In today’s world, economies thrive on the strength of their businesses, and Nigeria is no exception. As the youth, women, and citizens in general face increasing challenges in a country where dependence on the government has failed us, it is imperative to focus on creating sustainable livelihoods. For Nigeria’s economy to truly rise, we must actively encourage and engage in business ventures, doing so the right way.

Nothing rectifies out-of-control market failures like a healthy dose of government intervention and mountains of bureaucracy-George Carlin

Every thriving economy is built on a foundation of robust businesses. When businesses flourish, they create jobs, increase incomes, and generate revenue for the government through taxes. This process reduces poverty and unemployment, fueling economic growth.

For Nigeria to reach its potential, more people, especially the youth and women, need to step up. The last few years, particularly during the COVID-19 pandemic, have shown the resilience of Nigerians. Many young people and students ventured into entrepreneurship, starting small-scale businesses to stay afloat. Now, the challenge is to take these initiatives further, ensuring they contribute to national economic growth by doing business the right way.

One of the lessons we must internalize is that waiting for government intervention or white-collar jobs is no longer viable. The rate of unemployment and underemployment has reached alarming levels. The government can’t solve every problem, but we can. By collectively creating successful businesses, we contribute directly to our own economic liberation.

We’ve already seen some of this happen with informal businesses springing up across Nigeria. However, for these businesses to truly make an impact, they need structure and strategy.

“Do not wait for the government to provide solutions to the people when you can be their answer.” Sunday Adelaja

So, what does it mean to do business “the right way”? Simply starting a business isn’t enough. Success comes from the right mindset, strong organizational structure, and a strategic approach to sales and marketing.

Mindset: As a business owner, your mindset determines your business’s potential. You must develop a growth mindset; one that seeks opportunities, learns from failures, and adapts to changing market conditions. Staying stagnant or approaching business casually won’t work. Success demands resilience, innovation, and ambition.
Right Structure: Many small businesses in Nigeria lack the structure that fosters long-term growth. Setting up the proper organizational hierarchy, clear roles and responsibilities, and financial management systems is key to scaling a business.
Sales and Marketing: No matter how good your product or service is, if people don’t know about it, your business won’t grow. This is why investing time and resources in sales and marketing is crucial. With the rise of social media and digital platforms, reaching potential customers has never been easier, but it must be done strategically. Understanding your audience and offering tailored solutions to their needs will set you apart from the competition.
Building a Brand: Beyond marketing, every business must work on building a brand that resonates with customers. This involves consistency, quality, and creating a positive customer experience. Customers should trust your brand and be loyal to it, ensuring repeat business.
Leveraging Technology: Businesses today must embrace technology to stay competitive. Whether it’s using social media for marketing, automating processes to improve efficiency, or leveraging e-commerce platforms to reach a broader audience, technology is a game changer.

“Democracy is a slow process of stumbling to the right decision instead of going straight forward to the wrong one.”

Nigeria’s youth and women are particularly well-positioned to lead this charge. Women entrepreneurs in Nigeria already play a significant role in the economy, but they need more support and resources to scale their businesses. Youth, on the other hand, bring innovation and energy that can redefine industries.

Initiatives that empower these groups with skills, mentorship, and access to finance will help grow Nigeria’s business landscape. More so, it’s essential that they don’t just engage in business for survival, but they should aim for growth, expansion, and industry leadership.

Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.”

In conclusion, it’s time for Nigerians, especially the youth and women, to take charge of their future. The private sector, driven by small and medium-sized businesses, is where the real potential for Nigeria’s economy lies. By fostering the right mindset, setting up proper business structures, and investing in sales and marketing, we can create a thriving economy built on sustainable business ventures.

Let’s stop waiting for the government. We must push ourselves to create, innovate, and thrive. Together, we can drive Nigeria’s economic future forward

How Business Ventures Can Drive Nigeria’s Economy

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