27 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

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

Nwankwo Kanu Launches N1 Billion Jackpot Lotto To Support Kanu Heart Foundation
Food and Health
15 views
Food and Health
15 views

Nwankwo Kanu Launches N1 Billion Jackpot Lotto To Support Kanu Heart Foundation

PH - October 17, 2017

Legendary Nigerian footballer and philanthropist, Nwankwo Kanu, is launching the biggest lotto in Africa to raise funds for the Kanu Heart Foundation (KHF) (www.KanuHeartFoundationNg.com) and help build…

6 Reasons Why Senator Abaribe Applied To Be Discharged As Nnamdi Kanu’s Surety
Politics
40 views
Politics
40 views

6 Reasons Why Senator Abaribe Applied To Be Discharged As Nnamdi Kanu’s Surety

PH - October 17, 2017

The Senator representing Abia South Senatorial District, Enyinaya Abaribe, has applied to the court to be discharged from the suretyship, bond and recognizance of the bail of…

Lagos State Records 100% Increase In Domestic And Sexual Violence Cases
Shocking
31 views
Shocking
31 views

Lagos State Records 100% Increase In Domestic And Sexual Violence Cases

PH - October 17, 2017

The Lagos State Domestic and Sexual Violence Response Team (DSVRT) yesterday has stated that 950 domestic and sexual violence cases have been reported this year alone, compared…

Where Is TSTV Nigeria 17 Days After Launch? – Biola Kazeem
Business
37 views
Business
37 views

Where Is TSTV Nigeria 17 Days After Launch? – Biola Kazeem

PH - October 17, 2017

Renowned sport analyst Biola Kazeem has taken to Twitter to express his thoughts on the inability of TSTV to commence operation 17 days after launching. He also…

Davido Finally Speaks After Alleged Murder – ‘I Forgive All Those Who Called Me A Murderer’
Entertainment
49 views
Entertainment
49 views

Davido Finally Speaks After Alleged Murder – ‘I Forgive All Those Who Called Me A Murderer’

MT - October 17, 2017

Nigerian singer Davido, who has been embroiled in some controversies recently over the death of some friends, says he ‘forgives’ all those who accused him of murder.…

Omoni Oboli’s Okafors Law Becomes the First Nigerian Movie to be Screened at Film Festival in South Korea
Entertainment
36 views
Entertainment
36 views

Omoni Oboli’s Okafors Law Becomes the First Nigerian Movie to be Screened at Film Festival in South Korea

PH - October 17, 2017

Nollywood film maker and actor, Omoni Oboli is grateful for the good news she received on her movie, ‘Okafors Law.’ Earlier this year, a court injunction stopped…

Queen Chanel of Iwoland Explains Why She Wears A Crown
Art, History and Culture
48 views
Art, History and Culture
48 views

Queen Chanel of Iwoland Explains Why She Wears A Crown

PH - October 17, 2017

Queen Chanel Chin, is the wife of Oluwo of Iwoland, Oba Abdulrasheed Akanbi. Born in Toronto, Canada, Queen Chanel’s dream of coming to Africa was fulfilled when…

Important Things Couples Should be Doing During Courtship Before Marriage (Must Read)
Lifestyle
42 views
Lifestyle
42 views

Important Things Couples Should be Doing During Courtship Before Marriage (Must Read)

MT - October 17, 2017

Getting married is one of the biggest decisions that you will ever make. You are entrusting the rest of your life into the care of another human…

Barack Obama Chooses Nigerian Artist Kehinde Wiley to Paint His Official Presidential Portrait
Art, History and Culture
33 views
Art, History and Culture
33 views

Barack Obama Chooses Nigerian Artist Kehinde Wiley to Paint His Official Presidential Portrait

PH - October 17, 2017

Former US President Barack Obama has handpicked artist Kehinde Wiley to paint his official Presidential portrait, Smithsonian’s National Portrait Gallery announced. Wiley is best known for his pieces showing African-Americans in hip-hop gears,…

