The high interest rates of most commercial banks in Nigeria, makes it discouraging for entrepreneurs to secure loans, especially, start-up loans. Going for a Start-up loan should be the last resort of anybody planning to start a business in Nigeria. The following ways can be used to raise capital for your businesses. 🔹Personal Savings: You […]
Why You Shouldn’t Fear Competition
To some business owners, competition means low sales; and in attempt to avoid competition they end up becoming even more irrelevant. Competition, according to Oxford Dictionary, involves two or more parties competiting to gain customers. Competition makes business interesting, for without it there would be no varieties or creativity. Smart entrepreneurs flourish even in the […]
Do You Really Want To Be An Entrepreneur?
It’s on record that small businesses in USA have only about 37% chances of surviving the first 4 years, and about 9% chances of surviving the first 10 years. In Nigeria, it’s generally assumed that only about 13% survives the first 4 years. In Nigeria, lack of financial support from financial institutions is the biggest […]
What Type Of Business Is This?
Business can be said to be every activities that involve the exchange of money for a product or service. Business is considered a Current Asset. According to Robert Kiyosaki of ‘Rich Dad, Poor Dad’, “asset puts money into your pocket” Yes, you are in business. But What Type Of Business Is Yours? There are several […]
Qualities That Make An Entrepreneur
Entrepreneurs are known to possess some special qualities, these qualities are the reasons they can survive the rough terrain of entrepreneurship. GOAL SETTING: This is the first step; here, your goals are put into writing in the form of a plan. SELF CONFIDENCE: An entrepreneur should believe in his or her ability. Example: From my […]
…You Don’t Need A Business Plan
A Business plan is simply a written document that clearly states what your business would look like, how you plan to run the business, and what you stand to achieve or gain. A Business plan is the fictional story of your intending business. A Business plan is an unemotionally written scripts of a business. A […]
6 Things You Must Know Before Starting That Business
Starting a business is not all about how confident and desirous you are, but a dispassionate study and understanding of your personal potentials and the market terrain. Before you venture into that venture, it’s important you ask the following questions: 🔹Can I manage this business? Do I have the skills? Do I need to acquire […]
The Differences Between Business People And Entrepreneurs
The word entrepreneur surely does have everything to do with business or businesses. Therefore, this writeup isn’t intended to cause semantic conflicts, but to expose those slight differences between business people and entrepreneurs. All Entrepreneurs are business people, but all business people are not entrepreneurs. The Differences: Entrepreneurs: are usually driven by their dreams and […]
The Only Way Entrepreneurs Make Money
Entrepreneurs are problem solvers. Entrepreneurs are solution finders. Entrepreneurs are condition enhancers. The only way entrepreneurs make money is by solving a problem 🔹Barbers are paid for solving a problem. Bushy hair is a serious problem, and barbers are trained to fix it. 🔹A computer technician is paid for solving a problem. A faulty laptop […]
The Place Of Talent In Entrepreneurship
Talent is simply the uncommon natural ability to carry out a particular activity. That unusual innate ability is Talent. Every human do possess some degree of talent. Talent left uncultivated, ungroomed or unmentored, ends in obscurity. This is what Talent should look like: There’s no contention in Talent. Mr. A may be talented in making […]