Entrepreneurship as a means of reducing the unemployment rate in Nigeria

News has it that the unemployment rate in Nigeria may hit 38.8% this year, according to forecasts. For a very long time, the unemployment rate has posed a serious concern and people are finding it hard to have a good life. Earlier this year, the Nigerian Economic Summit Group (NESG) pegged the unemployment rate at 37%, and just last week, KPMG, a tax advisory firm, said it can skyrocket from 37.7% to 40% this year. 

What is the way forward? 

White-collar jobs may not be forthcoming; however, entrepreneurship can serve as an effective alternative to get out of the mess. Despite having numerous benefits, entrepreneurship has been downplayed a few times because people like the idea of a "9-5 white collar job." Being an entrepreneur allows you to be your own boss, come up with ideas, design your schedule, and provide solutions that will work. The flexibility that comes with doing entrepreneurship is second to none, and in most cases, people thrive better as an entrepreneur than a 9-5ver.  

Benefits of Entrepreneurship 

Apart from being able to control your affairs as you wish, entrepreneurship offers the opportunity for a substantial financial reward. A white-collar job offers you a static salary until the organization deems it to increase it after a specified time. When you run your business, you see how much you have invested, and how much profit you have and think of how much more you can invest into it to get a bigger profit. 

Entrepreneurship exposes you to a long time of learning; if you are starting as a newbie entrepreneur, you may need to be all of these for a start -  content creator, marketer, accountant, and customer care. All of these require you to build yourself with essential skills which include communications skills, emotional intelligence,  Data entry, attention to detail, and many more. The importance of equipping yourself with these skills will reflect when you begin to have a team of people who would take up the positions. 

The autonomy to choose who you want to work with doesn't mostly happen with a white-collar job but entrepreneurship offers you the luxury. You can create a more healthy and inclusive work environment for yourself and the people you work with. The good thing about this is that the team is quick to click and creativity happens perfectly and consistently. 

When you start a business, you may want to track your project and progress to see how you have been doing. Remember you will be your own boss, and this means you have access to the information which gives you a better view of where you are and what improvements you have to make. 

Are there any Successful Entrepreneurs? 

There are a lot of entrepreneurs that are thriving in the field and if you need inspiration to get started, check out the following Nigerian entrepreneurs: 

• MaryMohs Jewels - Men and Women Minimalist Jewelry

• Ronnie Boots - Boot Collections

• Riidim - Custom-made shirts and tote bags 

• Tiaras Apparel - Sunglasses and eyewear shop

• Binta Badmus Lady - Raw silk scarves - Modest Fashion

• Light and cottons  - Clothing brand

• Joshua Adebayo - Branding

• Alli Olamide - Photography 

• Tima Alli - Fabric Making

• Oju igo - Optical Frames and Prescription Glasses

• The Blacksheep Company - Handmade Jewelry

• Dontas world - Fashion Accessories

• Made by SEWA - Female luxury styling

How to get started as an Entrepreneur

The most common excuse is "There is no fund" but the idea is you don't have to break the bank to start a business. Before you dive right into entrepreneurship, do the following 

• Discover a business idea that accommodates the fund you have. 

• Identify a problem your business idea can solve. 

• Develop a product to effectively solve the problem.

• Remember that if you don't have adequate funds, you need to start small.

• Assess your product thoroughly.

• Design your business idea; develop your sales process and marketing strategy. 

• Identify the downsides to the potential business and draft a solution ahead.

• Create awareness and form a network around your target audience.

•  Build and promote your business. 

Business ideas to consider as a potential entrepreneur 

• Dispatch and Logistics

• T-shirt Printing 

• Jewellery business

• Fabric making

• Pet business

• Cell phone accessories business

• Resume/Cv writing

• Graphics design

• Food business

• Sell thrift products 

• Social media management

• Virtual Assistant

• Drive for Uber or Bolt

• Gym instructor

• Baking and Confectionary business

• Make and sell DIY products 

• Laundry business

• Event planning

• Custom furniture/home decorations

• Modelling

• Digital products

• Teaching art skills in school

• Writing

• Rental services

• Instagram marketing

Entrepreneurship has helped several people tackle the problem of unemployment. Some 9- 5vers looking to up their financial game also engage in entrepreneurship on the side, they refer to it as a "Side hustle." Unemployment in Nigeria is real but "sulking" is not the solution to the problem. Hence, if you can't seem to find a job now, start a business, be intentional about it, and see how you fly from there!