Entrepreneurship simply implies that “you have your own business whether big or small.” This is to say that owning a 9-5 job does not stop you from setting up a business for yourself, it could pass as a side hustle or whatever you want it to be depending on how much effort you put into it.

According to a report, in 2023, SMEs accounted for 96% of businesses, and at least 39,654,385 micro, small, and medium enterprises (MSMEs) operated in Nigeria as of 2021.

In Nigeria, businesses come and go and even more businesses are built year in, year out. However, people can get laid back when the topic revolves around building profitable enterprises. Let’s take, for example, the businesses that closed down towards the end of the previous year; most of the excuses present leaned towards the crippling economy of the country.

What do they say about tough times? They don’t last. It is tough for people who do. If you are staying in business in 2024 or starting one, you want to go through these tips with maximum “intentionality”

Do Entrepreneurship this way

Entrepreneurship is not for the faint-hearted “they say” but there are ways to make it work and this is what they include:

Don’t short-sell your products to retain customers

While customer retention is important in any entrepreneurship journey, it is equally essential to make a profit that can keep the business running. Prices of different products have shot up in the new year and many customers are aware of this development because of the economic condition of the country. However, selling at a rate that would be detrimental to the growth of the business is a bad “customer retention” strategy. Instead, focusing on providing value, and exceptional customer service, and possibly exploring alternative strategies like loyalty programs, discounts, or bundling offers could be more sustainable approaches to retaining customers without compromising the business’s financial health.

The Bulk of the work is Marketing

Even if you have the best products, rates, or customer service and you do not call people to stop by to see what you are selling, there is really no business. The bulk of the work when it comes to entrepreneurship is marketing – in all ways that you can, take your business to the audience and be consistent with it. If you think pictures can work well, take a lot of them and don’t exclude the details. On the other hand, if videos really do the job, create a clear and informative business. You can’t do marketing today and take a break tomorrow, you must show up everyday.

Hire the right people if need be

You may think that you are cutting costs by taking on some roles on your own but it bounces back to your business. If you are not good with a skill needed for your business, learn it or hire people who can effortlessly help you with it. Also, if your business needs more hands, don’t hesitate to take on more people. For instance, if you produce snacks in very big quantities, taking on the responsibility on your own everytime might cause you to break down, thereby bringing the business to a pause. Hire a few people who can handle the workload efficiently, ensuring smooth operations and preventing burnout.

Build new strategies

This would work well for people who already are into entrepreneurship. You had the whole of the previous year to yourself which means that you must have figured out what works and what doesn’t. This can help you to restructure your business and set out a new oath that can cause your business to blossom. This year, your customers probably want a new product or a better and less stressful way to access the product. While you build new strategies, consider your customers/consumers and make sure that there is enough alignment.

Use more social media

Social media can never be too much for your business but it can be too less. With the rate at which all businesses have leaned towards using social media as a tool, you might want to up your game. If you have been inconsistent with showing up, you may have to do more. Make videos explaining to people how your products work. Take photos of people using this product and post them on social media. Sometimes, all your business needs to do well for a particular time is probably a repost from one person.

Always talk about your business

While social media can help you reach certain people, you still need to say something – to people around you, the ones who do not use social media, the ones who missed it on social media. At every opportunity that you get, say something to people about your business, the products you make, the services you want to render, and even your rates. Consistent and genuine communication about your business can expand your reach even beyond social media users.

Be Reliable

Customers will only buy from businesses that are consistent and trustworthy because they think that these people can be reliable. Vet your products before sending them out, ensuring quality and consistency to maintain customer trust and satisfaction. Implement rigorous quality control measures to see they meet your standards before distribution. Reliability builds credibility and also builds long-term relationships with customers, reinforcing their confidence in your brand.

Entrepreneurship in 2023 was a different ball game, in 2024, grow your business beyond where it used to be, then take the necessary actions.