeria is communication. Understanding your consumers’ demands and being able to address their issues is essential. You must be able to take comments and criticisms as a businessperson.
You must establish a customer service department that will take in and record any client complaints if you want to accomplish this properly. If the complaints can be resolved right away, you should do so; if not, you should start working on a solution.
5. Marketing and Sales
The Nigerian consumer market is reportedly very sizable. Nonetheless, even though they are good, things or products cannot be used in that way. Goods in Nigeria are sold due of effective branding and marketing techniques.
As an entrepreneur, you must understand how to market and advertise your goods. You must be aware of what makes your products stand out from the competition as your selling point. You have an advantage over your rivals because of this.
You can advertise your products on a variety of platforms. Use social media, broadcast media like TV or radio, handbills, and more. Examine your best choices, then take use of them.
Another necessary trait for all Nigerian businesses is leadership ability. You will require hiring employees if you are a business owner. You are already a leader if you employ people because you will be deciding what your employees do on a daily, weekly, or monthly basis.
Understanding that you must set an example for others to follow is crucial. Don’t set rules and then join the rebellious group. Be mindful and considerate. Your employees will take care of your company when you treat them with natural care.
Another crucial entrepreneurial talent in Nigeria is the capacity to persist and not give up. Nigeria’s economic situation is not promising. In reality, if one is not vigilant, it is simple to lose sight of the end result.
As an entrepreneur, you must never stop working and exploring all avenues for financial success in your company. This distinguishes you from the competition.
You are not an entrepreneur just because you can open any type of business in Nigeria. The ability to adapt and always seek for solutions when faced with difficulties in your firm is what truly distinguishes an entrepreneur.