Businesses to Start With 100k in Northern Nigeria

Businesses to Start With 100k in Northern Nigeria

Every small-scale business starts up as a big idea and some with capital while others without capital. Starting a business with a budget of 100 thousand naira in Northern Nigeria is a very lucrative thing to do. With the current economic hiatus in the country, there are still businesses to start with 100k in northern Nigeria.

There are a lot of lucrative businesses and also profitable businesses to start with 100 thousand naira in Northern Nigeria. If you have been wondering what these best businesses to start with 100 thousand naira are, then think no further, they include…

Businesses to Start With 100k In Northern Nigeria

1. Clothes Business

Most Nigerians want to look good, I mean who doesn’t right? Everyone wants to wear the latest outfit on a cheap budget, that’s where all these thrift otherwise known as Okrika or what hausas would like to call gwonjo clothes come in. Most Nigerians buy fairly used products like clothes in Nigeria. So why not have a start-up capital of 100 thousand naira to help you start this profitable business.

Nigeria is a very large market in terms of any business and Northern Nigeria is the largest region with even large states and populations,  we are a large consumer, so why not exploit this opportunity, have a start-up capital of 100 thousand naira, and then you are good to go.

2. Laundry Business

The laundry business does not entail much to start. We are now in an era where people go to office jobs every day and every time even in the Northern part of Nigeria, and these working-class people have little to less time for themselves talk more of having to do their laundry.

This is where, people like you, who are looking for businesses to start with 100 thousand naira in Northern Nigeria come in. All you would need your start-up capital of 100 thousand naira to get you for this business is

  • A bucket
  • Stable water supply
  • Light bills
  • An iron
  • An ironing board
  • Detergents

These are simple equipment to get for your laundry business since you are starting with 100 thousand naira.

3. Mini Importation Business

As the name implies ‘mini’ means small, you don’t need to import big products like cars, electrical appliances, and all. This is when you import a small volume of goods from a manufacturing country like China to Nigeria or from Chad and Niger to Kano because they share boarders with Kano at a minimum cost and maximum profit.

All you need to do is go to websites like Alibaba and then look for cheap products in China or any cheap country and then you purchase them and then pay for shipments and wait for your goods. Most of you may think that this is a very big business that requires a lot of money, but it does not, all you need is a start-up capital of 100 thousand naira and where to purchase your goods from. It’s one of the profitable businesses to start with 100k in Northern Nigeria.

4. Daycare Services

If you are a lover of kids and want to train children, then this business is a profitable business to start with 100 thousand naira.

With a small apartment that could be yours, or a small building you could be renting, you can get toys and then start up a daycare service. It doesn’t have to be a big place before you know it is a good enough place for daycare.

There are a lot of working-class mothers these days even in the north, and staying home or looking for a nanny to take care of their kids is a very worrisome deal for most mothers. Most working-class mothers rely heavily on daycare services, they don’t mind paying extra, the most important thing is that their kids are in the hands of a registered daycare.

5. Interior Decoration

This business is not capital intensive, but it is a business you can start with 100 thousand naira and it will become a profitable business as you grow in this business.

When starting, start small to grow and become a big interior décor business. To pitch your business, ask people who are moving to new places if you could design their homes for them. Do a good job and you’re good to go.

This business is good and it can even be a side hustle for you if you are also into other businesses.

6. The Food Business

Everyone loves food, but not everyone can prepare their favorite dish or even have time to make a meal for themselves, this is where the food business comes in.

You can start a food business with as low as 100 thousand naira in the North and will be sure it will grow rapidly over time. You can pitch your food business in areas and states like Kano, Sokoto, PLATEAU, Kaduna, Abuja amongst others. These are states in Northern Nigeria that are highly populated and have a lot of working-class people, you can use this to your advantage, and you’re on your way to growing a food restaurant.

The food business in Northern Nigeria is growing rapidly because Nigeria has a lot of diverse cultures who in turn have their dishes and people come out to prepare these dishes and sell them, you too can pick a dish you like and start preparing to make a profit from it.

You can start this business with 100 thousand naira, and use this start-up capital to buy equipment like…

  • Gas
  • Spices
  • Plates
  • Foodstuff like rice, yam, beans, vegetables, etc.
  • Pots, pans, and cooking utensils

These are some of the equipment needed to start up a food business in Northern Nigeria and this return business will yield good returns.

7. Hair Dressing

A lot of people think this is just a gender skill and it doesn’t apply to the North, but in fact, it consists of both genders, and I have a friend who is into this hair dressing business in the North and she is doing very well. Hairdressing is a very profitable business to start with 100 thousand naira in Nigeria especially in the North.

It is very lucrative and gets you a lot of customers if you know how to do your job well. Hairdressing is a skill that everyone can learn and one of the businesses you can start with 100k in Northern Nigeria. All you need to start a hairdressing business are…

  • Hair combs
  • Shampoo and conditioner
  • Hairdryers
  • Hair creams and other hair products
  • Mirror
  • Table and chairs
  • Hair extensions
  • Heater

All these and even more are equipment you can buy with your start-up capital of 100 thousand naira at a cheaper rate. All you need to start this business is a start-up capital of 100 thousand naira and also a business plan. Once you have these, you are on your way to becoming a successful hairdresser.

8. Barbeque Business

Most Nigerians are not vegans so this can work to your advantage. Meat is a very lucrative business to start and 100 thousand naira is good start-up capital.

Beef is one of the cheapest meat to purchase especially in the North, you can purchase beef with a sum of 20, 000 thousand naira and it will be enough to start a barbeque business. Northern Nigeria has a lot of cows and this barbeque business can be something you can start up with less than 100 thousand naira and it is one of those businesses that can be grown into a franchise over time.

