5 Important Lessons Today’s Entrepreneurs Should Learn From Nollywood
As an entrepreneur, you need to sit down and observe the Nigerian movie industry as there are vital lessons to learn from Nollywood. Since its inception in the early 90s, Nollywood has grown into a multi-million dollar industry and its success is well recognized on the global stage. If you are conversant with the Nigerian society, then it is no news that the country has been riddled with lots of negativities. From bad government to bad press, economic nosedive, corruption, it hasn’t been easy for thrive as an entrepreneur in Nigeria.
The striking thing is that right in the epicenter of all the aforementioned ills in the Nigerian system stands Nollywood, the country’s multi-million-dollar industry. This industry was built by determined entrepreneurs in a system without major cinema chains, funding, world-class film equipments, etc. The Nollywood scenario is evident that with the right mentality and drive, any entrepreneur including you can build a successful venture.
In this article, we shall be identifying those things you must learn from Nollywood in order to improve your chances at success. In 2015, Sahara Reporters released a report that Nollywood is the second biggest producer of films in the world. The industry was behind Bollywood but ahead of the United States Hollywood. This feat doesn’t come as fluke, so you as an entrepreneur should pay attention to learn from Nollywood.
5 Lessons You Should Learn From Nollywood
Be bold and keep it real
This is one of the vital and essential lessons today’s entrepreneurs should learn from Nollywood, the Nigerian movie industry. Alex Eyenho, former President of the Nollywood association of Core Producers when asked about the secret to the Nollywood success said the industry mirrors down and reflects the Nigerian social and cultural reality. The industry tells stories that the people can always identify with.
As an entrepreneur, whatever your business venture is, try to always keep it real and simple. Aside from being real about your venture as an entrepreneur especially in the Nigerian context, you must be bold enough to stick out your irrespective of the hostile environment.
Develop and build on your strengths
`In its developmental stages, Nollywood were riddled with lots of criticisms owing to the local and unsophisticated films released on daily basis. Without paying much of an attention to such criticisms, Nollywood had built on their strengths turning disadvantages into advantages. By building on their strengths, Nollywood was able to become Africa’s largest and most popular film industry. As an entrepreneur, you must make it a point of duty to know where your strength lies and do all you can to feed it.
The producers and directors in Nollywood were busy producing a lot of films in a matter of weeks without giving thought to preparing proposals to big corporations for funding. The good thing was that the consumers loved their content to the extent that most of the errors were completely overlooked. When theatrical exhibition was limited only to urban Africa, Nollywood keyed in and used video to connect with both the urban and rural dwellers.
The low access to foreign films was a beneficial factor that Nollywood used to their advantage during the build-up process. By so doing, Nollywood was able to make a great mark on the global stage in movie and film production. The upcoming generation of entrepreneurs must be ready to learn from Nollywood and turn problems into opportunities. Your ability to turn an impending problem into an advantage can be the difference between success and failure in your business.
Win in your customers mind
A very good lesson you as an entrepreneur should learn from Nollywood is to ensure to win where it matters the most. As an entrepreneur, you should focus on wining in the mind of your customers. Your market value is how you are perceived by your customers. You need to know that facts don’t always equal perception, so you need to know what is in the customer’s mind. In the early years of Nollywood, the graphics and output in general was so amateur when compared to the likes of Nollywood.
Most of the critics focused on that but quite a few Nigerians cared any less about the quality. Nollywood actually won in the mind of its customers, not minding the already established factson ground. Today, the actors and actresses of Nolywood are well known world over, and Jason Njoku’s irokotv has been dubbed the Netflix of Africa. Such feat can only occur when your customers appreciate the value you have created.
Always be remarkable
As an entrepreneur, you need to focus on being remarkable or in other words stand out from the pack. Entrepreneurial success is achieved when you are able to create a value that only your brand can offer. This particular rule is sacrosanct, irrespective of the startup you are into at the moment. By being remarkable, your brand will be easily noticed and remembered as well.
By selling their videos on VCDs, Nollywood producers were able connect with the average Nigerian’s local appeal for cinematic beauty. The appeal even spread throughout Africa without spending huge money on marketing.
Create a value that is profitable
As an entrepreneur, you must let it sink into your mind that no matter the quality of your product, if people can’t pay for it then you are not in business. You should build something that someone is will be willing and happy to pay for. Every billion-dollar entrepreneur out there started with a clear idea of how they were going to get paid for their efforts. Sometimes, it requires that you partner with someone that is more business oriented than you are.
It is important that you note that most startups go bankrupt within few years after inception mostly as a result of no roadmap on how to generate revenue. By being profitable, you will be able to attract investors and also build your business venture to greater heights.
You cannot succeed in any business venture without the right mindset. It is important for you to prepare your mind for failures and other unpredictable outcomes that comes with self-employment and entrepreneurship. As an entrepreneur, it is very vital that you build your business with purpose and specified direction.
These aforementioned lessons to learn from Nollywood as an entrepreneur are indispensable if you must succeed. So, commit them to mind and be guided in the course of your business venture.