151 Views

6 Facts An Entrepreneur Needs To Survive As Nigeria Hits Recession

Have you ever wondered what goes on in the minds of Aliko Dangote, Bill Gates, Richard Branson, Oprah Winfery and Sim Shagaya amongst others in difficult circumstances? I have, and for that I spend time studying the critical characteristics of great entrepreneurs particularly as it relates to their mental resilience, optimism and an unfailing ability to succeed.

I chose to make mental strength the focus of today’s article due to the numerous responses I received from last week’s piece which centred on the “Economic wonders of Cotton” . Where do I get cotton seeds? How do I get financed? How do I get hold of ginning machines? How would my business thrive against the irregular and hazardous domestic industry policies? The hows, whats and wheres kept coming and it dawned on me – I had placed square information in a round mind. Nothing wrong with the square and round forms operating separately, but in order to attain maximum positive impact, they need to fit. So I take it upon myself to start from the very beginning, that which births every entrepreneur – self development by one’s ability to adapt to change and, the doggedness of one’s mind to identify “chance” and ripple big on small opportunities. Only then will one be able to appreciate the resourceful entrepreneurship information I publish for your digest. Let’s delve and see what mental toughness these tycoons possess which could prepare budding entrepreneurs to succeed against Nigeria’s economic odds.

  1. Embrace change:

“It is not the strongest or the most intelligent who will survive but those who can best manage change” Charles Darwin’s quote is the very first rule seasoned entrepreneurs live by. With Nigeria’s government unleashing a number of economic reforms which intends to bring about radical transformation; entrepreneurs are to adapt to change and quickly deal with the fear an unknown future will bring to avoid being stagnant and complacent. Change signals uncertainty and risk but an entrepreneur embraces the change, responds to it and exploits it as an opportunity. Change is the only constant thing in life and it sure is more prevalent in Nigeria’s business environment. For an entrepreneur, change is a movement; upwards means growth of a business and downward movement means death of a business. Embrace change, take calculated risks and soar.

  1. Don’t self pity

If there is one way an entrepreneur can by his own might distort or out rightly terminate his business, is by engaging in self pity. Mentally strong people like Dangote never feel sorry for themselves and avoid situations that render them perfectly miserable. Nigerians focus too much on the negative aspects of change factors and are too quick to clamour over “why mes” and “what ifs”. Every entrepreneurs needs to take responsibility for their actions and outcomes, and have an intrinsic understanding that life sometimes isn’t just fair but that wherever there is a will , there definitely is a way. As a Nigerian, don’t pity yourself and your country over the underdevelopment Nigeria has suffered in the colonial years and don’t cry non-stop over the corruption ills. Whining only offers momentarily pleasure and distracts us from reality. Yes, Nigeria has lost a lot due to bad government but you and I have so much more good to build up together. An entrepreneur is never a victim of his mind so muster some mental strength and ascend your goals.

  1. Own their power

Why on earth would you let someone take control of your destiny? It’s pathetic to know that an average Nigerian doesn’t believe in his/her capabilities to succeed at self will. Nigerian’s have given so much power to politics and religion and as such build their daily lives around these institutions’ ideologies. Entrepreneurs know how to take control of their actions and emotions. They know their strength is in their ability to manage the way they respond. As long term visions are intricately connected to ones success, mentally tough entrepreneurs know well not to tie such to a governor’s, minister’s and even president’s, tentative four year tenure. Be courageous, own your power and start.

  1. Don’t please people
ALSO READ  Implication Of UK’s Acceptance Of Naira For Transactions, By Ex-NBCC Boss

Great entrepreneurs don’t please people, they please purpose. In other words, they ignore small-minded people and focus on bigger pictures. This is particularly important for anyone setting up a business in Nigeria. Our society is sadly one that tends never to forgive ones past and largely judges your success to your pedigree. I have been told a thousand times “what good can come out of Kogi state? Ebira, at that?” “Mixed race people don’t fit in, go to your mother’s country”, “Single mother? Please get married for some respect”. Listen, being alive is just enough to be an entrepreneur. Your ethnicity, educational qualifications, gender, religion and even physical challenges should never deter you from your goal. Never expect to be validated; never stop doing your best even when no one gives you credit. Remember that all great achievements start with an idea, and that idea is given by God to you, so be careful of how you share and in turn absorb condemnations. Grow some tough skin and excel.

