7 Smart Business Tips for Entrepreneurs in Nigeria

Business Tips for Entrepreneurs
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The answer to “how to be a successful entrepreneur in Nigeria” is simple:

Work hard, work smart and don’t stop.

Everyone knows what hard work means, but what does it mean to work smart as an entrepreneur in Nigeria?

In other words, what good practices can you implement to achieve success In your hustle? What business advice, that if pierced together and put into action can help you sustain and grow your business to higher levels?

In this article, I’ve explained some of the best business tips for entrepreneurs in Nigeria who’re serious about nurturing and scaling their business to greater heights.

The 7 Business Tips for Entrepreneurs

Here they are:

  1. Look at What Your Competitors are Doing
  2. Be Consistent With Providing Good Customer Service
  3. Be Associated with Quality Product/Service
  4. Be a Creative Business Owner
  5. Understand Finance
  6. Have a Mentor
  7. Network Constantly

Business Tips for Entrepreneurs In Nigeria Explained

  • Look at What Your Competitors are Doing

There isn’t any business in Nigeria without competition. Whatever business you are into or planning to set up, it’s a sure fact that you’re not the only person doing it.

What’s more, is that your rival may even be the shop in the next building that is just a few footsteps away, and he’s fighting for the same attention you want. It’s survival of the fittest, and to out-perform your rivals, you need to be a step ahead of them. one way to achieve this is to observe and analyze what your competitor is doing.  

Study your competitors to know what they’re doing. Learn their weaknesses and capitalize on them, and if there’s anything they’re doing better to attract more customers and make more sales, copy that and incorporate it directly into your business, or improve upon it.

  • Be Consistent With Providing Good Customer Service

Good Customer Service in Nigeria

Great customer service implies giving timely, mindful, energetic support to clients, and ensuring their necessities are met in a way that keeps them coming back and referring others to you.

No business can ever survive without customers. While getting customers for your business is important, retaining them is equally important. Good customer service is a great way to woo customers and increase your chances of retaining them.

Tell you what?

Customers may come around, but they won’t hesitate to ditch you and go check out your rivals if they feel they didn’t or aren’t getting better treatment from you.

As an entrepreneur in Nigeria, your customers should come first. Don’t forget they’re the reason you’re in business in the first place. Businesses who neglect this advice don’t last long enough to see the light of the day.

  • Be Associated with Quality Product/Service

If a customer comes to your shop and ends up buying a fake product for the price of the original, what do you think will happen the next time?

Sadly, there’s never going to be a ‘next time’ because you’re going to lose him or her. So if you want your brand to stand out from the pack, you have to be all about quality.

Having your brand associated with quality products or services will also help drive customers to your business through referrals. Imagine what it will mean for you if a potential client is asking online, through a phone call, or face-to-face conversation about where he could buy a so-so quality product and your name pops up?

The truth is that every business could use a little bit of free advertisement especially in Nigeria where news spreads like wildfire. 

  • Be a Creative Business Owner

Always look for ways to improve your business and make your brand stand out. Businesses that survive and grow are the ones that are innovative and adjust to the changes in market demand.

You should recognize the fact that you don’t know it all, hence, you should be open to hearing new ideas and different approaches that may benefit your business. Pay attention to customer feedback. Listen to what they have to say about your product or service, perhaps, you can pick out ideas you can use to improve a product or service, and boost sales in the process.

  • Understand Finance

How much do you know about investing, borrowing, lending, budgeting, saving, and forecasting?

Understand Finance, Business Tips for Entrepreneurs

You need to have a basic understanding of these key concepts to be a smart entrepreneur.

Without a doubt, making a profit is the top priority of every business owner. But a business can be making a profit, and still not be a successful venture. That is why you need proper financial management skills.

Whatever business you’re doing, two things are certain: you will generate income and also incur expenses. So the success of your business is going to depend largely on a proper balance between the money that comes in and the money that leaves. 

Learn how to manage money. Because there’s no way you can run a successful business if you don’t know how to do it. Try as much as possible to operate on a lean budget, while covering all the relevant expenses.

And more importantly, save money no matter how good the business is. Keep adequate track of business records, and know the financial status of your business at all times.

  • Have a Mentor

According to the words of Denzel Washington: “ show me a successful individual and I’ll show you someone who had real positive influences in his or her life.”

If you want to be successful, look for someone who has achieved or is on his way to achieving the level of success you desire, and solicit advice and guidance from him or her.

A good mentor will guide you, show you some of the things you should and shouldn’t do at certain times, and also some of the mistakes he or she made in the past so you can save yourself from making the same mistakes, and getting into trouble.

Your mentor doesn’t have to be Femi Otedola or Alinko Dangote, although these people and the likes of them make for good role models. Your mentor can be a family member, a colleague, a former boss, or even a trusted online source. But he or she should be easily accessible and objective.    

  • Network Constantly

business tips for entrepreneurs in Nigeria

Your chances of getting anywhere and achieving anything in life are a lot bigger if you know the right people, especially in a country like ours where the “ who you know ” factor makes a big difference in every level.

Attend relevant meetings and events, and try to mingle and interact with the big players within or outside your industry.   

ALSO READ: CUSTOMERS ARE ALWAYS RIGHT: VALID OR FAULTY?

The Bottom Line

My job here is done. Now you’ve seen some of the best business tips for entrepreneurs in Nigeria. So it’s entirely up to you what you decide to do with this piece of information. But I know that as an entrepreneur, you desire to see your business survive, thrive, and grow. For that to happen, you’ll have to be on top of your game. The seven business advice for entrepreneurs that you’ve just read are some of the best expert advice that will give you a competitive edge in business, and place you on a trajectory to success. Go through them again if you have to, take them seriously, master them, implement them, and watch as you go higher up the ladder in your hustle.

Thanks for taking the time to read this piece, you can add your Business Tips for Entrepreneurs or other comments in the comment section below.

SEE: HOW TO GET CLIENTS FOR YOUR NEW BUSINESS IN NIGERIA

 

 

Author Profile

7 Smart Business Tips for Entrepreneurs in Nigeria 1
Owolabi Meshach
I love building websites, creating content, and building brand awareness for clients through digital marketing strategies that lead to measurable success.
I am the founder of Rindx.com, Tycoon Concept, and Bloggers Gratis.
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