Often the Qualities and Traits of any Successful EntrepreneurPosted by Agger Knight on June 8th, 2021 Gumptiouspioneering, up-and-coming activities are on the within Nigeria. This is mainly as a result of the lack of jobs that problem many Nigerians including university or college graduates. A study carried out by Gallup showed that 67 % of Nigerians are willing to start off their own businesses. Furthermore, 80% of those interviewed believed in which their businesses would be prosperous in Nigeria. This is a big percentage as compared to the results connected with other West African nations around the world whose median for those willing to start a business was forty-four percent. This trend haven't gone unnoticed and the former Nigerian president, Olusegun Obasanjo even mandated that enterprisinggo-getting, gumptious, pioneering, up-and-coming skills be taught to any or all university students irrespective of their key. All this is in line with the Nigerian Economic Policy intended for 1999-2003 whose purpose is to promote education through the use of technologies. The Nigerian president has also big plans for the region one of them being to see Nigeria as one of the top 20 economies worldwide by the year 2020. This, he hopes will come to secure if the policy is properly implemented. According to this plan, one other way that these ambitious targets can be achieved is by partnering together with certain agencies such as the Fortune Foundation in Nigeria as well as the United Nations Transfer of Knowledge via Expatriate Nationals (TOTKEN) which might be dedicated to encourage entrepreneurship. Entrepreneurs in Nigeria face unique challenges that hinder their own entrepreneurial spirit and really encourage rampant corruption. Nigeria has been previously known as one of the most damaged countries in the world and this distressed free enterprise. Nigeria has also been largely dependent on the cash flow from oil that different economic sectors have been very underdeveloped. During the oil increase period of between 1973 along with 1980, Nigeria's GDP went up to , 100 in 1980 from the previous 0 in 1971. However , due to inappropriate government policies Nigeria's economic system was left vulnerable. Expenditure was made mostly with the necessary oil industry in mind that various other sectors such as the manufacturing and also the agricultural sector was delivered noncompetitive. The fall of oil selling prices all over the world during the 1980's combined with a general increase in the capital markets real interest rates, greatly affected the domestic and worldwide fiscal situation of Nigeria. This led to a general fiscal slump which was characterized by a significant fall in GDP from one, 100 in the 1980's for you to 0. According to the World Improvement Report of 1994, Nigeria had dropped from as being a middle income level state into one of the poorest countries in the world. A devaluation of this kind created very high monetary inflation, a general spread in lower income and high unemployment fees. Other factors that have affected entrepreneurship in Nigeria include bad infrastructure, high cost of doing business, frequent political, tribal, religious in addition to ethnic violence, gender splendour and lack of quality education. However , measures are being come to cub all these negative has a bearing on and to make Nigeria conducive with regard to entrepreneurship. Despite all the obstacles that have affected the Nigerian economy, business development along with entrepreneurship has taken root. It can be especially known that individuals from Ibo ethnic group have got great entrepreneurial skills. The number of private firms has drastically increased since the 1980's while they are quite small when it comes to employment, revenues and capital. Nigeria currently ranks second immediately after South Africa in terms of GDP and if proper measures are obtained and appropriate policies adopted then it may as well take the top spot. Starting almost any a business requires planning, creative imagination or creativity, inner travel to succeed and of course hard work. However , the main traits and attributes of entrepreneurs that make their businesses stand out from the crowd include; the desire to achieve. Business people are people who highly need to achieve. An entrepreneur should not loose time waiting for things to happen but need to rather make them happen. Also, they are highly competitive and would likely always try to be informed concerning latest entrepreneurial developments. Enterprisers are also self starters. It is to mean that they inspire themselves to do something. They just do not need an incentive to do anything even so the desire to succeed is enough to have then started. They would relatively make their own mistakes and pay attention to from them Entrepreneurship also involves hard work. As entrepreneurs, you will need to know that success does not can be found in a silver platter but has to be worked for. Business people realize that they have to put in considerable time and effort to see there wish. Focus is also another extremely essential characteristic of an buyer. Entrepreneurs know what they want all of which will do anything to achieve that. This is relevant to positive thinking in that consider that everything will end up well in the end no matter what. Entrepreneurs are also non conformers and many always wanting to stand out of the crowd. A successful Nigerian businessperson should also avoid being fastened down to anything and instead produce their own goals and objectives rather than discussing someone else. Entrepreneurs are also born leaders. Good leaders encourage trust in others and stimulate them to do something. A good leader effectively influences, guides and redirects people. check here is specially important when hiring people to the newly founded business. Company owner should possess good judgmental skills and be sharp and also bright capable of making smart decisions. Good communication capabilities are also a must for an buyer. This means that a successful entrepreneur can certainly efficiently convey a message that is clearly understood. This feature only works well if you are also a keen listener. Internet marketers are risk takers. Running a business in itself is a risk because if one does not make computed choices it could easily fall. Successful entrepreneurs therefore , get calculated risks in order to realize success. Entrepreneurship also requires dedication. Entrepreneurs tend to stick to their very own ventures no matter what. They do not effortlessly give up and when they make a mistake, they learn and progress rather than obsessing on that particular failure. Starting and running a business has its ups along with down and the ability to stick by it defines a true Nigerian entrepreneur. Creativity and innovation is also another trait which characterizes a successful entrepreneur. Internet marketers will always look for new ways to do things. They are not afraid to test out new ideas and are remarkably imaginative. Their products or companies therefore usually have an edge because of this creativeness. Generally, Nigerian business owners need a strong spirit which will endure all the trials and also tribulations that come with a business. Nigerian entrepreneurs therefore need to create informed choices before making a decision to enter into entrepreneurship.Like it? Share it! More by this author |