In the published result of a research on the happiest countries of the world some years ago, it is explained in part by the researchers that “happiness means having opportunities – to get an education or to be an entrepreneur”. The researchers wrote: “What’s more satisfying than having a big idea and turning it into a thriving business, knowing all the way that the harder you work, the more reward you can expect?” In the outcome of the research which has Norway, Denmark, Sweden, Australia, New Zealand, Canada, Finland, Netherlands, Switzerland and Ireland as the top ten happiest countries, the researchers noted that what contributed more to the state of the countries include being small in size. “Being small also seems to help. Big countries with heterogeneous populations are more unwieldy; disparate groups make it harder for a society to build social cohesion and trust.”
The gist I am picking for this page from the happiest country report is: how can a Nigerian business owner enjoy doing business or what can he or she further do to reap optimum rewards; i.e. working smarter for higher returns and better quality of living? Not a few Nigerian entrepreneurs have seen their business ideas being messed up because they chose inappropriate form of business to run with. The quest to own a business alone yet without adequate wherewithal to make it a success had made many businesses to wither few months after they are set up. A lot of the businesses that have spent years are daily gasping for breath. Wonderful business ideas with capacity to become multinationals and first class global brands are struggling to get foothold just because their promoters want to hold on to the businesses as sole owners. The end result is that they are proud owners of businesses that are fighting hard to survive.
No entrepreneur is happy if his or her business is not doing well. Failure of a business to perform as expected may launch its owner into sleepless nights and long hours of thinking and rethinking on what next to do to make the business perform better. Who would not want to be happy seeing his or her efforts yielding good fruits?
Rethink the business structure:
Ownership structure of a business is one challenge that most Nigerian entrepreneurs are finding so hard to really get right. These entrepreneurs have good intentions and they express it through the names of their businesses with words like ‘international’ or ‘global’, but the right attitudes and approaches to make these intentions become realities are lacking. The outcome is lack of happiness because the businesses’ performances are far lower than expectations.
You may have very bright business idea but you may not have the required resources to make the business idea realises its full potential. In this case, it will be a great disservice to the business if you choose to make it run within the confine of your own capacity as a solely-owned micro or a small business. If I may ask, which one is better: a hundred percent of a struggling business whose total annual performance is not up to one million naira profit or holding a ten percent of a bigger brand with capacity to do billions of naira in annual turnover and multi-million naira in profit? What makes business thrive exceedingly is the coming together of several strengths to seize available opportunities and operate on good economy of scale in such a way that even people who may not immediately need the product are aware of its existence.
What is in the ownership structure of a business that will not allow its promoter open it up for other people to participate in the business? My take is that pride and that unexplained ‘sense of satisfaction’ to see oneself as business owner is the hidden reason. The pride is brought about by the level of social exposure, level of intellectual capacity, and the desire to prove that one is economically better than the several millions around that are considered poorer. It is sheer demonstration of ego and false opinion of oneself. Yet someone who wants to prove to be above the next person is not anywhere near where he or she ought to be if he or she had allowed others to bring in their strengths to bear on his or her business idea.
If we look at some big global brands today, we still know their owners despite the fact that the businesses are opened to other people to participate in. The businesses were started anyhow but they didn’t remain anyhow. The difference is that these entrepreneurs and business promoters know what to do and how to do it. Because of the mindset these people operate with, they are making huge profit with less stress. Some other people are doing the thinking for them while they go on holiday enjoying themselves and looking younger every day.
So, why not you? You need to tackle the selfish and possessive tendency that may not allow you enjoy the best your business can offer you. Remember: at times, one percent ownership of a business is better than gleefully holding on to hundred percent of a worthless business.
Ola Emmanuel is a business planning and cooperative consultant
Follow The Eagle Online Channel on WhatsApp