Nigeria Wins Re-Election Into UN Human Rights Council
World Buzz
41 views
World Buzz
41 views

Nigeria Wins Re-Election Into UN Human Rights Council

PH - October 17, 2017

Nigeria has won a re-election into the UN Human Rights Council in Geneva for the 2018 to 2020 term at an election held on Monday at the…

FUNAAB Produces 203 First Class Graduates
Best of Nigeria
59 views
Best of Nigeria
59 views

FUNAAB Produces 203 First Class Graduates

PH - October 17, 2017

Ololade Enikuomehin, acting vice-chancellor, Federal University of Agriculture Abeokuta, said on Monday that the institution produced 203 first class graduates in the 2016/2017 academic session. The university also said…

Tagbo: 5 Things You Need To Know About Davido’s Late Friend
Entertainment
83 views
Entertainment
83 views

Tagbo: 5 Things You Need To Know About Davido’s Late Friend

MT - October 16, 2017

About two weeks ago, Nigerians woke up to the news of the death of one Tagbo Umeike, who was later introduced as a friend of Nigerian hip…

Lukaku Reveals Why He Do Not Put Pressure On Himself Scoring Against Big Teams
Sports
47 views
Sports
47 views

Lukaku Reveals Why He Do Not Put Pressure On Himself Scoring Against Big Teams

MT - October 16, 2017

Liverpool goalkeeper, Simon Mignolet was barely troubled by the Premier League’s top scorer, Romelu Lukaku on Saturday, but he is certain that important goals will come at…

Orji-Uzor Kalu Speaks About Buhari’s Govt. – ‘The President Is Marginalizing The Igbos, I’m Not Afraid To Speak The Truth’
Politics
65 views
Politics
65 views

Orji-Uzor Kalu Speaks About Buhari’s Govt. – ‘The President Is Marginalizing The Igbos, I’m Not Afraid To Speak The Truth’

MT - October 16, 2017

While speaking in an exclusive interview with The Sun Newspaper, achieftain of the All Progressives Congress (APC) and former governor of Abia State, Orji Uzor Kalu, state that…

The Transformation Of These Twins Has Got The Internet Buzzing (PHOTOS)
Inspiring
79 views
Inspiring
79 views

The Transformation Of These Twins Has Got The Internet Buzzing (PHOTOS)

MT - October 16, 2017

These twins’ transformation has everyone talking! Talking about transforming, here’s one. Wow! I guess They grew up Learned a few tricks about makeup and bleaching too.

In Photos: Wives Of Nigerian Senators Looking Glamorous As They Attend Birthday Party In Ibadan
Politics
73 views
Politics
73 views

In Photos: Wives Of Nigerian Senators Looking Glamorous As They Attend Birthday Party In Ibadan

MT - October 16, 2017

Toyin Saraki, wife of senate president led a group of women (wives of Nigerian senators) to celebrate Senator Akanbi’s wife’s 50th birthday in Ibadan, Oyo state capital.…

Best Proposal Ever: Nigerian Man Stage Molestation By Soldiers Just To Propose To Girlfriend (Watch Video)
Romance and Love
62 views
Romance and Love
62 views

Best Proposal Ever: Nigerian Man Stage Molestation By Soldiers Just To Propose To Girlfriend (Watch Video)

MT - October 16, 2017

A Nigerian man teamed up with a set of soldiers just to propose to his girlfriend. The man was seen in the video pretending to be molested…

2019 Election: Buhari Remains “Unbeatable Candidate For The APC”
Politics
49 views
Politics
49 views

2019 Election: Buhari Remains “Unbeatable Candidate For The APC”

PH - October 16, 2017

Kogi State Governor, Alh. Yahaya Bello has reiterated the determination of the people of the state and Nigerians in general to ensure President Muhammadu Buhari continues his…

Loading...