eezeribe:

Well said Bro,but this is just your opinion.
starting small is good,but when the competition is huge,you have no choice than to scale up,otherwise the business will never stand.
Etisalat couldn't have started small in a competitive market with the likes of Mtn and glo,considering the fact that so many other small players in the telecommunications industry have since been thrown out of business by the industry giants...

Well Said!

martineverest:
cos most of dem don't know what start up actually entails.....Most startups in nigeria take loans b and spend it like a company that have been existing for years.some of dem even use the loans for personal reasons dat arent profitable.imagine a startup using his loan/capital to build skyscraper or rent a an expensive space b4 even starting the business proper.some owners of these startups will spend their first profits on acquiring luxury like phones, cars, trip overseas etc when the business havent gotten uhuru.a very good example is payporte, we all saw how they lavish their monies on big brother Nigeria contestants when they just started operating in nigeria.i guess the money spent of BBN is far ahead of what jumia and konga combined spent on advertising during that period.

pardon my poor english....cos I was typing in haste

I don't think payporte is losing

murphyibiam15:

Haba bros... be sane na.. how can u compare church business been run by continues draining of people's pockets to an independent investor... your reasoning though

I wouldn't have replied you seeing as you keep responding with insults but I wouldn't mind that..
Also judging from your responses, its obvious that you've got a problem with churches.
now, whether you like it or not, independent investment or church....they're all business like! my point isn't how they get money but the policies and values on which they're run. a story was join the front page some days ago of how Adeboye insisted on not borrowing money to purchase a land of 53,000 naira but instead bought a land of 6,000 naira just to be free from debt. Now, Do you know how many companies can't even recover from bank loans? The work place I left weeks ago is struggling just after 4years because of bank debt.
if church isn't like business, why isn't every church booming and thriving and why are businesses failing.
ITS MORE OF FINANCIAL VALUES than where the money is coming from.

Thanks for this wonderful write-up. You are absolutely right

Hmmm

As a business owner here in Nigeria and outside Nigeria, i will agree with some of the OP's point while i state my own views on the reasons for failure and success in the Nigerian context.

that you start a business just to make money in this clime is a sure route to fail. If you have a passion, then convert it to a business.

2. Poor management

3. Insufficent capital

4. Wrong location

5. Lack of planning

6. Overexpansion


To turn your situation around,

1. Get organized

2. Get detailed records

3. Analyse your competition

4. Understand the risk and rewards

5. Get creative

anochuko01:

I wouldn't have replied you seeing as you keep responding with insults but I wouldn't mind that..
Also judging from your responses, its obvious that you've got a problem with churches.
now, whether you like it or not, independent investment or church....they're all business like! my point isn't how they get money but the policies and values on which they're run. a story was join the front page some days ago of how Adeboye insisted on not borrowing money to purchase a land of 53,000 naira but instead bought a land of 6,000 naira just to be free from debt. Now, Do you know how many companies can't even recover from bank loans? The work place I left weeks ago is struggling just after 4years because of bank debt.
if church isn't like business, why isn't every church booming and thriving and why are businesses failing.
ITS MORE OF FINANCIAL VALUES than where the money is coming from.

I have got zero problems with any church.. a church booming is strictly a question of financial extortion of its members has little to do with what you explained... had Adeboye gone for the higher piece of land the church members will still cover the debt.

Situation:
this is not funny oo, I hear people saying Economy this, financial that, Ogbenii have you considered JAZZ factor?? for better understanding: I lost my bukateria to so called spiritual-grandmas doing something similar on small scale. in my opinion this should come first
1. spiritual stability(strong body IP)
you sef jazz up

Honestly you are spot on... people underestimate the diabolic tendency prevalent in Nigeria and how it can impact a business. I still i find it hard to believe that i rented multi shops in a shopping mall, without doing a profitability analysis, anytime i get back home to input the figure on my excel sheet, before making my decision, it seems i suddenly become either tired or distracted by one thing or the other.
1. Be prayerful when renting a shop for business.
2. Ensure you include some one to share and review your data concerning your investment choice
3. Share your plan with Nairalanders, they may suggest some alternative profitability investment that you might not have thought of.
4. Forget about external funding from financial institution or micro finance bank, these institutions are there just to milk you dry.

murphyibiam15:

I have got zero problems with any church.. a church booming is strictly a question of financial extortion of its members has little to do with what you explained... had Adeboye gone for the higher piece of land the church members will still cover the debt.

then tell me why he ran away from indebtedness...
Again, there's no business that doesn't ''extort''...that's why they all make gain. so leave successful pastors alone and rather credit their hardwork, determintion, patience and financial man management skills....the same skills that's required to build a successful business.

anochuko01:

then tell me why he ran away from indebtedness...
Again, there's no business that doesn't ''extort''...that's why they all make gain. so leave successful pastors alone and rather credit their hardwork, determintion, patience and financial man management skills....the same skills that's required to build a successful business.

so now agree Adeboye is trading the word of God for money... such a disappointment.

when Muslims insult Christians based on this of una go begin wail.

