As 2016 enters its third month, the pressure continues to mount on all — Individuals and Corporate Businesses.
The Europe and Britain impending ‘Divorce’ negotiations is getting heated by the day. Those in favour of leaving (BrEXIT) struggle to out-debate those in favour of staying (the BritIN) whilst weighing reasons while this marriage should still be for life or better still endure for a few more years.
While in Nigeria, it is a different ball-game entirely. For many Nigerians now, it is a very challenging period for most people economically and with the unending hazardous situation in sight, our business ecological systems are not any encouraging.
The debilitating effects has gotten to that point where virtually about 80% of Nigerians wake daily to inquire about the trends of and exchange rate: ‘How much is the $ or £ trading for today’? is the first question many people ask themselves. Suddenly, almost all Nigerians have acquired an overnight BSc in Economics, saddled with opinions and solutions to our economic crisis.
The heat is also not helping matters (that is a story for another day).
The ‘Buhari-nomics’, appellant name for our current economic woes, as fondly nicknamed by opinionated Nigerians schooled from the recess of our socio- economic challenges is getting worse by the impacts, and the government seems only interested and focused on the EFCC business right now (perhaps to foot-hold the fight against corruption) or so I guess.
The question that often comes to my mind amidst all these impending events is, what is the way forward? How do we survive as Individuals, entrepreneurs or as a company? How do I make it or ‘hammer’ — (Nigerian slogan for becoming rich)? As we step into the third month of 2016, it is time to reflect and research.
Entrepreneurship seems to be the next big thing to dive in for most hopeful and skill force youths across the country, however, in the midst of all this eagerness and the will to survive, and acquire our ‘Range Rover’ (popular slogan to register personal success amongst many Nigerian youths) it is important to take time to D.I.C.E—–Design, Innovate, Create and Evolve.
For start-ups or prospective entrepreneurs:
1 Find and research about a problem you are passionate to solve.
2 Conduct holistic and rigorous market research.
3 Find the right Location (from the resources you will need, to your stand-by customers – You don’t want to have a product and start searching for customers).
4 Observe that everything you are setting up complies with the laws and takes cognizance of governmental policies involving your business sector.
5 Be realistic — risk and financial analysis is very important.
6 Pray, work hard but more importantly, work smarter.
For existing Businesses:
Business Review and Strategic Plans are key for critical growth. Some organizations will need to do it quarterly and some annually. However way, reviews are key for your business to survive!
Whilst larger Organizations often have a 4 – 5-year strategic plan in place, start-ups and small business need to regularly review. Find out what works for you and your organization in line with your company’s aims, visions and missions.
For further enquires, advice or counsel, call +2348069493542 or send me an email at: firstname.lastname@example.org
To all thriving and successful businesses out there especially in Nigeria:
“Don’t be afraid to give up the good to go for the great.” –John D. Rockefeller
And for all new startups or striving businesses:
” Don’t stop trying; YES!!! You might get it all wrong and fail on the 1st, 2nd… and few attempts, but don’t despair and don’t stop, REFLECT, REVIEW, ANALYSE, EVOLVE, RE-STRATEGIZE and Just Go for It!” — Ibukunolu (CEO & Strategy Advisor @ ICS-Ng)