What of the useless unions that are formed by lazy idiots to steal money from hardworking business men and women?

Redoil:
Bad govt policy kills business faster than any other thing

No business can grow in any black man controlled country...They are imbeciles..

oneolajire:
Entrepreneurship in Nigeria is a Scam and a Multiplier of Poverty: Part 3


In the second part of this article, I described the four types of entrepreneurship available, they are, traditional, conditional, capital and innovative entrepreneurships.
Link to part 2
https://www.nairaland.com/3102449/part-2-entrepreneurship-scam-nigeria

It is important to note that nations that have developed over the years ensured massive emphasis on both capital and innovative entrepreneurship.

Unfortunately, the emphasis of entrepreneurship in Nigeria is on traditional and conditional entrepreneurships. I wonder how these kinds of entrepreneurships will solve socioeconomic problems in Nigeria.

Entrepreneurship in developed nations was used to provide infrastructures such as electricity, railways, airports, hospitals among others. Steel plants, petroleum refineries, automobiles, aircraft and hi-tech companies came to existence as a result of exploits in innovative and capital entrepreneurships.

Nigeria's kind of entrepreneurship being preached to our youth cannot be used to solve any kind of socio-economic problem such as lack of power supply, good roads, portable water, railway and so on. It is so obvious that the entrepreneurship we practice in Nigeria is absolutely handicapped. It lacks both solution and growth factor, however, it is a poverty multiplying one.

Nigeria's kind of entrepreneurship lacks the capability to provide substantial job opportunities needed by the youth. The traditional entrepreneurship we practice provide jobs in retailing, unskilled or semi-skilled jobs, exportation of raw materials and importation of finished goods. Developed nations have massive jobs in information technology, aerospace, space technology, healthcare power, sports, tourism, oil and gas, which are products of innovative and capital entrepreneurship. It is certain that the number of unemployed people in Nigeria will continue to increase if there is no change to our entrepreneurship approach.


Taking a look at the genesis of institutionalisation of entrepreneurship in Nigeria, which can be traced to 1986 when the Government established the National Directorate of employment, NDE, to provide skills for youth in order to make them employable. It was this same time that several industries began to fold up, banks began to liquidate, the quality of education began to experience sharp decline and government's investment in infrastructural development began to recede. It is so obvious that the government at that time lacked job creation skills.

Over thirty years down the lane, one should ask, how much jobs has NDE provided? Would we have the need of NDE if we had abundant industries and functional education that produces job creating graduates? What a pity to see that the major mantra of the government to the youth is traditional entrepreneurship. If Nigeria's kind of cake baking, hair dressing and dough-nut entrepreneurship had failed in the past, how would it help create factories and solve our unemployment problem? I see no reason why we should magnify the failures of entrepreneurship in the name of self employment.

Innovative entrepreneurship of Mr Innocent Chuckwuma of Innoson Vehicle Manufacturing and Mr Adetokunbo Ogundeyin of Proforce Limited -manufacturer of armoured vehicles- are undeniable examples. They built technological empires without government's help, yet, the sky is not even their limit, but their starting points. Imagine if we can replicate this achievements in electricity generation, petroleum refining, road/railway construction, metals and material production.

Nigeria is facing serious budget finance crisis because the revenue earned from petroleum is no longer sufficient to fund the budget. Massive funds is being ploughed into traditional entrepreneurship that provides very little tax, thereby plunging the nation massive borrowing. However, products and services of innovative ventures in developed nations have become huge sources of revenue to their respective nations. Therefore Nigeria should to invest in entrepreneurship that will generate abundant revenue to fund subsequent budgets.

Nigeria has more than thirty percent of an estimated population of 200 million people involved in agriculture, yet malnutrition is ravaging our land. The major problem of insufficient food production is the primitive farming using cutlass and hoe -a form of traditional entrepreneurship. So unfortunate that insurgency in North-Eastern Nigeria and the nationwide herdsmen killings hsd highly contributed to reduced crop production.

