Posted on November 13, 2019
10 Reasons Why Now Is the Right Time to Become an Entrepreneur
Entrepreneurship gives our authorities the opportunity to create more employment opportunities for its residents. There are many demanding situations that face an entrepreneur in our u . S . But with the right strategies handy, we will overcome the demanding situations. The alleviation of such troubles will create an ample surroundings for the thriving of entrepreneurship. The availability of capital is one of the motives that limit the Scott Rifkin from starting their businesses. The access to price range for capital in Nigeria thru many financial establishments might be deemed as a daunting mission to many but there may be a wide variety of funders prepared to offer guide to younger Nigerian Entrepreneurs. However, to get funding, a number of necessities ought to be met.
The problem of loss of funders has been in part solved thru the emergence of Nigerian angel investors and task capitalists that make investments and ask for returns on investment on the task and on the same time are involved inside the control of the challenge partially. This is high-quality because the entrepreneur may additionally acquire additional abilities from the traders. The returns which might be required may be costs of up to 30% on the capital hired. Other corporations together with NGOs and the Nigerian Investing Commission additionally inspire entrepreneurs to undertaking into this line of business.
Nigeria is bracing itself as much as shape the destiny past oil manufacturing and that is in truth a part of the country wide agenda. This makes now the fine time to spend money on entrepreneurship. The oil industry has been dominating the economic system by using contributing way over 80 in step with cent profits on export now not forgetting its 50 percentage contribution to the Gross Domestic Product of our u . S . A .. Given that majority of Nigerians are unemployed and considering the contemporary economic realities, we as a rustic have a top notch want of constant process advent. Our commercial and business sectors need to be diverse as well.
In contrast to other West African nations along with Benin, Ghana, Mauritania, Mali, Nigeria, Sierra Leone, Burkina Faso, Liberia, Niger and Senegal, Nigeria is the maximum green within the implementation of followed reforms aiming at improving the enterprise environment for entrepreneurs. A studies carried via Gallup in the year 1998 showed that 67% of Nigerians were thinking about opening and going for walks groups. This provides the very best charges in those West African counties. In contrast to different nations in West Africa, the attention of entrepreneurship many of the populous is higher in Nigeria positioned at forty four%. This manner that entrepreneurship is greater without difficulty taken up by way of our country rather than the opposite countries within the western Africa location.
The warranty of our entrepreneurs within the accessibility of a capable work force is any other motive why greater residents have to bear in mind entrepreneurship as an great business concept. Venturing into the marketers hip business inside the usa assures our marketers have a professional hard work force to carry out their paintings. As many as seventy five% of the Nigerians experience that they are able to locate qualified wok force that could perform exceptional tasks and which could enable ventures to run effectively while given the chance to.
In contrast to other international locations, the copyright legal guidelines aren’t keenly respected by way of many and this denies many entrepreneurs their difficult earned cash. This may also discourage entrepreneurs when they’re making an investment for worry of faded returns due to piracy. According to a study performed through Gallup, 60% of the citizens of Nigeria believe that the authorities has the capability to guard the highbrow rights of the marketers collectively with the belongings that our entrepreneurs might encompass all through their business lifeline. With our authorities bracing itself to guard the intellectual rights of our people, now could be the first-rate time to provide you with new commercial enterprise ideas and engage in a success entrepreneurship.
The promise for better returns is eminent in our united states. This coupled with the warranty of financial success have to act as a stimulant to the uptake of entrepreneurship instead of staying unemployed. Moreover, 50% of the Nigerians have confidence that our authorities will allow the entrepreneur to include as plenty wealth as they can in their ventures. This is based totally on the research conducted by way of Gallup inside the 12 months 1998. This offers the entrepreneur the motivation to project into enterprise and experience the returns.
Many West African nations have high unemployment fees of as much as 70 to eighty percent. This has been further affected by the contemporary global disaster this is inflicting massive task loses thru out the sector. The data released with the aid of the Nigerian training ministry display that over 60% of the graduates do no longer get employment immediately after faculty. They posses the abilties however do not have the employment opportunity to put their competencies into efficient use. This offers the cause why most of our graduates ought to venture into entrepreneurship and grow to be self hired in preference to relying on different corporations for employment. This also gives our entrepreneurs the danger of being their own bosses resulting inside the suppleness of the body of workers hired and in return growing process pleasure. The monetary growth of our u . S . Is uplifted as extra employment activities are created and the extent of unemployment is extensively decreased. The Nigerian making an investment fee has introduced up programmes to assist many gain the specified abilities to reap a success entrepreneurship.
Transformation of the different sectors through the Nigerian government resulted in the liberalization of the financial system allowing for marketers to undertaking into numerous ventures. These opportunities gift our entrepreneurs with the opportunity to get entry to greater services. The sectors affected by this include the telecommunication region which has caused the development inside the information go with the flow among businesses as a result spiraling growth of many companies. Further infrastructural development ought to provide our marketers with the vital infrastructure for conducting commercial enterprise without any problems.
Our government’s introduction of a program that objectives at encouraging the exports and reduction of imports has lead to the proliferation of the opportunities which might be to be had for our entrepreneurs. The Nigerian government has also installed close ties with other western international locations consisting of america and Europe to necessitate such alternate. This export application offers a huge marketplace for goods and services that an entrepreneur produces and gives for sale. This guarantees the production of high excellent for both the export marketplace and the neighborhood inner Nigerian market.
Nigerian marketers can enjoy the benefit of decrease taxes this is offered through the government via tax incentives that include decrease taxes, tax exemptions and superior charge ceilings. This permits our marketers to experience the returns at the capital they employ on the investments that they adopt.
Nigeria is regularly seeking to include cutting-edge-day generation into numerous authorities sectors. This got here into scrutiny with the exploit of the net which has been integrated into the edification system. The revolution in facts technology gives severa opportunities and loads of our marketers are able to taking advantage of this to release their business organisations into the global area. This is viable through net affiliate advertising and marketing and hosting of web sites. Nigeria’s Small and Medium Enterprises maximum of which fall within the casual region provide a huge variety of commercial enterprise opportunities which can enhance our financial system to greater heights. What remains now’s for our government to provide extra aid and encourage younger entrepreneurs and the already current ones to enhance the competitiveness and high-quality of Nigerian companies.
Peter Osalor is a multi-professional director, chairman of trusts, proprietor and representative. Peter Osalor has been a a success entrepreneur on account that 1992 when he fashioned Peter Osalor & Co and which has in view that grown to a very massive client base with a turnover of millions. He is currently a fellow of the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in Nigeria (ICAN). Peter is likewise a member of the Chartered Tax Advisors and the Chartered Institute of Taxation in Nigeria (CITN).
He is a business mentor for Princess Trust inside the UK. He is a member of the Inter Governmental Committee of ICAN and additionally a member of BCBC, which represents Black Church Membership of Christians whose duty is to ensure that the Christian groups are not overlooked inside the commercial enterprise opportunities bobbing up from the 2012 Olympic Games In London.