Nine out of ten startups will fail. If you’re an entrepreneur, You’ve probably heard this bleak statistic from Neil Patel, American brand and marketing expert.
If things seem so hopeless in America, what’s the future looking like for Nigerian entrepreneurs who lack access to basic infrastructural facilities and government support?
There’s no doubt that building and running a business in Nigeria is hard, but there are some ways to increase the odds of success.
Here are 4 strategic ways to ensure success as an entrepreneur in Nigeria:
- Build A Brand
It takes time and effort to build a brand, but it’s always worth it in the end. Once you have a recognizable brand, your product or service will do well with your target audience in a market full of people with similar offerings. Good branding is everything and it’s worth investing in a good brand manager to help build you one.
- High-Quality Products and Services
While it’s important to build a brand, no amount of branding can cover up for subpar products in the long run. Excellent branding will cover you up to a certain point, but your customers are paying for the product or service you offer, and if it’s not satisfactory, they will take their money to someone who can deliver.
- Excellent Customer Service
While you’re definitely in business to make money, you don’t want it to seem like all you’re after is your customer’s money. Personalize your customer service and care about the people you serve, without them, you wouldn’t have a business.
Train your staff to give great service because good service is what drives repeat patronage.
- Be Flexible
Most people choose entrepreneurship because they want to be the boss and do as they please. Take this attitude into the creative side of your business as well. You need to change and adapt as needed. If you are rigid and stuck in your ways, new businesses will come up and surpass you. As trends emerge, reevaluate your vision and adapt accordingly.