On the other hand, some nations have lesser than two percent of their population in agriculture, yet they meet local demand and export. They make use of innovative entrepreneurship both on the farm and in the lab/workshops. They don't depend on normads to provide beef for them. Here in Nigeria, graduates of agriculture do not practice farming professionally, yet it is the unequipped graduates of other courses, that are persuaded into agriculture as a result of unemployment.

It is good to have several capital entrepreneurs like Aliko Dangote, who has built several industries in Nigeria and across Africa. His latest investment in the 650,000 bpd of crude oil refinery and petrochemical complex which is expected to help tackle the availability of petroleum products is highly laudable. However, he didn't become an overnight investor, his success story began in 1977 with the 500,000 naira loan -when 1$ = 0.65k - given to him by his uncle, Alhaji Dantata. The major problem of capital entrepreneurship is how to get massive loans for industrial development.

Finally, a paradigm shift is still the solution to our challenges.

Capital isn't the problem...the little capital you have did you optimise it...instead we all are looking for mor capital

To me the number one failure is wrong business and wrong reason and ide for business.

When the foundation is bad what can be built on it .

I preach self awareness ...if you don't know what you're cut out to do How do you manage anything you've emotionally set up.

Our capacity to do things either for ourself as business or for someone else as a job or even for our family ad a wife and husband is always producing unconvincing results cuz we don't even know who we are let alone know what we're cut out to do or know where we function optimally. ..

No thanks to our traditional ethnical educational religious trainings.

idonhammer:
Business failure is not for original igboman.. Forget entrepreneurship grammar. Na we be business.if you know, you Know.

Then why are you people running away to Malaysia, USA, Singapore, China even Ghana here...

Mizwisdom:
What of the useless unions that are formed by lazy idiots to steal money from hardworking business men and women?

Please always focus on what will make you better not throwing shades and sharing blames.

ultron12345:
I totally agree with the OP.

The next big business killer after bad management are bad and dishonest employees who want to make more than your profit as their personal gain. The sad thing is that majority of Nigerian employees fall under this category. Really hard to get good employees in this country. Employ Nigerians and you have to spend a lot on all sorts of measures to decrease theft, internal controls, CCTV, more security etc. No wonder companies prefer to employ more expensive expatriates in sensitive positions than to employ locals.

Next is credit sales. Nigerians will never pay debt. Nigerians always have this fraudulent mentality, some will even fight you on top of money they're owing you. I think its time debt is made a criminal offence on Nigeria.

Next after that is bad market unions, trade associations and all that. The money they extort is enough to be declared as profit. Some silly Nigerians will just form a union and be using it to extort businesses in the name of all sorts of fees and dues. A good example was the Lagos tailor freedom list brough to front page some days back.

In short, the very nature of Nigerians is the biggest problem to businesses operating in the country.

Most employees do not share in your dream so they take whatever they can for their self benefits but may I ask how many employers spend money and time on trainning for these staffs to actually see what you saw in the business and add value instead of looking for money...

If we're to build anything at all it takes time energy and commitment. ..hiw many employers are ready for this....there only focus is money profit low salary etc

GideonOludayomi:


I agree but strongly disagree.

I assume you are writing this with a general audience in mind and not the Nigerian audience in specific. Kindly research more on the Nigerian business environment and then let us know the causes of business failure. I will be following you to respond promptly.

Make I answer my own here....
Most businesses in Nigeria are done by people who are looking for money not people who are ready to solve any problem.. hence when a small issue arise that's not helping them make the money they want quick quick they run. ... all these problems were saying is affecting our business is what affects everyone and even worse all over the world ...the difference is they do business to help people who in turn pay them huge money. Naija I hail

JohnNgene:
I think the number one cause of business failure IN NIGERIA is lack of credit facilities.

So many businesses fail even before they start because there's no money to bring the business idea to reality. Raising capital on your own to start a business is hard. Getting a loan from Nigerian banks is even harder. Then, paying back the loan with the high interest attached to it is the hardest. Lol.

