This article will focus mainly on how entrepreneurs can survive and grow their business in a large economy.
Unlike the majority of people that go in search for a 9-5 job and are controlled by a “Boss”, an entrepreneur can be described as someone who establishes and oversees the day to day activity and manages the risk of a small business.
As an entrepreneur, you are tasked with the responsibility of bringing new ideas and innovations that will move the business forward.
Irrespective of the fact that an entrepreneur is someone who runs a small business, they are expected to grow that business to match up with international standard.
Most people give up the opportunity to become an entrepreneur because of how challenging it is to start a new business in Nigeria.
For a business to come to full reality there are certain things an entrepreneur must put in place and they include:
1. Have a great business idea
2. Do well-detailed research about the business
3. Draw out a plan of action
4. Put their plans in motion
With the large population in Nigeria and the way top organizations are investing in Nigeria, it is safe to say that Nigeria is a great place to start a business.
The mistake most people make is to start a business and not think of the different ways they can grow their businesses. It is estimated that over 50% of businesses fail in their first 3 years.
The top on the list of the reasons why most businesses fail is because of a lack of proper planning. Planning covers the level of information you get about the business, how you can get access to loans, how you can access the market and so on.
This goes beyond the business plan you wrote before starting the business. As your business keeps growing, you have to start making other plans that will help keep your business going.
Everything boils down to how systematic an entrepreneur is able to plan their business for growth.