USAutoBuy:
I am not saying capital is not important. but if i have to chose one, i will take experience. with experience YOU can still grow if you are creative with capital sourcing. Its still going to be capital but not YOUR own

But growing is IMPOSSIBLE with no experience to do good job and attract more clients

You are right.

why sit, watch and hear when play, participate and enjoy... Learn to play musical instrument(s) of your choosing. Contact rehearsalhouse and get the best deal

mcsnup:
why sit, watch and hear when play, participate and enjoy... Learn to play musical instrument(s) of your choosing. Contact rehearsalhouse and get the best deal

Don't understand.

ikbnice:
Wot abt high costs of productn expecially due to lact of electrity and also 'crazy' taxes nd levies meant to cripple entrepreneurz.
If u cn survive in Nigeria, u cn survive anywere else in d world.

well i dont know how many countries you v lived in & how many you have started a business in. However, from experience not minding the challenge of electricity depending on what you are going into, Nigeria is still the easiest country to start up a business or SME.

The major problem facing Nigeria small business owners is how to manage finance, PERIOD.

Because it easier to run a business here without being heavily taxed or u even paying tax at all. Many people tend to spend money & prove themselves to be “big“ girls or boys. They end up eating part of their start up capital.

As bad as Nigeria is, it is still better than any other country I have been to.
No country in Europe & Africa can compeet with Nigeria in SMEs. Nigerians are so so enterprising & if we can get some little financial management brain, we will go places.

Chigold101:
well i dont know how many countries you v lived in & how many you have started a business in. However, from experience not minding the challenge of electricity depending on what you are going into, Nigeria is still the easiest country to start up a business or SME.

The major problem facing Nigeria small business owners is how to manage finance, PERIOD.

Because it easier to run a business here without being heavily taxed or u even paying tax at all. Many people tend to spend money & prove themselves to be “big“ girls or boys. They end up eating part of their start up capital.

As bad as Nigeria is, it is still better than any other country I have been to.
No country in Europe & Africa can compeet with Nigeria in SMEs. Nigerians are so so enterprising & if we can get some little financial management brain, we will go places.

You are very right. People always find excuses to give and they think that other countries do not have bigger taxes.

Doing business is rewarding and enjoyable whenever u open a new u must be not only b prepared, but you must b focused, disciplined and b ready to think in the opposite direction to solve a problem - you must b ready to take a U turn
preparation, this is must include not making a profit for first 2 years, I once ask an uncle of my why did he have so many different businesses he told me that doing business is like mixed farming an orange tree takes 10 -15 years b4 it produces so why only plant oranges, why not plant corn vegetables etc between the ridges, never expect a new business to feed u or pay the rent.
1. Factored all costs needed for running that business, buy do not rent whenever possible the major cost aspects to run that business e.g. if it is a shop u want to open devise a plan to buy the shop remember the shop itself is an investment on its own.
2. Sort out yur power needs electricity unfortunately is holding Nigeria from developing, the good news is that solar energy represents a very good investment, if you are going to be generating power buy at least two brand new inverter generators, these generators maintain a good constant variable supply of current this adds to the longetivity of yur equipments.
3 Start with a small amount of stock, never over stock this will prevent storage and security problems affecting you, after some time u will get to know how much stock is required over a set period of time.
4. Marketing, spend on marketing yur initial strategy is to carry out a survey of people who sell yur product, I said sell not buy, listen to their misgivings and devise a strategy to make yur product superior, market yur product, get 2 know what kind of people yur customers r, do their use the internet? social media? mobile phones? connect to them, flood them with sms about yur bulk discounts, holiday promotions, events etc
5. Employ a reliable team and reward them 4 their efforts
6. Make use of technological advances in equipment although this is a long term need, employed only when the business is firmly on its feet
These are some of my secrets NL, Nigeria is big enough 4 all to prosper

