It’s February and the present economic realities have succeeded in weathering the hype and fun that comes with the new year.
The Nigerian market is experiencing one of its worst economic crisis ever, the downward slide in oil price and other antagonizing market forces is really pushing the country to the edge but in all, the masses, those at the bottom of the food chain would always be the most hit.
Aliko Dangote in a CNN interview puts the quagmire this way. “The drop in oil prices will give us (Nigeria) an opportunity to diversify the economy. This could be a blessing; there will be pains, but good things do not come without pain”. Emphasis on blessings through pains! Are we really prepared to go through the storm?
Dangote points to the fact that Nigeria urgently needs to budge into other sectors of the economy. This would obviously not come easy, for it would cause a shake and disruption of status quo. But it seems like the best for a country as large as Nigeria.
Another valuable inference is the revival of entrepreneurial spirit and proper nurturing of entrepreneurs in the country.
I strongly believe that the entrepreneurs of today will be the game-changers of tomorrow. This spirit is predominant amongst the Igbos.
Taking a cue from my last post, below are some of the Igbo mindset we must inculcate this year, if Nigerians must thrive in this time.
3) Collaboration: Am sure that at one point or the other you would have come across labels like Amaechi and sons Ltd, Dave and John investment etc. doing one joint venture or the other. This might look funny to many but herein lies invaluable truths that keep businesses alive. They understand that no man is an island and as such come together to win the market.
There is a popular African saying that if you want to go fast go alone but if you want to go far, go together. Collaborate and co-create this year!
Just as Henry Ford puts it. “Working together is Success”
4) Start Small: Men like Jim Ovia, Cosmos Maduka and Tony Elumelu didn’t become rich overnight but went through the process and paid the price. The road to diversification and economic victory lies in the strengthening and empowering of SMEs. This explains the reason why more Igbo men and women are involved in entrepreneurial activities than white collar jobs.
Start Small! Think Big!
5) Negotiating: Ideas, services and efforts can be underpriced if not well sold, defended or negotiated.
From the seller, an Igbo man can really give an outrageous price for a commodity that if not careful, you might be forced to purchase simply because you failed to negotiate or question the price.
The buyer: Think like an Igbo and you might as well minimize cost.
6) Take risks: Every business endeavor possesses its own level of risk, take it any way. A failure is one who recedes from starting. Today’s revered and highly accomplished business moguls were those who took risks in very unfavorable conditions.
Take the risk! If it fails, take another! It won’t be long before it pays off.