Business and Entrepreneurship

The Third National Development plan (1975-1980) defines a small business as a manufacturing or service organization whose employees are not more than 10. In all economies but more in developing and transitioning economies, there is now a consensus among state policy makers, development economists as well as international development partners that Small and Medium Enterprises (SMEs) are a potent driving force for their industrial growth and, indeed, overall economic development. Obewe Nwachinemere (CEO, Livingstone mega industries)

You  may be wondering if such a title is timely especially because we are at the beginning of another year. It's simple, the best time to make up your mind is now! To make up your mind about what? you may ask. Yes, to make up your mind to either be an entrepreneur or an employee. Please note that there is nothing bad in being an employee, it's just a matter of planning and you can attain the highest rank. 

It is a general knowledge that Nigeria imports virtually everything consumed within her territories with the United States, China and India leading other countries as source of goods consumed in Nigeria. It is also a general knowledge that we even import products we can readily produce. As a country that has so much of agricultural and natural resources, we however export some minute quantities of our agricultural produce especially to Europe and China.

This is one major rule in business. Your focus should not just be profit but the satisfaction of your customers. When you realise your customers are the sustainers of your business, it helps you to shift attention from profit to them.

The saying that the graveyard is the richest place on the planet is not one of those saying one can quickly dismiss because to a large extend, it’s the truth. It also applies to the aspect of ideas as most ideas are never tried, not even once before being dumped in the dustbin with “it won’t work” tag.

One of the ways to reduce our rate of unemployment is to encourage made in Nigeria. One of the way to also reduce the depreciation of the naira against other currencies is to encourage the buying and trading of Nigerian made products. The government should also help in the aspect of organizing the market. Prospective entrepreneurs should also learn to look for specific areas in whichever field they decided to venture into. You may not be able to manufacture a car but if you can manufacture car lamp, start with that. with time, you will add more areas to venture into and before you know it, you will start making a car. A little rivers they say make up an ocean.  

This is one of the questions that troubles the hearts of aspiring entrepreneurs. The answer to that 'Big question' however is NOW. Did you hear me?