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What's Your Greatest Challenge As An Entrepreneur? - Business (5) - Nairaland

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16 Reasons You Should Be An Entrepreneur And Own A Business / 3 Advantages Of Starting Small As An Entrepreneur / 10 Things No One Will Tell You About Being An Entrepreneur (2) (3) (4)

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Re: What's Your Greatest Challenge As An Entrepreneur? by Yhemit(m): 6:42pm On Sep 08, 2019
Meliian:


Sorry, I can't give advice in the area of marketing.
Okay
Re: What's Your Greatest Challenge As An Entrepreneur? by Offpoint: 6:50pm On Sep 08, 2019
Aventador:

Hello sir, what are you into. im willing to learn.
Dropshipping and others...
it'll cost you o... nothing's free o
Re: What's Your Greatest Challenge As An Entrepreneur? by tck2000(m): 6:51pm On Sep 08, 2019
madenigga:
There's a secret I would have loved to share to Nigerian entrepreneurs on strategy to dominate the business environment of any state or region you are in, but if I did that I would be giving out tips to my archilese heel.

If u have finance and you want to go into any business normally SME there's a way you can go about it and make good business decision anybody that can tell me what technology this is. Is a real Business man
well,i'ld say huge advertising and producing in large amount.
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 6:52pm On Sep 08, 2019
Sunriserealtors:

This upwork stuff how does it work.
It's a freelance platform....just like Fiverr.
Re: What's Your Greatest Challenge As An Entrepreneur? by Offpoint: 6:53pm On Sep 08, 2019
godisablack:


You must be a very fun and strong headed guy.
lol, thanks. I know I'm a jackass most timesgrin

As I'm replying you this message right now, I'm inside our well... that's the only Glo network is available in my compound... my neighbors think I'm mad

4 Likes

Re: What's Your Greatest Challenge As An Entrepreneur? by dolalekan(m): 6:53pm On Sep 08, 2019
my greatest challenge is availability of power. spending 12,000 naira daily to run my production daily is killing!

1 Like

Re: What's Your Greatest Challenge As An Entrepreneur? by NkemFoods: 6:54pm On Sep 08, 2019
Let nobody confuse you.

Competition is and can never be the main challenge faced by entrepreneurs.

The greatest challenge that every entrepreneur must face and overcome is Marketing and Selling.

Not competition.

Here's the thing...

If you are going into any niche or industry and it's not competitive or saturated, please run. There's no money to be made in that market.

If you learn how to sell and close deals, you will always be ahead of your competitors.

If you are not selling, you will be sold.

4 Likes

Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 6:54pm On Sep 08, 2019
LaIabobo:


Please get a Lumos box. Monthly payment is less than 5k and you have options of less than 200naira daily.

It can power your laptop and other small home appliances.
Hmmmmmm. Okay bro. But how about a full solar system? What would be the cost? Something that can power a self-contained apartment (include all appliances minus fridge)?
Re: What's Your Greatest Challenge As An Entrepreneur? by chigopeepeenini(m): 6:57pm On Sep 08, 2019
Greatest challenge is capital. This is the major bottom line for any business to Kickstart.
Imagine a client that I did business plan for and the investment cost was $30,000 but because he didn't have and could not raise that amount, it impeded the business to grow.

1 Like

Re: What's Your Greatest Challenge As An Entrepreneur? by bowers(m): 6:58pm On Sep 08, 2019
How can one buy stuff from you??
BlackAlbinoo:
Having 24/7 power supply was my biggest challenge as an entrepreneur,I was able to solve that using a portable inverter and solar system for my laptop.....I dropship tech products and accessories on foreign platforms hence I need to be online always to attend to orders,also identifying quality products for my store, identifying unique products that will sell well , selling with the wrong price is also a major challenge for me.
Re: What's Your Greatest Challenge As An Entrepreneur? by crisycent: 6:58pm On Sep 08, 2019
Finding trustworthy/competent people

2 Likes 1 Share

Re: What's Your Greatest Challenge As An Entrepreneur? by 2emgee(m): 7:00pm On Sep 08, 2019
Ademat7:
it is d people who can't pay for your service, talk to your customers they will give u advice (survey their opinions)
The business is still young (almost a year), i believe i will gradually nurture it to a point where i shall be able to stand my ground as regarding price so long its not outrageous.

1 Like

Re: What's Your Greatest Challenge As An Entrepreneur? by madenigga(m): 7:05pm On Sep 08, 2019
tck2000:
well,i'ld say huge advertising and producing in large amount.
OK actually when u start going into mass production u start talking if large scale and no longer small and medium scale. In the SME deals more on service businesses, distribution, retail etc.