  1. Create opportunities

Away with the saying that opportunity comes but once. An entrepreneurial mind is configured to create opportunities. One thing Richard Branson is known for is the ease with which he accesses challenges and creates chances. Little wonder his Virgin empire spreads across the aviation, music, hospitality, fitness, telecommunications, health, automobiles, energy, sports, charity amongst others. “Business opportunities are like buses” Mr. Branson says, “…you can always catch another”. If your dream job or service you need doesn’t exist, create it. Victoria Secret was started by Roy Raymond who felt embarrassed shopping publicly for his wife’s lingerie. Nigeria imports almost everything that can ordinarily be produced and manufactured here. Good thing is president Buhari’s government is big on import substitution. Going by an economist view that the best time to start a business is when there is a need to be satisfied or when someone is doing badly at it; this is the right time for Nigerian entrepreneurs to spring up. Get up, leverage on, create opportunities and start producing toothpicks, paints, school bags, table mats, hinges, shovels, cotton buds etc. Remember, the best way to predict a good future for our children is to create one, starting today!

  1. Appreciate your limit

Mentally strong people know when to stop. As an entrepreneur, It’s very important to know when to recognize factors beyond ones control and pause temporarily or stop an action altogether. Running a business is quite complex and it demands a lot of energies set in motion almost simultaneously to work in basic cause and effect theory. Several macro and micro environmental factors affect businesses and applying breaks every now and then is only normal. For entrepreneurs, time is fluid; perfect moments pass away and sometimes reoccur with even better opportunities. It’s true that you shouldn’t allow anyone define your limits; but, you must be wise to recognise the importance of controlling one’s attitude and responses. “The difference between genius and stupidity is; genius has its limits” Albert Einstein. Indeed, push hard beyond limits, but be mindful not to crack.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

#BBNaija: Why Cee-C Is Bbetter Than President Buhari – Reno Omokri
Entertainment
29 views
Entertainment
29 views

#BBNaija: Why Cee-C Is Bbetter Than President Buhari – Reno Omokri

PH - April 21, 2018

Former aide to Ex-President, Goodluck Jonathan, Reno Omokri,in his latest shade on President Buhari has mentioned that a housemate on the Big Brother Naija 2018 reality TV…

Why I Didn’t Do Well At Chelsea – Liverpool Star, Mohamed Salah
Sports
82 views
Sports
82 views

Why I Didn’t Do Well At Chelsea – Liverpool Star, Mohamed Salah

MT - April 20, 2018

While speaking in an exclusive interview ahead of Liverpool’s clash at West Brom on Saturday, on Sky Sports Premier League, Mohammed Salah admitted that he is focusing on…

“Why Soldiers Burnt Houses In Benue State” – Army Spokesperson
Shocking
80 views
Shocking
80 views

“Why Soldiers Burnt Houses In Benue State” – Army Spokesperson

MT - April 20, 2018

The Nigerian army has taken responsibility for the attack, which resulted in burning down of houses in a Benue community on Thursday. The Army said the attack…

Meet Vivian Chiologi, John Shittu’s Wife Who Got Married At 50, Gave Birth At 51
Best of Nigeria
88 views
Best of Nigeria
88 views

Meet Vivian Chiologi, John Shittu’s Wife Who Got Married At 50, Gave Birth At 51

MT - April 20, 2018

My darling Viv, today I celebrate you and I thank God for your life and strength. What a testimony your life has become. You met and fell…

Lazy Youths: Why Buhari Should Apologize And Be Forgiven – Shehu Sani
Politics
68 views
Politics
68 views

Lazy Youths: Why Buhari Should Apologize And Be Forgiven – Shehu Sani

MT - April 20, 2018

SHEHU Sani, Senator representing Kaduna Central, has urged President Muhammadu Buhari to apologize over his remarks about Nigerian Youths. While answering a question at the Commonwealth Business…

19-Year-Old Udeh Precious Wins 2018 Sisi Oge Cultural Pageant (Photos)
Best of Nigeria
70 views
Best of Nigeria
70 views

19-Year-Old Udeh Precious Wins 2018 Sisi Oge Cultural Pageant (Photos)

MT - April 20, 2018

19 year old Miss Udeh Precious has emerge winner of the 2018 Sisi Oge Cultural Pageant. The actress and model beat 19 other contestants in the competition…

Nigeria Uninterruptible Power Supply To Reach 4.7% In 2024
Business
59 views
Business
59 views

Nigeria Uninterruptible Power Supply To Reach 4.7% In 2024

PH - April 20, 2018

Nigeria Vision 20:2020 is set to be a major development plan for the country to accelerate growth of commercial and industrial sectors over the coming years. Further,…

Nigeria’s Brent Crude Hits $73.79 per Barrel
Business
62 views
Business
62 views

Nigeria’s Brent Crude Hits $73.79 per Barrel

PH - April 20, 2018

An improvement in Nigeria’s oil earnings is on course as prices held firm on Friday near three-year highs reached earlier this week as ongoing Organisation of Petroleum…

