3 tips for running a successful business in Nigeria
Entrepreneurship in Nigeria is paradoxical, we operate in an environment where there are huge opportunities, but also many challenges.
The trick is to exploit the opportunities as best you can whilst ensuring that the challenges don’t kill you. This is easier said than done :-), but the following tips should help you on your journey to becoming a successful entrepreneur.
1. Remember that you can’t do it alone
Try to get a mentor who has been where you are before. This person will help you navigate the undulating Nigerian entrepreneurial terrain and help you avoid many costly mistakes.
Also hiring the right team to work with is important. As a small business you need to take hiring more seriously than a large company as your resources are limited and a bad hire is far more costly.
So take your time and ensure that you have the right people around you.
a) How to find a mentor: https://medium.com/@drola/5-golden-rules-of-mentorship-d84585c18ab6
b) How to hire staff in Nigeria: https://medium.com/@drola/how-to-hire-in-nigeria-660f3f80c21c
2. Be prepared to work extremely hard
Entrepreneurship is extremely hard work. You need to know a little about a very wide range of management disciplines and be laser focused on self-improvement.
Starting your own company will usually take a toll on everything else in your life and whilst you must ensure you have a balance, a great amount of your time will be spent developing your business and you must be prepared for this.
a) Business books to read: https://medium.com/@drola/my-favorite-business-reads-5f211e713ec0
3. Watch your money like a hawk
Cash flow is the lifeblood of your business. You will make mistakes, your business will only continue to run if you have enough money to pay for those mistakes.
Therefore you must be financially disciplined. Keep accurate records, know your financial status at any point on time, keep an eye on you margins, understand your cash conversion cycle and most importantly don’t run out of cash…..ever.
a) Your audited accounts: https://medium.com/@drola/who-are-you-auditors-53ecca0a7aab
There are lots of things you need to learn about running a business and there are only a few points that can be touched upon in a short article like this.
I wish you all every success with your venture.