3 Useful Tips to Help Nigerian Entrepreneurs Survive Recession

Over the past months, the Nigerian business atmosphere has being experiencing turbulence, challenges and decline. A number of businesses have closed shops and many are already threading that path, think about the colossal loss of jobs and sources of livelihood and you will understand why Nigerian entrepreneurs are losing their drive, self esteem and guts. The year is almost coming to its end and the stories are still woeful, though there seem to be progress as the country is finding ways to get out of the recession but how can the losses in investment be recovered? A lot of business owners are traumatized and optimism is already eluding their minds.

  • Pick up the pieces and forge ahead

For those who lost their businesses in the recession, they should pick up the pieces and start another business or introduce innovation and creativity that can resuscitate their businesses, entrepreneurs are hardly discouraged by failures or challenges, and they learn quickly and turn stumbling blocks into stepping stones. You can draw inspirations from the failures of some prominent entrepreneurs world over who refused to give failure a chance. It will also be easier if you kept good records including your partners, customers and suppliers as the network can aid the ease with which you can navigate your way back into business.

  • Don’t be discouraged as a starter

You want to venture into business? The best advice you can get from me and the best coaches around the world is “more businesses are started during recession and those that survive will become big companies”. This is a period that is characterized by hardship and business entry requires great carefulness, planning and strategies. When you deplore your best into whatever business at this period and succeed, everything that comes forth in the future will be easily handled. Future great entrepreneurs are better prepared by the challenges that recession brings.

  • Read more about how entrepreneurs survived past recessions globally

Reading will help you develop new skills and learn new ideas. It is also proven that a thorough study and review of survival strategies employed during similar situation by other entrepreneurs in the past around the world will provide better survival clues and alternative solutions.

 

This article was written by Sule Muhammed Lawwal

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