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Five Challenges Of Nigerian Entrepreneurs by magazineguy(m): 9:39am On Mar 12, 2018 |
Nigeria is one of the countries in the world where entrepreneurship is a tough path to tow. Most people who engage in business see themselves as mere traders making them unaware of their impact and influence on aspiring Nigerian entrepreneurs, this group of persons are also mostly aversive to learning modern skills. The entrepreneurship environment in Nigeria is full of challenges that only weight down people with aspirations, the evidence is the high rate of unemployment but little or no drive of venturing into entrepreneurship by the teeming masses. Here are few challenges faced by Nigerian entrepreneurs: Uncertainty Most Nigerians will rather work for someone else and be sure of getting paid than ply the uncertain route of entrepreneurship without a guaranteed income. Doing business leaves you with no choice than to work too hard to earn your own pay cheques and control how you want to live your life. Nigeria entrepreneurs are always reminded of how much their peers are earning working for others and how uncertain and time wasting the path they have chosen is. Absence of role models In most Nigerian neighborhoods, there are more people working for others than those running their own successful businesses, so the banker, the public servants and politicians are the role models. When we have more persons or a good number of persons that are successful at running their own businesses closer to us, we will be inspired and motivated to do the same thing. Low demand for business knowledge It’s only a small fraction of Nigerians that love and appreciate the knowledge of business. People venture into business without the knowledge of structuring the business to win, team selection/building, legal implications, sales and digital skills. When failure occurs, they tend to blame the business and not engage in self evaluation. Lack of vision When it becomes tough rather than to reinvent and strategize, most Nigerian entrepreneurs throw in the towel forgetting the big picture. An entrepreneur with the future in mind will endure and forge on until he/she succeeds. Education system The system of education in the country dwells more on theories rather than engage students practically. This has greatly affected and increased the low enterprising and innovative nature of most Nigerians. Source; http://tushmagazine.com.ng/five-challenges-nigerian-entrepreneurs/ 4 Likes |
Re: Five Challenges Of Nigerian Entrepreneurs by Bigajeff(m): 8:53pm On Mar 22, 2018 |
Lack of vision! I agreed, most startups fade off when they can't achieve their goals within their mind set period forgetting that this idea will boom with just a little perseverance. Stay true, don't give up. 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by Teewhy2: 8:54pm On Mar 22, 2018 |
Most Nigerians because of the economic instability make people to do more of buying and selling or service rendering than manufacturing. It is easier to cut your loss in the former than later. |
Re: Five Challenges Of Nigerian Entrepreneurs by ct2: 8:55pm On Mar 22, 2018 |
more difficult with Buhari as president |
Re: Five Challenges Of Nigerian Entrepreneurs by Essentials1(m): 8:56pm On Mar 22, 2018 |
all lies i completely disagree 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by MANNABBQGRILLS: 8:56pm On Mar 22, 2018 |
GOOD THREAD. |
Re: Five Challenges Of Nigerian Entrepreneurs by Sarang(f): 8:56pm On Mar 22, 2018 |
Re: Five Challenges Of Nigerian Entrepreneurs by akeentech(m): 8:57pm On Mar 22, 2018 |
E NO EASY WALLAHI, BUT THERE'S HOPE FOR THE PATIENT ONE 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by Sweetcollins: 8:57pm On Mar 22, 2018 |
Only five? 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by Abjay97(m): 8:57pm On Mar 22, 2018 |
Lack of motivation by lecturers.. |
Re: Five Challenges Of Nigerian Entrepreneurs by honey001(m): 9:03pm On Mar 22, 2018 |
