Nigeria has a broad market that you can easily leverage on as an entrepreneur. She has about 200 million in population, making it the seventh most populated country in the world.
Therefore, millions of resources can help you get started, even at a low budget. Plus, little or no competition! Keep reading to get ideas on how to get started.
Table of Contents
What is Entrepreneurship?
Entrepreneurship is the process of designing, launching, and running a small business. It is also the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit.
In other words, entrepreneurship is the process of making money with full knowledge of how things could go wrong.
An entrepreneur is an individual who sets up a business or businesses taking up risks in the hope of profit. An entrepreneur is a risk-taker. Since everyone is not a risk-taker, not everyone can be an entrepreneur.
Functions of Entrepreneurs in Nigeria
An Entrepreneur is not just another member of society. In fact, they are as crucial as every profession in any country.
For example Nigeria has one of the fastest rising contributions to its economy by entrepreneurs in Africa.
Functions of entrepreneur
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Social Responsibility
One principal function of an entrepreneur is Social Responsibility.
An entrepreneur with his innovative and convincing ideas somehow encourages human efforts. And from there scale the overall development of the society.
However, other than that, he needs to do things in a way that is beneficial to the community.
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Technology transfer and adaptation
Technology transfer and adaptation is another important factor that is attributed to an entrepreneur.
- Bringing technology from different manufacturers of the world.
- Identify the appropriate technology with market potentials and adapt it to the local environment.
Meanwhile, this is an underrated function of an entrepreneur. Sometimes, the technology uses indigenous materials that reduce the cost and wastage of resources. For example, a kerosene seller. A simple plastic bottle lying around can be useful in selling bottles of kerosene.
Also, a car dealer needs a shed for his cars to protect them from the harshness of the “Nigerian Sun.” Some strong pieces of wood and Macintosh will serve as his shed effortlessly constructed by an experienced carpenter.
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Risk-taking
In developing countries like Nigeria, risk-taking is a crucial function being contributed by an entrepreneur.
The risk of the new venture such as actions in production, search for new products, and new raw materials. These help the market in the demand and supply curve of the particular raw material needed.
Some risks are worth the returns. Join insight whatsapp community for updates to start online businesses and significantly reduce risks.
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Identifying opportunities
Entrepreneurs are searchers of hope in blind spots. They identify opportunities that have profitable prospects.
Have you ever imagined how Paystack came into existence? And why? Because there was a need to be filled!
Read also: How to gain work experience as Nigerian student.
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Creativity
Another entrepreneur’s function worthy of note is autonomy. An entrepreneur is exposed to the creative part of his thoughts.
Individual freedom to think is a significant milestone for an entrepreneur. Therefore, becoming an entrepreneur fosters the autonomy to advent something new of value by applying devoted time and efforts.
Read also: Top management skills for every Nigerian entrepreneur
Why Should You Consider Entrepreneurship in Nigeria
Ever wonder why you should consider entrepreneurship in Nigeria? Here are some points you should reflect upon.
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Necessity
According to the 2019 report, Nigeria has the highest GDP in Africa, followed by South Africa. i.e, the entrepreneurship market in Nigeria is based on necessity.
It is a fact that human needs are endless. We all need water, food, means of transportation, and so on.
It is your role as an entrepreneur in Nigeria to look into the “Needs” market and choose which you want to target.
With a staggering population of over 180 million, the target audience will boost a reasonable profit, all things being equal.
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Fair taxation
Nigeria has a considerable tax policy compared to other third-world countries and developing countries.
Becoming an entrepreneur in a country like Nigeria saves you a lot of tax and helps you progress fast.
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Inventive market
Nigeria is a welcoming environment. Several other countries have a lot of technology and innovation. Which makes it look saturated. Meanwhile, in Nigeria, you stand a high chance to be the first in your niche.
Things like paper manufacturing, furniture, online review platform, and many more are still lagging. And even the market that looks saturated can still be infiltrated. All you need to do is bring the innovative aspect of your entrepreneurship into play.
Coupled with your uniqueness, you are already on the path to becoming a successful entrepreneur in Nigeria.
Read also: Top 10 successful entrepreneurs in Nigeria
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Stability
There are resources available for whatever you want to delve into, except you want to jump straight into the manufacture of aeroplanes. In a lighter mood, Nigeria has a vast array of things and people. Hence, you can get to be familiar with your entrepreneurship inquiries.
The market size is mostly medium to large, so there is little worry on that aspect.
- Pocket friendly
In an economically friendly country like Nigeria, it is natural that your profit won’t take so much time to accumulate, considering how considerable the cost of living is in some parts of the country.
Conclusion
Nigeria is a suitable environment for entrepreneurship.
All you have to do is to study the risks and analyze them. Every venture has its own risks.
So far you can handle this, you already have all it takes to go on with implementing the idea.
Ready to become an entrepreneur? Check out the resource list below and pick the one that sounds most appealing to you:
- How to start fish farming in Nigeria
- How to start poultry farming business in Nigeria
- How to start a snail farming business in Nigeria
- How to start cell phone accessories business in Nigeria
- How to start small chops business in Nigeria
- How to start car dealership business in Nigeria
- Fundraising tips for entrepreneurs in Nigeria
- How to register your business name with CAC
Remember, all you have to do is take the first step and be proactive. There are always resources to answer the questions you may have as you progress.
About the Author
Ademola Adekanmbi is a helpful content writer. He does more than just insert commas. He is addicted to innovating new ways of delivering amazing content to the digital space. He listens to 2pac or plays video games when Arsenal FC is not out there to make his heart race.
About Author
- Op-Ed are articles published by guest authors. We no longer accept guest posts. However, we are still open to adding long-term content contributors to our team of insightful writers. To write for us, please check out inisght.ng/guest-post.
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