The answer to getting an edge is having the ability to get into a high traffic area. Then u look at the demography is the high traffic area that is a place with population. Is it a residential area or an industrial area or a business area.

Businesses which receive patronage at a residential area might not thrive in an industrial area.

Example an industrial area might not get much traffic at night but a residential area will.

Then u get this app. Its a very simple app that will help u know this and spot high density areas to invest in

3 Likes

Re: What's Your Greatest Challenge As An Entrepreneur? by tck2000(m): 7:09pm On Sep 08, 2019
madenigga:

OK actually when u start going into mass production u start talking if large scale and no longer small and medium scale. In the SME deals more on service businesses, distribution, retail etc.

The answer to getting an edge is having the ability to get into a high traffic area. Then u look at the demography is the high traffic area that is a place with population. Is it a residential area or an industrial area or a business area.

Businesses which receive patronage at a residential area might not thrive in an industrial area.

Example an industrial area might not get much traffic at night but a residential area will.

Then u get this app. Its a very simple app that will help u know this and spot high density areas to invest in
Well,my answer is almost related btw what's the name of the app?
Re: What's Your Greatest Challenge As An Entrepreneur? by madenigga(m): 7:10pm On Sep 08, 2019
Information is power, it has more power than even finance. I still insist that its information
Re: What's Your Greatest Challenge As An Entrepreneur? by madenigga(m): 7:11pm On Sep 08, 2019
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Re: What's Your Greatest Challenge As An Entrepreneur? by obamartins(m): 7:16pm On Sep 08, 2019
Meliian:


Solution: Never short-change or undervalue your brand. When you sell at cheaper rates than the normal price range, you send the wrong signal to your customers (that your products / services isn't worth more than a penny. This is why psychologically they feel the need to keep bringing the price down). Choose your prices and STICK to it.

This so true, I recently increased the prices of my books on amazon and sales spiked. There are some people with the mind set of "the higher the price, the better the product."

13 Likes 2 Shares

Re: What's Your Greatest Challenge As An Entrepreneur? by maximunimpact(m): 7:19pm On Sep 08, 2019
Ademat7:

Your niche?
Hope work environment is not a big problem?

I operate a production studio in FESTAC, Lagos which is all about photography and skits production. Getting good photographers, scriptwriters and others has been stalling for the past 3 months. I practically have to suspend production until i get the right people. This experience made me to understand that most of our graduates lacks practical skills - they only want to be office assistants, receptionists and company secretary, very few thinks outside those perimeters.

4 Likes

Re: What's Your Greatest Challenge As An Entrepreneur? by Emmaxy9(m): 7:34pm On Sep 08, 2019
MasterRahl:
angry
I'm a freelancer and Kindle Author. My greatest challenge is electricity.
To write a book (KDP) or do freelance jobs (Fiverr & Upwork), I need a very conducive, well-lit, environment. I spend roughly N700 daily on petrol for gen to power my home office.

Electricity is very important. Sadly, the Nigerian government doesn't want to do anything about it. We gained Independence in 1960. It's been 59 long years and Nigeria cannot boast of 24 hour electricity.
Wow..thats nice, I also work on upwork, am a freelancer too and to be honest, electricity is a major challenge

2 Likes

Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 7:39pm On Sep 08, 2019
analysta:
There are certain dependencies that can make or break an entrepreneur, alot of people think that there is a secret to success as an entrepreneur. Research has shown that there is no one path. This why I like the book “ Foreignpreneur; the 9 dependencies of success “ you can understand more about the most important challenges that you need to be aware, to build a successful business
How much is that book abeg..
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 7:43pm On Sep 08, 2019
Offpoint:

Dropshipping and others...

it'll cost you o... nothing's free o
We are willing to pay no wahala grin
Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 7:46pm On Sep 08, 2019
Meliian:



Don't let's go in circles, you're saying the same thing and I've addressed your question.

For clarity's sake:

1. No two products are the same. That said, what a seller offers wouldn't always be what you seek and that's okay, because the reality of every business is that you can't have monopoly of sales i.e you can't own 100% of the total market size. The goal is to control the largest share of the total market.

2. An entrepreneur must be able to vouch that his product/service is premium. Choose your premium price and STICK to it. What you sell is your creation. And what you create is your pride. If you don't see your brand from this perspective, you will always settle for less.
This lady did you specailze in Business Admin or Entrepreneurship, i was just wondering cos of the sound business advice ur dishing out on this thread.

