Youth entrepreneurship is in reference to the various business activities that can be implemented by the youths to maximise profit.
The capacity of the youth to take leadership roles in businesses is evident by their vibrant and energetic nature (being so young). Youths that are not complacent can endeavour in their productive efforts to setup necessary establishments which will serve them in old age.
Inasmuch as the youth is gainfully employed, there is still need to view the economic situation of the country, isolating one’s selfish interests and desires from the purview of things.
For when the youth aims to be an entrepreneur (by setting up a business for profit), they should bear in mind that they are to add value to country; that their business should contribute positively to the economic growth of Nigeria as a country.
A question worth answering is “What problem does the business solve?”
There are many businesses in Nigeria with potential; some thrive for a while and then collapsed, others struggled in, and then became firmly established. Hence, it is worth mentioning that the beginning howbeit significant does not imply business success.
If you have ever gone to the market and see young promising entrepreneurs sharing flyers – advertising their products/services, then you will understand that introducing something new to the public is no child’s play.
Life generally works this way. If you are doing something unseen (unused) and trying to get others to buy-in to your market, you encounter hurdles to surmount.
Firstly, In a country like Nigeria, where fraud, spam, and its likes are high, one can only be cautious in the market. So if as an entrepreneur, you are trying to convince consumers to patronise you, you have have to come up with a transparent sale pitch. No lies, be totally honest about what you do, and always bear in mind that a consumer can become a customer, thereby helping you to get more customers. If you start by telling lies, you are already setting a weak foundation for the business.
Secondly, adaptation of modern technologies and strategies for business enhancement is another impediment to start-ups. Yes, we are all familiar with the traditional sharing of flyers and posting on billboards and walls. But how well do we cover our reach in other places.
What seems to be everywhere has a patronising effect on consumers. Imagine your product is all around Lagos for one, and on Facebook, Twitter, Google, and to crown it – on eCommerce websites like Jumia and Konga. It will be perceived as well trusted and reliable, then sales will be the order of the day.
Of course, an approach like this entails starting big (with big capital) for all round advertisement. But It is better to start this way, and record success or start traditionally to struggle from bottom, success being tentative.
One last hurdle is an “Importation Monstrosity”.
According to Worldtopexports, Nigeria imported US$53 billion worth of goods from around the globe in 2020. In plain words, this is as good as saying Nigeria buys more than it sells, which explains the foreign loans that are constantly being solicited.
So how is your business going to solve the “Importation Monstrosity” problem?
Are your products going to have this quality that attracts consumers in countries like USA, UK, Russia, China, etc ? You can do a survey and study to find out how to create quality products that are exportable to wealthy countries.
Now that you have know the hurdles to surmount, share to others also, so they can learn as well. Greatness awaits you.
Read also: A Concise Guide To Establish Your Business In Nigeria