A lot of people who started with barbeque and fish grill businesses have made a fortune for themselves and are moving rapidly to grow other branches for their businesses in other states asides in the North, some of the equipment your 100 thousand naira start-up capital can get you to include…

  • Barbeque machine
  • Grilling machine
  • Charcoals or firewoods
  • A large chunk of beef
  • Spices
  • Soy sauce
  • Cooking oil
  • Vegetables, like cabbage and cucumber

This barbeque business is one of the best businesses to start with 100 thousand naira in Northern Nigeria because the return is worth the start and also asides you growing your business with your start-up capital of 100 thousand naira, it’s lucrative and most northerners are diving into this opportunity.

9. A Fruit Business

You can start a fruit business with 100 thousand naira, and the good thing about this business is that it’s a very affordable and profitable business no matter how bad the economy is, especially in the North.

Everyone loves fruits, even though we humans have a preference on which fruits we prefer. To start this business, you can purchase at a cheaper rate from some online foodstuff companies that are very reliable and efficient. I mean, this business is one of the best businesses to start with 100k in northern Nigeria because your profits will be so much.

10. Car Wash Business

While this may seem very awkward to some, it is very lucrative and it doesn’t even need a lot of start-up capital for it to kick up. You can start with 100 thousand naira, and you can use this money to get equipment like car wash soap, buckets, payment for a good water supply, a rented area amongst others.

This business is very good and you get paid at least 500 naira on each car you wash, so just imagine how much you get paid in a week! And then a month! And then a year! In this business, you will get to understand that you can gain more than you put into the business when you started. I don’t know about others, but this is one of the businesses I would love to venture into as time goes on, even if it means having a car wash company, it is still a win and the profit and experience are huge.

11. Agricultural Business

This business is a very lucrative but strategic and tactful one. You have to have basic knowledge of the area you want to explore. This means that in whatever field of agriculture you want to venture into, be it crop farming, livestock farming, or even cattle rearing, you have to understand the field.

For instance, if you are venturing into crop farming, you should know how long it takes to grow cereals like rice or legumes like beans or tubers like yam, cassava, or even vegetables like carrot, cucumbers, cabbage, etc. all these agricultural edibles need to be studied and how long they grow and how they should be preserved. The same goes for livestock and cattle rearing farming, you have to know the animals and how they breed, and also, their lifestyle.

Once you have mastered all these, then you are on your way to being a successful agricultural entrepreneur.

12. Poultry Farming

This includes the rearing of chickens and it’s a good business to start with 100 thousand naira. You can open up a small space for poultry, even if it is at the back of your house, and start rearing your chickens.

You can purchase chicks at a cheaper rate at 2000 thousand naira on each and you can feed these chicks until they become mature chickens before you start selling them. By doing this, you are utilizing your start-up capital of 100 thousand naira and investing it in your poultry farm.

I know some people who are into this business and also turkey farming and they are doing very well. Most of them buy their chickens and turkeys young and then feed them healthy meals and when they are all grown, they sell them. Just reading this, you will see that poultry farming is one of the best businesses to start with 100k in northern Nigeria.

13. Skin-Care Business

Everyone wants their skin to look nice and all sparkly but we have very few skin-care businesses that do justice to healthy skin.

This can be your niche if you are a business person and you want to invest your 100 thousand naira into something that will yield profits over time. You can start this skin-care business by asking people around you about problems they are having with their skins and how they want these problems solved, then you can research healthy products that can help tackle these problems, and then you can use your 100 thousand naira to start up a skin-care business.

This makes entrepreneurship easy when you have a problem and you are trying to solve it. Once you see yourself solving these problems, you will realize that skin-care businesses are part of good businesses to start with 100 thousand naira in Nigeria.

14. Hair-Care Product

Most people do not value their hair, and that is very sad. Im very skeptical about my hair because it is natural hair and we all know that the afro is kinky and very hard to maintain, so you can imagine the number of hair products needed to make the hair soft. So it is very annoying when I go to the supermarket to purchase hair products and I realize that there are fewer companies that manufacture hair products needed for natural hair and most times these products are all sold out!

I encourage us, who are into hair maintenance to start a hair-care business. it doesn’t have to be a full-blown business, but it can be something you can start with, maybe say 100 thousand naira and see what works. If it works for you and it works for some other people with the same type of your hair then be sure that I will be a customer.

Most companies that manufacture hair products fail to realize that there are different types of hair ranging from 1A-4C hair( 4A, 4B, and 4C hair are usually afros) and they only pay attention to 1A-1C, 2A-2C hairs because they are easier to maintain. You can exploit this opportunity and make products that include both 1A down to 4C hair, and believe if you do not know your business will grow rapidly, I just literally gave you a very good business tip to start a hair-care business with 100 thousand naira.

15. Photocopying and Passport Business

To be honest, this business is underrated. I know someone who started this business with 50 thousand naira and she is reaping her reward.

These days every document needs a passport to look all formal and all and this is where a passport business comes in. you can start with 100 thousand naira and buy equipment like…

  • Photocopying machine
  • Camera
  • Packs of A4 papers
  • Ink
  • Pens and books
  • Binders
  • Scanner

I’m sure you may be thinking these things are way over a budget of 100 thousand naira, but it is not. You can get all this equipment at a cheaper rate and quality ones at that.

Students and even professional workers all need one or a million documents to be photocopied so why not pitch your business in these areas. All you need are the equipment listed above and maybe more and also have some knowledge of photography.

16. Palm Oil Business

I’m very sure that this would not have been one of your top 50 businesses to start, but it is a good business, and people selling raw foodstuff are very much making a lot of profit from this business even in the North! Did you know that Northern Nigeria sells one of the best and cheapest palm oil?

