10 Reasons Why Now Is the Right Time to Become an EntrepreneurAugust 29, 2022
Entrepreneurship allows our government to create more job opportunities for its residents. There are many obstacles for entrepreneurs in this country. However, with the right strategies in place, we can overcome the difficulties. Eliminating these issues will result in a good space for the flourishing of entrepreneurialism.
Capital availability is among the factors that hinder entrepreneurs from starting businesses. The ability to access financing to fund capital in Nigeria through a variety of financial institutions may be view as a challenge by many. Still, there’s an array of funding sources willing to assist aspiring Nigerian entrepreneurs. However, to receive money, certain prerequisites are require to be fulfil.
Investors and Venture Capitalists
The problem of not having enough funding sources has been partially solve by the rise of Nigerian angel investors and venture capitalists. Who invest and demand profits on investments in the venture, and simultaneously, they are also involve in managing the experience in part. This is advantageous as entrepreneurs can gain additional expertise from investors. The return required could be as high as 30 to 70% on the amount of capital invested. Organizations like NGOs and the Nigerian Investment Commission Nigerian Investing Commission encourage entrepreneurs to explore this type of business.
Nigeria is getting ready to define the future of oil manufacturing, which is part of the nation’s agenda. This makes this the ideal opportunity to invest in entrepreneurialism. The oil sector has seen the most impact on economic growth. Producing more than 80 percent of earnings from export. not to mention its fifty percent share in the GDP of Nigeria. Because most Nigerians are not employ and consider the current economic conditions, our country needs continuous job creation. The industrial and commercial sectors must be diversified too.
Working Environment for Entrepreneurs
Comparatively against other West African countries such as Benin, Ghana, Mauritania, Mali, Nigeria, Sierra Leone, Burkina Faso, Liberia, Niger, and Senegal, Nigeria is the most effective in the implementation of reforms that are aime at improving the working environment for entrepreneurs. A study by Gallup in 1998 found that 67 percent of Nigerians were contemplating. The possibility of opening and running their own businesses.
This is the highest rate for the West African counties. In contrast to other nations within West Africa. The awareness of entrepreneurship among people is greater in Nigeria with a figure of 44 percent. This means that Nigerians can adopt entrepreneurship more readily than other countries within the west African region.
The confidence of our entrepreneurs that they have access to an experience workforce is another reason people should consider entrepreneurship an excellent business concept. Making the leap into the entrepreneurial industry in the country ensures that entrepreneurs. A highly skilled workforce to complete their job. Up to 75% of Nigerians think they can get a qualified workforce. Who can do various tasks and help enterprises succeed in the event of an opportunity.
Intellectual Rights of Entrepreneurs
Comparatively to other countries, copyright laws in the United States are not well accept by a lot of people, which means that many entrepreneurs are denie their hard-earned cash. This can make entrepreneurs nervous when investing, fearing a decrease in return because of the piracy issue. According to research by Gallup. 60% of residents of Nigeria think that government can safeguard the intellectual rights of entrepreneurs and the intellectual property that entrepreneurs may own in their business lives. Our government is now preparing to safeguard our intellectual rights as a citizen. This is the ideal moment to think of new business ideas and engage in successful entrepreneurship.
The prospect of more lucrative returns is well-known in our nation. This, coupled with the guarantee of financial success, can encourage the growth of entrepreneurship instead of being without a job. Additionally. 50% of Nigerians are confident that the government will allow entrepreneurs to add their ventures the most wealth they can. This is based on a study done by Gallup in 1998. Entrepreneurs have the incentive to enter business and earn a profit.
A number of West African countries have high unemployment rates that range from 70-80 percent. This is further impact by the current crisis in the world that has led to massive job losses throughout the globe. Statistics publish by the Nigerian education ministry reveal that more than 60% of students are not employ within a short time after finishing school. They are skill; however, they lack the chance to put their talents to practical application.
This is why many of our graduates need to take on entrepreneurship. And become self-employed rather than depend on other companies for work. Entrepreneurs also have the opportunity to be their own bosses. Resulting in their employees’ flexibility and, in turn, bringing satisfaction to work. The country’s economy is boost since more employment opportunities are create, and the unemployment rate is significantly reduce. The Nigerian investment commission put up programs to help people gain the necessary knowledge to be successful entrepreneurs.
The restructuring of various sectors undertaken by the Nigerian government has led to the liberalisation of the economy. Making it possible for entrepreneurs to pursue diverse ventures. These opportunities provide entrepreneurs with the possibility to gain access to better services. The areas affect by this include the communications industry.
Which has increased the flow of information between businesses, which has led to exponential business growth for many. Further infrastructure development will provide entrepreneurs with the infrastructure needed to conduct business without difficulty.
The introduction by our government of an initiative aimed at encouraging exports and reducing imports has led. The growth of opportunities for entrepreneurs from our country. The Nigerian government also has develop close relationships with other countries of the western world like Europe. The United States. and Europe to make it necessary to trade with these countries.
This export program provides an enormous market for products and services that entrepreneurs produce and sell. This ensures the production of top-quality products to both export and local Nigerian markets.
Nigerian entrepreneurs have the advantages of lower taxes provided by the government in tax incentives. Including lower tax rates exempted from tax and increased price limits. Our entrepreneurs can benefit from the return on the capital they put into the investments they make.
Nigeria is working hard to incorporate the present technology into the various government departments. This was brought into question through the internet. Which is now integrated into the education system. Technological advancement opens up numerous possibilities. and many entrepreneurs can take advantage of it to expand their businesses into the global arena.
This is made possible by affiliate market on the internet and hosting websites. In Nigeria. Small and Medium Enterprises. Mainly in the informal sector. Provide an array of possibilities for business that can propel our economy to higher levels. The only thing that remains is for our government to provide more assistance and support to young entrepreneurs. The established ones to improve the quality and competitiveness of Nigerian companies.