OLEM EDGE GLOBAL CONCEPT: The changing nature of entrepreneurship startup

We are in a tough time for entrepreneurs in Nigeria (although the time spans over every industry operating within the country), as confirmed by the President, Muhammad Buhari and other dignitaries.

Recently, the President, while playing host to a number of editors said, “We came into power at a very difficult time. We discovered too late that we had put ourselves as a nation in a mono-economy, depending only on petroleum.

“From 1999 to 2013, the average cost of Nigeria’s crude oil per barrel was $100. Unfortunately, when we came in it had reduced to an average of about $30… we import virtually everything, including food. On the issue of insecurity, it was there during our campaign and we knew about it, we knew about the saboteurs in the South-South, and then the unemployment.

“I’m told the population of the unemployed youths is about 65 percent. And for a country of our size, this is something for which we must be concerned. We campaigned about insecurity, unemployment, bribery and corruption, which have done much damage to this economy”.[1]

These facts notwithstanding, interested individuals can still establish a business venture (based on managerial competencies).

The trying time, as said by Mr. Femi Adesina, Special Adviser to the President on Media and Publicity, will not last forever, but its effects cannot be overlooked – neither should one allow this time to deter him/her from starting a business.

Startups environment is changing – learn how to change here too

While the conventional methods of starting up a business remain valid, a new way of having a business of oneself is ‘to be attached to a business, company or organisation’ (preferably, company that is into business of one’s interest) – in order to keep ideas alive, run own business and learn the challenges of the particular business or industry.

Unarguably, majority of people had used this method over time but many people did not really use a relevant business to train themselves.

Using relevant business (like the enterprise that you want to set up) will be of advantages for you, especially, for fresh graduates who want to own their businesses immediately. The pay might be small (eventually) but that does not mean that you cannot go into a big paying company (that is different from your business of interest). The money gotten will, also, go a long way.

Either ways – you are still at advantages (once you do not allow your entrepreneurial spirit to fade away).

The advantages of (first) attaching yourself to a relevant business in your area of interest are numerous, among which are:

· The opportunity to leverage the organisation to establish yourself – by which you can develop and execute a business that does not interfere with the operations of the organisation.

· Learning from the success and failures of the organisation will equip you – ahead.

· You will start to have contacts of relevant people (in that area of business).

· There is privilege to learn better ways of doing business – than the organisation you work with.

The arena of competencies – shortly

Simply put, competency is your knowledge of things.

In this regard, you acquire competencies in organisations when you make yourself relevant. You have to have a learning mindset: do not run away from tasks, and then, imbibe self discipline – in order to achieve knowledge (on time).

Acquiring competencies in an organisation could be tricky: all you will be seeing is that you are just working and obeying instructions, but when you put your mind into everything that you are doing – you will truly learn many things.

In a nutshell, to acquire competencies – you must be able to render services and then, put your mind (fully) into every detail.

Few things you could do for your startup proper

Here, we are talking about how you can start your own business while working with an organisation. Of course, several counsels, articles on how to start a business abound.

1. Some will say that you do not really need to print a business card, but we are saying that you need this (badly and urgently).

2. Definitely, you do not need to rent an office since you work in an organisation. You can use the visitor’s hour to receive your prospects and existing clients.

3. Ensure that you refresh your mind (daily) about your business. This will help to keep hope of starting your own enterprises – alive.

We wish you a glorious conquest in the journey of life.

[1] Mahmud, Jega & Theopilus, Abbah, We came into power at a very difficult time – Buhari, 2016.