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8 Reasons Why 90% Of Nigerians Fail In Online Business - Business - Nairaland

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8 Reasons Why 90% Of Nigerians Fail In Online Business by ugojibaby: 9:14pm On Jan 25, 2018
It is beyond every reasonable doubt that the internet is the mega world that is willing, able and ready to provide income for all Nigerians that are ready to tap from its wealth.

On a daily basis, many Nigerians are enthusiastic, excited and want to get into an online business. The unfortunate part is that 120days later, 95% of them are already out of business.

From my research, I have discovered that the reason why so many businesses fail, all comes down to 10 main reasons.

in this article, I will share this reasons with you and give you tips on what you will do differently to succeed.

1 Avoid The Get Rich Quick

Today, the online business world is filled up with ponzy schemes, MLMs, Cryptocurrency investments and hyips that promise Nigerians heavens on earth but leave them poorer than they met them.

What I want you to realize is that if you are promised 30 or 50% returns on your investment, the first thing you should ask is that where will that 30-50% come from? If somebody will have to lose a trade before you get it, then it is gambling and not sustainable because those that loosed today will win tomorrow.

On the other hand, if it requires newer members to pay older members, then that is a ponzy scheme and also not sustainable. In few month time, there will be 100 old members and maybe 10 new members. Simple logic will tell you that 10 cannot pay 100 and it will surely crash. My advice is that, if those returns are not coming from the sale of a product, commodity or service, then you are on the verge of losing your hard earned money.

2. Lack Of Commitment

Most Nigerians start something today, in the next few days they will leave it that it is not working. Many Nigerians have bought great ebooks that they never used or implement them halfway and expect money to start flowing in. if you have such an approach for an online business, then quit for a 9-5 job today.

3. Focus Is The Key

If you must attain a reasonable height online, the focus is the key. You must go a step at a time. There are too many daring things online that you will like to try out. But 1 accomplished task is better than 100 daring task you tried.

Remember Steve Job’s wise saying about focus, “focus is not just saying yes to what you are doing but also saying no to other things that might seem important along the line. The key still remains that you stay super focused on one thing till you make it work.

4. Procrastination

Many Nigerians have good online business ideas they want to implement but they claim not to have time but yet they have time on Facebook and WhatsApp.

In the words of Brian Tracy, “eat that frog”, Brian Tracy used the sentence eat that frog to get people into fast action. He cited an example that if you have like 10 frogs to eat, start by eating the biggest one without any procrastination. In other words, Brian Tracy is telling you that, after listing out the most important things you want to do for the day, start with the most important one without procrastination. This is what he referred to as the biggest frog.

5. Information Overloaded:

Most Nigerians have spent years researching the internet with next to nothing to show for it. The outcome of the research is nothing because researching with no action cannot produce a meaningful physical result.

6. Lack of Information

This is a near opposite of the above point. Most people do not have a well-structured guideline to follow that will help them succeed online. So, most of the times, they just fumble.

The similarity between those that suffer from information overload and lack of information is that both of them lack a structured proven path to follow and both of them will not earn money from what they know and do not know.

7. Lack Of Motivation and inspiration

Most of the times, if you tell people that you are going to be a millionaire online soon, they see you as if you are crazy or going into scam.

The truth is that the first thought of theirs is very much correct that you are crazy. Both of you think differently.
There is no need telling them except if you want them to kill down your spirit. The only person to discuss such ideas with is a like-minded person that can understand the details.



http://www.nigeriaonlinebusiness.com/2018/01/8-reasons-why-90-nigerians-fail-in.html

13 Likes 5 Shares

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by afbstrategies: 9:17pm On Jan 25, 2018
Good points, especially 1, 2 and 8. thanks
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by bluelaptop: 10:47pm On Jan 25, 2018
Online Biz made my life whats its today











I worship my brain








Tools available, loki, pony, smtp....................... pm me
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by MrHistorian: 10:47pm On Jan 25, 2018
lipsrsealed
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by BruncleZuma: 10:47pm On Jan 25, 2018


And ladies and gentlemen the figures and statistics just came off of the ops buttocks like fart on a hot day...

20 Likes 3 Shares

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by timilehin007(m): 10:47pm On Jan 25, 2018
Gg
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by Desyner: 10:50pm On Jan 25, 2018
Copy n paste.
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by Wealthandjobs: 10:51pm On Jan 25, 2018
afbstrategies:
Good points, especially 1, 2 and 8. thanks
Where's no.8?

2 Likes

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by OCTAVO: 10:54pm On Jan 25, 2018
smiley
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by maximunimpact(m): 10:54pm On Jan 25, 2018
Most times these type of article is written by newbies. I once did it too. Nice try.

3 Likes

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by omoikea(m): 10:57pm On Jan 25, 2018
no data that's why, its either expensive or slow like that our Nigerian made network

1 Like

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by afbstrategies: 11:01pm On Jan 25, 2018
Wealthandjobs:

Where's no.8?

So, if OP jump into the fire, you join her without checking? undecided

Follow this link and see No 8. Stop mentioning people up and down!