A large keg of palm oil is going for about 28 thousand naira and in the North it can go for cheaper, so if you start with 100 thousand naira in this business, you will get at least 3 large kegs of palm oil, and selling this into smaller bottles will be very profitable. After all, now a small bottle of palm oil is going for 8 hundred naira which is quite much but to you the seller it is profitable because you can use this to restock your market.

This is a very profitable business to start with 100 thousand naira in Nigeria, so why not keep pride, procrastination, and laziness aside and save up 100 thousand naira and start this business.

17. Perfume Oils and Fragrance Sales

I have this very good friend of mine who is into this business and she started with her saving of less than 100 thousand naira and today she can restock her market and sell wonderful and nice perfumes.

I mean, this business sometimes can take time to grow, but everyone wants to smell nice and look good at a cheaper rate, so why not start with at most 100 thousand naira and with consistency, see where it leads you.

18. Data and Recharge Card Selling

Did you know that with the right data plug, you can get 1GB of data at just 300 naira? I mean this may sound very delusional but it is true and I can testify to that myself.

I have these friends who are into the data and airtime business and they didn’t need to start with 100 thousand naira, all they had to do was register to a platform/small company that sells data and airtime at cheaper rates and they became their agents and today one of them has her own online data business. With this knowledge, you will see that you can sell your data product online and you will also see that this business is very profitable you can be sure to sell your data and airtime because people are mostly online and also need airtime to call.

19. Affiliate Marketing

With affiliate marketing, all you need is a platform where you can display or sell goods. You don’t need to have an inventory or shop. This business is one of the best businesses to start with at least 100k in northern Nigeria.

All you need to do is have enough internet access and also have a company that you market for and that pays you on each sale you make, I mean this is how affiliate marketing works.

This has helped me a lot because im also this affiliate marketing of a thing and I am doing well if o say so myself. All I need to do is have a good audience that wants to buy what I’m marketing and then I get my cut (not a certain percentage) on each sale I make. This is also linked with digital marketing because I also post what I market on social media and these days people are online very often so I’m always sure to find my buyers on the internet. This is a very affordable business to start with little income.

20. Content Writer

If you are passionate about writing, this is for you. You need; a phone, an internet subscription, and great knowledge of content writing.

You can apply for writing jobs in companies that deal with content writing and there you will see that you don’t need much to write. Or if you are looking to open a content writing company as a content writer then it also isn’t a bad idea to start with at least 100 thousand naira. All you need is a good website that can be done at a cheap rate, one or two skilled editors, and a little partnering and sponsors and you are good to go.

This business is very tactful but it is one of those businesses to start with 100k in northern Nigeria.

21. Digital Marketing Expert

This is cost-effective and efficient marketing for businesses with a small budget of say, 100 thousand naira. All you need to do here is to have the knowledge of digital marketing and how it works and then you are good to go.

You as a digital marketing expert don’t need much to start; all you need is a very stable internet subscription, phone, laptop, and a conducive place to work. Once you have all these, with consistency, hard work, and honesty, you will be on your way to marketing Tesla for Elon Musk!

22. Photography

This kind of business deals more with skills than anything else. All you need is a good camera, good lights and a good laptop for editing.

I have this friend that is into photography and he told me that he uses stock photos that relate to his niche of photography to get customers and it is working well for him because he has the knowledge and skillset in photography. This business is very lucrative because a lot of people love taking pictures, be it for weddings, modeling a clothing or skin-care line, or anything else, photographers are needed so why not venture into this business and let it complete your happiness.

23. Egg Retailing/Supply

Eggs are so much in this country that you can start an egg business. a crate of an egg is going for 2 thousand naira, so if you are starting an egg business with 100 thousand naira, you will be purchasing at least 40 crates of eggs, if not more and if you are selling, you can add your profit on it.

This business is very lucrative although it may seem weird. It is a profitable business to start with good capital and then watch it flourish over time.

24. Sales of Original Honey

You have to source original honey before you can start this kind of business. Honey is used very essentially by us humans because we use this honey for literally anything, things like hair, skin, small ailments amongst others. So why not start with a sum of 100 thousand naira and see where this business takes you.

This business is low-key to a profitable business you can start with 100 thousand naira in Nigeria, the returns and journey will be sweet, as your product!

25. Cement Sales Distribution

You may be thinking that this is a ridiculous business to start with 100 thousand naira, but this business is very profitable, sys one of my friends is into this business and sells at least 100 bags of cement in a week.

A bag of cement depending on the company manufacturer varies but its around the price range of 3000-5000 naira per bag, and this is good because you can start with 100 thousand naira and pitch your business in locations where a lot of building and construction are done and then, you are good to go on making enough profits.


There are a million businesses to start with 100k in northern Nigeria and these businesses are all set out to be profitable and successful by default setting it all depends on how you handle your business.

Businesses generally need to be treated like babies; they always need the attention and therefore need extra hands and equipment. If you’re looking to start a business with 100 thousand naira, look for your niche because there are a lot of businesses to venture into in Nigeria.


Are there a lot of businesses to start with 100 thousand Naira?

Yes, there are a lot of businesses to start with 100 thousand naira in Nigeria.

What business can I start with 100 thousand Naira?

You can start businesses like painting business, drawing business, photography, cement business, food business, among others.

What can I invest my 100 thousand Naira in?

Phone charging business, food vendor business, palm oil retailing, car business amongst others.

Differences between Business and Entrepreneurship

Differences between Business and Entrepreneurship

There will always be a debate on the differences between business and entrepreneurship, except we research and grasp knowledge on these 2 concepts. Business in its light is broad and so is Entrepreneurship.