TopHand:
Doing business is rewarding and enjoyable whenever u open a new u must be not only b prepared, but you must b focused, disciplined and b ready to think in the opposite direction to solve a problem - you must b ready to take a U turn
preparation, this is must include not making a profit for first 2 years, I once ask an uncle of my why did he have so many different businesses he told me that doing business is like mixed farming an orange tree takes 10 -15 years b4 it produces so why only plant oranges, why not plant corn vegetables etc between the ridges, never expect a new business to feed u or pay the rent.
1. Factored all costs needed for running that business, buy do not rent whenever possible the major cost aspects to run that business e.g. if it is a shop u want to open devise a plan to buy the shop remember the shop itself is an investment on its own.
2. Sort out yur power needs electricity unfortunately is holding Nigeria from developing, the good news is that solar energy represents a very good investment, if you are going to be generating power buy at least two brand new inverter generators, these generators maintain a good constant variable supply of current this adds to the longetivity of yur equipments.
3 Start with a small amount of stock, never over stock this will prevent storage and security problems affecting you, after some time u will get to know how much stock is required over a set period of time.
4. Marketing, spend on marketing yur initial strategy is to carry out a survey of people who sell yur product, I said sell not buy, listen to their misgivings and devise a strategy to make yur product superior, market yur product, get 2 know what kind of people yur customers r, do their use the internet? social media? mobile phones? connect to them, flood them with sms about yur bulk discounts, holiday promotions, events etc
5. Employ a reliable team and reward them 4 their efforts
6. Make use of technological advances in equipment although this is a long term need, employed only when the business is firmly on its feet
These are some of my secrets NL, Nigeria is big enough 4 all to prosper

Very Apt

mcsnup:
why sit, watch and hear when play, participate and enjoy... Learn to play musical instrument(s) of your choosing. Contact rehearsalhouse and get the best deal

Don't understand.

Thanks for the time and reply.

wilsonl:


Don't understand.

are you a novice or you can play an instrument but desire to know more and play like the professionals. Send me a mail at rehearsalhousenigeria@gmail.com or call me no 08037302976

mcsnup:
are you a novice or you can play an instrument but desire to know more and play like the professionals. Send me a mail at rehearsalhousenigeria@gmail.com or call me no 08037302976

Ok

TopHand:
Doing business is rewarding and enjoyable whenever u open a new u must be not only b prepared, but you must b focused, disciplined and b ready to think in the opposite direction to solve a problem - you must b ready to take a U turn
preparation, this is must include not making a profit for first 2 years, I once ask an uncle of my why did he have so many different businesses he told me that doing business is like mixed farming an orange tree takes 10 -15 years b4 it produces so why only plant oranges, why not plant corn vegetables etc between the ridges, never expect a new business to feed u or pay the rent.
1. Factored all costs needed for running that business, buy do not rent whenever possible the major cost aspects to run that business e.g. if it is a shop u want to open devise a plan to buy the shop remember the shop itself is an investment on its own.
2. Sort out yur power needs electricity unfortunately is holding Nigeria from developing, the good news is that solar energy represents a very good investment, if you are going to be generating power buy at least two brand new inverter generators, these generators maintain a good constant variable supply of current this adds to the longetivity of yur equipments.
3 Start with a small amount of stock, never over stock this will prevent storage and security problems affecting you, after some time u will get to know how much stock is required over a set period of time.
4. Marketing, spend on marketing yur initial strategy is to carry out a survey of people who sell yur product, I said sell not buy, listen to their misgivings and devise a strategy to make yur product superior, market yur product, get 2 know what kind of people yur customers r, do their use the internet? social media? mobile phones? connect to them, flood them with sms about yur bulk discounts, holiday promotions, events etc
5. Employ a reliable team and reward them 4 their efforts
6. Make use of technological advances in equipment although this is a long term need, employed only when the business is firmly on its feet
These are some of my secrets NL, Nigeria is big enough 4 all to prosper

Nice

Great write up

my opinion is that the problem of business owners in nigeria are:
1. managerial incompetency.
2.problems of financial management and accounting.
3.ignorance and not open to change.

1.Managerial incompetency:having knowledge of your business is different from having managerial skills.Imgine a business owner employing a professional who knows his onion,rather than giving the proffessional his scope of work and allowing him to do his work,while you appraise and take professional advice from him,the owner was busy bulling the professional because he thinks the professional is superior/has a knowledge which he the owner, does not have.E.G i have worked for an employer who wants Accounting his own way forgeting there is a General Acceptable Accounting Practice(GAAP),A business that makes billion and you advice him of an Accounting Database and he turns it down just because the idea comes from you, not him and so to other ideas.This lead every one afraid to take decision and professionals in the system leaving the system,now the system is left with dons who has nothing to offer(just siting down and awaiting his instruction)............

Business will continue to fail in a bad environment...