By Sheriffdeen Abiodun Adesanya
Five Radioactive Elements that would be a great benefit for you. Nigeria is one of the most populous countries in the world. Being a country with many challenges, an entrepreneur who wants to set up a stable, ever-growing, and goal-getting business would be required to do rigorous research on market surveys of various cities and the requirements of his/her business.
So many start-up companies have folded up based on the lack of good knowledge of the elements for building solid pillars for the business.
As a matter of fact, to be an entrepreneur in a country with poor economic stability, it is of great importance to be ahead of all the negativities while keeping the business afloat.
As an apprentice on the journey to acquire skills to become a professional business development manager, it is important to note that the elements of running a successful business are not just about deciding on which service to render or what to sell.
I have learned that it is a continuous process of careful planning for the acquisition of the various resources and implementation of all skill sets and resources gathered to make running the business a success.
The following are the elements of doing a successful business in Nigeria:
Availability of Finance or Capital Resources
This very crucial point cannot be over-emphasized as the Nigerian currency is one that is mostly dependent on the exchange rate of the U.S. Dollars, where its availability has led to inflation in prices of goods and services and its scarcity has led to a fall in the nation’s economy.
Therefore, to run a successful business in Nigeria, it is necessary to have a stable source of capital to overcome challenges of inflation; cost of doing business, and balancing of profit, as well as merging of the business irrespective of the effects of economic boom or doom.
Business Plan
To run a successful business, the decision on what services to provide is not one made without careful consideration of the type of available market, the needs of the people living in the surrounding cities, feasibility studies of the best location for the business, and availability of competitive market for the services and products.
People
A team of well-trained professionals is required for the acquisition of set goals and sustainability of the business, as each unit of the business should be able to deliver the best for growth. This can only be done if the best professionals are provided to recruit personnel.
People who are to make up the team should include a manager – be it a business development manager, a social media influencer, or a sales officer, to acquire the long-term goals of the business.
Abiding By the Government’s Policies And Regulations
To do a successful business in Nigeria, it is compulsory to be a law-abiding citizen of the country. Some of the necessary things to have included a business registration certificate from the Corporate Affairs Commission (CAC), and the Tax Identification Number (TIN) for returns of the annual tax to the Federal Inland Revenue Services (FIRS), among others.
Method Of Running Business Or Product Packaging
Careful consideration should be given to the method of running a business, or the packaging to be provided to the goods, as the success of the business is dependent mainly on the satisfaction, user experience, and how alluring the service being provided is to the final consumers to give them a taste that keeps them coming back for more.
About the Author
Sheriffdeen A. Adesanya is a graduate of CIAPS Business Development Management.
