There are some chief criteria that every intending entrepreneur must meet before venturing into any business in Nigeria. Without them, most businesses will fail. Although there are others, here are the main yardsticks to meet before starting a business:
Knowledge of business
A good knowledge of the business you are venturing into is needed before and during the business. This is a key prerequisite to any business undertaking. Most people venture into businesses they know little about and are in a hurry to succeed that they fail to make the necessary market/business research. Entrepreneurs must invest in knowledge so as not to fall prey to loopholes that could be avoided with good information.
The viability of any business greatly lies on the market demand for the proposed product or service. If there is no demand, the business will fail before it even begins. Some business ideas and trends are dying or are no longer in consonance with the times. A good example is the internet café business which was the trend about 10-15 years ago, but today it has been taken over by mobile connectivity. Most people will rather have internet on their PCs and on their phones than visiting an internet cafe.
This is the lifeblood of any business. People in the business world will say: ‘money talks’. Same goes for the people who will help run the business. To set up any business in Nigeria, there must be funds set aside for it and capable hands as well.
Every business in Nigeria will eventually be registered with the relevant government and professional authorities. This is to ensure that the business follow proper and quality evaluations before and while the business has taken off. These include registrations with the Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS) and professional business/trade registrations.
Many businesses today cannot break even because of lack of proper attention given to it. For businesses to thrive, an entrepreneur must pay close supervision to a venture to see to its growth and maturity.
Success may not come overnight
Most people want their businesses to flourish in weeks, a month or even a year. Success comes with consistence, faith, hard work, discipline and unbending effort.
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