At The Platform Nigeria which aired on Channels TV, Gabriel Ogbuchie, an accomplished entrepreneur, shared his valuable insights on succeeding as an entrepreneur in Nigeria. Ogbuchie provided a roadmap for aspiring business owners, highlighting key strategies for achieving their goals.
According to Ogbuchie, the first step to success is incorporating a company, as people are more likely to trust and invest in a registered business. Next, entrepreneurs should test their business hypothesis and identify a venture they fully understand.
Ogbuchie shared four essential strategies for entrepreneurial success:
1. Acquire knowledge about the business: Entrepreneurs must gain a deep understanding of their chosen industry to make informed decisions.
2. Exercise financial discipline: Developing the right mindset about money is crucial. Entrepreneurs should remember that turnover is vanity, profit is sanity, and cash is king. They must protect their liquidity and, as much as possible, sell for cash.
3. Reinvest earnings in the business: To grow a business, entrepreneurs should reinvest their profits rather than relying on borrowing for capital projects.
4. Build an effective network: The influence of people within a network is invaluable. Entrepreneurs should invest in themselves by joining activity groups and seeking ways to grow their networks.
Ogbuchie stressed the importance of branching out and embracing competition. The size of a market is finite, so entrepreneurs should continuously seek growth opportunities. He also encouraged intrapreneurship, urging employees to work as if they own the business. Success as an entrepreneur, he argued, is built on a foundation of successful intrapreneurship.
Gabriel Ogbuchie’s insights at The Platform Nigeria offered a comprehensive and detailed guide for entrepreneurs seeking to make their mark in Nigeria’s business landscape. By embracing these principles and strategies, business owners can achieve lasting success and contribute to the nation’s economic growth.
You watch the video replay on YouTube via https://youtu.be/c41DipY8ZG8