slimthugchimee2:
Hello nairalanders

I having a business idea that I am about to startup, I have acquired the capital and skillset ready to start small, I also have a clear cut business plan for it.

Now I just want to hear from other nairalanders the challenges they experienced when they started their business.

1. Finding workers with skill and good morals

2. Multiple taxation by government agents

thebosstrevor1:
1. That your grandiose plans are bullshit
2. That your idea isn't special or unique
3. That you need money to make money.
4. Your girlfriend, wife and family members will discourage you.
5. Your friends will disert you.
6. That you will work and work round the clock and nothing will show for all the work you have done.
7. People will promise you heaven and earth but wont follow up on their promises
8. You will have constant fear of the unknown and lot of financial insecurities until you make it.
9. You will be depressed, suicidal, cry and cry, pray to God for help to make your business successful but he wont listen.
10. You will be lonely, entrepreneurship is a lonely world. No help and nobody want to listen to your stories.
11. If you have employees, dem no understand, customers are owning you, all that matters to them is their salaries.
12. Betrayals.
13. Government policies, they can wake up one day and change every law to your disadvantage or advantage but be ready to adapt.
14. Investors, some are greedy, they can steal your business from you by enticing you with cash.
15. Bootstrap, Bootstrap, never depend on investors, they are evil.
16. You may not be successful
17.There is light at the end of the tunnel, never give up.

Entrepreneurship is hard, hard, hard job, it is not glamorous, i hate it, i hate it, i hate it, they promise me riches that i will be like Bill gates and Mark Zuckerberg all i saw was pain pain pain but if you are successful, o boy, the reward is crazy. Nobody will understand the pain you went through.

If you can't do it, just find a job.

From experience not from motivational books

Interesting topic. Op no matter the advice you get from here, you still need to prepare for your own experience, but never you give up. Wishing you and your new business God speed.





















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steric58:
Low patronage, food business.

How are things now?
Hope they are much better?

funds is the major challenge I face, so I have to do everything bit by bit

Mark my word,u will go far in life.

buygala:
Have alternative power sources

Dont Sell on credit

Dont Sleep with your sales girl

Each business has its own peculiar challenges.

I deal with training people all over the world civil engineering softwares. It means I have to be online almost all the time because of time difference

thebosstrevor1:
1. That your grandiose plans are bullshit
2. That your idea isn't special or unique
3. That you need money to make money.
4. Your girlfriend, wife and family members will discourage you.
5. Your friends will disert you.
6. That you will work and work round the clock and nothing will show for all the work you have done.
7. People will promise you heaven and earth but wont follow up on their promises
8. You will have constant fear of the unknown and lot of financial insecurities until you make it.
9. You will be depressed, suicidal, cry and cry, pray to God for help to make your business successful but he wont listen.
10. You will be lonely, entrepreneurship is a lonely world. No help and nobody want to listen to your stories.
11. If you have employees, dem no understand, customers are owning you, all that matters to them is their salaries.
12. Betrayals.
13. Government policies, they can wake up one day and change every law to your disadvantage or advantage but be ready to adapt.
14. Investors, some are greedy, they can steal your business from you by enticing you with cash.
15. Bootstrap, Bootstrap, never depend on investors, they are evil.
16. You may not be successful
17.There is light at the end of the tunnel, never give up.

Entrepreneurship is hard, hard, hard job, it is not glamorous, i hate it, i hate it, i hate it, they promise me riches that i will be like Bill gates and Mark Zuckerberg all i saw was pain pain pain but if you are successful, o boy, the reward is crazy. Nobody will understand the pain you went through.

If you can't do it, just find a job.

You don turn Noah

steric58:
Low patronage, food business.

Same here oh ..I had to rent my shop sell everything to one woman ,go find job again ..business should rest for now ..I can not come and kill myself ...lagosians dey use juju sell market oh if u join them you won't sell .

LikeAking:

Na experience things go better, add cash back stuffs to the biz.

I will Baba thanks

- Don't start with investors: Investors only care about the money and not the long term goal
- Never start on credit or a loan: Your revenue will always come up short as you pay.. pay..pay
- Never attend to family issues that ain't your first family. Seperate business and family
- Start in a country that supports entrepreneurs eg. Cheaper start up taxes, less stress to start up, lots of loopholes in the tax system etc.
- Have a contingency plan in case things go bust. So you leave with some cash to boost you back up

After acquiring the necessary knowledge needed to startup a business the challenges most Nigerians face is too enormous.
1. Funding
2. Fear of Failing
3. Multiple LGA and FG tax forces
4. Getting the right staffing
5. Insecurity
6. Exchange Rate
7. Local and international- (China) Competitor
8. Village people attacks
9. Pastors Collecting 10% out of every sales
10. Payment to juju lords that made you believed without them you will not succeed
11. Accessing the original anointing oil from men of God
12. Imams killing Ram to purify the land
13. Electricity
14. Fuel increase
15. Buying Data and Making Calls
16.
17.
18.
1000. Buhari & Pantami.