I’ve written articles on business and entrepreneurship simultaneously and I like most have used these concepts interchangeably failing to acknowledge that they have their differences and similarities. But most of us have only been able to acknowledge these similarities and not the differences between business and entrepreneurship.

Let’s now take a look at the differences between business and entrepreneurship, but before that let us answer these 2 relevant questions…

What Is Business?

To most, a business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies, sole proprietorships, corporations, and partnerships… says a website called oblerg.

What Is Entrepreneurship?

Entrepreneurship is all about building a life on your terms without any bosses. It is the act of creating a business or business while building and scaling it to generate a profit. It is what people do to take their careers and dreams into their hands and lead them in the direction they want.

Now that you must have gotten a glimpse of knowledge through the definition of business and entrepreneurship you will see that while there are similarities, there are differences, and more of these differences between business and entrepreneurship can be…

Differences between Business and Entrepreneurship

It can be quite difficult to put out the differences between business and entrepreneurship but as I said, these are concepts that I’ve used interchangeably without acknowledging their differences. Now that I do know some of the differences, I would like to share my opinion with you…

1. Business Is Analytical, While Entrepreneurship Is All About Possibilities

Business is more of an ‘analytical thinker’ while entrepreneurship is more of a ‘possibility thinker’. This means that a businessman’s main focus is on making a profit while an entrepreneur’s main focus is on generating new value.

Let me break it down with an example, a businessman is different from an entrepreneur. Entrepreneurs are people like Jeff Bezos, Elon Musk, Oprah Winfrey, Dangote, etc, these are entrepreneurs who look for the possibility of anarchy. They are trying to solve issues by generating value for what they do. Take for instance Oprah Winfrey, she has her studio and she uses this studio to interview celebrities and get their ideas on issues around the world and also on issues where these celebrities have been misunderstood. What she does creates value because most people would never have thought of this idea which she is using to her benefit. That’s why I said entrepreneurs generate value in what they do.

Then, businessmen are those people who invest in things like the stock exchange market, cryptocurrency, and already existing successful businesses. their main aim is to invest in businesses that will give them maximum profit. These people never look at the losses, their goal is to make money and more money, and more money. That’s why they are more analytical because they believe more in the laws of economics than that of the human mind.

2. A Business Is an Existing Model While Entrepreneurship Is Not

Businessmen invest energy, resources, and time to run the business because it is existing. On the other hand, an entrepreneur is someone who invests energy, resources, and time to build a model that is original and has been founded from scratch.

Entrepreneurs find it hard to be accepted in society because there is the notion that they are all out to be Ponzi schemes and lies. Most times entrepreneurship is all about breaking barriers to be original and unique. If you notice, most entrepreneurs are unique and are different, even though they are all operating in the same industry.

On the other hand, businesses are existing and are known by the masses so it makes it easier to operate because it is existing and doesn’t need much to be valid because it is well known in society.

3. Entrepreneurship Is Centered On Risk-Taking, While Business Is Not

If there is any individual that loves to take risks when it comes to profit, it’s entrepreneurs. Entrepreneurs love to find out new things, new ways to get things done. They love breaking barriers and reaching new heights. But that can’t be said of a business individual.

Businessmen and women prefer to play it safe, they don’t want to see their pockets go lower than it already is, so they will keep doing the same thing as long as it keeps giving them the same positive results.

4. Business Works On Profit, While Entrepreneurship Works On Passion

I know I’ve written on business making profit its driving force numerous times but it is a fact and it is also a difference between business and entrepreneurship. Businesses and investments like stock exchanges, Cryptocurrency, Casinos, Betting sites are all established for profit-making, if you check out these businesses don’t satisfy or solve a problem, instead they reach the innermost desires of a man, to make money. But entrepreneurship has a different approach.

Entrepreneurship is built on passion; it makes a business and stands by it even when things are not going well. Nicole Faith, founder of 10 Carat Creations breaks entrepreneurship down by saying

“Being an entrepreneur means having a plan and vision but still succeeding or trying to succeed when the plan falls apart and you are left with only your vision. It also means knowing when to give up, especially if your idea isn’t working due to forces outside of yourself”

With this beautiful quote, you get to see that entrepreneurship deals with passion, but it also deals with fortitude, persevering when things are tough. Great entrepreneurs today started with passion, but perseverance kept them going.

5. Entrepreneurship Solves Problems, While Business Creates Problems

Im sure you will be wondering why I wrote what I wrote, but if you check out the statistics, you will see that what im saying is not entirely wrong. I will always emphasize the fact that business is aimed at profit and when a business is aimed at making money and more money, it loses out on the bigger picture, and what is the bigger picture? Giving value to what you are doing. A lot of businesspeople can explain what they do analytically but its never from the heart and they also do not know what happens to their products when things are going wrong, because all they think about is making profits and looking at the better days.

Founder and CEO of NeuroFlow, Christopher Molaro says,

“Entrepreneurship means being the one that is willing to take a leap, work hard enough to sacrifice everything else around you, all in the name of solving problems because no one else is capable or possesses the desire”

Reading this quote, you will see that entrepreneurship also aims to solve problems and do things most human beings will never think possible. For instance, take a look at Michael Jordan, he owns a footwear company called Jordans, when he started this business in the 1980s, a lot of comments were passed around that how will a black man own footwear, it just wasn’t possible, but he did it and today his footwear company is worth billions and he also owns his basketball team. He started the footwear company solely for basketballers, for these basketballers to have shoes that fit their ability to run and jump on the basketball court.


Reading this literature, you may be thinking that entrepreneurship isn’t all that bad after all, but you should know that entrepreneurship is also hard, very hard. You will also see that business in its light can be very beautiful.

