ENTREPRENEURSHIP AND 26 BUSINESSES YOU CAN START IN NIGERIA WITH 20,000 NAIRA
WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is the capacity and desire, along with all of its complexities, to create, organize and operate a business venture in order to make a profit. Starting new ventures is the most famous example of entrepreneurship.
An entrepreneur is described as someone who has the skill and motivation to create, manage and succeed in a startup venture along with risk attributed to it, to earn money. Starting a new business plan is the perfect example of entrepreneurship. Entrepreneurs are also seen as a pioneer of new innovations or innovators, because by combining the old with a new innovation, they introduce new ideas to the market.
We will take a closer look today at what it means to be an entrepreneur. You’re also going to learn from some internet age entrepreneurs who explain how and how you should take the plunge.
What the concept of entrepreneurship does not tell you is that what people do to take their careers and dreams into their hands and lead them in the path they want is entrepreneurship.
Most of the most powerful transformers in the world are entrepreneurs. Entrepreneurs envision the future differently, from Elon Musk taking people to Mars to Bill Gates and Steve Jobs making machines part of every household.
And the concept of entrepreneur hardly ever speaks of the immense influence these opinion leaders have on the planet.
Entrepreneurs find opportunities and solutions where only annoyances and challenges are presented by the ordinary citizen.
Understanding what an entrepreneur is will make more individuals understand the importance that they will add to the world and actually do so.
An entrepreneur who takes steps to make a difference in the world is interested in the sense of entrepreneurship. They all share one thing in common: action – whether start-up founders tackle an issue that we deal with every day, put people together in a way that no one has before, or create something innovative that improves society.
It’s not an idea in your mind that’s trapped. Entrepreneurs select and execute the definition. Entrepreneurship is about ideas being executed.
Why is entrepreneurship so valuable? Let’s take a look at a variety of top causes.
Entrepreneurs build workers: jobs wouldn’t work without entrepreneurs. Entrepreneurs bear the responsibility of recruiting themselves. Their ambition to continue the development of their company inevitably leads to new employment being generated. As their business continues to grow, even more jobs are created.
Entrepreneurs innovate: some of today’s society’s best inventions have emerged from corporations. The advances in technology derive from the need to fix a problem, build efficiencies, or change the environment. There is typically an entrepreneur to credit for that in times when there is further development in technology.
Entrepreneurs drive change: Entrepreneurs think high. So, inevitably, some of their theories are going to change worldwide. They could produce an innovative product that addresses a burning issue or embark on the task of discovering something that has never been done before. In their goods, innovations, or organizations, all seek to make the world better.
Entrepreneurs give to society: Although others have this idea of the wealthy being cruel and selfish, they also do better than the ordinary citizen for the common good. They earn more income and also spend more in taxes, which continues to finance social care. Entrepreneurs for numerous causes are some of the leading donors to charities and nonprofits. Some are seeking to spend their resources in the creation of strategies to ensure disadvantaged people gain access to things that we take for granted, such as clean drinking water and decent health care.
Entrepreneurs contribute to national income: Entrepreneurship in an economy creates new capital. The development of new markets and new prosperity is allowed through new innovations and better goods or services from entrepreneurs.
Entrepreneur Ideas – 26 BUSINESSES YOU CAN START IN NIGERIA WITH 20,000 NAIRA
As reasons for the high degree of unemployment in society, a thousand and one reasons may be deduced; spanning from self-made to government inefficiencies. But in the midst of plenty, an ordinary Nigerian need not beg or be idle, for all of us have the resources to be successful.
Lack of money is typically the reason that many people give for not starting a new business, but a worse issue you have to worry about is lack of idea.
“The common excuse is “where can I get the N20, 000 start-ups from? To answer this question, start-up funding can be raised from:
- FAMILY MEMBERS and/or
- ANYONE WHO TRUSTS YOUR INTEGRITY.
Many hard-working and successful physically disabled entrepreneurs in society have demonstrated that greatness in life is not a factor of your body or power, but a function of your capacity to think beyond the box; by recognizing and applying the opportunities available to you.
You can start a small-scale company that can earn you from N500 to N10,000 as a daily income with a beginning capital of Twenty Thousand Naira (N20, 000); then you can expand the business from there by ploughing back part of the income earned.
Although the list is lengthy, few of the businesses listed below are businesses that any ambitious entrepreneur may start from the comfort of his or her home in Nigeria.