Besides he didn't go for it for choice sake

murphyibiam15:

so now agree Adeboye is trading the word of God for money... such a disappointment.

when Muslims insult Christians based on this of una go begin wail.

Besides he didn't go for it for choice sake

hatred, jealousy and ignorance wouldn't kill you in Jesus name, Amen.

ISAIAH 61:4-6

4. They will rebuild the ancient ruins
and restore the places long devastated;
they will renew the ruined cities
that have been devastated for generations.

5. Strangers will shepherd your flocks;
foreigners will work your fields and vineyards.
And you will be called priests of the LORD,

6. you will be named ministers of our God.
You will feed on the wealth of nations,
and in their riches you will boast.

A pastor who is doing well in his calling would surely be blessed by God through his congregation. stop reasoning like a terrorist.

anochuko01:

hatred, jealousy and ignorance wouldn't kill you in Jesus name, Amen.

ISAIAH 61:4-6

4. They will rebuild the ancient ruins
and restore the places long devastated;
they will renew the ruined cities
that have been devastated for generations.

5. Strangers will shepherd your flocks;
foreigners will work your fields and vineyards.
And you will be called priests of the LORD,

6. you will be named ministers of our God.
You will feed on the wealth of nations,
and in their riches you will boast.

A pastor who is doing well in his calling would surely be blessed by God through his congregation. stop reasoning like a terrorist.

you're just babbling.... I'm a good Christian and can't join issues with u... maybe you're one of such pastors extorting from those poor souls... you must surely rot in hell

murphyibiam15:

you're just babbling.... I'm a good Christian and can't join issues with u... maybe you're one of such pastors extorting from those poor souls... you must surely rot in hell

lool....I'm typing from heaven Bros.
ain't got nothing to do with hell.

KOPT55:
Let's forget that this is an advert disguised as an op-ed

Doing business in Nigeria is hard – even harder in the present scheme of things.

1. Harsh and unstable economy: startups are not insulated from the general economy. The healthier the economy, the more viable startups will be in the long run. Businesses in Nigeria will continue to fail left, right and center unless certain things are put in place.

2. To walk, you must first crawl: our Nigerian startups usually aim to fly from the word go. This is not a bad thing in and of itself, but a general disavowal of the harsh truth that Nigeria is not prime for business success is the reason why our startups will continue to bite the dust before their time, or before they have made any meaningful headway.

3. Technology: Startups which are built around first world technologies will fail woefully in Nigeria e.g GoMyWay

4. Purchasing Power: Nigeria is a poor country. When startup founders start marking up their products maniacally, be rest assured no one will bat an eyelid at their corners. E.g. Sheriff Shittu: Showroom.Ng Why would I buy a sofa for N280K when I can buy same for N150K from the market?

5. Bad leadership: I am not privy to the goings-on in the tech space, but from what I have heard knowledgeable people opine: most startup founders are not educationally equipped to manage complex businesses and undertakings.

6. Not market ready: in the words of Tayo Oviosu, founder of Paga, “Nigeria is still at a place where we need base infrastructure in various sectors. There are so many problems to solve. Sometimes we need to walk away from ideas because they are not market ready.”Our problems are myriad."

To gain further insights into the Nigerian tech space, I invite you to read this wonderful piece by Tayo Oviosu: https://medium.com/vcdium/investing-in-nigerian-startups-44401fde99d

Says the man who still use style take post his own AD..........................

N.B:- Dont worry, I wont tell seun. Whatever the take, my own commission is 10%...............

murphyibiam15:

Haba bros... be sane na.. how can u compare church business been run by continues draining of people's pockets to an independent investor... your reasoning though

When I see things like this, I laugh, then shake my head in pity, then laugh some more. Do you seriously think that Churches get big because just because people give them money.

If a prolific brand like HiTV with all the money it had then can come to a close, that alone should be instructive.

How much do churches even make from congregants in relation to expenses they ought to incur to run a smooth service?

I just tire for some people reasoning....................

business is not for all

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pukena:
I learnt that as a Pastor in Winners Chapel. We were taught never to spend more than 30% of the income on overhead.

I'm curious: how do you budget the other 70%?