The times have changed. Gone are the days when young Nigerians fervently pursue their studies with the aim of eventually getting a great job that offers a good salary, job security and ultimately, a mouth-watering retirement package. Young Nigerians now dream of being independent, building on their ideas and starting up their own businesses.
However, having the desire to start your own business (no matter how small), as well as the required startup capital, is no guarantee that you will actually succeed. There a number of other factors that come into play, and determine if you are cut out for the trade.
You may have created a business plan, talked to other business owners and basically done plenty of homework…but that may not just be enough. Before you take the entrepreneurial plunge, you may want to take an honest inventory of your personality and/or skill set and check for any of these clues that point to that fact that starting your own business is not right for you.
Your key motivation is “Money” Basically, everyone starts a business with hope that they will come into good money when they start making profit, but making profit should not be the main reason why you are in business… if you want to be successful. If your aim when starting a business is to make quick cash rather than solve problems and serve others, chances are you will get discouraged and your business will fail even before it has a chance. You are probably better off not starting the business. Building a successful business takes time, and profit does not come immediately. You will need an intrinsic ambition or motivation that transcends getting a fat pay cheque.
You are indecisive and like to procrastinate To start and succeed in building a small business, you must be able to confidentially make the necessary calls when needed… without undue hesitation or delay. Also, you cannot deliberate for hours over things you should quickly.
When it comes to business, he who hesitates is lost. If you know you are a procrastinator, or you are not the kind of person who can confidently take decisive action, you have business being an entrepreneur.