Pros and cons of being a Nigerian entrepreneur in your 20s
What people think about being a Nigerian entrepreneur in Nigeria is a person who is his or her own boss, goes to work anytime. He has a car and employees to attend to his or her everyday needs. This is not the case but the dream of most young people who are venturing into entrepreneurship.
20-something-year-olds are now entrepreneurs. Most new big companies are headed by these age demography. We have heard of the likes of Debola Williams (CEO, RED Group), Dr. Oyekunrin Ola Brown (Founder, FlyingDoctorsNigeria), Abiola Olaniran (CEO, Gamesole), Iyinoluwa Aboyeji (Co-Founder, Andela & Flutterwave) and so on who started their companies in their early twenties.
But like every other thing in life, being a Nigerian entrepreneur in your twenties has its pros and cons.
Even if you don’t get a first mover’s advantage in the industry you’re in, you’ll definitely get an advantage for starting early on in life. Nigerian youths don’t see any boundaries and are not hindered by any obstacles. Young Nigerians are filled with great ideas and energy to achieve their dreams.
Recently the Vice President of Nigeria, Prof. Yemi Osibanjo acknowledged the doggedness of young Nigerians to make a living in a tough environment like Nigeria. Overall young Nigerians who have less experience, no mentors but still go ahead to make things work for them, shows how fearless they are. You have started early, it is a plus for you.
You have all the energy you need to run around, get work done and constantly network with people. As an entrepreneur you end up doing all kinds of work completely outside your domain, these energy levels are an added advantage. You don’t have kids, bills and societal baggage to deal with at that age. It helps you remain sharp, focused and full of energy to do the work.
The entrepreneurship journey requires 24 hours of your time and there is no time to even say no time. You are bound to do late nights, work on weekends and also, being a technology-driven generation you are constantly hooked on social media, socializing and networking.
Full of ideas
This depends on you and the nature of startup/business but being in your 20s means you’re more ready to experiment with newer ideas. You can work out new strategies and develop more innovative ways to work. With new age startups, there’s more scope to experiment with technology and ideas, and entrepreneurs in their 20s are more likely to take risks. The larger the risk, the larger the potential return.
Lack of experience
If you are in your 20s there is a slight chance that you have the required experience to run a company successfully. Many industries require a particular skill/set of skills, but if you hire the right team and are passionate about your startup, you’ll be ready to learn and move ahead, no matter the industry. From time to time, young entrepreneurs can seek guidance from experienced mentors and CEOs. After all, constant learning is a part of every entrepreneur’s life.
Lack of funding
This doesn’t affect everyone as some people have no issues raising initial funding to kickstart their business. The majority do have the problem of funds. However, if you have the right idea and direction, you will be able to find the right people to invest in your idea and guide you. The key to this is- a brilliant idea presented brilliantly and confidently. Earning people’s trust can be challenging but rewarding at the same time.
It is safe to say that starting a business in your 20s is the best thing to happen to you. You start early, fail forward. However, there are things you need to know for a successful business.