7 Likes 1 Share

Re: What's Your Greatest Challenge As An Entrepreneur? by quonchov: 8:05pm On Sep 08, 2019
Contact Page Applied Research for Any Engineering, chemistry and Manufacturing related analysis you wish to conduct. We have XRF analyzers, DTA/DSC equipment, stress relief equipment for welded joints, compression/tensile testing equipment, hardness testing equipment, then we carry out fabrication of equipment for engineering and research purposes. We also test ores in their raw form for assay and procurement.

Contact numbers: 08034045966, 07037143577

Re: What's Your Greatest Challenge As An Entrepreneur? by lenghtinny(m): 8:18pm On Sep 08, 2019
YorubaKing:


Cuz you're just one of the 98% delusional Nigerians...

ONLY in English language... NOT in German, Spanish, Japanese and other civilized societies... sad

Mr. ITK I didn't ask for the meaning or name in other languages....

I didn't type in German or Spanish, maybe your point would have been valid if I did.

As for calling me delusional, I know the response you deserve but I will let it slide because today na Sunday.

You need to take a seat and be humble....

1 Like

Re: What's Your Greatest Challenge As An Entrepreneur? by Nobody: 8:19pm On Sep 08, 2019
If finance is your challenge then we can help out.

Re: What's Your Greatest Challenge As An Entrepreneur? by WalkerMichael(m): 8:38pm On Sep 08, 2019
Tokziby:
All I can say is, the greatest challenge for an entrepreneur is carving a unique niche and an enabling environment.

The way people jump into businesses because they hear it's lucrative is very wrong. You should rather focus on the location u want to do it. Do a proper feasibility study. Research thoroughly about the pros and cons. Or better still the old fashioned way(which is the best), look for people that are alrady into the business, pay to understudy them or volunteer to work under them for free for a particular period of 6 months minimum. this will lay a very good foundation for ur start up cos u would have been exposed to most of the constraints in the business.

Every business has charges a tuition fee, ur losses, brainstorming, relentless efforts, rejections, sleepless night etc are the fees u gotta pay.

Also different business have different challenges, a service based business is different from a commodity based. There are conditions that u must be aware of before jumping into it.

Every business requires a master class but sadly u can't learn it in the four walls of a classroom or books. It's a continuous learning that moves with time or trend.


Well said brother. This is all the truth any wannabe-entrepreneur looking to tow that way need to understand... Emphasis on CONTINUOUS LEARNING because the business world is dynamic so you must keep up with trends to be and remain in market

1 Like

Re: What's Your Greatest Challenge As An Entrepreneur? by omobaba1759: 8:39pm On Sep 08, 2019
Am interested . How can i reach you ?

madenigga:
There's a secret I would have loved to share to Nigerian entrepreneurs on strategy to dominate the business environment of any state or region you are in, but if I did that I would be giving out tips to my archilese heel.

If u have finance and you want to go into any business normally SME there's a way you can go about it and make good business decision anybody that can tell me what technology this is. Is a real Business man
Re: What's Your Greatest Challenge As An Entrepreneur? by godisablack(m): 8:56pm On Sep 08, 2019
Offpoint:

lol, thanks. I know I'm a jackass most timesgrin

As I'm replying you this message right now, I'm inside our well... that's the only Glo network is available in my compound... my neighbors think I'm mad

LOL... I relate so well. Many would always feel intimidated by your moves. Only few nuts will adapt.

God bless you more.
Re: What's Your Greatest Challenge As An Entrepreneur? by Ademat7(m): 9:00pm On Sep 08, 2019
2emgee:

The business is still young (almost a year), i believe i will gradually nurture it to a point where i shall be able to stand my ground as regarding price so long its not outrageous.
Don't wait for that time cos it won't come, take the bull by the horn.
Customer relations is a now thing

1 Like

Re: What's Your Greatest Challenge As An Entrepreneur? by Ademat7(m): 9:02pm On Sep 08, 2019
quonchov:
Contact Page Applied Research for Any Engineering, chemistry and Manufacturing related analysis you wish to conduct. We have XRF analyzers, DTA/DSC equipment, stress relief equipment for welded joints, compression/tensile testing equipment, hardness testing equipment, then we carry out fabrication of equipment for engineering and research purposes. We also test ores in their raw form for assay and procurement.

Contact numbers: 08034045966, 07037143577
U should hv contact in all higher institutions
Re: What's Your Greatest Challenge As An Entrepreneur? by fulfilled2016: 9:14pm On Sep 08, 2019
Offpoint:
Mine in descending order.

1. Nigeria pathetic power supplies
2. Useless Nigeria Network
3. My neighbor's who think I'm a yahoo boy....
4. Funds to boost facebook and google ads.

You check out with Paystack or PayPal for your store?

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