ENTREPRENEURSHIP IN NIGERIA

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By: Arikawe Aminat and Kareem Afiz

Entrepreneurship has to do with the deliberate launching of a small scale business with the interest to grow it up and make it a larger scale business that would one day run the economy of the market.

 However, entrepreneurship is not without its shortcomings and since the business is on a hundred percent risk basis, most entrepreneurs fall out by the wayside because they are unable to cope with risks and failures in the market economy. Entrepreneurship is all about taking risks and someone who cannot take daring risks cannot be termed as an entrepreneur.

 

Agencies like Manufacturers Association of Nigeria (MAN), National Association of Small and Medium Enterprises (NASME), National Poverty Eradication Programme (NAPEP) and so many more have tried their best to  provide a means for manufacturers to create and influence general policy regards industrial matters. Which in turn helps entrepreneurs in Nigeria.

 

Adeniyi Gbemisola is a Nigerian entrepreneur that has struggled with building up her business from scratch in the harsh economy of the country. Over 6 months down the line, the young business owner speaks about her challenges and triumphs. In this interview, she speaks of her journey through setting up a business as a young lady in Nigeria. 

                 

Can you introduce yourself to us?

My name is Adeniyi Gbemisola. I am the CEO of ‘Anonymous scents’ . I am a perfume and deodorant retailer in ikorodu Lagos. 



How did you get into this business?

I am a massive perfume lover, I love to smile nice and I wanted to also make other people smell nice. So I decided to go into the business of scents. 

 

How much capital did you use to set up this business?

Renting of the store, decorating, and stocking the store costed me a litter above 1 million Naira.

 

Did you share the capital with another person, or it’s sole proprietorship?

I own the business.

 

How did you decide on the location that was best for your business?

First gate Ikorodu is a place with a lot of business, but No is really based on fragrance, so it is a non competitive location for me. Also, it is a student area, so I get a lot of sales traffic from them.

          

How have you been able to cope with the constant power outage in this location?

The availability or non availability of electricity does not really affect business because my products are mostly non dependent on electricity. The only time this affects sale is when a customer come into the shop and there is no light so they begin to get hot. They end up not patronizing if they can’t stand the heat. 

 

What other challenges do you face?

 Sometimes, hoodlums come in to the shop and try to purchase products without having enough money. I have no choice but to sell to them because I won’t want them to disrupt sales.



How satisfied are you with the sales traffic?

Customers troop in so I am pretty satisfied with sales.

 

How do you procure your products?

When I first started, I was going to the Eko market to get my products, but more recently, I buy them directly from the distributors.

 



How much is the estimated sales per month?

Depending on how much sales we make, we make about 400 thousand give or take per month.

 

What do you think is the future of the business?

Depending on how much sales I can amass, I’m looking into expanding the business in the next year.

 

 





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