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.
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.
