Is a Pity, Finally Konga, Sold to Zinox, Lalasticlala Unblock Dot Com Website Link On Nairaland

Buhari' Administration killed Konga and OLX. The Economy is in a bad shape now. Foreign exchange and inflation rate is crazy. Hardship on every sector of economy. Other online businesses will soon join them.

Honestly the Nigerian business environment is hard, particularly online business.

It's tough mehn, the government ain't helping (no efficient, Affordable & reliable Postal system), data rates are so high, and customers are most times selfish.

It's just a sum of many things.

We go get there sha. Surely surely

Very sad

Shout out to all businesses growing in Nigeria

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BakireBulmaker:
Business/entrepreneurship is extremely difficult in Nigeria.

Nigerians are something else. They just won't patronise you no matter what they stand to gain unless it's a referral from a friend.
And when they do so they believe they are just helping you.

I had to scurry for paid employment when hunger wan kill me. Zero bank account, less than 1k in hand at any point in time.

Never again, in Jesus' Name.Amen.

Lol... I have been in that shoe before... I took an escape route too but I would still make a comeback

The quote really summarize reason why most businesses collapse in Nigeria.

222Martins:
I saw this coming and many more online startups are struggling to stay afloat. Please to the young entrepreneurs out there, I have an advice for you: Profits sustains business, not hype or noise. Profit in business is success, but unfortunately, the media tends to deceive a lot of people.

- Being the biggest, is not profit.
- Receive an award, is not profit.
- Being everywhere and spending millions in ads is not profit
- Raising $1million is not profit
- Signing up 1 million users in an hour is not profit
- Having 10million followers on FB or Twitter is not profit
- Rushing to establish presence in 40 countries is not profit

Nothing beats growing organically. If you need a proof to the above points, just look at Nairaland.com.
Experience in business have taught me not to be moved by vanity metrics. Just show me the money.

And the totally avoidable Recession claims another victim.

I cannot count how many businesses have had to close shop within the last 2-3 years due to the mismanagement of our economy.

What a shame!!

Why won't it be sold when he does not know what goes around in his business.

my role model jason njoku

Na wa even OLX don run comot for naija n kenya

toluxa1:
Very bad trend...
And Lai Mohammad will come and say they have created 20 Million jobs tomorrow.




https://www.nairaland.com/4279532/mint-like-new-samsung-galaxy

Are you saying olx and intercontinental hotel has exit

BakireBulmaker:
Business/entrepreneurship is extremely difficult in Nigeria.

Nigerians are something else. They just won't patronise you no matter what they stand to gain unless it's a referral from a friend.
And when they do so they believe they are doing you a favour.

I had to scurry for paid employment when hunger wan kill me. Zero bank account, less than 1k in hand at any point in time.

Never again, in Jesus' Name.Amen.

Paid employment is possible due to a business someone has made successful

The infrastructure and culture for online retail in Nigeria is not just there.

1. Postal System is a mess: I sent something to Nigeria recently. Everything was on time even through Dubai. But once it got to Lagos Airport. It spent an additional over budgeted 10 days.
2. The transportation system is a mess: Addresses are difficult to find. Houses are not marked with numbers or orderly numbers. Many roads are unreachable.
3. Poverty makes people steal. Or maybe not. Maybe people are just thieves
4. Customers and Sellers can be fraudulent: For example the case of the customers killing a Jumia delivery man over ordinary mobile phone delivery. Sellers sometimes sell bad or damaged items with the hope of getting away with it and making a quick. Hence, the pay on delivery.
5. Bank System not yet catching up to online retail: In the U.S if a seller sells you a bad product, you simply ask for a refund and the seller has to pay for the shipping and return costs. The money is automatically deducted from the sellers' account and paid into the customer's account was the item is returned.


In Summary: Nigeria is not just ripe for online retail. Let's just continue with our Yaba open market. Such a shame.

I keep saying it. Nigeria isn't as profitable as a lot of 'entrepreneurs' think - especially in e-commerce. Purchasing power is grossly low. All the noise they make on radio and tv doesn't align with the money they make. Other e-commerce companies still standing are not doing so based on the profit they are earning. Investors money!

It's so easy and fulfilling to be on the news and parade yourself as a 'tech giant' or e-commerce giant and grant sessions on social media week every year. All of that don't mean your business is successful. No amount of Tecno and Infinix phone you claim to sell can help you.

Solution: Tell yourself the home truth that Nigeria isn't ready for e-commerce on a large scale. Open physical shops and engage in offline/experiential marketing. Don't be too quick to catch on to technology when your country is in financial crisis and spending power is low.

mavinc4u:
Why won't it be sold when he does not know what goes around in his business.

