June 24, 2021 All Things Fintech in Africa

Starting a Business in Nigeria: The Secret to Becoming a Millionaire

What kind of lucrative business can one start in Nigeria? This is one of the top questions everyone asks about starting a business in Nigeria. From Poultry farming to Soap making You will get hundreds of result if you Google or look for the list on search engines. With little capital, it is very easy to start a business but starting a business is not the main thing: making a reasonable profit is the main deal. So how can you invest 100,000 and recoup a million within six months or a year? Continue reading

Most Nigerians are not entrepreneurs, that is the problem. We are fond of copying other people business concept, and after a few months, the business collapses because it is already saturated and the competition is too much. Venturing into any business because you heard it is lucrative is a big risk. What might work for Mr x and Mrs. Y may not work for you.

Here is the gospel truth: business is not for everybody. Before you venture into a business, ask yourself this question “Am I an Entrepreneur”? If your answer is No, keep your money or partner with someone, who is an Entrepreneur.

Who is an Entrepreneur?

An entrepreneur is an innovator who thoroughly scans the market place to look for a need that is yet to be filled. When he identifies a need, he proffers a solution to solve the problem. Alternatively, he looks for an existing product and adds value to it. Don’t jump into any business without proper research. Check the market, Check your location how can things be done better? Is there anything people are lacking? Let’s look at some examples Beans sold in markets are exposed to dust, which is detrimental to our health. That is a problem. Can you neatly package beans in sachets and remove the dirt, stones and other chaff in it? That is a solution; You are adding value to an existing product

Getting the picture, right? Meat is sold openly in our markets with flies hovering around it, Can you find a way to ensure it sold hygienically? Is your neighborhood littered with waste? Create a waste collection and disposal business in your area and solve the problem for residents who will pay you well for the service. Is the power situation in your locality terrible? Solution: Make or import solar products like a lamp that does need electricity to get charged.

Business is about providing solutions. People pay for solutions. Business is about organizing men, money, and materials ( resources) to achieve a goal.

To make millions of Naria, identify a problem or a need, create a solution, and set up a business to provide that solution. Remember this;

What is needed + What you can do = Millions of Naira

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