10 Reasons Why Now Is the Right Time to Become an Entrepreneur

Entrepreneurship offers our government the opportunity to create more employment opportunities for its citizens. There are many challenges that face an entrepreneur in our country but with the right strategies at hand, we can overcome the challenges. The alleviation of such problems will create an ample environment for the thriving of entrepreneurship. The availability of capital is one of the reasons that limit the entrepreneurs from starting their businesses. The access to finances for capital in Nigeria through many financial institutions might be deemed as a daunting task to many but there is a wide range of funders ready to offer support to young Nigerian Entrepreneurs. However, to get funding, a number of requirements must be met.

The problem of lack of funders has been partly solved through the emergence of Nigerian angel investors and venture capitalists that invest and ask for returns on investment on the venture and at the same time are involved in the management of the venture partly. This is advantageous since the entrepreneur may acquire additional skills from the investors. The returns that are required can be rates of up to 30% on the capital employed. Other organizations such as NGOs and the Nigerian Investing Commission also encourage entrepreneurs to venture into this line of business.

Nigeria is bracing itself up to shape the future beyond oil manufacturing and this is in fact part of the national agenda. This makes now the best time to invest in entrepreneurship. The oil industry has been dominating the economy by contributing way over 80 per cent earnings on export not forgetting its 50 percent contribution to the Gross Domestic Product of our country. Given that majority of Nigerians are unemployed and considering the current economic realities, we as a country have a great need of constant job creation. Our commercial and industrial sectors have to be diversified as well.

In comparison to other West African countries such as Benin, Ghana, Mauritania, Mali, Nigeria, Sierra Leone, Burkina Faso, Liberia, Niger and Senegal, Nigeria is the most efficient in the implementation of adopted reforms aiming at improving the business environment for entrepreneurs. A research carried by Gallup in the year 1998 showed that 67% of Nigerians were considering opening and running businesses. This presents the highest rates in these West African counties. In contrast to other countries in West Africa, the awareness of entrepreneurship among the populous is higher in Nigeria placed at 44%. This means that entrepreneurship is more easily taken up by our country as opposed to the other countries in the western Africa region.

The assurance of our entrepreneurs in the accessibility of a competent work force is another reason why more citizens should consider entrepreneurship as an excellent business idea. Venturing into the entrepreneurs hip business in the country assures our entrepreneurs have a skilled labor force to carry out their work. As many as 75% of the Nigerians feel that they can find qualified wok force that can perform different tasks and that can enable ventures to run successfully when given the chance to.

In comparison to other countries, the copyright laws are not keenly respected by many and this denies many entrepreneurs their hard earned money. This may discourage entrepreneurs when they are investing for fear of diminished returns due to piracy. According to a study conducted by Gallup, 60% of the residents of Nigeria believe that the government has the capacity to protect the intellectual rights of the entrepreneurs together with the property that our entrepreneurs might encompass during their business lifeline. With our government bracing itself to protect the intellectual rights of our people, now is the best time to come up with new business ideas and engage in successful entrepreneurship.

The promise for higher returns is eminent in our country. This coupled with the assurance of financial success should act as a stimulant to the uptake of entrepreneurship instead of staying unemployed. Moreover, 50% of the Nigerians have confidence that our government will allow the entrepreneur to include as much wealth as they can in their ventures. This is based on the research conducted by Gallup in the year 1998. This gives the entrepreneur the incentive to venture into business and enjoy the returns.

Many West African countries have high unemployment rates of up to 70 to 80 percent. This has been further affected by the current world crisis that is causing massive job loses through out the world. The statistics released by the Nigerian education ministry show that over 60% of the graduates do not get employment immediately after school. They posses the skills but do not have the employment opportunity to put their skills into productive use. This gives the reason why most of our graduates should venture into entrepreneurship and become self employed instead of relying on other corporations for employment. This also offers our entrepreneurs the chance of being their own bosses resulting in the suppleness of the staff employed and in return creating job satisfaction. The economic growth of our country is uplifted as more employment activities are created and the level of unemployment is drastically reduced. The Nigerian investing commission has brought up programmes to help many obtain the required skills to achieve successful entrepreneurship.

Transformation of the different sectors by the Nigerian government resulted in the liberalization of the economy allowing for entrepreneurs to endeavor into various ventures. These opportunities present our entrepreneurs with the opportunity to access enhanced services. The sectors affected by this include the telecommunication sector which has led to the improvement in the information flow between businesses thus spiraling growth of many businesses. Further infrastructural development should provide our entrepreneurs with the necessary infrastructure for conducting business without any difficulties.

