Navigating Entrepreneurial Journey in Nigeria With ‘GROWTH’ Mindset

Small businesses are the lifeblood of Nigeria’s economy, driving growth, innovation, and job creation. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), SMEs account for about 96 per cent of all businesses in Nigeria and contribute 48 per cent to the national GDP. As a small business owner, you play a vital role in this landscape, and your efforts deserve recognition. Interestingly, the global pandemic has sparked a surge in entrepreneurial interest, as many Nigerians have turned to business ownership in search of new opportunities amid economic uncertainty. 

According to an Entrepreneur expert, Olanrewaju Babalola, the rise of technology has further fueled this entrepreneurial spirit, enabling aspiring business owners to launch new ventures with relative ease. However, this influx of entrepreneurs has intensified competition, creating a landscape where “survival of the fittest” is the norm. In such a scenario, it becomes imperative for entrepreneurs to adopt strategies that ensure not just survival but also sustainable growth. One key approach is cultivating a growth mindset—a perspective that prioritizes innovation, adaptability, and resilience.

To illustrate the essence of a growth mindset, I’ve developed an acronym—GROWTH—which encompasses the essential qualities that Nigerian entrepreneurs should embody: Grit, Resilience, Optimism, Wisdom, Teachability, and Humility.

Grit is about maintaining consistent efforts toward long-term goals, even in the face of adversity. Entrepreneurs must ask themselves whether they have defined long-term objectives and are taking actionable steps to achieve them. According to a report by SMEDAN in 2021, the entrepreneurial journey is fraught with challenges, from access to finance to infrastructural deficits. To cultivate grit, entrepreneurs should engage in self-reflection, set SMART goals, and develop a business plan outlining their desired outcomes. By focusing on sustained effort, entrepreneurs can position themselves to navigate challenges effectively.

Resilience is the ability to rebound from setbacks, a crucial trait for Nigerian entrepreneurs facing a landscape filled with uncertainties. The COVID-19 pandemic has underscored the importance of resilience, as many SMEs experienced significant disruptions. However, resilient entrepreneurs can view these setbacks as opportunities for growth. In 202, the World Bank highlights that businesses that adapt quickly are more likely to thrive in times of crisis. To build resilience, entrepreneurs should develop coping strategies, embrace mental toughness, and learn to reframe challenges as redirections rather than failures.

Optimism is the belief in positive outcomes, a critical attitude for entrepreneurs in Nigeria’s volatile business environment. Research indicates that optimistic entrepreneurs tend to achieve higher success rates because their positive outlook drives them to take calculated risks and persist through difficulties. In a country where many businesses face economic fluctuations, maintaining a hopeful perspective can significantly impact decision-making and problem-solving. Entrepreneurs should focus on what they can control and cultivate a mindset that believes in the possibility of achieving their goals.

Wisdom, defned as the ability to apply knowledge efectively, is crucial for navigating the complexities of entrepreneurship in Nigeria. It involves learning from experiences, both successes and failures. In a study conducted by the Central Bank of Nigeria, it was noted that many successful entrepreneurs actively seek mentorship and are open to learning from industry experts. By attending seminars and networking with other business owners, entrepreneurs can develop the insights necessary to make informed decisions and refne their strategies.

Teachability, or the willingness to learn from others, is essential in the fast-paced Nigerian market. Entrepreneurs should be eager to receive feedback from customers and peers, viewing it as valuable information for improvement rather than criticism. Research shows that businesses willing to adapt based on feedback are more likely to succeed. In an era where constant learning and agility are essential for survival, having a teachable spirit allows entrepreneurs to pivot quickly and embrace new solutions.

Humility is not a sign of weakness but rather an acknowledgment that no one has all the answers. Fosteringa culture of humilityamong Nigeria entrepreneurswould encourage collaboration and knowledge sharing. Understanding that building a successful business often requires diverse perspectives can lead to more innovative solutions. A FATE Foundation report indicates that teams that embrace diversity and collaboration are often more resilient and capable of navigating challenges efectively.

To thrive in Nigeria’s entrepreneurial landscape, small business owners must embrace the principles of a growth mindset: Grit, Resilience, Optimism, Wisdom, Teachability, and Humility. The most successful entrepreneurs remain gritty in their pursuit of long-term goals, resilient in the face of challenges, optimistic about future possibilities, wise in their decision-making, teachable in their approach to learning, and humble enough to collaborate and grow.In a country where entrepreneurship is vital for economic growth and development, adopting a growth mindset is not just benefcial; it is essential for survival and success

Olanrewaju Babalola is an entrepreneurial consultant and innovation enthusiast with a strong academic background in Entrepreneurship (BS) from the Federal University of Agriculture, Abeokuta as he currently pursues anMBA (Business Technology) from the University of Nebraska Omaha. He is passionate about helping small businesses, startups, and high-impact organizationstransition from surviving to thrivingby leveraging strategic consulting, technology integration, andhuman-centered approaches. Olanrewaju currently works part-timeas a SBDC Business Consultantwith the Nebraska Business Development Center. He holds certifcations in business analysis and entrepreneurial-led economic development