Entrepreneurship is the creation or extraction of value. Physically disabled students can earn BBA or MBA degrees with the comfort of their home. You can learn the art of management without stepping in a classroom. All you need for earning an online business degree is a personal computer and internet connection. You need to be able to identify and contact potential clients for your insurance company. The survival of an insurance business depends on a smart advertising and marketing strategy. Hard-selling skills are the hallmark of a good insurance salesman. 1.) Strengths: In SWOT analysis, the letter ‘S’ stands for strength. As a young entrepreneur who is getting started you should analyze your strengths. What is it that will make you to be ahead of your competitors? How good are you in selling your business idea? Will you be persistence and focused during challenging times? Your strengths will help you to become a success entrepreneur.
The state of our infrastructure can be deemed to be a nightmare to both entrepreneurs and the rest of the country’s population. With the existing infrastructure deteriorating and in some places it is non-existent; the cost of doing business has tremendously gone up. The state of the country’s road network makes it hard for entrepreneurs in the agricultural sector to transport harvested produce from farms to processing factories. According to a report released by the World Bank, Nigeria’s pace of socioeconomic development and growth is way below what we can achieve. This is mostly because of the erratic supply of electricity which has negatively affected many businesses. The outcome of power problems has prompted entrepreneurs to generate power through expensive ways that have in turn increased their production costs and made their products uncompetitive due to high prices. Our government should put policies in place to perk up Nigeria’s infrastructure so as to promote successful business management.
LIC Bond is the document issued by the company when you purchase an insurance policy. Purchasing an insurance policy requires several steps, and the policy bond is furnished when LIC gives its approval after scrutiny of all the submitted documents. One other sensitive challenge that is encountered by majority of Nigerian entrepreneurs is multiple taxation. Although we have a responsibility of funding the government through paying taxes, most of the taxes charged on entrepreneurs are not lawful and have the effect of increasing the cost of doing business. Although Nigeria’s Companies Income Tax Act (CITA) has approved only 39 taxes and levies, there are over 500 various levies and taxes that are imposed by state and local government agents. These taxes are questionable and in the case where they are genuine, they are mostly duplicated and this has the effect of increasing the cost of doing business.