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/

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.

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.

more difficult with Buhari as president

all lies i completely disagree

GOOD THREAD.

E NO EASY WALLAHI, BUT THERE'S HOPE FOR THE PATIENT ONE

Only five?

Lack of motivation by lecturers..

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??

Essentials1:
all lies i completely disagree

okay! say what you think or know.

Essentials1:
all lies i completely disagree

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

Abjay97:
Lack of motivation by lecturers..

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?

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.

Venture into Can Recycling and Thank me Later

Store up at least 50kg cans or more and I will buy from you

Spygadgets19:
Venture into Can Recycling and Thank me Later

Store up at least 50kg cans or more and I will buy from you

so, pretty lady like you is a recycler? that's serious!

Lack of finance ought to be number one. Finance that is stress free. Low interest and business-friendly.

nothing like having your own biz....... check this out https://www.nairaland.com/4405075/new-designs

Nice one!

I think high rate of tax is also a problem

Spygadgets19:
Venture into Can Recycling and Thank me Later

Store up at least 50kg cans or more and I will buy from you

please what type of recycling is this called?

agripreneurs should gather here for a selfie; wefie ....you're highly recognized

Spygadgets19:
Venture into Can Recycling and Thank me Later

Store up at least 50kg cans or more and I will buy from you

how much do you buy?

mozele:


how much do you buy?

N50 per kg

fighal:
please what type of recycling is this called?

Aluminum Can Recycling

teejet:
Lack of finance ought to be number one. Finance that is stress free. Low interest and business-friendly.

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.....

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/

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.