It's so funny to see that the number of people selling wares in school is now more than the number of buyers. Hardly will you see a class without at least Two make up artist, Perfume oil & beauty product sellers, Clothes and shoes seller and many more product.
There is a general misconception that as a student you have to be selling one thing or the other before you can be called an "Entrepreneur". Especially is a country where even the President warned the youths about the limited number of jobs. Having one's personal business is seen by many as a gateway to financial freedom and employment.
However, an idea is yours alone only before being executed. Don't be surprised when you decide to start selling Paper jackets on monday and by Wednesday you see over three people doing the same.
"But it was my idea" you'd say. I'm sorry to tell you there's nothing like monopoly market here. It's an Open market where anyone can come in at anytime with whatsoever he likes even if it is a direct copy of another. And no price regulation. It's a Competitive market...the fittest survives.
You will ask me again- "Don't we have Patent right, Plagiarism and Privacy laws?" . We have these rules and laws on ground, but it doesn't extend to Products that i listed earlier. Moreover one have to register with the CAC to have the exclusive right to a Product. Don't get me wrong- Tomorrow another company can come up with same prototype but with another name. I don't want to spend all day explaining the rules guiding companies and businesses in Nigeria. I'm focusing on students in this article.
Ways they stand out
Branding and adverts differentiate each sell or as they love to call themselves "Entrepreneurs". Whatsapp posts and twitter posts are used as a form of advertisement. Paying influencers is also seen as a form of promoting one's business ahead of competitors. But how many of them have the money and resources for these?. Also who are the targeted customers? Are there not alternatives?
Do this self accessment:
Are you currently selling one good or the other? Kindly go through this short analogy and answer the questions.
" Rachael was in 200L when her uncle gave her $500. She was confused and seek for advice from her friends on what venture to go into.
Rachael was the type of girl most students refer to as "SU" because of her mode of dressing. She doesn't apply make up and uses no earrings and takes every opportunity to talk girls out of wearing trousers and other worldly things according to her. So it was surprising when Rachael started selling Cloth.
She bought wares worth $300 . But after over Three months she sold clothes worth just $25. Her friend Bella who was a direct opposite to her decided to step in and took the wares to her room. But due to the fact that the clothes were no longer in vogue she reduced the price. Within two week the clothes were gone. Bella ask for a cut in the profit which led to arguments and the end of their friendship. Racheal said she bought everything $300 but realised just $245" while Bella says she doesn't care , she need a payment for her effort..."
Answer this questions
Are you not Rachael?
Are you not indulging in a field that doesn't fit you. Are you a smoke hater selling Cigarette ? Or a Veggie selling meat?
Isn't there other ventures you go into?
Who are you competitors?
Who are you perceived customers?
How long will it take to make your Capital back?
Are you good at selling goods?
What is the aim of starting the business?
Won't it affect your studies?
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My take
Not everyone have to be an "Entrepreneur" but we all need to be "Entrepreneurial in our thinking"
It isn't until you start selling one thing or the other that you can say you are an "Entrepreneur". There are other things you can do to make money while in school.
Investment is another form of Entrepreneurship. You can put your money into other aspect or field. It isn't compulsory that you will be the one to do it directly. You can put it into a business handled by another person. I've seen people invest their capital into Crypto and make it really big, real Estate, farming, Money lending, Tutorials, Food business, branding etc .
Do your background check and risk assessments test before going into it. Don't just go into any field because it's popular, because people are doing it, because i also want to be an Entrepreneur. I repeat "be Entrepreneurial in your thinking.
Thanks for reading!🤗🤗🤗
One of these days i will drop a piece on various ventures students can go into while studying. The risk involved ,chances and opportunity.
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I somehow agree to this. I've seen a lot of my friends started selling clothes and other trendy things because they got inspired by the others. However, not all of then got successfull. We should always consider a lot of things before engaging in entrepreneurship.