Welcome to Nairaland, Newbie cheesy cheesy


http://www.nigeriaonlinebusiness.com/2018/01/8-reasons-why-90-nigerians-fail-in.html

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by freeman95(m): 11:03pm On Jan 25, 2018
Pick a unique niche

Dare to be different

1 Like

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by boolet: 11:03pm On Jan 25, 2018
Nigerian bad reputation too

1 Like

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by stfadaanthony(m): 11:06pm On Jan 25, 2018
Nice one OP,God bless you for this. pls I just want to know,which is the best online business to start with for a fresh ex-Corper?.
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by Krafty006: 11:10pm On Jan 25, 2018
informative, interested in footwear biz....check my profile
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by bestspoke: 11:11pm On Jan 25, 2018
...:

Where's no.8?
ojukokoro is the last one. online business is not for everyone.
Seun made it made it as a forum owner, me too I will create my own from. Linda made it as a blogger, me to I will start blogging. Instead of you to find your forte and stick with. It takes years of experience and failures to succeed in this clime. Learn. The same inexperienced person who wants to go into CPA, wants to run a blog and then freelance at the same time will end up failing at all.

4 Likes

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by karlboss: 11:13pm On Jan 25, 2018
Ok
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by iHart(m): 11:22pm On Jan 25, 2018
you missed an important factor, POWER! In most cases you need electricity to stay online so as to make money online.

1 Like 1 Share

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by Nobody: 11:23pm On Jan 25, 2018
100% accurate
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by tundeayo2020: 11:26pm On Jan 25, 2018
OP number 1 to 7 should be NEPA then the rest should be: 8. miscellaneous reasons.

I repeat

N
E
P
A

when I started my freelance career as a graphics designer on odesk in 2014, I was motivated, passion driven and focused on becoming the best in my field.

I got my first job, finished it on time, and I got an excellent review from the satisfied client.

But on my second, third and fourth jobs, I got extremely poor reviews - simply because I was unable to deliver on time. And do you know why? NEPA, yes NEPA happened. those guys ruined everything for me.

To avoid similar occurrence, I traveled all the way down to my friend's apartment, because he had this I better pass my neighbor gen. but because I was so broke at that time I was unable to fuel the gen 24/7.

Due to these terrible reviews, from these said clients. it became almost impossible to get shortlisted, not to talk of getting hired. It took me three months to get another client to work for. this was after I've written and submitted proposals to prospective clients.

I was at the verge of giving up when I got hired by this Australian client. if I had given up on odesk, would you still blame me for not been focused or determined or patient enough?


over the past couple if weeks now, I've been outsourcing orders on my Fiverr accounts to Asian newbies due to lack of electricity and scarcity of fuel. in other for me to retain my credibility on Fiverr, I had no other choice but to follow this path for now.

I just wish the government will just focus on fixing this light issue once and for all. it's really affecting hardworking individuals trying to make legitimate income.

11 Likes

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by kazzy4u(m): 11:29pm On Jan 25, 2018
when MMM don turn people to mumu. if I ear
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by orijintv(m): 11:38pm On Jan 25, 2018
BruncleZuma:


And ladies and gentlemen the figures and statistics just came off of the ops buttocks like fart on a hot day...

How tf did you do this bro? The gif grin

1 Like

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by free2ryhme: 11:57pm On Jan 25, 2018
orijintv:


How tf did you do this bro? The gif grin

The black man in him won't let him tell you grin

5 Likes

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by Alariwo2: 12:00am On Jan 26, 2018
Online business is not that easy.. too many risks and scammers
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by grossintel(m): 12:01am On Jan 26, 2018
No 8, mind your business: You depend on nairabet to feed yourself, but your looking for where to read Obasanjos letter to Buhari grin men whose 10 generation future is guaranteed. Okay, you wan learn blogging but end up on nairaland and Facebook and can't explain what you have been doing in the past 4 hours..

1 Like 1 Share

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by Doerstech(m): 12:02am On Jan 26, 2018
5 , 6 and 7 the main reasons......Maybe we can ADD

APC + BUHARI AS ANOTHER REASON.......

Meanwhile this thread on 5 Things I learnt starting my own business might be useful to someone out there... https://www.nairaland.com/4259416/5-lessons-learnt-starting-own

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by grossintel(m): 12:04am On Jan 26, 2018
Alariwo2:
Online business is not that easy.. too many risks and scammers
It's easy if you know what you are doing jare. Just accept you don't know, ask the bosses, most of them earn 1m a month. Please don't ask me to teach you, I don't have any ebooks to sell.

1 Like

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by KosherCapital(m): 12:06am On Jan 26, 2018
afbstrategies:
Good points, especially 1, 2 and 8. thanks

Excess weed... No good, where you see no.8 there
Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by Alariwo2: 12:06am On Jan 26, 2018
grossintel:
It's easy if you know what you are doing jare. Just accept you don't know, ask the bosses, most of them earn 1m a month. Please don't ask me to teach you, I don't have any ebooks to sell.

Please teach me grin

I know you are a badoo in the online biz world

1 Like

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by ikevictor: 12:07am On Jan 26, 2018
Desyner:
Copy n paste.

Copy your own make we read nah...

1 Like

Re: 8 Reasons Why 90% Of Nigerians Fail In Online Business by ikevictor: 12:09am On Jan 26, 2018
maximunimpact:
Most times these type of article is written by newbies. I once did it too. Nice try.

Everything written there is true...

1 Like

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