There will always be arguments on business and entrepreneurship, which is better, their similarities, differences, and so on. You may not agree with most or maybe all the points listed above, and it’s fine. You can use this literature to find out more differences between business and entrepreneurship for your understanding.


Can entrepreneurs be businessmen?

Yes, entrepreneurs can be businessmen, some if not most entrepreneurs are also businessmen. They invest in other businesses to make extra profit.

What is the difference between entrepreneurs and business tycoons?

A business tycoon is an entrepreneur, a serial entrepreneur, and an investor. An entrepreneur is in a lot of cases the boss of himself or leading a person in a company.

What is an example of an entrepreneur?

An entrepreneur is a person who starts a new business and usually risks his own money to start the venture. Examples are Bill Gates, Steve Jobs, and Pierre Omidyar.

What is the meaning of a business tycoon?

A business person is someone with exceptional wealth, power, and influence.

Don’t Start A Business if You Don’t Understand These Risks

Don’t Start A Business if You Don’t Understand These Risks

Do you want to start your own business? If you have the entrepreneurial spirit, you most likely have some huge ideas about how you want your company to run and the vision you have of it in the foreseeable future. While there is a balance between being practical and pursuing ambitious ambitions, most entrepreneurs will tell you that in order to see your business take off, you must be willing to dream big and take tremendous risks. This does imply that you will fail at times, but failing is an unavoidable aspect of being an entrepreneur.

Starting a business is a gamble, no matter how well you plan and prepare. To be honest, it’s a combination of risks. Will your money last long enough for you to make a profit? Are your personnel up to the task? Is it possible for you to compete in the market? You can reduce danger, but you can’t totally eliminate it.

In this article, we will be highlighting the major risks of starting a new business that a lot of entrepreneurs overlook.

So, let’s look at the risks of starting a new business.

What are the Risks of Starting a New Business?

Starting a business from the ground up is no simple task, and entrepreneurs are well aware that they must make sacrifices in order to thrive. Building a business takes a lot of time, work, and forethought. Many of the usual mistakes made by new leaders may be avoided with good research and rigorous study.

However, if you have little to no experience, you may not be completely aware of all the dangers and obligations you should be aware of before committing to business ownership. Be sure to use this article as a guide to enable you to set up your new business as smoothly as possible.

8 Risk of Starting a New Business

1. Ignoring Minor Details

One of the major risks of starting a new business is the tendency to overlook the small details. When launching a business, it’s sometimes necessary to anticipate mistakes in implementation. Some leaders are so preoccupied with the broad picture that they ignore important nuances. This might lead to serious issues.

Delegating responsibilities to your peers is a wonderful strategy to reduce such a risk. It’ll be simpler to pay attention to detail and avoid mistakes that might lead to greater difficulties down the road.

2. Environmental, Political, and Economic Risk

This is another major risk of starting a new business. Some factors are beyond the control of a strong business strategy or adequate insurance coverage. Companies and new entrepreneurs may encounter some uncontrollable dangers such as wars, and recessions. Although an underdeveloped nation may have a large market for a product, these countries might be unstable and risky, or logistics, tax rates, or tariffs can make commerce difficult depending on the political atmosphere at any given moment.

Furthermore, certain company sectors have a history of high failure rates, making it harder for entrepreneurs in these industries to obtain investors. Food service, retail, and consultancy are among these industries.

3. Market Risk

The market for a product or service can be influenced by a variety of things. The economy’s ups and downs, as well as new market trends, put new enterprises in danger, because one product may be hot one year but not the next. When the economy is bad, individuals are less likely to acquire luxury items or non-essentials.

A rival may take market share if they introduce a similar product at a cheaper price. Entrepreneurs should do a market study to evaluate market conditions, product or service demand, and consumer behavior.

4. Inventory Over­-Commitment

When you have more things than you can sell, it’s difficult to grow a business. Instead, work on developing more lean production procedures that will allow you to meet demand as it arises. If market conditions or consumer preferences change, you’ll be able to pivot to alternative items as needed.

The capacity to manufacture in smaller numbers helps with cash flow and allows you to invest more in research and development, marketing, and other areas of your organization to keep it nimble.

5. Financial Risk

Another risk of starting a new business is the financial risk that could be incurred by the entrepreneur. An entrepreneur will require cash to start a firm, which might come in the form of investor loans, personal savings, or funds from relatives. The founder will have to “put their money where their mouth is.”

Within the broader business plan, each new firm should include a financial plan that shows income estimates, how much capital would be necessary to break even, and the projected return for investors in the first five years. Failure to plan correctly may result in the entrepreneur’s collapse, leaving investors with nothing.

6. Mental and Emotional Stress Risk

The financial dangers of launching a business are frequently discussed, but the mental and emotional commitment is rarely discussed. You’re devoting a significant amount of time, energy, and space to your company, which should not be overlooked. There’s no turning back once you’ve started. You must be on top of your business at all a time to guarantee that it is running smoothly and that your staff is prepared to lead it to success.

While running a business, it’s critical to check your mental health and ensure that you’re taking care of yourself at all times. Your health comes first.

7. Debt Risk

This is probably one of the deadliest risks in starting a new business. You might lose all of your money and wind up in serious debt. This isn’t a joke: many first-time businesses lose money and end up in a worse situation than they were before. If they have the opportunity, some people can borrow money from rich family members, but not everyone does.

You must cover all of your bases and prepare for a defeat. Diversify your assets and avoid going all-in on a new business. If you can, set up backup accounts, emergency funds, or credit lines on demand. If you’ve reached an agreement with a venture capitalist, have them ready to help. Take chances when your company requires them, but don’t go bankrupt doing so.

