What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? - Business - Nairaland
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| What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 11:31am On Nov 09, 2012 |
In midst of present global economy melt down and several other economy flaws happening in Nigeria and beyond, as an entrepreneur trying to rise to fame like other successful entrepreneurs you look up to as role models, what has been the greatest challenge you have encountered so far in your entrepreneurial journey? To guide you, see below: - Access to funds for expansion? - Power/Electricity - Time factor? - High running cost, e.g. shop/office rent, utility bills, etc? - Low Sales/Poor patronage? - Government policies, e.g. the banning of Okada, demolition claimed illegally built shops, VAT, tax officers, etc? - Transportation? - Wrong location? etc....etc... Let's be factual, mature and business-minded and learn...thanks ahead  |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 11:09am On Nov 10, 2012 |
DailyNews: In midst of present global economy melt down and several other economy flaws happening in Nigeria and beyond, as an entrepreneur trying to rise to fame like other successful entrepreneurs you look up to as role models, what has been the greatest challenge you have encountered so far in your entrepreneurial journey? |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 11:30am On Nov 10, 2012 |
It's got to be power supply. Even when every other thing seems right, epileptic power supply kills more businesses in Nigeria today than any other thing. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 5:37pm On Nov 10, 2012 |
You are right, power has been a limiting factor to most entrepreneurs. If some document their annuual diesel/petrol cost, it may not be funny at all. Brand_new: It's got to be power supply. Even when every other thing seems right, epileptic power supply kills more businesses in Nigeria today than any other thing. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by doeeyed: 7:16pm On Nov 10, 2012 |
Power remain uppermost What about ....personnel  Getting suitably qualified and motivated personnel who don't need to be pushed to perform their duties and are not looking to run the business dry.. . |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Ucheosefoh(m): 7:17pm On Nov 10, 2012 |
DailyNews: In midst of present global economy melt down and several other economy flaws happening in Nigeria and beyond, as an entrepreneur trying to rise to fame like other successful entrepreneurs you look up to as role models, what has been the greatest challenge you have encountered so far in your entrepreneurial journey?as for me the challenges are all of the above becos in Nigeria every enterpreneur must encounter them b4 u achieve ur goals |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 7:18pm On Nov 10, 2012 |
DailyNews: You are right, power has been a limiting factor to most entrepreneurs. If some document their annuual diesel/petrol cost, it may not be funny at all.At least i know it killed mine. With all things being equal,ONE OF MY BUSINESSES WOULD STILL HAVE BEEN THRIVING IF NOT FOR EPILEPTIC POWER SUPPLY.  |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by OYINBOGOJU(m): 7:25pm On Nov 10, 2012 |
I went briefly into haulage biz. The challenges is not environment nor government policies. The main challenge is lies. Manager lie too much Driver has no single iota of truth in his blood. Everybody connected to that biz are lairs. I'm only an investor,but its a shame you can't trust anybody when it comes to money iissue. 2 Likes |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by alphaconde(m): 7:27pm On Nov 10, 2012 |
Nothing fuastrates me more than the come today come tomoro excuses some of these big men tell u when u want them to buy your products or listen or approve your proposals. Plus the long waiting in their offices. Sometimes u wait till almost closing hours only for them to tell you to come tomoro. Inshort I don't wanna cry cus of some encounter |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 7:32pm On Nov 10, 2012 |
Thieving staffs are also a problem especially with start ups. My dad went through a lot, most times he had to sort the accounts out himself despite having accountants. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 7:33pm On Nov 10, 2012 |
@doe eyed, you are so on point. I still remember angrily my first business venture in 2002 when I was in first year, it was a call centre or biz centre as we usually call it here. I just rushed into it, bought two phones- nokia 3310 and one tall philips handset, then got the booster cards, unbrella, chairs, etc...and cos of my studies, I had to hire a villager, a boy who just wrote waec and this guys murdered a biz I sank in 55k plus in less than 2 weeks, how? There was power outage in our area due to transformer issue, so it had to linger and meanwhile, the biz was thriving well and customers were flowing in like erosion, so battery became an issue. This guy came to me and told me that he wants to buy a spare battery but before then that he wants to go n charge the one he is using at a barbing saloon. Foolishly he plugged the two phones and after a few mins he left them at the barber shop to go eat without even informing the barber and this barbing saloon is a very busy one where almost all the good guys in campus hang around. He returned and the phone got missing and he ran to me crying brother brother, oga de don steal the phones o...he even told me that I should go call police so we can arrest the barber, I told him to go home and sleep. Friends suggested I subject him to manual labor while collecting his daily pay to realize my fund but I said nope and left everything with him- unbrella, chairs, etc cos I dnt want to be reminded of the biz at all. So I quite agree with u, personnel matters a lot in business. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 7:39pm On Nov 10, 2012 |
Friends! Buying ur goods and promising to pay 'tomorrow' Yet 'tomorrow' never comes! |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by warripekin(m): 7:40pm On Nov 10, 2012 |
My first business failed because of power supply or lack of it.Then I learnt a lesson which is invest in a business that is not directly dependent on power.I also had problems with our local banks raising loan for my next venture but fortunately for me, I discovered GTbank and foreign funding. My advice, focus more on businesses that depends less on power and build a good working relationship with your local bank. Find a good mentor. 2 Likes |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 7:42pm On Nov 10, 2012 |
