You have been thinking about launching your own business enterprise but the fear of the unknown grips you that you keep postponing it. You know that procrastinating about starting something can lead to regret later. If you are in this position, it is time to stop thinking and kick off your entrepreneurial journey. Jumia Travel, the leading online travel agency shares ways you can quickly start your own business.
Yes, you do not have money to start a business. That is a major entrepreneurial problem that cannot be overcome. There will always be financial scarcity. But start with the little you have. Find a solution to a problem or you sell anything in case you do not know the business you want to do.
Ask someone for advice
Have a mentor who will guide you and who you can talk or call anytime for advice. Of course, they must be persons who are willing to share the secret of doing business with you in a Nigerian environment as well as offering assistance when you are stuck. They will also share challenges. This will stop you from giving up.
Work with someone who drives you to do more
You do not want to work with someone that is negative. Sooner rather than later, everything will collapse. Therefore, you should look for an individual who will drive you to your limit. This will prompt you to give everything to your startup or business.
Hire freelance workers
You do not need to hire permanent workers immediately you start your business. You can take advantage of freelancers who will also do a good job for you. The demands of freelancers can’t be compared to that of permanent workers. When your business is a bit stable, you can now engage permanent workers.
Don’t focus on money
For people who focus on money, they will not be patient for their business to start running itself. This is because it may take years before you start profiting from it. Invest your money and relax for it to make returns in few years. You can’t break even immediately.
Interact with your potential customers
Do not be afraid to talk to your friends and potential who you know can patronise your business. Even if they do not do business with you, they know that you have a business you are running. Also, do not forget to use social media to push your business. You can go as far as sponsoring your business on twitter, Facebook or Instagram. It cost less than two dollars to do this.
Naira Crashes, Now Exchanging At N412 For A Dollar
The Nigerian Naira plunged further in value on Monday March 30, as it exchanged at N412 for a dollar following a temporary suspension of sale of forex to the Bureau De Change operators in the country by the Central Bank of Nigeria.
Recall that the apex bank had pegged the exchange rate of the Naira at N380 to the dollar, a move it insisted was not a devaluation of the Nigerian currency.
The CBN however granted the Association of Bureaux De Change Operators of Nigeria its request of going on holiday due to challenges in the local and global economies over the coronavirus pandemic.
While the Naira has crashed in its value due to the low price of crude oil in the international market in recent times, BDC operators have disclosed that there has been a drastic decline in demand for forex due to the impact of coronavirus on the economy. The financial market stakeholders also disclosed that businesses are down and many people are not travelling.
Naira Crashes In Value, Dollar Sells For N420
On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market, Punch reports
The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general.
He said this caused speculations in the market which were not necessary.
Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.
“The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”
While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day.
According to him, the CBN had maintained stability at N360 in more than three years.
He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions.
The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences.
Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.
“Today, we still sold for up to N420 but the price was fluctuating.”
The CBN also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.
“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” it stated.
It added, “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”
N2.5trn Financing For One million Farmers On The Way
Commodities Exchange Limited has initiated moves to raise N2.5 trillion for 1 million farmers in the next five years.
Addressing journalists at the Memorandum of Understanding (MoU) signing ceremony in Abuja on Wednesday, Chief Executive Officer of AFEX, Ayodeji Balogun said “AFEX is on a path to building Africa’s second commodities derivative market,
The MoU was signed between AFEX, FMDQ and Dubai Gold and Commodity Exchange (DGCX).
Ayodeji Balogun noted that this partnership sets the tone for that journey.
He noted that AFEX develop product innovations that will unlock a wider range of products that are able to be traded within Nigeria’s capital markets to promote broad-based wealth creation that’s accessible to every Nigerian.
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