8. Fierce Competition

An entrepreneur should be aware of his or her rivals at all times. If there are no rivals at all, it might mean that the product isn’t in demand. The market may be saturated or the firm may struggle to compete if there are a few larger rivals.

Additionally, entrepreneurs with fresh ideas and developments should pursue patents to safeguard their intellectual property from the competition.


This brings us to the end of our list of 8 risks of starting a new business. Don’t allow the dangers to deter you from pursuing your dreams. To keep the dream alive, try to foresee potential problems and have contingency measures in place to cope with them. Consider how you’ll handle it if a consumer takes an unreasonable amount of time to pay.

Will you be able to discover other providers if costs rise? Have you purchased enough insurance to protect yourself against some of the potential disasters? Despite the risks, successful entrepreneurs understand that they can’t succeed if they don’t take action.


What are some of the risks of starting a new business?

Risk of being indebted, mental stress, market risk, competition, environmental risks

What questions should I ask when starting a business?

In the industry, who are my main competitors?

What Is the Market’s Reaction to This Sector?

What sets my solution apart from that of my competitors?

Who is the ideal customer for me?

How Will I Promote My Company?

Will My Business Have a Soft or Hard Launch?

Is it possible to completely eliminate risks before starting a business?

No. it is in fact impossible, although, it is very possible to minimize risks.

What are some factors for me to consider before starting up my own business?

  • Assess Your Skills.
  • Check for Resource Availability.
  • Prepare a financial plan.
  • Prepare yourself to fail.

You might also like: How to get paid to read books online

Metadata: Starting a business is a gamble, no matter how well you plan and prepare. To be honest, it’s a combination of risks. Will your money last long enough for you to make a profit?

15 Facts About Dangote Every Businessman Should know

15 Facts About Dangote Every Businessman Should know

The name or brand “Dangote” doesn’t sound foreign to you, if it does then you are not a true Nigerian. I could even push further and say not a true African. But I wouldn’t, let’s stop in my country. Recognizing his name and the facts about Dangote means he is doing something right in the business world, hence, someone with his kind of experience with business has a few things about himself and his business that could inspire every businessman. Recently, I wrote about quotes from Dangote that are nugget worthy and will motivate you. In this article, I’ll share with you facts about Dangote and 15 things about him every businessman should know.

Who is Aliko Dangote?

Aliko Dangote is a 64years old business magnate and the richest man in Africa. He is the founder and CEO of the Dangote Group. He was born in Kano, Nigeria and his education was mostly in Egypt, Cairo.

Dangote comes from a well-known business inclined family, he is the grandson of Alhaji Alhassan Dantata; he was the richest person in Africa at the time he was alive. He ventured into business at the age of 21. Aliko Dangote owns the second-largest sugar refinery in the whole world, the largest cement factory in the world (again), one of the largest flour mills in the world, and the number two largest fertilizer plant in the world.

According to Forbes, Dangote is worth $14 billion and has maintained topping the list of the richest men in Africa for more than 10 years.

Dangote is a quintessential and successful businessman and a philanthropist.

next, I’ll be sharing with you the things every businessman should know about him. They will be factual as I will be adding his words to each point.

Things Every Businessman Should Know About Dangote

There are people who think that because Dangote is from a rich successful business family, he is privileged, and not every business owner can learn from him. This notion is understandable but stay with me, the things I’ll be sharing with you will probably change that notion.

Regardless of your money status or how long you’ve been a business person, there’s something you can adopt into your business from knowing these facts about Dangote.

1. Dangote Understands the Need for Passion

Here’s what he said during an interview with Bloomberg when he was asked to share a business hack.

We had already studied doing 300,000 barrels a day back in 2005. At that time I couldn’t even fathom a larger refinery. I had no financial capacity. Then in about 2010, we paid all Dangote Group’s debts, which amounted to $2 billion…We don’t want to listen to the critics, because their intention is to destroy us. We are using our own money. This is my lifetime project. I have to back it up with my own life to make sure it is delivered.

There is no way you can have a population of 320 million in West Africa and no self-sufficiency. So the first thing to do is food security. We have land, we have water, we have the climate—we shouldn’t be a massive importer of food. With modern farming, you can get 8 to 10 tons per hectare. I believe Dangote Group is in the right position to drive this trajectory.

This statement oozes passion from every angle. He had a huge amount of debt to pay but his passion for what he does as a business kept him going. Among many other things, It takes passion to keep at a business, especially failure to some extent looms.

Also, I believe that before a business, there’s a person behind it, and there’s a passion driving the business in the person. Do you get it?

2. Dangote is Hungry for Success and Confident While at it

In the interview he had with Bloomberg, he said a lot of inspiring things and I’ll point out one of them again.

Beginning in 2020 our major investment will be in the U.S. and Europe… Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance.

Let’s say that by 2025, I’m looking at [putting in] between $20 billion and $50 billion [in Europe or the U.S].

Our business strategy has always been like that, yes. We don’t want to be No. 2 in anything that we do. We want to be No. 1. Worst case, we can be No. 2 but targeted to become No. 1

Put in mind, this was a well-successful man already.  Everyone knew how successful he was but, he was hungry for more success and it kept him on his toes to do more, be more, and have more.

3. Provide Valuable Goods and Services

When Dangote was asked why he chose to be involved with cement. His reply would shock you;

I think actually what I figured out was looking at the entire African continent, especially sub-Saharan, and saying, “What do we actually produce?” What I learned is that the majority of African countries imported cement. The better way, I thought, would be to empower Africa – to meet our own infrastructural needs so that we could be more self-sufficient.

Personally, I think this is where business owners get it wrong. They provide a service that is not a solution. Dangote realized a sector that was lacking and built a business up from there. Dear business owner, before venturing into a business, make sure to find what solution it will provide.