Debbie Rise’s Sister Tee-Rise Releases Gospel single “First Loved Me”
Entertainment
69 views
Entertainment
69 views

Debbie Rise’s Sister Tee-Rise Releases Gospel single “First Loved Me”

PH - April 20, 2018

Temilolu Olurishe also known as Tee-Rise is a young lady with a desire to express her worship to God in her songs while she helps others enjoy…

WATCH: Chimamanda Adichie Talks #MeToo, Feminism and Gay Rights on CNN
Best of Nigeria
70 views
Best of Nigeria
70 views

WATCH: Chimamanda Adichie Talks #MeToo, Feminism and Gay Rights on CNN

PH - April 20, 2018

Chimamanda Ngozi Adichie was on CNN to discuss the #MeToo movement, feminism, and rights of LGBT people with Christiane Amanpour. The writer who revealed earlier this week…

19-Year-Old Udeh Precious emerges Winner of the 2018 Sisi Oge Cultural Pageant
Art, History and Culture
68 views
Art, History and Culture
68 views

19-Year-Old Udeh Precious emerges Winner of the 2018 Sisi Oge Cultural Pageant

PH - April 20, 2018

The 19-year-old model, actress and show host, Udeh Precious, beat stiff competition from 19 other contestants to emerge winner of the 2018 Sisi Oge Cultural Pageant. Precious,…

BBNaija: Tobi Bakre Is Not A Lazy Nigerian Youth; Check Out His 5 Professions..
Best of Nigeria
72 views
Best of Nigeria
72 views

BBNaija: Tobi Bakre Is Not A Lazy Nigerian Youth; Check Out His 5 Professions..

MT - April 20, 2018

Shared Via IG With Caption .. Nigerians are one of the most resourceful and hardworking people in the world. From generation to generation, this has remained true.…

Veteran Actress, Ireti Doyle Shares How She Almost Lost A Job “For Being The Wrong Skin Colour”
Entertainment
67 views
Entertainment
67 views

Veteran Actress, Ireti Doyle Shares How She Almost Lost A Job “For Being The Wrong Skin Colour”

PH - April 20, 2018

Veteran actress Ireti Doyle, in a post on her Instagram page, is speaking about colorism. In her post, she details how she almost lost a major gig…

1771 Cases of Domestic Violence, 138 Against Men, Recorded in 10 Months in Lagos
Shocking
62 views
Shocking
62 views

1771 Cases of Domestic Violence, 138 Against Men, Recorded in 10 Months in Lagos

PH - April 20, 2018

The Lagos State Domestic Violence & Sexual Violence Response Team (DVSRT) recorded 138 cases against men between May 2017 and March 2018. This was revealed by the…

5 Women-Owned Tech Spaces that VP Osinbajo Could Have Visited During #VPTourOfTech – Mary Olushoga
Business
67 views
Business
67 views

5 Women-Owned Tech Spaces that VP Osinbajo Could Have Visited During #VPTourOfTech – Mary Olushoga

PH - April 20, 2018

Why are women innovators largely ignored in Nigeria’s male-dominated technology spaces? Why didn’t Vice President Osinbajo visit any women-owned spaces during the highly popular and attention-grabbing #VPTourofTech?…

#ReadyToBeatMalaria: Chimamanda Adichie Joins Bill Gates, Prince Charles at Malaria Summit in London
Food and Health
76 views
Food and Health
76 views

#ReadyToBeatMalaria: Chimamanda Adichie Joins Bill Gates, Prince Charles at Malaria Summit in London

PH - April 20, 2018

Nigerian writer Chimamanda Ngozi Adichie gave a speech at the Malaria Summit on Wednesday, 18th of April,in London, England. The Malaria Summit was held to urge Commonwealth…

Mace Theft: How Ike Ekweremadu Redeemed Lawmakers’ Image
Politics
112 views
Politics
112 views

Mace Theft: How Ike Ekweremadu Redeemed Lawmakers’ Image

PH - April 20, 2018

A member of House of Representatives, Rep. Joseph Akinlaja (Ondo-PDP), has said Deputy President of the Senate, Mr Ike Ekweremadu’s wisdom saved Nigeria a greater embarrassment on…

Why Federal Government Wants Rail Line Between Nigeria And Niger – Amaechi
Business
77 views
Business
77 views

Why Federal Government Wants Rail Line Between Nigeria And Niger – Amaechi

PH - April 20, 2018

The Minister of Transportation, Rotimi Amaechi, has explained that the rail line from Kano in Nigeria to Maradi in Niger Republic was mainly to encourage business owners…

Loading...