You're not serious

Odiriance4all:








Are you saying olx and intercontinental hotel has exit

Yeah

https://techpoint.ng/2018/01/18/africa-news-roundup-intercontintental/

https://techpoint.ng/2018/02/06/naspers-shuts-down-olx-ghana-nigeria-kenya/





https://www.nairaland.com/4279532/mint-like-new-samsung-galaxy

Konga had an expensive business model.spent alot on adverts and had dollar payables due from a cash flow domiciled in naira.it was just a question of time.jumia is also in the same boat just that they have a larger war chest and trust me they are burning through cash like hell.jumia is still a loss making company though

Alot of the e commerce firms have over bloated valuations and until they change their valuation and business operating models they will continue to suffer.

Nigerians also didn't help matters . Yudala is barely struggling save for the support from zinox.

It's quite difficult to make an edge in the Nigeria market, but I'm very sure there are more konga owners could do differently to save their ass.
Well we only heard of konga but the fact is, there are thousand more businesses going down the drain everyday in this country. Our lives would be better only if this businesses survived...

God bless Sim though.

IamaNigerianGuy:


Paid employment is possible due to a business someone has made successful

My guy, somebody somewhere is paying/sponsoring the successful business - government, international donors, bank loans...

You are on your own if you don' have any of those backings especially in Nigeria.

Go figure!

jade14:
When we say education is the key,lazy folks like the OP would disagree.

You came up with the misleading topic using the affirmative tense as to mr S stating why konga was sold by the owners.

Have read and re read your article finding no sentence that states why konga was sold, and the useless mods of whc al the know best to do is serving bans to faceless users won't go tru articles before displaying their incompetence on front page.

*Spit*
nansense !!!

I swear the mods on this forum are some of the dumbest pple alive. Seun needs to revamp this section of his org.

ok na

That's how they almost killed MTN too after slamming them with that multibillion dollar fine. However, they successfully weathered through the raging storms and just recently started moving towards steady profitability.

The second market leader, GLO is also having their own struggles, customers can see how 1k/3.2Gb was recently slashed to 2GB.
We can go on and on concerning how the technological industry and every other industry in d economy is presently struggling to pull through.

I strongly feel that govt. policies are not favourable for the business climate in Nigeria, even the huge conglomerates and multinationals are experiencing one form of financial crunch or the other, we hear of some and many we don't, just btwn 2016 and now thousands lost their jobs esp. in the banking sector.

How then do we expect SME to breakthrough?
Only God can save us.

och12:
That's how they almost killed MTN too after slamming them with that multibillion dollar fine. However, they successfully weathered through the raging storms and just recently started moving towards steady profitability.

The second market leader, GLO is also having their own struggles, customers can see how 1k/3.2Gb was recently slashed to 2GB.
We can go on and on concerning how the technological industry and every other industry in d economy is presently struggling to pull through.

I strongly feel that govt. policies are not favourable for the business climate in Nigeria, even the huge conglomerates and multinationals are experiencing one form of financial crunch or the other, we hear of some and many we don't, just btwn 2016 and now thousands lost their jobs esp. in the banking sector.

How then do we expect SME to breakthrough?
Only God can save us.

MTN deserved the fine. While other telcos complied they felt they were above the law besides these telcos are taking in big bucks and taking out of the country including glo.

BakireBulmaker:


My guy, somebody somewhere is paying/sponsoring the successful business - government, international donors, bank loans...

You are on your own if you don' have any of those backings especially in Nigeria.

Go figure!

If a business is successful, then by definition it runs on its own steam and has no sponsors.
You need investors, board members, advisers and customers it's part of the hustle. If that other guy can get them, so can you.
There are many examples of successful businesses in Nigeria. It's not impossible to achieve.

Dirkcoyt:


You're not serious

i am very much serious.

When i started out in business after leaving paid employment, my brother gave me a golden advice which i totally ignored, he said bros "start small". i had so much cash then, that i wanted to start from mountain Olympus, of course when you crash you know it is going to be really ugly!

www.nairaland.com/attachments/6663868_20180207135957_jpegef5f72ef18a0160cde1a3b639fdb101b

APC!!!

BakireBulmaker:
Business/entrepreneurship is extremely difficult in Nigeria.

Nigerians are something else. They just won't patronise you no matter what they stand to gain unless it's a referral from a friend.
And when they do so they believe they are doing you a favour.

I had to scurry for paid employment when hunger wan kill me. Zero bank account, less than 1k in hand at any point in time.

Never again, in Jesus' Name.Amen.

You for stay dey form entrepreneur naw. 2016, I almost slipped into depression and perpetual anger running my business. I had to take a break.

JustCryptos:


You for stay dey form entrepreneur naw. 2016, I almost slipped into depression and perpetual anger running my business. I had to take a break.

2016 was the year hunger and idleness reset my brain for good.

What a year!