4. Dangote is Thoughtful

There’s a trend that goes on around business owners which is taking up an interest in selling what is trendy and popular.  Dangote thinks otherwise and he did differently. Here’s what he said:

The majority of people here made their money through oil. But Dangote has never ever dealt in oil, which is to prove that you don’t have to be in oil. In Nigeria, oil has really damaged our thinking. Everyone is thinking about oil, oil, oil. And we are one company that has made a success without doing that.

Business owners, you do not have to follow the trend of what other business people do. Look carefully, there’s something else to be done. Think deeply, relating to the previous point, there is a solution that people need, you just have to find it.

5. Dangote Is Bold and Daring

There’s a saying that, “only a bold man makes the bold moves”. Before a business gets successful, an entrepreneur must have taken a move that was out of their comfort zone. Can you think of yourself as being bold? No? A business person should be able to do this and this is one of the facts about Dangote that I find really inspiring as someone that is interested in business.

We make a lot of bold moves, which other people find really difficult to take. We always dream very big, and we’re committed to investing in Africa… the only way to move Africa forward is for people like us to take very bold moves. I never worry about being too bold. In business it’s good to be aggressive, but with a human face.

The above statement is what Dangote said in a recent interview.

6. Dangote is Consistent

What makes a business known for the value it has to offer is the consistency in the running of the business.

Dangote says:

To hold on to consistency, find ways to remove hitches that come with entrepreneurship.

7. Dangote Appreciates People and Hire the Smart Ones

I always make sure I hire people smarter than me.

A business only thrives when there are various heads with different brilliant task execution. Dangote is aware of this so he hires smarter people, that way, things get done with the help of these people’s brains.

8. Dangote Wants to Make People Happy

He said:

My grandfather once told me the soul of business is not making money, it is making people happy and I have held on to it

9. Dangote Embraces Competition

Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.

He sees competition as an opportunity to be better and do better.

10. Dangote Is a Big Dreamer but Knows the Importance of Starting Small

To build a successful business, you must start small and dream big

Any business has its early beginning which is definitely small. He encourages starting small with the hope that it gets big and better.

11. Dangote Makes Tough Decisions to Keep His Company Afloat

If I had challenges in my company, I would not hesitate to sell assets to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organization.

He is aware and knows when certain risks should be taken.

12. Dangote is Patient

You could easily tell that hard work and perseverance go hand in hand with patience. We often hear people say patience is worth it, yet we don’t practice it. I did and look how well it worked out for me.

Dear business owner, be patient. It takes time to build anything.

13. Dangote Makes Adequate Research About Business

The most dangerous thing for an entrepreneur to do is to actually go into a business that he does not understand fully.

Do not, I repeat, do not venture when you don’t understand. This is one of the facts about Dangote that I find admirable. Every business owner should do this

14. Dangote Started to Build With Ambition

If you don’t have ambition, you shouldn’t be alive.

Ambition is basically what you want from life. Dangote chose the business part and he followed through with it.

15. Dangote Knows When to Sleep

I cannot stress this enough, it’s okay to be passionate about your business but know when to sleep. Know when to rest and build the body. Dangote says:

Exercise is better than any medicine I can take; exercise and sleep.

Don’t wait until you fall sick, If the richest man in Africa prioritizes exercise and sleep, who are you not to?


Every single point and fact about Dangote in business can increase your process as a business owner, you just have to take what you need and make use of it.

While you are here, this is the best time to read the effective qualities every entrepreneur should have.

I wish you a successful business. Cheers to your growth!


What is Dangote slogan?

“Building prosperity and self-sufficiency.”

What is Dangote full name?

Alhaji Aliko Dangote

How much does Dangote make in a day?

Dangote makes around 15 million a day

What is Dangote’s position in the world?

He is the richest man in the continent of Africa for 1, 2, 3…11th year. Yes, you are seeing right.

What type of company is Dangote?

Dangote is a Nigerian multinational industrial conglomerate and its position is the largest corporation in West Africa and also one of the largest in Africa.

What has Dangote done for Nigeria?

The list is quite lengthy but the most notable and world-recognized one is this; In the year 2021, Dangote (Cement sector) moved to erect the biggest cement plant in Africa in Southwest Nigeria. With this, It made Nigeria a cement exporting country.

Who gave Dangote money to start business?

His uncle; Sanusi Abdulkadir Dantata gave Dangote money to start business. Dangote was the one that actually requested the loan.

10 Valuable Tips on Starting a Successful Business

10 Valuable Tips on Starting a Successful Business

The feeling that the challenge of starting a successful business is too big is a primary obstacle many entrepreneurs see blocking their road to financial independence. Part of the reason why businesses fail these days is that most entrepreneurs do not know the tips for growing a successful business.

I don’t have my business to my name, but I have learned new skills, generated networks, and other essential things that accompanied my growth in business. These lessons made me affiliate to some businesses and I can say that I have worked with entrepreneurs who saw it fit to help give tips on growing a successful business and most are successful, so why not take their advice?

Starting a business feels more manageable to entrepreneurs when you follow a straightforward, step-by-step process. Here are valuable tips on growing a successful business.

Valuable Tips on Starting a Successful Business

1. Don’t Make Money Your Main Goal

Don’t get me wrong, money is a goal in every business, but it should not be the golden goal in a business because if it is, you stand to lose everything, even your startup capital.

There are a lot of Ponzi schemes on the internet that most people have fallen and still fall into, including me. Before I started writing and selling cars, I got scammed through this invest little and get a million naira within 2 days. I mean, anyone reading this would know it is not possible, but because I put money first, I lost all my money. The sad part is that young entrepreneurs fall into scams like this. All the content that claims to help you make money is just another deep hole dug by a creator who is looking to use you as bait.