Our government’s introduction of a program that aims at encouraging the exports and reduction of imports has lead to the proliferation of the opportunities that are available for our entrepreneurs. The Nigerian government has also established close ties with other western countries such as the United States and Europe to necessitate such trade. This export program offers a wide market for goods and services that an entrepreneur produces and offers for sale. This guarantees the production of high quality for both the export market and the local internal Nigerian market.

Nigerian entrepreneurs can enjoy the benefit of lower taxes that is offered by the government through tax incentives that include lower taxes, tax exemptions and enhanced price ceilings. This allows our entrepreneurs to enjoy the returns on the capital they employ on the investments that they undertake.

Nigeria is progressively trying to incorporate modern-day technology into various government sectors. This came into scrutiny with the exploit of the internet which has been integrated into the edification system. The revolution in information technology offers numerous opportunities and loads of our entrepreneurs are capable of taking advantage of this to launch their business enterprises into the worldwide arena. This is possible through internet affiliate marketing and hosting of websites. Nigeria’s Small and Medium Enterprises most of which fall in the informal sector offer a wide range of business opportunities that can boost our economy to greater heights. What remains now is for our government to offer more support and encourage young entrepreneurs and the already existing ones to enhance the competitiveness and quality of Nigerian businesses.

Be an Entrepreneur

You know those people, right? Those people that are always wheeling and dealing; making deals with almost everyone they meet. Those people are surely entrepreneurs, right? They probably are not. Strictly defined, an entrepreneur is someone that manages an enterprise. Making deals might be a part of being an entrepreneur, but it isn’t everything.

So, who is an entrepreneur? Being an entrepreneur is so much a part of who we are as humans that anyone can be an entrepreneur. Being an entrepreneur encompasses everything that we humans seek out; social interaction, competition, building alliances, helping others and doing all this in a way that benefits society as a whole. If any of these things are activities that you like to do, then you can be an entrepreneur. You just need to learn how, right?

Learning how to be an entrepreneur, a good entrepreneur, is a lifelong process. You don’t have to have a formal education, in other words a college degree, but you do need to learn. What you need to learn depends on what you want to do as an entrepreneur.

A common way people are entrepreneurs is to be business owners and operators. If you have a passion for a product or service, this might be for you. If you aren’t a hands-on type of person, you may want to be an investor and invest in companies that you believe in. This can be done through stocks or by simply finding a privately owned business and buying it. In this way, you can let more qualified people make the business successful.

Any business, whether operated by you or simply owned by you, requires knowledge of the market, local, state and federal laws (possibly international laws, too), knowledge of accounting, marketing, business management and a variety of other trades. You don’t have to be an expert, but you either have to have enough knowledge or know people that have enough knowledge if you want to be successful.

So where do you get the information you need to be a successful entrepreneur? You probably aren’t going to find all of the information you need all in one place. Legal knowledge can be found in law books at a library and online, or you can hire a lawyer. Libraries and book stores are great places to find information on marketing, accounting and industry specific information. Trade magazines and online news groups and associations are great places to learn from other people how they accomplished their goals and how to avoid problems they experienced in their endeavors.

You now know a little bit of what you can do and how to get the information you need to move forward with being an entrepreneur now. Have fun and enjoy the journey.

How Entrepreneur Magazines Can Catapult Your Success

None of us were born business wizards. Even Bill Gates has to have gotten help from somewhere in order to know how to get Microsoft going, right?

Entrepreneur magazines can go a long way in helping you get your business venture up and running. How, you ask? Well, entrepreneur magazines contain a lot of information that the entrepreneur may find useful.

Entrepreneur magazines are written specially for the businessman. Thus, by reading this type of magazine, you will be exposed to the world that is entrepreneurship. Entrepreneur magazines help entrepreneurs catch up on the latest news about the world of business. With this type of magazine, you can be sure to have the latest buzz of the market and how to expand your opportunities.

Now, some people may reason out that reading a magazine about entrepreneurship is just too much time-consuming than looking up what you need in the internet. However, have you ever considered the fact that what you read in a magazine seems to stick more to your mind than what you can find on the internet?

Another advantage of reading magazines is the fact that with a magazine, you can be sure of who wrote what you are reading. To tell you the truth, the internet is full of entrepreneurial advises from people who have no idea what they are talking about.

However, high quality magazines are written by people who have the right information and all the facts regarding entrepreneurship. On magazines, you’ll be able to make sure that the information you are getting will in no way endanger your venture.