OmovuduTheBeast:


ABEG MAKE WE HEAR WORD

NA OPATA YOU DEY YARN!

PLS SANE NAIRALANDERS, MAKE UNA POST COMMENTS MAKE I READ BETTER THINGS

Person wey never sell even pure water
Copied rubbish from one book.

slimthugchimee2:
Hello nairalanders

I having a business idea that I am about to startup, I have acquired the capital and skillset ready to start small, I also have a clear cut business plan for it.

Now I just want to hear from other nairalanders the challenges they experienced when they started their business.

1. Organize your accounts prudently. Don't eat from the business. Let business money be for bus3. Treat it totally as if it's not yours.

2. Pay your tax and government fees diligently, don't procrastinate on payments. Don't cut corners.
3. Let your bank account be reviewed periodically and personally, say monthly and make sure everything is balanced to the penny.
4. Develop a very comprehensive Customer Care, and customer relationships management plan. Learn from successful blue chips companies.
5. List a number of Business mentors and learn what they do and how they maintained their business.
6. Before beginning the day, pray for the business and for your customers, and for your competitors also. God is spiritual, and He is the one that gives the power to make wealth, so is the business spiritual.
7. Read newspapers and Business news every day. Don't play with this habit, you see new things and learn government policies that may affect your business before hand.
8. DON'T MIX BUSINESS WITH FAMILY & FRIENDS.
9. ALWAYS BE PUNCTUAL, LEADERSHIP IS ALWAYS BY EXAMPLE. BE THE FIRST TO OFFICE ALWAYS.
10. Constantly learn and TRAIN your staff, and try and imbibe your Business Vision into them.

Olofin2:
The govt of Ondo state went after me.

At the end of my nysc year in Ondo state in 2013, I established a desktop publishing centre in the town where I served. My prices for publishing per page and photocopy were half of what the locals were charging. I was approached not to destroy their means of livelihood with my charges. I refused. Next thing was that the local government officials came and demanded for tax of 15k in a business that was less than 3 months old. I had not made 15k since when I started that business.

So, they seized my equipments until I was able to pay.

After that, Ondo state internal revenue came demanding for 27k tax. I flared up and they closed my shop and took my computers, generator and photocopy machine away. I got them back after payment and left Ondo state forever.

Thanks for this

Lack of capital.

Olofin2:
The govt of Ondo state went after me.

At the end of my nysc year in Ondo state in 2013, I established a desktop publishing centre in the town where I served. My prices for publishing per page and photocopy were half of what the locals were charging. I was approached not to destroy their means of livelihood with my charges. I refused. Next thing was that the local government officials came and demanded for tax of 15k in a business that was less than 3 months old. I had not made 15k since when I started that business.

So, they seized my equipments until I was able to pay.

After that, Ondo state internal revenue came demanding for 27k tax. I flared up and they closed my shop and took my computers, generator and photocopy machine away. I got them back after payment and left Ondo state forever.

Why didn't charge the normal rate?

A particular vendor failed to pay me 400k that was reversed to his account .. and I had to gather funds and pay my supplier. And. This is recent

Omo na now i know why rich men Dey stingy

Dishonest Nigerian clients and business partners!

slimthugchimee2:
Hello nairalanders

I having a business idea that I am about to startup, I have acquired the capital and skillset ready to start small, I also have a clear cut business plan for it.

Now I just want to hear from other nairalanders the challenges they experienced when they started their business.

Location and electricity

hmmm

TheLionofLasigi:
Basically dealing with niggerians.

Basically everyone trying to steal from you...very terrible people!

horladexino:
It is very frustrating when you don't have enough capital for starting business and bad location causing of low sale.
I may not earn more than #500 for the whole week to the point of thinking of begging on nairaland, I has typed the messages before I deleted it for shameless shake
I am phone repair technician and selling of accessories but making no sale is making my life to be frustrated and miserable

MY brother please ensure you have enough capital for a start up and good location if not it will end in premiums tears

Where is the best location in this kind of business?I think phone repair can thrive anywhere

passionberry:



Same here oh ..I had to rent my shop sell everything to one woman ,go find job again ..business should rest for now ..I can not come and kill myself ...lagosians dey use juju sell market oh if u join them you won't sell .

Please I will like to dm you to ask further questions as regard this food business.

Sheuns:
I started my current business with zero naira zero kobo. You don’t always need money to start a business. My business is actually service based, we render services, so there was no need for capital. All it started with was adequate knowledge of the area, my smartphone, PC and a customer.

