Young Entrepreneurs In The Challenging Environment

The challenge most young entrepreneurs face more especially in the challenging environment like ours is cash flow! It is one of the essentials for small business’s survival. Part of the challenges stems from struggles to pay the bills, while waiting for anticipated payments, etc.

As the second wave of the pandemic is fast resurging amidst business recovery, many Nigerian youths and young skilled Entrepreneurs are working on new innovations that will aid their business recovery.

Fly Safe Magazine looked into some of these young business leaders, highlighting their business ventures and advice to yearning and teeming Small and Medium-sized Enterprises (SMEs).

MSME constitute almost 96% of the Nigerian Economy, therefore their doing well in business and growth will have a significant effect on both the micro and macro-economic outlook in the country. The global economy in more than a century was hit by a pandemic. A situation that brought many business sectors down to their knees, some even going bankrupt. This was somewhat unavoidable as extreme measures have to be taken to curb the spread of businesses.

Despite these momentous challenges, some young entrepreneurs saw this as an opportunity to fill in part of the wide evident gap the pandemic exposed businesses and delivery systems to. Some quickly diversified their businesses to marketing essential products and services, others leveraged on technology to provide remote efficient services. The huge demand of essential products and services in the period was largely utilized by young entrepreneurs and thus transforming them into Millionaires almost overnight.

This brought us to the fact that challenges also bring opportunities, it thus is quite evident and has to be how you as an entrepreneur were able to position or reposition your business delivery system or business focus so as to tap into the opportunities of current reality. Going forward, entrepreneurs must therefore operate a structured business, have a healthy and predictable financial inflow, leverage on or adopt technology, replicate other successful businesses that may be needed in your domain and diversify to other related services.

A lot of opportunities have been unlocked, the time is now for you as an entrepreneur to reposition your SME and stimulate it for growth.

Leave a Reply

Your email address will not be published.