We all know the risks that come with trying to research something on the internet. One wrong click and your computer could be reduced to an expensive piece of thrash. Magazines, on the other hand, pose no threat to your equipment.

Entrepreneur magazines are useful because they are also easy to understand. Unlike web pages which need you to click here, you can easily turn a page on a magazine. Another plus with a magazine is that you can carry it anywhere for quick reference.

However, magazines and web sites actually do not have a competition going on. In fact, major entrepreneurial magazines today have websites that lets you see what goes on behind the publication.

Magazines also contain relevant contact information for the aspiring entrepreneur. This information can help you get in touch with various people with the knowledge on how to get your venture started. This is can be very helpful since you will be competing in a world where who you know matters more than what you know.

Entrepreneur magazines can also help you by providing you with useful tips on how to improve your business. With entrepreneur magazines, you can actually get a glimpse of what trends can affect your business in the future.

This is very helpful because, as they say, preparation always helps. If you are prepared to face a crisis, the more chances you have of resolving it. Entrepreneur magazines can help you be prepared by providing you information and expert opinions on what that information can mean to the business community.

Remember that business can be very tricky. One day, you can be on top of the world, with a number of customers filing into your restaurant. One health report later and you can be bankrupt. In order to prevent this from happening, entrepreneurial magazines can help you prepare contingency plans to neutralize threats to your business.

There are also different types of entrepreneurial magazines, each type giving you great advice for your business. Specialized entrepreneur magazines are great, since they allow you to dig a little deeper into your business, not just entrepreneurship in general.

Entrepreneur magazines are also great sources for entertainment. You might think that reading an entrepreneur magazine would be just too painful after having a long day at work, but these are actually pretty interesting magazines. There are articles and stories that the entrepreneur can relate to without being bored to death. You are sure that the content is something you can relate with, and this means that you can have entertainment and brain food at the same time! Now that is one great idea.

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Entrepreneur News- 3 Ways To Get Your Reconnaissance

As an entrepreneur, information is the base of all profits. Knowing how to get the right information about your projects and doing it quietly is like money in the bank.

1) Networking is number one on the list. A good working relationship with a selection of peers can really help in finding and assessing projects. It takes time to develop a good network of hand picked people that you commonly keep contact with. Trust is a big issue but more importantly quality of positioning is more of an issue. By positioning I mean how that person fits within the relationship of the type of project you do and where they fit within that scheme. For example a rich source of contacts is the humble sales person or broker. They are easy to meet and very willing to do business with you even if you aren’t buying anything from them initially. Real estate agents, Car dealer principles and Marine brokers all fit in this group. It depends on your market, your niche of course.

Experts and valuers are also excellent quality positioning candidates for your network. Finally your competition. Other entrepreneurs that deal prolifically in your market. This last one might seem counter intuitive, but entrepreneurs often “hunt” in groups and help each other. There are only so many projects you can take on at any one time, however your network will continue to keep filling your Hopper with fresh leads and contacts. These can be traded or exchanged for favours later on or Joint Venture’s could be formed with other entrepreneurs. Usually there are two elements that stop you from taking every acceptable project that arrives on your door step, they are time and money. You may be over extended financially but have lots of time up your sleeve with the way your current project is structured. So you can often trade off with another entrepreneur who has funds, but is over committed time wise. And vice versa.

2) Expert authors are an excellent source of inspiration and information. By seeking out authors that deal with topics that you yourself are engaged in you leverage your knowledge. By reading a lot you save time and money by avoiding problems and being opened up to seeing things in different ways. Authors often are old hands looking for a less strenuous way of moving in some income and their own insight is often worth the cents per dollar you pay for their information.

3) Current people you are doing business with. Making a profit is seen as a shameful thing. Well not quite, but we tend to deal with the people that are directly responsible for our profits with guarded care. This is a reasonable attitude, however it need not be so guarded. If they are happy with the deal they made, there is no reason why you should feel concerned about their having remorse. Its not your concern, you are an entrepreneur not a nurse maid. With this in mind, often a chatty attitude will uncover all sorts of insights from the people you do business with. Maybe they know somebody else who is in precisely the same position they were in and you could repeat your deal with their acquaintance. Possibly the biggest reconnaissance you can get from people you have done business with is to be able to identify your own strengths and weaknesses through their eyes. What this does is give you valuable insights into how you operate and how you can improve that core business of yours…..doing deals.

Martin Thomas (c)2005