As a beginning entrepreneur, based on the entrepreneurial experience you currently have and what you are able to learn, there are so many ideas you can try. Here are a few business ideas that any aspiring entrepreneur should initiate from the comfort of his or her home:
- Blogging: Start a blog whether you can write or have the capacity to learn how to write. In Nigeria, blogging is a good way of making money online. Internet connectivity, decent research skills, curiosity, and a laptop and a lot of time are what you need. In a blogging career, the most critical and perhaps costly commitment is your time. You will also like to learn how to customize your content for search engines such as Google, because you would like users to find your blog posts without manually promoting them all the time.
Set up a free WordPress or Wix blog or set up your blog on a self-hosted server if you have any money; enrich your blog with quality content, get people to read your content (drive traffic), win their confidence, and monetize your blog with Google AdSense, show advertisements, affiliate marketing or sell information products such as ebooks, etc. Read more about making money with blogging here
- Service-based business (food delivery, cleaning, running errands): A way to make money is to offer some household services and do errands for people who are too busy. Spot the busy and high-class people around you and offer to assist them with these services. You’ll be surprised by how many people need these services, really. Some people find it difficult to clean their houses because they are busy from Monday to Friday, and they have engagement on Saturday, and what they want to do on Sunday is relaxing. It won’t cost you up to 20k for your cleaning equipment, and you can clean 6 apartments every weekend. You can also offer these services to schools, companies, and cooperate organizations.
- E-Payments and POS Business
You can get your bank’s POS device to activate online banking: you can handle e-payments for people, charge them for any withdrawal and make a profit from the charges. You should spot a location that is farther away from banks or ATM Machines. You can also get a location around student hostels and campus.
- Dry cleaning/laundry. You need to have a place, washing supplies, and an iron already in your possession to fit into the 20,000 budget. Most of your money will go into the purchasing of detergents and the marketing of your business. From your house, you can do this type of business. You may not be sure of this, but people spend a lot of money to wash their clothing. As the business progresses, you can invest in getting a washing machine and scale-up.
- Vlogger and video content creator: You ever heard of YouTube? YouTube is the second largest search engine on the Internet after Google with more than one billion unique visitors each month. These visitors watch at least six billion hours of video monthly. The Entertainment industry is a Billion Dollar industry.
Decide on the niche and video content you want to start creating. After deciding on that, go on YouTube and search for people who are creating similar content – study and learn from them. Whatever niche you decide on, your smartphone is enough to get you started. With your smartphone, you can record, edit and upload your videos. Most of your money will be spent on Internet data and content research.
YouTube content creators keep cashing out huge amounts of money every day. There are YouTubers who have become multimillionaires by creating content on YouTube. If you are talented, creative and you love videos, you should start a YouTube channel Today. I mean right now. Not tomorrow. Most likely, your channel will not be discovered and blow up overnight. The key here is patience and consistency. Do more research, learn more, improve and deliver quality content and soon you will start earning a living from YouTube.
- Home Service Barber
This is another small-scale business that is profitable if you know how to groom hair. You can run this business from your home. The beautiful thing about this is you can equally carry your services to your customers with an extra token over regular. The starting capital will be to get clippers and other barbing supplies.
- Catering: You certainly know how to cook if your family and friends still call for a “second round” when you cook dinner! With your amazing culinary talents, you can raise money by venturing into the catering industry. Offer meals to the closest workplaces, and in no time you will have a number of regular customers.
- Small Scale Farming
This is a business which can become really profitable. You could start on a small scale right from your backyard and start farming. You may plant and sell pepper or grow vegetables, and sell them in your neighborhood. One of the best cash chain investments in Nigeria today is offered by agriculture. This enterprise is gratifying, and at the same time, not costly to set up.
- Tutor: You can go into tutoring as long as you have knowledge that can be taught. Advertise your services in your community or make videos on YouTube that demonstrate your ability. These days, private lessons are in high demand. This is another well-paying job, either part-time or full-time, no matter the age. Many families are able to invest what it takes to ensure the success of their children is well versed in their education.
- Web design. It’s time to put to the test your skill or graduate certificate. You don’t have to search for a business to work at if you have practiced web design, graphic design, or something like that. You should be a master of your own. You will create a stunning website and show it off to prospective clients.
This is a great corporation that will carry your revenues of up to 100 percent. You might buy 3ml, 6ml, or 15ml perfume bottles in bulk and sell them for twice the cost and make a decent profit. For eg, at a wholesale price of 500 Naira, you might buy a bottle of perfume and sell it to your customers for 1000 Naira!
- Make-Up Artistry
In Nigeria today, this is a very common business. This is a very profitable business to go through if you are involved in beauty and design. For weddings, celebrations and other activities, you should do make up for people. For the entire length, you may even hold makeup lessons and charge people who want to learn. You could set up a makeup studio in the long run!
