Becoming an entrepreneur in Cameroon can be a big and life-changing decision, primarily if you are used to getting paid every month.
As an entrepreneur, you become the one making money and paying people who work with you. But becoming an entrepreneur is not difficult. In this step-by-step guide, you will learn how to become an entrepreneur in Cameroon.
Entrepreneurs are the backbone of any country. They constitute the highest employers of labor of any country. In Cameroon, entrepreneurs employ more people than the government. They keep the economy alive and going.
If you decide to become an entrepreneur, you will be playing a significant role in shaping the Cameroonian and global economy.
Who is an Entrepreneur?
An Entrepreneur can be involved in many companies (entrepreneurship). An entrepreneur is an individual who starts a business, putting in finance and commitment to make a profit. Usually, an entrepreneur begins by launching a small business and building it up.
So the whole idea of being an entrepreneur is to be self-sufficient by running your own business. If you are already running your own business, you are an entrepreneur.
Entrepreneurs are vital. They are the oxygen of the economy. Almost every business and private company in Cameroon is started by entrepreneurs. Entrepreneurs are behind it all, from the small boutique or business center on the streets to the big companies we all know.
Kadji Beer, Alphabeta records, Facebook, Instagram, even the smartphone and computers you use were all started by entrepreneurs. Like them, you too can become a successful entrepreneur and make a massive impact.
Why should you become an entrepreneur in Cameroon?
There are many reasons why you should consider becoming an entrepreneur:
Unemployment
One of the biggest reasons to become an entrepreneur in Cameroon is unemployment. The unemployment rate is high. There are so many qualified Cameroonians without jobs. Even the jobs that come along offer small payments. Why sit at home doing nothing when you can become an entrepreneur?
To be your own boss
If you do not like the idea of waking up at 5 am to prepare for work and returning at 9 pm. The better option might just be to become an entrepreneur. You get to be your own boss and take your destiny into your hands.
To become successful and wealthy.
While you can become successful and wealthy working for big companies, your progress is limited and determined by the people. They decide when to promote and increase your pay no matter how hard you work.
But as an entrepreneur, you are in control. The money you make is mostly yours. The wealthiest people in the world are not employees but entrepreneurs. From Jeff Bezos to Bill Gates, Warren Buffet, Mark Zuckerberg, and other, entrepreneurs.
Read Also: How to be rich in Cameroon (billionaire)?
To change the world
As an entrepreneur, you make an impact in the world. What entrepreneurs do is solve problems and create jobs. Entrepreneurship can be a tool if you would love to impact the world and create jobs.
To build your dreams.
You may have dreams and ideas that you have always wanted to pursue. Maybe no one else can see it as you do. The best way might just be to take a chance and build it!
If you need a little inspiration, you can look at the most successful entrepreneurs in Cameroon.
How to Become an Entrepreneur in Cameroon?
- Make up your mind to be an entrepreneur.
- Pick the right business. Follow these steps to become a successful entrepreneur in Cameroon:
- Research the business
- Get an education or mentoring on Entrepreneurship.
- Register the business
- Plan the business
- Identify your target audience
- Sort Your Finance
- Network
- Build your business gradually and grow.
- Market your business to become a successful entrepreneur in Cameroon.
1. Make up your mind to be an entrepreneur
Becoming an entrepreneur is a big step. The first thing you need to do is make up your mind to become an entrepreneur. For example, if you have a regular job, will you quit? Or will you be working and running your business as a side hustle until you can stop and focus on it? If you actually ponder how to become an entrepreneur in Cameroon, your mind is already pushing you.
Entrepreneurship, no matter how well planned, has an element of risk. Go through everything that could go right and wrong and determine if you are ready to become an entrepreneur. You are taking a chance.
2. Pick the suitable business
The next step is to decide what business you want to do. Entrepreneurship is large! There are so many businesses you can do. Don't just rush through; think and meditate through it.
Entrepreneurship can be time-consuming and slow to pick up, so you must go into a business you are passionate about or at least care about. Getting bored is not a good sign. Most times, love and hope drive entrepreneurs at an early time.
You are good at the business, and you know you will be successful.
Consider these points:
Solve a problem
The number one goal of starting a business or becoming an entrepreneur should be to solve a problem. When business is about problem-solving issues, then everything makes sense. For example, maybe people in your community travel far to buy Jeans. You can decide to save them the stress by selling jeans in your community. That way, you have to solve a problem.
