People who work for themselves have always been considered idols to follow. Nigerian entrepreneurs help to improve the economy of the country, this is why it is necessary to encourage and help cultivate the business spirit in individuals!
So what are the types of entrepreneurship in Nigeria? Check out our top 10 list to find out!
Concept of entrepreneurship
Entrepreneurship can be defined as the act of setting up your own business. In other words, it is an action that can be interpreted as working for nobody but yourself. Entrepreneurs are responsible for deciding the amount of work needed to make profit from their businesses; they also have to deal with more risks than people who are regular employees.
The first factor needed for entrepreneurship success is the interest. The entrepreneurs pay themselves according to the performance of their business; therefore, it is necessary that people pick businesses within their spheres of interest and passion. It will be impossible to maintain a high level of performance if you have no interest in the job. All successful entrepreneurs have a strong vision about the possibilities for expansion of their businesses.
However, the interest and vision of the business will not bring your dreams to life without skills! As the head of the company, an entrepreneur is obligated to have a particular set of skills. Even if he or she is not a specialist in the sphere where he wants to start a business, it does not mean he cannot learn anything from it! Moreover, if you want to be an entrepreneur in Nigeria, you have to obtain proper leadership and communication skills!
All entrepreneurs invest in their companies; these investments are not only financial. Every entrepreneur will have to put a lot of time into maintaining their business. A businessperson who does not put his best into the company cannot expect that other people will do so too!
Every successful entrepreneurship is characterized by quick and stable growth. A good entrepreneur is a good leader who can organize people so they will work as a team! It is very important for an entrepreneur to pay attention to the organization of the business; it is also true that most entrepreneurs earn more money than regular employees. Nonetheless, it is critical to understand the risks of the business; more risks, more rewards! It is also necessary to know about the level of competition in the market you want to operate in.
Now that you understand the main concepts of entrepreneurship in Nigeria, let us take a look at the different types of entrepreneurship in the country to help increase your knowledge.
These are the top 10 types of entrepreneurship in Nigeria!
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1. Social Entrepreneur
It is a new type of entrepreneurship where people get involved in social projects to help their communities. Social entrepreneurs are natural leaders who can establish and launch social projects to solve problems of Nigeria. It may be hard to define this as a business because the main goal of a social entrepreneur is not to make profit!
This term is a combination of technology and entrepreneurship. Technopreneurs make their profits by coming up technological innovations that can serve important purposes for the society.
3. Serial Entrepreneur
Serial entrepreneurs focus on creating new business; they seek profit from the constant creation and establishment of different new projects. They are more prone to business failures, but however become professionals in establishing businesses and finding profits from plenty different aspects of the economy!
4. Lifestyle Entrepreneur
For this people, passion is more valuable than profit. This type of entrepreneurship is born out of loyalty and love for the project or profession. Lifestyle entrepreneurs are less prone to adapt and change the nature of their projects. They are more conservative to what they do in life!
These people do not create businesses, they focus on taking over existing businesses and making them profitable. They are professional managers who can turn any project into profit. A lot of companies hire these managers to develop their market chains!
4. Pattern Multipliers
These people do not create anything new, their man job is to promote anything you want. This type of entrepreneurship is more involved in buying patents to businesses. These entrepreneurs can develop, promote and sell any idea for the best price!
It is a very simple but effective type of entrepreneurship. These entrepreneurs know the best places buy products at the cheapest prices, and then resell them! The retail or reselling businesses are the most profitable in the world, it is even bigger in scale than the IT business.
This type of entrepreneurs are also called Freelancers. They prefer to work for themselves and take responsibility for their work! They work with clients directly with no bosses above them!
1. Necessity Entrepreneurs
This is the most common type of entrepreneurship in Nigeria. In this case, people establish random businesses just to survive and beat unemployment in the country.
There are many types of entrepreneurship in Nigeria and entrepreneurs contribute greatly to the Nigerian economy. Entrepreneurship provides high profit, but also comes with high risks; however, you will not find any billionaire in the world who works for somebody else, right? So go for it!
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