Nigeria is one of the most renowned countries in the world, mainly because as a major exporter of petroleum and some agricultural produce. Being the giant of Africa has kept her in the spotlight even to date. How can local or international entrepreneurs survive in Nigeria? What skills and attributes are needed to spring forth successfully as an entrepreneur here in Nigeria, especially in this recession?
Every business environment comes with challenges that sometimes, are uncontrollable. But getting to know them can help you adjust accordingly and further help tackles them. What should an entrepreneur do to survive the economic crisis? What measures should be taken?
- Adjust speedily– One of the distinctive attributes of an entrepreneur is his ability to adjust and be flexible in any given situation. To survive the recession, you have to adjust to the new market prices, reevaluate your products, and attach the most suitable price tag to it… You don’t have to be rigid as long as a business in Nigeria is concerned. If it entails getting rid of a few employees, cutting down on liabilities and expenditures, so be it as long as it ensures being on market. One of the mistakes you should never make is allowing your competitors to be more flexible.
- More value– Many business persons usually forget to add more value as they do with prices. Despite the cost of production might increase, giving your customers more value will not only make your business reputable, but it also leads to more sales and exposure. No matter how little, always add a noticeable value and your customers will love you for it.
- Study the market –Sometimes we can be too busy not to look into the market to see what trends. Taking your time to conduct a survey and check market conditions is necessary. How are your competitors doing? How are their products and services faring? What do you need to overtake them? If you can answer these questions, then you’re going to be in the market for a long time.
- Feedback– You need to know the reaction of your customers toward a particular product. Are they positive or negative? Do they prefer quantity to quality? Can they cope with the recent price tag? Being a successful entrepreneur has a lot to do with listening to customers’ feedback and sorting for ways to further satisfy their needs. You really can’t satisfy everyone, but you can satisfy the majority of your target market.
- More promotion– Irrespective of how known or renowned your business is, there’s always a need for more promotion and advert. Overlooking this can lead to other competitors kicking you out of the arena. It’s a battle and you need to keep up your game to stay relevant.
- New ideas –As time goes, new ideas keep springing up. Clinging to old ways of doing things will not only degrade your relevancy, but it will also permanently kick you out of the market. Nokia Inc can be used as a case study. The new trends in technology were overwhelming, sweeping the whole of Europe and numerous other continents, but Nokia stuck to the old stale Java, the result was a disaster.
Recession is just a word, doing all the above will certainly keep you above it, making you more independent and a financial star.