Why Now Is The Most Important Time In Nigerian History To Become An Entrepreneur

Decades ago, starting a business was largely expensive. The company registration process alone costed a fortune, and getting a licence to venture into the industry you would have wanted to build your entrepreneurial career on was nearly impossible. While getting started was a problem, growing the business to an enterprise with a large customer base, sustainable income, and with valuable employees was another challenge to surmount. These made it largely difficult for almost anyone to become an entrepreneur running a company and not just a store.

The difficulties in starting, running, and growing a successful business in the past led to the failures of many entrepreneurs. Watching people fail increased the inherent fear of the unknown in a large part of the population, and this drove them in large numbers to pursue the comfort of a job. In the process, many dreams died, and the few who got the chance to scale their businesses, became icons people lookup to and would wish to work for today.

But there’s a new revolution and things are changing. The economic recession is driving people nuts and the government itself is looking for desperate ways to revive the economy. Desperate times require desperate measures and only desperate smart individuals can make the most of it.

If you’re lost in doubt and are finding it difficult to make a choice about starting a business in Nigeria or many other places in the world, here are 5 reasons now is the most important time in Nigerian history to become an entrepreneur:

See Also: 5 Traits That Prove You Were Born To Be An Entrepreneur

1). The Country Is In Full Support:

With the Nigerian economy deep in a recession, the desperacy of the federal government to get the country out of its mess spans through multiple social and economic schemes, including largely promoting entrepreneurship; especially on agriculture.

The country’s sudden support for entrepreneurs has led them to create small business funds like the 200 billion Naira agricultural fund set aside for new and existing entrepreneurs looking at starting a business in the agricultural sector.

Securing a grant or loan from the government through the current financial aid schemes is a smart decision for anyone looking to start a business covered in the terms of the welfare loan programs.

2). More Problems Are Rising Everyday:

Every economy, whether good or bad usually has its problems. But bad economies have even more problems, which ultimately creates opportunities for smart entrepreneurs to take advantage of.

There are always a lot of perks in every economic recession. These problems grow so worrisome that people become willing to jump at any temporary solution that turns up, in the process, creating a sizeable pool of legit successful new entrepreneurs and an increase in the number of con artistes seeking out financial preys.

Solving problems critical to helping every individual survive a recession and having their businesses or personal finances stay afloat, draws in a lot of patronage. By coming up with creative ways to help people in your locality have a smoother ride through the recession, you would not just become an entrepreneur with a real business people care about, but you’d end up richer than you were before the recession.

See Also: 5 Commitments Every Entrepreneur Must Make To Be Successful

3). Labour Is A Lot Cheaper:

With the massive job cuts going on through the nation, people desperate for work are taking any available job offers at almost any salary stated. The excessive size of the labour market is causing ripple effects in the salary structures and making hiring people at a lower cost a lot easier.

While it is generally better to pay people well so you can get their full hearts into growing your business, the recession has made it easier to find people that’d put in the same effort just for the comfort of a job, no matter how modest the salary is.

If you’re thinking of starting a business during this economic crisis, this is one reason you could become an entrepreneur and have a smoother ride paying salaries.

4). Companies Are Cutting Down Their Workforce:

How long do you have to wait till the HR gets to your name on the list of employees to be downsized in the firm. If your job is largely based on routine work, meaning anyone with a good education or training can easily carry out your daily tasks, you’re definitely going to get on that list if the company continues on its employee-cut mission.

The only employees with a higher chance of retaining their jobs are those in a creative role. Since their tasks involves intuition and coming up with great ideas on the fly, whatever company they work for would have a tough time letting them off.

If your job description is largely routine based, starting a business on the side is the smartest decision for you to take right now.

See Also: The 5 Critical Stages You Will Go Through As An Entrepreneur

5). More Time And Limitless Earning Possibilities:

Entrepreneurship offers you endless earning possibilities because, you have more time to focus on your own activities. Timing is everything, and the larger the time and space you can garner for yourself, the more you stand a better chance of living a fulfilled life.

By starting a business, you can explore multiple revenue streams, diversify your investments, and determine how and when you get paid. Sticking purely to a job with no alternative source of income limits your earning potential, but mapping out your own time gives you the chance to determine what you want to achieve.

What are your thoughts on why this is the most important time in Nigerian history to become an entrepreneur? Let me know by leaving a comment below.

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