Nigerian Entrepreneur

More and more college graduates are opting to cope with the uncertainty of the job market by launching directly into business after graduation. Most people in employment are also opting for a side business to provide extra security should they lose their job or should they have to contend with a salary cut.

The threat of losing one’s job, or even becoming indigent, was bona fide by the 2008/09 financial crisis, as many people lost their homes and other property following the collapse of banks and companies from different industries.

Emerging world trends are also beginning to render most job posts irrelevant. For instance, most companies are fast becoming reliant on the internet for selling and marketing. This threatens the position of employees in sales and marketing positions. The same thing applies to software design jobs, where most companies are beginning to crowd source their ideas, thereby needing their software designers less and less.

With such trends, even those who still hold jobs find themselves in underpaid positions or find that their wages have stagnated. What’s more, the cost of living is not adjusting downwards to cater for these changes in the work environment, hence people have to work more to get more money to feed their families and maintain the standard of lives that they are used to.

Whatever your age, motivations for going into business, or the line of business you want to go into, your rate of success will be shaped by the same factors. Whether you are opening a physical store or an online business, there are some rules that apply in all lines of business and these rules create success.

1. Define what motivates you

Most people find motivation when they are at the lowest point in their lives. In every economic recession, there are those around you who usually seem to emerge unscathed. Most of these individuals tend to be very successful entrepreneurs, who have experienced firsthand what it feels like to be on their last dollar and have vowed to themselves never to go through the same experience again.

You too could find motivation from similar situations. If you have a family, the thought of what could happen if you are laid off could spur you into action. If you don’t have an additional source of income, it could mean that you might have to lose your home and have your family live on the street or in the basement of your parents’ house.

To prevent such a scenario, investing your time and money in creating additional income sources should become a priority for you.

2. Go into a line you are interested in

Starting a business in a line of work that you understand is one way to guarantee success. This is simply because you understand the inner workings of your industry and are less likely to make mistakes.

Starting a business in another industry could mean having to upgrade your credentials by getting some form of education. This will cost you money and time. Not to mention, your full time job is already time consuming and draining, therefore having to switch your mind to a different line of work will require a lot of mental effort.

3. Live within your means

If you like spending, you will have a hard time building a successful business. You will find that the less you spend, the more money you will have to inject back into your business to make it grow.

Avoid getting loans to buy things which will not make you money. Also, if you can, get rid of credit cards.  Once you succeed, you will afford any car you want and you can get credit cards.

4. Surround yourself with the right people

You can learn a lot from the people you surround yourself with. Social media platforms serve as a meeting place for people, where plans are made and ideas are shared. If you have the right people in your network, you will find solutions to most of your problems from them.

Technology designers or application developers, for instance, help each other to develop useful applications without stealing each other’s ideas or competing with each other. Participants in such projects see this as an opportunity to learn new things.

5. Learn to promote your brand

The only way others will know what you are up to is if you aggressively promote your brand. You have to develop a maximum of three key selling points for your products or services, then market them based on those selling points. Your marketing efforts have to be convincing enough to make people want to buy.

6. Learn to manage your time

If you are poor at managing time, you will find it extremely challenging to juggle your full time job and a side business.

You can find a few hours a day to build your business by waking up early in the morning. If this is not possible, you can dedicate your weekends towards your business.

7. Learn to take setbacks in stride

Any business will have set backs. You might find that your sales are not coming in as you expected or that customers are giving negative reviews to your product.

Instead of giving up, such challenges should motivate you to find solutions.

8. It shouldn’t be all about the money

Money is good because in an economy that is driven by money, it gives you the ability to afford things. However, don’t go into business just to make money.

A sense of accomplishment and satisfaction are equally, if not more, important as money. Knowing that you created a product or are providing a service that people would pay money to use is indeed a big achievement and should not be ignored.

If you take the above into consideration when building your own business, you will not only become financially secure, but you will also build a business that is relevant to people’s lives. More so, if you are persistent in your efforts, your business could succeed to become your full time job.

About the author

Noella Tesi started a successful business after getting out of debt. Her past experiences in debt give her motivation for succeeding financially. Read on for more.