We all know what entrepreneur is; let me enlighten you by defining briefly on what entrepreneur is.
Entrepreneur is someone who exercise initiative by organizing a venture to make benefit of an opportunity and as the decision marker, is also a person who decides on what, how and much of goods or services will be produced.
And the word secret is something that is hidden from others especially information, idea and skills.
Here I will talk on (5) top secret of Nigerian entrepreneurs, and if you are a Nigerian this is what you need to know before becoming a successful entrepreneur.
- Be Focus: if you observe all the rich people who succeed in their business today you will see that they were very focus on their doing, what I’m I saying, the succeed business men/women in Nigeria where very focus; they choose a specific business of their choice and strength and stuck to it. If you are ready to make it in Nigeria, then you must obey the law of business success of Andrew Camgie, the steel mogul. He said “here is the prime condition of success, the great secret. Concerntrate on your energy, thoughts and capital exclusively upon the business in which you are engaged in. Having begun in one line, resolve to fight it out on that line; to lead in it. Adopt every improvement, have the best machinery and know the most about it.”
So you can see how this statement sound to your ear. Aklio Dangote focused on commodities and basic needs, while Femi Otedola concentrated on oil & gas. Jim Ovia focused on banking, Raymond Dokpesi focused on broadcasting and entertainment, so you can see how focus is one of the main secret of Nigerian entrepreneur.
- Flexibility: flexibility is one of the strength and secret of Nigerian entrepreneur; they know that the government is the most inconsistent body so far, so they prepare themselves ahead. They keep their eyes on the changing pattern of the government and they adjust in their businesses to align with any change that occur. They are quick in adapting to the current situation of the country and trend into it while their competitors are still grappling with the reality on ground. If you want to be an entrepreneur, “you must have nose for business just as the journalist has nose for news. Once your eyes, ears, nose, heart, and brain are trained on business, you sniff business opportunities everywhere. In places where people see a lot of challenges, you will see a lot opportunities. At times, there is something instinctive in me that tell me a business opportunity exist even at a where others see nothing. That is what make me different, may be unique. A good entrepreneur sees where others don’t see. What I see, you may not see. That is the secret for you
The world is a big market waiting for anybody who knows the rules of the game”. Says ….. Orji Uzor Kalu.
- Conduction a Research Pertaining to Your Business: you need to identify the size of your industry or business and what trends are affecting it, with regards to the last thing you generally want to do is for you to a launch a business that ignores big trends. For instance, launching a production company today probably wouldn’t be a good idea then let it go. But make sure your market is large enough. For example you are in a town of large population; make your product to be enough for such publicity.
- Reacting Smarter to Close Deals: Deals are not just about reading value of other people, it all about managing your response to a situation, this means you have to dropdown your own greed, fear, power, hunger, and angry, because all this can throw a deal off, i.e. is if you want to succeed.
- Conducting Competitive Intelligence: You need to know who your competitors are, so that you may be able to improve in business, for local business or companies, this is simple to identify. But for online or other big businesses, this could be harder to identify. The last thing you want to do is launch a business and find out if there are several strong competitors you didn’t know about.
These are top secret you must know about Nigerian entrepreneur and after reading this 5 basis points, you will be able to sit up in order to improve in your skills.
BIOGRAPHY OF ENTREPRENEUR
Entrepreneur here is a French word coined by French man, an economist name Jean-Baptiste, he was fondly called “adventure”.
The origin of the word entrepreneur:
The word entrepreneur comes from the 13th century in French verb “entreprendre” which means to something or to undertake a skill. By the 16th century, the noun entrepreneur had been emerged to refer to someone who undertakes a business venture.
The first academic usage of the term was by an economist named Richard Cantillon in 1730. He bears the risk, engaging in business without an assurance of profit that will be derived.
The term entrepreneur was further popularized by an economist called Jean Baptiste, in the early 1800s; he used the term to refer to individuals who create value in an economy by moving resources out of areas of low productivity yield. In 1848, economist John Stuart Mill used the term in his very popular book called principals of Political Economy. To Mill the distinguishing feature of an entrepreneur was that they assume in both risk and the management of a business.
In 2002 W. Bush reported to Tony Blair that the French “have no word for entrepreneur”. He made this statement, which he later denied, in the course of arguing that French culture is somehow less in supportive of the entrepreneurship than the culture of the English- speaking nations.
THE STARTING OF INDUSTRIAL
The industrial truly began in 1712 with the invention of Thomas Newcomen’s steam engine in Devon, Britain. These has been be done before James Watt’s in 1763, which really got moving, also enabling work to be done through the movement of pistons rather than the movement muscle.
By the time Adam Smith’s died in 1790, the industrial Revolution had already reared its head.
That is a brief discussion on biography of entrepreneur; you can do more research on it.