Hey guys,

So with my experience, I've noticed there are some standard business rules some global and some Nigerian specific. For those of you out there business owners or not, please add as much as you can to this thread - I later want to compile for future reference.

All points can be debated but please also add ideas!

- Hire based on intuition, work experience is completely unreliable
- Deadlines should be doubled
- You need an office!
- Think tomorrow, and not today, grow and don't end up being another start-up

hows doing business in nigeria?

you relocated already

Topic

You have to be extremely patient

It's a challenge I tell you. Another point I'd add is "once you have doubts over a staff, let them go", "an infection untamed always leads to total decay". We're now selling one of the businesses. It's hard to do business in Nigeria and keep your integrity. I couldn't ever bring myself to ridiculously marking up products and so this (in addition to my staff using my store to sell stolen products) led to the downfall of my business.

Another story for my kids. For now I'll stick to service industry businesses.

qleyo:

It's a challenge I tell you. Another point I'd add is "once you have doubts over a staff, let them go", "an infection untamed always leads to total decay". We're now selling one of the businesses. It's hard to do business in Nigeria and keep your integrity. I couldn't ever bring myself to ridiculously marking up products and so this (in addition to my staff using my store to sell stolen products) led to the downfall of my business.

Another story for my kids. For now I'll stick to service industry businesses.

wow!!

was just reading your post on the auto section, sorry to hear about the car, Hopefully the police will just prove us wrong for once!! really horrible experience

Integrity
Honesty and
Prompt attention to issues that seem trivial
To survive in business, the above values should be made a business rule. Don't tell me they cannot work in Nigeria as they are already working for me.
Cheers!

-Cultivate good business relationships with your customers
-Reward loyal employees
-Punish betrayal
-Keep a tab on your greatest competitors

and

-NEVER DIVULGE THE MOST IMPORTANT INFORMATION ABOUT YOUR BUSINESS, KEEP YOUR MOUTH SHUT

Cheers.

Do not give credit!!!
When paid cash
Take cash to bank get cleared before giving goods
trust nobody.

Keep abreast with the activities of your competitors