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8 reasons why this is the best time to start your business

“I want to start my own business, but I don’t have capital, and I think I lack business experience.”

No connection; bad economy; good hands are hard to come by; fear of failure; the reasons are as diverse, why so many people continue to postpone making that entrepreneurial leap that they so much dream and talk about.

Maybe you would love to start your own business too, but something is holding you back; here are 8 simple, related reasons why this is the best time to just do it.

  1. Bad economy

The Nigerian economy at this time is experiencing a lot of pressure. Oil accounts for close to 90% of exports and roughly 75% of the country’s consolidated budgetary revenues. The global oil price is down, causing Nigeria to downwardly review its national budget bechmarked on the price of oil. At the India-Africa summit, President Buhari stated that the country is broke.

What do these mean?

Simple. Businesses will face a hard time, so that if the pressure mounts for so long, only creative enterprises can survive. According to JuliusBerger massive job cuts imminent in the construction industry.

What you should remember is that some of the world’s biggest brands today started in bad economies. Because bad economies bring out the creative in you. don’t let bad economy stop you from living your dream.

Related: No Vacancy, You Are Fired: These are troubled times for employees and job seekers in Nigeria

2. You don’t need so much money to start

Probably just a laptop, a smart phone and data, and you are good to go.

  1. People are losing jobs

Yeah. That’s what happens in bad economies. When businesses come under economic pressure, they downsize to stay in business. But that’s a good thing for smart entrepreneurs. See 5.

  1. Companies are not hiring

If you are looking for a job, in a bad economy when companies are not hiring it may become difficult landing employment. You can start one instead.

  1. You can get best hands for cheap

Good hands become readily and cheaply available for hire during bad economies when companies are cutting down their workforce. For whatever helps you need with your ideas or I your business, you can get great hands to help you run it.

  1. In bad economies people become disillusioned with old/boring ways of doing things
  2. People want new and cheaper ways of doing things. What can you come up with?
  3. Branding is easier and today than ten years ago

Social media is your friend. And as stated in 5, you can hire a graphics designer to help you out, for a small price.


9.  The year is almost ending

Yesterday, you said ‘tomorrow’. That tomorrow is here and almost passing. You have procrastinated for so long. Now is time to take action if you ever want to live that dream in your heart. Everything will not be perfect. The economy is not your problem. Capital is not even your biggest challenge. Your challenge is you. you are holding yourself back (you have been doing that for far too long).

Is there any other reason I did not remember to add?

Views expressed are only those of the authors.

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