Entrepreneurship has stayed at the forefront of the Nigerian workforce, bringing innovation, job opportunities, and economic growth to the country. Nigerian entrepreneurs. It is the intentional method of creating value in the form of goods, services, and jobs. Hence, it is safe to say that the entrepreneurs are contributing to the development of the country. While some entrepreneurs are hitting the honey pot and having it smooth, others need to put in some more effort to stay at the very top of their game and that is why we have written this article. 

Who is an Entrepreneur?

Simply put, an entrepreneur is anyone who identifies an opportunity that could solve a problem, takes risks, and continuously manages a business to pursue the opportunities. This is more reason entrepreneurs are also referred to as risk takers; regardless of what the outcome of the business will be, entrepreneurs still go ahead to be determined and willing to watch their innovation play out. 

Also, entrepreneurs invest their time, creativity, and resources into whatever business they like and are willing to take calculated risks to turn their ideas into reality.

Types of Entrepreneur

The general title given to almost everyone who does business is called “Entrepreneur”. However, there are different types of them depending on several factors such as the size and niche of the business they own. The main types include; 

• Small Business Entrepreneurs

Small Business Entrepreneurs are basically SMEs; they launch and manage small to medium-sized businesses such as owning a provision store, having a food business, or making and selling clothing materials. 

• Large Company Entrepreneurs

This type of entrepreneur works in large corporations where they are responsible for initiating innovative ideas and projects from within the organization. 

• Scalable-startup Entrepreneurs

While startup entrepreneurs have the intention to create high-growth scalable businesses that should yield significant profits, they must also source for venture capital and angel investors.  

• Tech Entrepreneurs

Tech entrepreneurs are business owners who create technology-based businesses in the fields of software, hardware, or digital services. 

Functions of an Entrepreneur

These are a couple of things expected of you as an entrepreneur: 

• Identifying opportunities and getting right to work about how to utilize them. 
• Identifying and understanding customers’ needs to sustain the business. 
• Proper handling of the financial aspects of the business such as budgeting, forecasting, and fundraising (when necessary) 
• Thorough marketing of products and services. 
• Smart management and allocation of resources including finances, time, and human resources. 
• Making business decisions and bearing the outcome of the decisions. 

To get all that is stated above done as an entrepreneur, you must possess the following attributes/characteristics: 

• Innovative
• Creative
• Risk-taker
• Persistence
• Resilience
• Leadership
• Responsible
• Visionary 
• Quality Oriented
• Problem solver and more. 

These hacks should help you as an entrepreneur and also on your journey to becoming one

Whether you are new to entrepreneurship or not, these hacks should work for you: 

Never leave your customers hanging 

Yes, the job of a customer is to buy from you but never let it end there. Look for ways to constantly be in touch with your customers. If there is a new product, let them know. Special occasions? Send out your love. Trying times in the country? Let them know that you are with them. It’s not just about making a sale but about nurturing a long-term connection with your customers. 

Never mix business with pleasure 

If you want to have a successful business as an entrepreneur, do not mix business with pleasure as this can cloud judgment and hinder your ability to make objective decisions. Every business decision should be made based on financial and strategic considerations, not personal preferences.

Work with a roadmap

One of the easiest ways for a business to hit its head on the rock is for it to be directionless. Having a well-defined roadmap provides clarity, direction, and a strategic framework for achieving goals. You can allocate resources, such as time and money, more effectively when you have a plan to guide your decisions. Also, with a roadmap, you can set specific, measurable, and achievable goals, making it easier to track progress and success. 

Move on from setbacks quickly 

Being an entrepreneur doesn’t mean that you will have a lot of good times, setbacks and challenges are an inherent part of entrepreneurship. Therefore, whatever happens, learn from it and move on quickly. Never spend too much time brooding on what happened, else, it can affect the flow of the business. Instead, see them as an opportunity to stimulate creativity and innovation as you find new solutions and strategies.