Since March 12, no comment on this nice thread.... but if it's BB naija and the likes, thread would have reached 20 pages and yet you all say you don't want..... Isn't that hypocrisy?? 2 Likes |
Re: Five Challenges Of Nigerian Entrepreneurs by Coloradvantage(m): 9:05pm On Mar 22, 2018 |
Essentials1:okay! say what you think or know. 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by correctguy101(m): 9:06pm On Mar 22, 2018 |
Essentials1: Would you mind letting me know why you disagree? And at least give a corresponding five challenges faced by to-be business owners? I know the OP didn't mention availability of effective credit and finance structures. I would appreciate your reply. Thanks |
Re: Five Challenges Of Nigerian Entrepreneurs by correctguy101(m): 9:08pm On Mar 22, 2018 |
Abjay97: TF are you talking about? Lecturer wey no get business na him wan motivate you to go get business? Talk true, how many bottles of udemé you drink? 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by Gerrard59(m): 9:12pm On Mar 22, 2018 |
The only challenge making sense there is number one. IMO, the main challenge to entrepreneurship in Nigeria is lack of 24/7 electricity supply. I don't the sense in running an enterprise and using 50% of its revenues on fuel and generator maintenance. 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by Nobody: 9:23pm On Mar 22, 2018 |
Venture into Can Recycling and Thank me Later Store up at least 50kg cans or more and I will buy from you |
Re: Five Challenges Of Nigerian Entrepreneurs by tirigbosa: 9:33pm On Mar 22, 2018 |
Spygadgets19: so, pretty lady like you is a recycler? that's serious! |
Re: Five Challenges Of Nigerian Entrepreneurs by teejet: 9:34pm On Mar 22, 2018 |
Lack of finance ought to be number one. Finance that is stress free. Low interest and business-friendly. 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by Krafty006: 9:39pm On Mar 22, 2018 |
nothing like having your own biz....... check this out https://www.nairaland.com/4405075/new-designs |
Re: Five Challenges Of Nigerian Entrepreneurs by lobell: 9:41pm On Mar 22, 2018 |
Nice one! |
Re: Five Challenges Of Nigerian Entrepreneurs by judges: 9:58pm On Mar 22, 2018 |
I think high rate of tax is also a problem |
Re: Five Challenges Of Nigerian Entrepreneurs by Nobody: 10:01pm On Mar 22, 2018 |
Spygadgets19:please what type of recycling is this called? |
Re: Five Challenges Of Nigerian Entrepreneurs by maisauki: 10:05pm On Mar 22, 2018 |
agripreneurs should gather here for a selfie; wefie ....you're highly recognized 1 Like
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Re: Five Challenges Of Nigerian Entrepreneurs by mozele(m): 10:54pm On Mar 22, 2018 |
Spygadgets19: how much do you buy? |
Re: Five Challenges Of Nigerian Entrepreneurs by Nobody: 12:10am On Mar 23, 2018 |
mozele:N50 per kg |
Re: Five Challenges Of Nigerian Entrepreneurs by Nobody: 12:10am On Mar 23, 2018 |
fighal:Aluminum Can Recycling |
Re: Five Challenges Of Nigerian Entrepreneurs by LaudableXX: 1:41am On Mar 23, 2018 |
teejet: Oh thank you! May the wisdom God deposited in your life, never diminish. You can have the clearest vision, finest product and best business plan, but without the finances to deploy any of them, it remains a mirage..... |
Re: Five Challenges Of Nigerian Entrepreneurs by FrankTalk1: 5:54am On Mar 23, 2018 |
Thanks OP for the insight. The greatest challenge of Nigerian Entrepreneurs is lack of CAPITAL for business. But there is a solution to this, see how you can raise start up capital for your business here : http://myafribusiness.com/how-to-raise-start-up-capital-for-your-business/ 1 Like |
Re: Five Challenges Of Nigerian Entrepreneurs by Coldfeets: 7:26am On Mar 23, 2018 |
Nice points. Thanks for sharing. Is it still surprising that whenever entrepreneurship talks or discussions comes up on nairaland, you rarely see the youths who should be champions of entrepreneurship and job/wealth creation like what is obtainable in advanced countries? I laugh. |
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