Choose what you are good at
What is it you love doing? Do you love music? You can become a music entrepreneur. What do people compliment you about? Your food is fantastic? You can start a food business.
You can check out the most lucrative businesses in Cameroon and look at other business ideas for inspiration.
3. Research the business
Once you have decided on a business to start, research that business. It is imperative to get familiar with the company you want to create. Ask yourself questions and find answers. Where is the best place to start that sort of business?
For example, if you're going to start a boutique, are there other boutiques in your area? Are they succeeding and making sales? The people in your area do they prefer new clothes or second-hand clothes? Ask yourself the right questions.
Read: How to set up a business plan in Cameroon.
4. Get education or mentoring
At this point, you have to decide if you will need education or mentoring before you start. To be clear, you do not need to have a degree to be an entrepreneur. Jovi runs one of the biggest music labels in Cameroon but did not study music at the university. It all depends on what you want to do.
If you want to open up a law firm, you need to be a lawyer. That means you might need an education. But if you're going to be a software developer or programmer like Mark Zuckerberg of Facebook, you may not need a university degree, but you need to learn how to code. Study it. Which you can learn online from the comfort of your home.
In some cases, you might need mentoring. For example, if you want to go into importation, you may need to be close to someone ready to learn and master the process involved.
5 . Register the business
At this point, you are getting closer to starting your business. Now is the time to get it registered! You have to decide if you want a sole proprietorship or limited liability company.
You can always start with Sole proprietorship and upgrade to limited liability. But if you want to have an entire business with all the benefits of running a business, register a limited liability company. At this point, register your business. The small and medium-sized enterprises ministry is responsible for business registration in Cameroon.
6. Plan the business
At this point, you have to plan your business. A famous saying goes, "failing to plan is planning to fail. The person who fails to plan plans to fail." That can be true when starting a business. A lot of people ignore this, but it is not correct.
Write down a business plan. It might sound stressful, but a project does not need to be too long. It can be just a page or so! You should sit and plan your business, then stick by it.
A business plan will help investors understand your business if you decide to look for investors later. Your goal should lay down your business objectives and strategies. And more.
7. Identify your target audience
It is essential to know who your customers are. Let's be sincere; not everyone will buy your product or patronize your services. Yes, your close friends and family will patronize you, but who else will be apart from them?
Do not just fantasize in your head that everyone will buy your product; I wish it works that way but unfortunately not.
Who is the best group of people that will likely buy from you? Is it young people? Students? Working-class people? Family people? Mothers or fathers? These are things you should research and know. This will help you locate your business in the right place close to your target audience.
No matter how great your business is, if it is far away from your target audience, you may not make the best out of it as you should.
8. Sort Your Finance
To start a business, you need money. And chances are that you will be the only person funding your business, at least at the initial stage. So you must track your income and determine how much you will put into the business.
Financial discipline is critical. So get all your finances sorted. Stick to plan.
If you feel you will need additional support, you can try crowdfunding, angel investors, or looking into getting loans.
9. Network
Networking is vital for entrepreneurs who want to succeed. By networking, you open up the potential of meeting investors, clients, and growth opportunities.
Attend events related to your business. Use social media. Workshop or business seminars that relate to your business. Any place at all that you can find networking opportunities, walk into. Remember when you meet people, be nice, be generous, introduce yourself.
This way, you can build a network of supporters, partners, vendors, customers, and more that you can leverage to grow. Remember to keep records and follow up.
10. Build your business gradually and grow
Start building your business gradually. Do not expect that everything will immediately work out fine, and within two months, you are the next big thing in town. Growth is gradual. Win new customers, retain the old ones you have. Keep growing.
11. Market your business to become a successful entrepreneur in Cameroon
Marketing is the lifeline of your business. Marketing will make people aware of your business and bring people to your business.
According to your budget, market your business. You should be marketing your business constantly. Word of mouth. Posters. Make use of social media. Build a website. Blog about it.
As you have a bigger budget, explore bigger beneficial marketing opportunities.
Can Anyone Become an Entrepreneur?
Sure! Anyone can become an entrepreneur! All you need is willingness and know-how. This post explains how to become an entrepreneur in Cameroon; anyone can follow the steps.
Can I become rich as an entrepreneur?
Yes. The wealthiest people in Cameroon are entrepreneurs. If you learn how to become an entrepreneur in Cameroon, you can become rich.
Suggested: Challenges Faced by Entrepreneurs in Cameroon and Possible Solutions.