Often the Qualities and Traits of any Successful EntrepreneurPosted by Agger Knight on June 8th, 2021 Pioneeringup-and-coming activities are on the within Nigeria. This is mainly on account of the lack of jobs that cause problems for many Nigerians including college or university graduates. A study carried out by Enquête showed that 67 pct of Nigerians are willing to get started their own businesses. Furthermore, 80 percent of those interviewed believed that will their businesses would be successful in Nigeria. read more is a huge percentage as compared to the results of other West African nations whose median for those ready to start a business was 47 percent. This trend has not gone unnoticed and the past Nigerian president, Olusegun Obasanjo even mandated that entrepreneurial skills be taught to all university students irrespective of their main. All this is in line using the Nigerian Economic Policy to get 1999-2003 whose purpose is always to promote education through the use of technological innovation. The Nigerian president has big plans for the nation 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 usually implemented. According to this policy, one other way that these ambitious goals can be achieved is by partnering develop certain agencies such as the Circumstances Foundation in Nigeria as well as the United Nations Transfer of Knowledge by way of Expatriate Nationals (TOTKEN) that happen to be dedicated to encourage entrepreneurship. Business people in Nigeria face unique challenges that hinder their entrepreneurial spirit and encourage rampant corruption. Nigeria continues to be previously known as one of the most tainted countries in the world and this frustrated free enterprise. Nigeria has also been largely dependent on the salary from oil that some other economic sectors have been largely underdeveloped. During the oil period period of between 1973 and 1980, Nigeria's GDP flower to , 100 with 1980 from the previous 0 in 1971. However , due to incompatible government policies Nigeria's financial system was left vulnerable. Investment decision was made mostly with the olive oil industry in mind that various other sectors such as the manufacturing along with the agricultural sector was made non-competitive. The fall of oil rates all over the world during the 1980's coupled with a general increase in the capital stores real interest rates, greatly afflicted the domestic and foreign fiscal situation of Nigeria. This led to a general economic slump which was characterized by a significant fall in GDP from one particular, 100 in the 1980's to 0. According to the World Improvement Report of 1994, Nigeria had dropped from being a middle income level land into one of the poorest nations in the world. A devaluation on this kind created very high monetary inflation, a general spread in specifications and high unemployment prices. Other factors that have affected entrepreneurship in Nigeria include weak infrastructure, high cost of doing business, regular political, tribal, religious along with ethnic violence, gender splendour and lack of quality education and learning. However , measures are being delivered to cub all these negative impact on and to make Nigeria conducive for entrepreneurship. Despite all the challenges that have affected the Nigerian economy, business development and also entrepreneurship has taken root. It truly is especially known that individuals through the Ibo ethnic group have got great entrepreneurial skills. The volume of private firms has significantly increased since the 1980's even though are quite small when it comes to occupation, revenues and capital. Nigeria currently ranks second immediately after South Africa in terms of GDP of course, if proper measures are used and appropriate policies adopted then it may as well take the top spot. Starting almost any a business requires planning, thoughts or creativity, inner generate to succeed and of course hard work. But the main traits and characteristics of entrepreneurs that make all their businesses stand out from the masses include; the desire to achieve. Business owners are people who highly desire to achieve. An entrepreneur should not watch for things to happen but ought to rather make them happen. They are also highly competitive and would likely always try to be informed concerning latest entrepreneurial developments. Business owners are also self starters. This is to mean that they stimulate themselves to do something. They just don't need an incentive to do anything even so the desire to succeed is enough to obtain then started. They would instead make their own mistakes and pay attention to from them Entrepreneurship also involves hard work. As entrepreneurs, you should know that success does not come in a silver platter yet has to be worked for. Business owners realize that they have to put in a long time and effort to see there goal. Focus is also another very essential characteristic of an buyer. Entrepreneurs know what they want and definitely will do anything to achieve that. This is associated with positive thinking in that they believe that everything will come out well in the end no matter what. Business owners are also non conformers and almost always wanting to stand out of often the crowd. A successful Nigerian business owner should also avoid being pinned down to anything and instead help to make their own goals and objectives rather than being employed by someone else. Entrepreneurs are also created leaders. Good leaders motivate trust in others and really encourage them to do something. A good leader competently influences, guides and markets people. This trait is very important when hiring people for your newly founded business. Proprietor should possess good judgmental skills and be sharp along with bright capable of making prudent decisions. Good communication expertise are also a must for an business owner. This means that a successful entrepreneur can easily efficiently convey a message which is to be clearly understood. This quality only works well if the first is also a keen listener. Business owners are risk takers. In operation in itself is a risk because if one does not make determined choices it could easily fail. Successful entrepreneurs therefore , acquire calculated risks in order to be successful. Entrepreneurship also requires dedication. Entrepreneurs tend to stick to their very own ventures no matter what. They do not very easily give up and when they make a miscalculation, they learn and go forward rather than obsessing on that you failure. Starting and in operation has its ups as well as down and the ability to keep by it defines a true Nigerian entrepreneur. Creativity and innovation is also another trait this characterizes a successful entrepreneur. Entrepreneurs will always look for new ways to do things. They are not afraid to experience new ideas and are extremely imaginative. Their products or expert services therefore usually have an edge because of this creativeness. Generally, Nigerian business people need a strong spirit which will endure all the trials along with tribulations that come with a business. Nigerian entrepreneurs therefore need to produce informed choices before deciding to enter into entrepreneurship.Like it? Share it! More by this author |