We can't put away the fact that a lot of people ain't straight. Too many lies from business partners and shady deals also kills businesses a lot and unfortunately, Nigeria doesn't have a strong legal structure. It seems the first person to call the police wins. Even person wey dey owe you money fit call police to harass you for naija. I dey hail o! |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 7:44pm On Nov 10, 2012 |
Another challenge most Nigerian young entrepreneurs face is impatience and craze for white collar jobs! 3yrs after my first business failure, I had to try again, this time it was recharge card printing, and anytime I remember it, I feel like crying becos I was amongst the few Nigerians that started it even though I was only a young student, but I was so worried to own my own business and employ people. I went for the seminar/training during my I.T, meanwhile I was processing to do my I.T with PPMC Eleme PH then, so I coughed out the big money then to buy that small recharge card printing machine and then invested another 30k to load it with recharge card pins of- mtn. Glo, vmobile. But the moment some of my friends n coursemates I rapport with started calling to tell me where they were doing their I.Ts and how much they were being paid, I lost passion n patience in my recharge printing biz though it wasn't easy marketing it to people, convincing people to buy car printed on ordinary paper n not on d usual mtn, glo, etc papers, some accused me of hacking into mtn system others said it won't enter if they load it n refused to even try so I got pissed n went for I.T and dumped the machine n card with a relation who was also a student n he ran down the biz and that was its end. Anytime I see cards printed on paper n hear how much people make from it, I get angry cos I would have been a pioneer in it as I speak if I had waited and exercised patience n not just think of going for an I.T to get paid like others. People should plz learn from my ugly experience then. 1 Like |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 7:54pm On Nov 10, 2012 |
I still find it difficult to believe that banks in Nigeria can raise fund for startup entrepreneurs that have no business reputation yet, or can u enlighten the public more on how to go about it cos many may benefit from your knowledge, tnx warripekin: My first business failed because of power supply or lack of it.Then I learnt a lesson which is invest in a business that is not directly dependent on power.I also had problems with our local banks raising loan for my next venture but fortunately for me, I discovered GTbank and foreign funding. My advice, focus more on businesses that depends less on power and build a good working relationship with your local bank. Find a good mentor. 1 Like |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Fhemmmy: 7:55pm On Nov 10, 2012 |
Trust and to constantly watching your back . . . |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by warripekin(m): 8:05pm On Nov 10, 2012 |
DailyNews: I still find it difficult to believe that banks in Nigeria can raise fund for startup entrepreneurs that have no business reputation yet, or can u enlighten the public more on how to go about it cos many may benefit from your knowledge, tnxYou are right, Nigerian banks hardly will give you loan as a start up. But in my own case i built a relationship over time and besides i raised fifty percent of my equity for them to raise me a bank guranty (BG) that I used to attract funding from a foreign financier. 1 Like |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by acidtalk: 8:13pm On Nov 10, 2012 |
Real life testimonies of Nairalanders on their ups and downs as Entrepreneurs Entreprenuers What Has Kept You Going https://www.nairaland.com/987294/entrepreneurs-what-kept-going A Must read. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Fhemmmy: 8:16pm On Nov 10, 2012 |
warripekin: You are right, Nigerian banks hardly will give you loan as a start up. But in my own case i built a relationship over time and besides i raised fifty percent of my equity for them to raise me a bank guranty (BG) that I used to attract funding from a foreign financier. Is it true that the loan rate is ridiculous? |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by bigx(m): 8:19pm On Nov 10, 2012 |
Human resources - people - staff!!! Seriously what's wrong wit Nigerians? |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Fhemmmy: 8:21pm On Nov 10, 2012 |
bigx: Human resources - people - staff!!! Nothing is wrong with them, it is just our mentality - Everyone thinks they are owed |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 8:22pm On Nov 10, 2012 |
Oh I presumed! warripekin: You are right, Nigerian banks hardly will give you loan as a start up. But in my own case i built a relationship over time and besides i raised fifty percent of my equity for them to raise me a bank guranty (BG) that I used to attract funding from a foreign financier. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by warripekin(m): 8:30pm On Nov 10, 2012 |
Fhemmmy:Yes! interest rate from our local banks are incredibly high. I don't look up to them for loans. I source my financing mostly from Switz banks and from USA. but most financial institutions abroad will require you get them a local bank guaranty from the top 5 banks in Nigeria. The local banks charge only on the BG which is about .75% and is negotiable depending on the amount of BG you are raising. Most foreign financials will charge interest as low as 4% and one or two years moratorium and tenured for up wards of 5 years and above. But you must work with our local banks to progress. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by legalwealth(m): 8:39pm On Nov 10, 2012 |
Access to large capitals though I've been running things with the little that I've been making i.e re-investing large percentage of cash I'm making back into business. I stand to be corrected. Presegs Adesida CEO:PRESEGS Infotech GlobalBiz MultiConcepts |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Millyonaire(m): 8:49pm On Nov 10, 2012 |
 Imanuelle: Friends! Imanuelle: Friends! |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Nobody: 8:54pm On Nov 10, 2012 |
Millyonaire: Its really sad. Some friends u don't wish to loose because of money! |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by ayodeji1(m): 9:05pm On Nov 10, 2012 |
OYINBOGOJU: I went briefly into haulage biz.. This is so funny!but seriously,u sef go follow dem lie now.since its d only way 2 remain in business. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by PeeBee: 9:06pm On Nov 10, 2012 |
Patronage and some people's refusal to pay up for services rendered. |
| Re: What's The Greatest Challenge You've Encountered As A Rising Entrepreneur? by Fhemmmy: 9:07pm On Nov 10, 2012 |
PeeBee: Patronage and some people's refusal to pay up for services rendered. On patronage, you will ave to do something to attract the clients . . . |
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