If you are looking forward to becoming a business owner in Nigeria (or you are already one), you should learn the 5 don’ts for successful Nigerian businessmen. The knowledge of these potential mistakes is essential for the success of any business enterprise in the country (and of course anywhere in the world)
As you know, our business climate is not all that favorable; you need all the help you can get. The prior knowledge of these mistakes is like a map that will guide you on the treasure hunt of the secrets to business excellence.
For starters – aside from the things you are not to do as a business owner in Nigeria- there are some basic things every entrepreneur/business-oriented human being should know. Don’t worry, this genie grants more than three wishes; you get to know it all below.
6 Insightful Tips For Business Owners in Nigeria
Check out these very insightful tips for every entrepreneur\business-oriented persons in Nigeria.
- How to gain startup funds as an entrepreneur in Nigeria
- How to build a successful small business in Nigeria
- The secrets to starting small and earning big for business owners in Nigeria
- How to grow your business to dominate your industry
- Risk management for business owners in Nigeria
- Things every business owner must do to succeed
Now that you are all geared up, let’s head to the ultimate part of the adventure. What things are the 5 don’ts for Successful Nigerian businessmen?
5 Don’ts for Successful Nigerian Businessmen
Do Not Start Unprepared
The number one mistake that kills business is lack of preparation. Fam! What are your plans for the business you are about to start? Do you have goals? Is your business scalable? Do you have a business model? If you had not thought about all this; sorry, you are nowhere ready. Unpreparedness is a thing you want to pull a Thanos on, as a business owner in Nigeria.
What kind of preparation do you need to make?
Proper market research (trust me, findings with substantial data-backed evidence) is very necessary for the success of any business
Who are your target consumers? What are their preferences when it comes to the products/services in your industry?
Who are your competitors, what are their strengths and their weaknesses? Are going against the supermen in the industry? Are you not? What do you think you can do better?
Learn the risks associated with your industry to know what challenges are you likely to encounter.
After considering all these, can your business model still stand the test of the potential challenges?
Do Not Be Mediocre In Your Marketing
Poor, shallow, and conventional (please take note of this) marketing is an Achilles heel for many business ideas in Nigeria. How do you market your products/services? What exactly does advertisement mean to you? Many at times, business owners – especially young entrepreneurs- fall into the trap of relying on residual knowledge and personal affiliations as the major channels of marketing.
As a business owner in Nigeria, it would be very counterproductive if you are in the “I don’t care what people think about me” bandwagon. Success in the business world hinges on what the target consumers think of you and your business.
Things like the name of your brand, the aesthetics of your brand design, your product packaging, and your activity on social media are very important factors to take note of. Do not be deceived! Branding is very important for your businesses to thrive, invest in it.
Do Not Underrate Record Keeping
If you are a business owner in Nigeria, don’t ever think you are Hermione granger! Your brain is not a CPU, you would forget a lot of things in the long run. The remedy to this is quite simple; much simpler in this computerized dispensation. Keep records.
Records are like the CCTV of your business. Records are the best friends of business owners. They help to monitor the growth or decline of a business. It is a very sacred power, if used right, it makes the wielder come up with informed strategies towards the improvement of the endeavor in question.
Bonus point, records save a lot of time and energy; you would be needing them. Fortunately, there are a lot of tools that make record-keeping very easy. The knowledge of these things is very important which is why it is the third of 5 don’ts for successful Nigerian businessmen.
Do Not Ignore Good Money Management
The knowledge of money management is very important as a business owner in Nigeria. No matter how pristine your records are, no matter how properly you plan, lack of a proper money management system is an assassin for business (irrespective of sales and customer retention).
Lack of proper money management is what pushes business owners to purchase liabilities, take an unfavorable loan, and invest wrongly. It makes them commit pretty much any financial error you can think of and ultimately go bankrupt. It is as dangerous as that; do take note of it.
Make Sure To Separate Family And Friends From Business
This is a bit too common a mistake that business owners make and that’s why it is among the 5 don’ts for successful Nigerian businessmen. No matter what happens, please do make sure you do not create a black hole in your profits because of friendship or family affiliations.
Another similar mistake business owners in Nigeria make is that they do not separate personal expenditure from the business capital. There must be an (almost) impregnable barricade of discipline between these two if you want your business to thrive.
Sure, you can give gifts to your friends and family members, no rule says business owners can not chill out and enjoy. However, dear Nigerian business owners, one of the sole aims (perhaps the most important one) of business is to make a profit; remember not to sacrifice that on the altar of pleasure and familiarity.
Finally (as a bonus point), the greatest mistake you can make is to not execute that grand business idea. Self-doubt and unfavorable circumstances have wiped very good business ideas off the reality of manifestation. Do not let this be your reality, take that step, you can do it.
- Akinmoyeje Timileyin Precious is a student at the University of Ibadan. He is a student Journalist, copywriter, creative writer and a boy child advocate. He is a fellow at the African Leadership Institute. He is an entrepreneurship enthusiast. He is also interested in history, culture, science and philosophy.