That first customer (a friend) referred more customers and I decided to make it a business. We’ve been on for 3 years now and we’re growing gradually. It’s not been easy, but we’ve been relentless.

What we do is procurement and import from China to Lagos.

Which business no need capital for Nigeria?

passionberry:



Same here oh ..I had to rent my shop sell everything to one woman ,go find job again ..business should rest for now ..I can not come and kill myself ...lagosians dey use juju sell market oh if u join them you won't sell .

Was it a food business?

OmovuduTheBeast:


ABEG MAKE WE HEAR WORD

NA OPATA YOU DEY YARN!

PLS SANE NAIRALANDERS, MAKE UNA POST COMMENTS MAKE I READ BETTER THINGS

You're always incensed when you see his comments. Why? Abi he dey follow you drag your wife, abi he frustrated your effort to achieve your goals of . . .

Why not just waka pass whenever you see him comment if e go trigger d beast in u to react.

And the guy dey make sense with him comments sometimes o.

thebosstrevor1:
1. That your grandiose plans are bullshit
2. That your idea isn't special or unique
3. That you need money to make money.
4. Your girlfriend, wife and family members will discourage you.
5. Your friends will disert you.
6. That you will work and work round the clock and nothing will show for all the work you have done.
7. People will promise you heaven and earth but wont follow up on their promises
8. You will have constant fear of the unknown and lot of financial insecurities until you make it.
9. You will be depressed, suicidal, cry and cry, pray to God for help to make your business successful but he wont listen.
10. You will be lonely, entrepreneurship is a lonely world. No help and nobody want to listen to your stories.
11. If you have employees, dem no understand, customers are owning you, all that matters to them is their salaries.
12. Betrayals.
13. Government policies, they can wake up one day and change every law to your disadvantage or advantage but be ready to adapt.
14. Investors, some are greedy, they can steal your business from you by enticing you with cash.
15. Bootstrap, Bootstrap, never depend on investors, they are evil.
16. You may not be successful
17.There is light at the end of the tunnel, never give up.

Entrepreneurship is hard, hard, hard job, it is not glamorous, i hate it, i hate it, i hate it, they promise me riches that i will be like Bill gates and Mark Zuckerberg all i saw was pain pain pain but if you are successful, o boy, the reward is crazy. Nobody will understand the pain you went through.

If you can't do it, just find a job.

you just described everything that happened to me

Olofin2:
The govt of Ondo state went after me.

At the end of my nysc year in Ondo state in 2013, I established a desktop publishing centre in the town where I served. My prices for publishing per page and photocopy were half of what the locals were charging. I was approached not to destroy their means of livelihood with my charges. I refused. Next thing was that the local government officials came and demanded for tax of 15k in a business that was less than 3 months old. I had not made 15k since when I started that business.

So, they seized my equipments until I was able to pay.

After that, Ondo state internal revenue came demanding for 27k tax. I flared up and they closed my shop and took my computers, generator and photocopy machine away. I got them back after payment and left Ondo state forever.

I can relate with your experience. You're a threat to their business and they cannot stand competition. They sought the local power that be to frustrate you, and they were successful at the end.

Sometimes, unexpected external force employed by competitors when one doesn't have similar force can hamper one's growth especially when one doesn't have a similar one.

thebosstrevor1:
1. That your grandiose plans are bullshit
2. That your idea isn't special or unique
3. That you need money to make money.
4. Your girlfriend, wife and family members will discourage you.
5. Your friends will disert you.
6. That you will work and work round the clock and nothing will show for all the work you have done.
7. People will promise you heaven and earth but wont follow up on their promises
8. You will have constant fear of the unknown and lot of financial insecurities until you make it.
9. You will be depressed, suicidal, cry and cry, pray to God for help to make your business successful but he wont listen.
10. You will be lonely, entrepreneurship is a lonely world. No help and nobody want to listen to your stories.
11. If you have employees, dem no understand, customers are owning you, all that matters to them is their salaries.
12. Betrayals.
13. Government policies, they can wake up one day and change every law to your disadvantage or advantage but be ready to adapt.
14. Investors, some are greedy, they can steal your business from you by enticing you with cash.
15. Bootstrap, Bootstrap, never depend on investors, they are evil.
16. You may not be successful
17.There is light at the end of the tunnel, never give up.

Entrepreneurship is hard, hard, hard job, it is not glamorous, i hate it, i hate it, i hate it, they promise me riches that i will be like Bill gates and Mark Zuckerberg all i saw was pain pain pain but if you are successful, o boy, the reward is crazy. Nobody will understand the pain you went through.

If you can't do it, just find a job.

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