- Printing recharge cards.
If you didn’t know, most of the recharge cards that you purchase were made by regular people. You can go to your local dealer and register with them to distribute the recharge PINs. What you need for this company is a computer, a printer and software from the supplier. This way, with as little as 20,000 for startup capital, you would be able to sell recharge cards.
- Poultry farming.
Not all poultry farming needs a lot of money, considering what you may believe. In your own backyard, you can start your own tiny quail farm! Small birds, such as quails, do not need huge investment, but they can pull in a lot of revenue.
You can buy a big cage that can hold up to 10 chickens, and you can start selling them for 3,000 Naira each in just 5 months, particularly during the festive season. You will launch this business easily with 20,000 and there is not so much stress on it.
- Fish farming. This is another way to make use of your backyard. You can set up a small basin, buy some fish and fish feed, and you’re all set. Fish and fish feed is relatively inexpensive, the end product is very lucrative.
- Snail farming. This kind of farming doesn’t need a lot of money or land to start, just like the previous two choices. Nevertheless, it will get you quite the profits in a very short time. Snails multiply very easily, and it is really easy to take care of them. Due to its relatively low start-up costs, snail farming in Nigeria is much more common and your business can prosper if you market your goods well. This is a business from your backyard that you can establish. Keep in mind that it takes almost a year for snails to mature, so persistence is the main!
- Pop-Corn Business: People buy snacks now and then, and popcorn is one of the best-selling snacks, because people eat it at home, on the road, in their shops, in their vehicles, and even in the cinemas. You do not need a shop to start a popcorn business. In most cases, you will only require a populated environment.
There is no gender discrimination in the popcorn business, and if you get the right popcorn tools, the business is completely stress-free, and if you are in a busy place, you can also make a good amount of money every day.
Buy a popcorn machine, Corn, Butter, Groundnut oil, Sugar, Salt, Flavor, nylon, Powdered milk, a busy road, commercial bus terminal or market.
A small popcorn machine costs ₦8,000, umbrella costs ₦3,000, a bag of corn ₦5,000
You don’t need to rent a shop, you can partner with someone in his/her shop since you won’t be disturbing them or you can get an umbrella, clean up any free space in a busy area and start your business. In some cases you may be required to pay some token amount to the local government council to start your business in some area. It will not be more than ₦2,000.
How to Make A Popcorn?
Take 3 tablespoons of oil, ½ teaspoon of salt, ½ cup of popping corn, 3 tablespoons of butter melted in a large, heavy-bottomed saucepan, add the oil, salt or sugar and popping corn. Turn the heat to medium, cover the pot with a lid left slightly ajar, and shake once or twice. The corn kernels will begin to pop within a minute or two. Once the popping slows to an almost stop, remove the pot from the heat. Transfer the popcorn to a large serving bowl and drizzle with melted butter, tossing well to combine. Add more butter or salt if preferred, add powdered milk.
You can carry out this as a practical at home before moving into the business, so you can get mastered to it very well.
- Daycare Business
There’s always going to be a desire to make a living right after giving birth. This is one of the reasons that daycare centers are making decent profits. The programs they offer are second to none and invaluable. If you have an affinity for babies and children, you might try opening a daycare center.
One important thing you need to remember before considering this type of business is that you will need to register it accordingly to avoid running into trouble with the authorities.
- Plantain Chips Production and Sales
You’ve seen it all over the place – a tasty crunchy snack made from unripe plantain. Hawkers are trading them along the highways. The irony is, you actually didn’t know it was such a profitable venture in Nigeria.
You don’t need to be a UAC or a Leventis Food firm to invest in a plantain chip business in Nigeria.
A small-scale plantain chipmaker with an initial investment of fifty thousand is capable of returning N10,000 in profit per day. If you’re looking for low-capital market ideas in Nigeria, you really should think about this. It’s a form of business that you can launch with 5,000 or even lesser.
You can launch this right out of your kitchen. Just put your brand name on translucent nylon, and you’re pretty good to go. You’ll need to get some coaching from someone who’s actually done business, learn some recipes, and build a supply chain for both the raw materials (plantain) and finished products.
Plantain chips are a popular snack in Nigeria. You can make them, brand them, supply them to various shops or stores, and gain income on a regular basis.
- Small Chops Packaging
The launch of a small chops packaging business is a profitable business concept in Nigeria. Nigerians’ appetite for light meals like small chops has grown considerably in recent years.
Besides major activities such as weddings, funerals, and birthday celebrations, small chops are still the chosen option when assembling friends for a get-together, a boat ride, and beach time.
