The Nigerian educational system encourages all of us to climb the corporate ladder, bust through glass ceilings, and achieve our executive dream jobs.
But for those who are still eager to take entrepreneurial risks, here are three crucial lessons to achieving the success you’d envisioned—so you don’t mistakes you’d regret.
Money is an insurance policy
Having lots of money to invest in a new venture doesn’t guarantee future success, but it does provide an insurance policy that can help you be patient enough to grow steadily after you bid adieu to that stable paycheck.
After figuring out how much it would cost to start and run a new business, it may take long to turn around the business especially with the recession. But if you have saved so much money, you will be able to cut your losses if the business fails. And just maybe, return to the corporate world relatively unscathed.
Without passion, forget it
If you are not really passionate about the the business idea, running its operations would seem like too much work.
As a business owner, there are so many logistical tasks to engage in. Among them, are tasks that you aren’t really prepared for, to be honest. Coming from the corporate world of big staff and a lot of employees, never completely underestimate the all-consuming challenge of being your own business owner.
Consider a trial run
Before making a life-changing commitment to owning a business, consider how this could affect your long-term future by doing a trial run first. For example, if you want to start a business, consider dedicating just your weekends to it first.
Then, you can take a month off or a leave of absence instead of making an impulsive decision to quit. If you don’t see it working, then maybe you shouldn’t quit your day job yet.
Now, tell us, do you think it’s sustainable to leave a salaried position to launch an independent venture in Nigeria?