Is entrepreneurship really for you?This is a question that a lot of new generation Nigerian entrepreneurs need to ask themselves. This not a case of encouraging you to quit. This is a case of knowing whether you are in a sowing stage – you’re working hard for the future or you are simply building castles in the air – working in a line you are not wired for.
The craze for founding and co-founding a business has reached its zenith in Nigeria with the average young person having a business or side-hustle. It’s becoming the new 9-5 but unfortunately, a lot of these businesses fail before they reach the two-year mark. This results in depression and self-hate which normally shouldn’t be a problem.
The average Nigerian start-up crashes because the leadership is shaky. You need to have these strong natural entrepreneurial qualities as written below to succeed in business.
Qualities Required For Success In Entrepreneurship
1. Self-discipline: It would be very difficult for you to be successful in life if you lack self-discipline. Self-discipline is “doing the things you said you would do long after the mood you said it has left you.” You have to have the mindset of I will do this whether I feel like or not. I will go there whether i am tired or not. The world doesn’t wait for me and I must go and and make my dreams come true. Any startup organization that the leader lacks discipline would fail. Because he can’t keep the company together and he cannot inspire a sense of hard work and commitment in the hearts and minds of his employees. Its more than talking, you have to set a good example.
2. Emotional Intelligence: This involves personal emotion mastery and sensitivity to your surroundings. An entrepreneur needs to be in control of his emotions so as to act right and make the right decisions. You can’t be emotionally unstable and expect to make progress, you need to be able to understand your emotions and control them. Emotional Intelligence is also important when dealing with people. You need to be able to read body language so as to know the right thing to say at the right time. This would help you with people as the most pivotal resource to success in entrepreneurship is people. If you get it wrong with people, it will be hard to get it right with other things.
3.Open Minded and Flexible: As a young entreprenuer you must not be rigid. You need to be open to new ideas and innovation and have a listening ear to your staff or people around you. You can’t know it all and it is important to leverage several people’s opinions and ideas. You need to be able to swtich on to the next thing when things are not working your way without dwelling too much in sadness. If you have the attitude of holdng on to things too much, you just might be shooting yourself in the leg.
4. Passion and Determination: It is important that you choose a business line that you are passionate about. Do not go into business without a strong connection to it whether in skill or the solution that it solves. It is important that your motivation for doing that business is more than money. This way, you will be determined to not quit even when the rainy days persist. Thomas Edison said “A lot of life’s greatest failures are people who quit at the brink of success” You have to have the mindset of “I love this thing so much and I will keep at it till it succeeds”
5. Confident in his/her dream: A successful entrepreneur has always believed blindly from day one that he will be successful. Yes there might be days of doubt but he doesn’t allow it way him down as he quickly switches back up. Such a person would have a positive mindset and would transfer this attitude to everything around him/her. A postive mindset makes the toughest of situations easy. A positive mindet makes you more effective and productive. A postive mindset brings out creativity. Believe in your dream and be postive and you’ll record consistent growth.
Please reflect on the above and honestly ask yourself if entrepreneurship is really for you. If you do not possess the above qualities then it is time to pursue investing your funds, rather than managing a business. Not everyone can succeed in business as the leader.