Young Nigerian Entrepreneurs And Key Elements For Business

There are two ways for the financial survival in the modern world and that is either you take the job or make your career in business. While most people look for employment opportunities few make it to the business world. And aspirants who use the pragmatic approach to the commerce taste success. There are innumerable examples which show us how have people win over the challenges to writing their success stories in the commerce world. If we have careful analysis we'll see that world economy is not developing as it was apprehended. In the midst of slow economic growth, it's the hard truth that the availability or creation of new job seems challenging. Hence, countries across the globe are encouraging youths to build skill and make the career in business. It's good to find that African youths are responding to the call and taking the initiative to obtain skills and know-how of business. This undoubtedly will help African economy to grow at the certain point of time.

Job Market Of Nigeria

It's evident from the report of the research of British Council that the job market of Nigeria has limited scope for youths. According to the report, due to lack of experience and skill, 23% of Nigerian job seekers will not be able to catch jobs.

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There is clear indication in the report that Nigeria will face the crisis if the scenario does not change. Besides, the government have to take serious measures to rescue the crisis. Otherwise, it's easy to guess that Nigerian economy will suffer the setback.

Nigerian Youths On Mission

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While most Nigerian young are worried about their future, some have managed create opportunities for themselves and for others as well. Chris Kwekowe, the co-founder of Slatecube in Nigeria is the first Nigerian to be awarded prestigious Anzisha Prize in 2015. It's Africa’s most prestigious award for youth entrepreneurship. According to Kwekowe, “It is often best for start-ups to have co-founders. Whether you are a tech person or a business person, you should look for someone who complements your business.”

Kwekowe and his brother have started the online initiative to respond to the Nigerian employment crisis. Started in 2014, Slatecube provides industry-based practical training for the development of the skill. It matches the suitable profile and meets industry demand by providing the skilled workforce.

Kwekowe has inspired many Nigerian youths to innovate. Another Nigerian, Tebogo Ditshego, CEO of Ditshego Media is also the inspiration for many youths.

Key Substance Of Entrepreneurship

The world has changed. In the contemporary business world, few elements are crucial for success. Business education is considered as utmost essential as it helps to develop the compact idea and skill for utilising the artifice. The important business elements for entrepreneurship are:

Strategy

Planning is key. Be it any business, the fate of enterprise depends on its strategies. From market research to hiring the most competent staff are part of planning. It would make your business to thrive. The business planning would enable you to understand the behaviour of the customer/client. Besides, commerce planning will allow you to know what product/service to offer and where to make business. Planning will also allow you manage your money. However, I would recommend avoiding excessive planning, because it might have opposite impact on the business.

Relationship and Networking

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For any business relationship is key for success. Both internal and external relation are significant for prosperous business. In another word no relationship means no business. In the midst of the intensified trade competition, organisations greatly focus on building the relationship with the customer/client. From the point of view client and customer, the effort of the company to maintain relation matters hence the bonding between the two help in generating business. Relationship with customer/client helps business to expand. Relationship with the customer or the client will help the business to expand. Remember, mouth publicity still holds high. The positive personal experience of the customer will win new prospect for your business. It will help in the networking of your commerce.

Achieving The Purpose

Never miss your goal. If you want to steer your business to success, the priority should be well known to you. You should remain dedicated and focused towards your goal. Challenges will create hurdle, but never fear the odds. Indeed, learn from the challenges, apply the tricks you have learnt from your previous odds and march forward.

Promise And Deliver

There are thousands of companies around us which excite us with their product and service promises. But in reality, many fail to deliver their commitment. To imprint your brand in the mind of the customers ensure you deliver what you commit. This would create the positive impression among the customer which will create new prospect for business.

The Exit

If the entire things do not work for you, it's better to make the exit. However, it's better to handover the business to one who can drive the business from loose to profit. Make sure you have plan B. Because, by the time you have enough experience to run the business. For you, next endeavour, use pragmatic ideas and effort to succeed.

Prospect For Economy

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It's good to see that Nigerian youths are not down with the challenges. These young entrepreneurs are motivation for many other who are learning from them. In an economy where is the lack of job prospect, it's better to equip them with knowledge of commerce. This would enable them to develop the skill set and qualities of the business person. I am optimistic that the success of these businessmen would help the economy of Nigeria to grow.

To share your opinion on the role of young Nigerian entrepreneurs in the National economy post your comment below.

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