Entrepreneurial Options for Making 2017 Count in Nigeria's Recession Period
Year 2016 like no other in Nigerian history is marked with a shocking twist in her economic fate under the anticipated governance of All Progressive Congress (APC). Although, the situation "economic recession" was a global phenomenon at that terrain but its (global) reaction and people's experience remains worrisome, particularly in Nigeria. Recession clothing comes with numerous unworthy accomplices that need adequate attention by rural poor, urban poor, rural rich and urban rich.
Such accomplices are;
- Inflation, Poor Standard of Living, High Cost of Living, Abject Poverty, Health Risk Factor, Increasing Crime Rate...
Regardless of any/all these highlighted accomplices, sustenance and survival seem a highly essential thing craved by all because heaven is far from reach for an Average African man. Thus, the situation at hand requires diverse coping mechanism within (self-discovery) and outside (government intervention) the dwellers reach. Prominently, 21st century has proven to be an age destined for entrepreneurs (as described by Joseph Schumpeter) reflective in the statistics of key decision makers in the globe today.
Entrepreneurial Options and Notable Considerations in 2017
The options discussed herein are restricted to entrepreneurship scope leaving out job placement within the private and public sector. These options are evaluated on the basis of the risk, opportunities involved before giving it a shot.
Trading; Literally, buying and selling of goods (depending on one's choice) seems to be the easiest to kick start in this breathtaking time but its shockingly with its own shortcomings. Obviously, capital to start is often the major problem while it is mostly advised to; start small, endure through difficult times, plough back profits, borrow from financial institutions (cooperative societies...), consider the 4p's - Place, Product, Price, and Promotion.
The success of this business is realistic but its' often threatened by environmental factors (in this perilous time) which is capable of determining its livability, sustainability and continuity. Hence, security of the goods must be provided by the operation manager (because the security of lives and properties are in oblivion in the hands of the government) in order to avoid "armed" robbery cases capable of shattering the dreams/goals of the business.
On a practical basis, Real Estate is a living proof of undying and highly lucrative business but its dealers (intending ones inclusive) needs a serious understanding of the dynamics and gimmicks of the business (like other demands) to thrive successfully through thick and thin as competition triples.
Service Delivery; Another path to surviving in this breathtaking time is to render service based on one's individual preferences and capabilities. This has proven to be an inextricable platform for making ends meet particularly when the entrepreneur is very versatile, inquisitive and distinctive at its vocation/calling - fashion designing, shoe making, make over and spa...
Manual labour cannot be out-rightly ruled out here because of how demanding the task is and how lucrative it can be. In essence, for manual labourers to thrive (at least for the desired time) he/she must be well acquainted with people, the task involved and a commensurate figure for the task assigned.
Online Business; Obviously, this is an information age where whoever gets informed first leads and others follow. Trends today continue to showcase the internet as an inextricable mechanism for people/nations motives, orientations and preferences; business, entertainment, health, religion, polity, sports, education. At inception, the motive was slightly for improved means of communication but its tentacle has spread beyond the creator's imagination.
Noticeably, the level of competition on internet basis today makes it difficult for a starter to break-in easily without much effort compared to the yesteryear. Regardless of how easy the past was or how tedious the present is, passionate pursuit of the desired goal tirelessly in line with training and guidance will thus guarantee success sooner or later. Options here revolves around; marketing, blogging, branding, website designing, app designing, delivery service...
Agriculture; The mainstay of Nigerian economy from time immemorial is not the last option on the least but that which can provide individual massive wealth in the midst of this perilous time. Agriculture the household name are not limited to; farming, food processing, ranching, animal husbandry, livestock, horticulture, apiculture, viticulture, aquaculture to mention but a few. Applying entrepreneurial orientation, skill and expertise to any of the aforementioned agricultural foci is solely enough to succeed in this recession period. Do not forget to provide yourself security which can be a little demanding.
Wishing you all a Successful 2017