After I got scammed, the first lesson I learned was that to make money, you need to provide value to a business or person. You can use YouTube to learn new skills instead of watching quick money cash.

The point here is, to grow a successful business, you should not make money the main goal, all businesses lose money every time, just brace yourself for the loss and also the profits.

2. Make a Plan and Set Goals

Goals are the fuel that keeps your ambitions running. Without goals and plans, it is like you are on a journey to an unknown destination without a map. Goals and plans are maps especially when it comes to business, for good guidance and direction.

If there is one thing most successful entrepreneurs have mastered in growing a successful business, it is how to set goals and then follow through on achieving those goals until they have reached their destination. A business plan is a road map every entrepreneur needs, to get the desired goal.

 If you are looking for a way to grow a successful business, then have a plan, work towards achieving it, and set goals towards your success.

3. Get Your First Customer

The mistakes most young entrepreneurs do is that they target hard customers and also offer free services. I mean, you can’t offer free services when you don’t even have anything to back it up with. I for one have tried targeting hard customers, especially celebrities on social media to buy cars and I will tell you, they will NEVER answer you. Go for customers who are on your level and want to buy your product.

Your first customer should be businesses or individuals who intensively have the problem you are solving. They are ready to pay and work with startups. You can start your journey by creating a social media account on Instagram for instance, that way you would be pitching your business to investors, and customers by posting about solving your problem. By doing this, you can also get your target audience.

4. Fuel Your Vision with Perseverance

A scene in the famous series, Game Of Throne, where Stannis Baratheon was being advised about the lack of wisdom in starting a battle in the snow. He responded…

“We march to victory or we march to defeat, but we go forward, only forward”.

Sometimes, when things get tough on your path as an entrepreneur, you have to commit yourself to move forward, regardless of the discomfort and fear surrounding the next steps. By doing this as an entrepreneur, you are also growing your business!

5. Understand the Rewards and Risks

Most young entrepreneurs just start up their businesses with the sole aim of getting rich on time and living their best life without taking into account risks and rewards. I mean nothing comes easy without making sacrifices to get the desired goal. These are small business tips entrepreneurs looking to grow a successful business should follow.

The key to being successful is taking calculated risks, to help your business grow.

6. Be Dedicated

I have this friend of mine who has a business in the automobile industry, he sells and buys most brands of cars and also imports and exports cars. He is a car guy and he is doing exceptionally well if I do say so myself. He told me, on his journey as an entrepreneur, what helped him were 4 main virtues which are: Dedication, Discipline, Applicable Wisdom, and a Strong Mindset knowing that whatever you put your mind to will yield positive results.

Just knowing about this, you get to see that motivation alone does not always get you where you want to be as an entrepreneur, most times its dedication, discipline, applicable wisdom, and a strong mindset that gets you far as an entrepreneur and also helps you grow a successful business.

7. Be Consistent

Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This creates long-term positive habits.

Consistency is a very strong virtue and value that every entrepreneur needs to grow a successful business. If you want to get good at something, you have to keep doing the best thing to yield good results. I mean, no successful entrepreneur will tell you they had it easy on their journey to success. You have to be consistent, make new habits and just keep going no matter what for you to grow a successful business.

8. By Creating Your Brand Personality

Most of my friends usually tell me that they can’t compete with large-scale businesses that have gone far or even successful businesses. I just go ahead to tell them that they can compete with large-scale enterprises by just being themselves.

What I have learned with customers is that they want people and businesses they can connect with on all levels in business. Your values, authenticity, and vision are what separate you from other businesses. Build your brand name by putting more “you” into your business. Just be yourself!

9. Put Your Employees First

A lot of young entrepreneurs don’t know how to work as a team and this causes their business to crash on time. If you can’t handle your teammates, then how do you expect to treat your customers? If you treat your employees with disrespect then be rest assured they will run your business to the ground.

You have to learn to work with the people under you, to gain their trust, you have to learn to take criticisms as a lesson to learn and areas to amend rather than insults. Also, you have to be flexible with your employees and your business, that is being humble and calculated. Doing this will help your business grow successfully.

10. Be Good at What You Do

As we grow up in life, we have to know what we are good at and where we fit in, if you don’t fit in, then you have to find your path.

The same thing applies to growing a successful business. A tip for growing a successful business is finding your path, by looking for your niche, you will be solving problems and growing a successful business. Looking at successful entrepreneurs, you will find that there are all doing what they are good at and are excelling in it, for instance, Elon Musk in the automobile industry, Bill Gates in the technology industry, Michael Jordan in the footwear industry, amongst others. These were people who found their niche and used it to solve problems.


Entrepreneurship is not easy in its light, but there are ways to grow a successful business. You have to be consistent in whatever you are doing to be on top.

Entrepreneurs need to know that starting and maintaining a business is not as easy as most people paint it to be, you have to be strong both mentally and emotionally to handle whatever is thrown at you during your journey to being a successful entrepreneur.

But the best thing to know is that once you have gotten an understanding of tips for growing a business, everything else becomes easy to handle.


What are the tips to grow a successful business?

Some tips on growing a successful business are, getting organized, being creative, staying focused, and providing great service.

What skills do you need to be successful in business?

Some entrepreneurial skills are, good leadership, financial management, networking, problem-solving, and time management.

Why is growth relevant to the success of a business?

It is crucial for the long-term survival of a business because it helps to acquire assets, attract new talent, and fund investments. It also drives business performance and profit.

How can I make my business grow?

You can make your business grow by knowing your competitors, identifying new opportunities, managing time, and solving problems.

How can i promote my business?

You can promote your business by, using social media, paying for advertisement, creating engaging content, getting involved in an online community.