The nice thing about small chops is that even if there are a lot of people providing this service, there will surely not be a lack of demand. The secret to a good small chops business owner is innovation and packaging.
- Mini Importation Business
Nigeria depends on imports, it’s a shocking problem that Nigeria imports matches and toothpicks, but we can’t do without them, and since we’re not able to manufacture them, we have to keep importing these things. There are too many things out there to be imported that would be of need to Nigerians. In an interview with a Nigerian importer, he said that the import industry is lucrative, and any Nigerian who knows how to deal with it is sure to be a millionaire in the foreseeable future.
According to him, he mentioned that the import company might start from #20,000 to #50,000 and be sure to make #150,000 a month if the right goods are imported. You could start an import business when you’re in Nigeria, simply go to Alibaba and look for a cheap item of $2 – $3 and import 10 pieces – Hiding cameras, fancy phone covers, Bluetooth headphones, and some other things like this is ideal for mini-import. You may visit retailers to distribute them at wholesale rates as they arrive, or sell them online at Olx, jumia, Konga or Jiji.
The Internet has reinvented trade and commerce. Many people have hit gold by importing products online via eCommerce sites like Alibaba, Aliexpress DHgate, global sources, etc. With about N20,000 or less, you’re free for business.
Identify the needs of the public. Check all of the eCommerce websites, get the sourcing agent to buy these products. The agent sends them to you to sell and make your money.
Even with Naira’s dropping worth, the people who are engaged in this business always smile at the bank. Items that may be manufactured and varied and can include: cell phone accessories, makeup, fashion items, etc.
- Liquid Soap Production
The market for liquid soap in Nigeria is so big that well-established brands do not meet demand.
This product is required by every household in the world. But there is still going to be a market for it. You’ve just got to be the one that supplies.
If you look around you, you’ll see handmade liquid soaps with no branding at all, wrapped in used plastic bottles sold between N50 and N100. This is one of the best investment prospects in Nigeria today. You will make too much money making liquid soap and supplying it to supermarkets and other retailers that you can supply to end-users, hotels, bakers, caterers, and home keepers.
You may need to study some of the instruction that is available in vocational centers run by churches, government, and non-governmental organizations. Build a wide demand with branding and fine packaging, and you’ll be smiling at the bank.
- Freelance Content Development / Ghost Writer
What kind of business can I start with 5,000 Naira as a student? If you think you’re a wordsmith? Setting yourself up as a freelance content developer might prove to be a side-hustle, or maybe even a full-time job. This is just one way to make money online as a student.
Companies such as media agencies, magazines, and start-ups can play a lot of time for someone who can write a clean copy of content, whether it’s for ads, websites, or blogs. Some of them will also pay you for your editing services.
- Social Media Management
Today, this business is on the rise. If you are eligible to run social media accounts, you can set up your own social media marketing agency, send an irresistible portfolio to small or big businesses, help them meet their target audience, and pay a monthly fee.
- Information Marketing
This is another internet-based business that has pulled people out of Nigeria’s poverty. Do you know something others don’t know, or do you know anything that some people know, but may present it differently, or do you know anyone who knows something that others do not know?
You could be on your way to make money by packing details in the form of a report, ebook, film, or audio and selling it online. Take note, you don’t have to write it and there are a lot of free tools to support it. You can outsource writing to Fiverr, purchase master resell rights or private label rights books, rewrite and rebrand to your preference, and sell.
To be able to indulge in any of the above-mentioned businesses from home and with the sum of Twenty Thousand Naira (N20,000), there are some fundamental requirements needed.
- Identification of a need by somebody or a group of people.
- Proffer solution to the need(s).
- Develop a passion for the solution you are proffering.
- Train yourself or attend short–term training.
- Read books on your area of interest.
- Ask questions from professionals or mentors.
Are You Ready to Be an Entrepreneur?
There is no one best path to be an entrepreneur. These people come in all shapes and sizes and can affect nearly any part of life as we know it.
In a world of so much variety, there are a few things that all entrepreneurs share in common: they are full of zeal and determination, and they use them as a driving force to create empires that solve some of the world’s hardest problems.
If you’re trying to leave your mark on the planet or progress civilization – or even break away from exhausting and unyielding 9-to-5 jobs, you could just be an entrepreneur in the making.
Trust your intuition, obey your instinct, and keep your mind open to learning and pursuing new possibilities that come your way.
What is the definition of entrepreneurship for you? Write below in the comment section on whether you have become an entrepreneur or how you aspire to become one.
A person who sees a problem is a human being; a person who finds a solution is visionary, and the person who goes out and does something about it is an Entrepreneur – Naveen Jain
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