If Nigerian youths could easily access loans of N100,000 (one hundred thousand naira) by submitting the original copies of their certificates for example, I'm sure the Nigerian business environment will flourish.

Naija certificate no worth anything o...and what of business people who didn't go to school that means no way to get the loan...

I have a question. ..are yu saying 100k will let you do something well for your business if yes does it mean you've never at any point had 100k what do u do with it.... May I guess....

Please sir lack of capital isn't the problem...most of us still waste such when it comes....we're not 100% commited to our cause ...we do business because we want to make money so as soon as the money comes in the form of loan..we must ball small lol.

babakb:


For real? I never thought some people could be zombified like this.

You need serious healing men.

Your own diseases no get remedy. Prepare to die soon

Competitions, govt policy, debtors... just to mention a few

Saltoflife:


Capital isn't the problem...the little capital you have did you optimise it...instead we all are looking for mor capital

You are the type supporting tradermoni. Get a rich uncle like Dantata to sponsor you and see if you'll not surpass Dangote. Mr little capital, let's know the empire you've built with your little capital!

oneolajire:


You are the type supporting tradermoni. Get a rich uncle like Dantata to sponsor you and see if you'll not surpass Dangote. Mr little capital, let's know the empire you've built with your little capital!

Sorry I made my point to you.

Enjoy your if I had a rich uncle or keep waiting all options are correct.

Very correct, but I think we need a lot of merging in order to achieve this, many youth know the way out but areturned incapacitated by lack of finances hence in a bid to gather funds they ended up with traditional entrepreneurship only few ended up succeeding and fewer make it to Capital entrepreneurs.

oneolajire:
Entrepreneurship in Nigeria is a Scam and a Multiplier of Poverty: Part 3


In the second part of this article, I described the four types of entrepreneurship available, they are, traditional, conditional, capital and innovative entrepreneurships.
Link to part 2
https://www.nairaland.com/3102449/part-2-entrepreneurship-scam-nigeria

It is important to note that nations that have developed over the years ensured massive emphasis on both capital and innovative entrepreneurship.

Unfortunately, the emphasis of entrepreneurship in Nigeria is on traditional and conditional entrepreneurships. I wonder how these kinds of entrepreneurships will solve socioeconomic problems in Nigeria.

Entrepreneurship in developed nations was used to provide infrastructures such as electricity, railways, airports, hospitals among others. Steel plants, petroleum refineries, automobiles, aircraft and hi-tech companies came to existence as a result of exploits in innovative and capital entrepreneurships.

Nigeria's kind of entrepreneurship being preached to our youth cannot be used to solve any kind of socio-economic problem such as lack of power supply, good roads, portable water, railway and so on. It is so obvious that the entrepreneurship we practice in Nigeria is absolutely handicapped. It lacks both solution and growth factor, however, it is a poverty multiplying one.

Nigeria's kind of entrepreneurship lacks the capability to provide substantial job opportunities needed by the youth. The traditional entrepreneurship we practice provide jobs in retailing, unskilled or semi-skilled jobs, exportation of raw materials and importation of finished goods. Developed nations have massive jobs in information technology, aerospace, space technology, healthcare power, sports, tourism, oil and gas, which are products of innovative and capital entrepreneurship. It is certain that the number of unemployed people in Nigeria will continue to increase if there is no change to our entrepreneurship approach.


Taking a look at the genesis of institutionalisation of entrepreneurship in Nigeria, which can be traced to 1986 when the Government established the National Directorate of employment, NDE, to provide skills for youth in order to make them employable. It was this same time that several industries began to fold up, banks began to liquidate, the quality of education began to experience sharp decline and government's investment in infrastructural development began to recede. It is so obvious that the government at that time lacked job creation skills.

Over thirty years down the lane, one should ask, how much jobs has NDE provided? Would we have the need of NDE if we had abundant industries and functional education that produces job creating graduates? What a pity to see that the major mantra of the government to the youth is traditional entrepreneurship. If Nigeria's kind of cake baking, hair dressing and dough-nut entrepreneurship had failed in the past, how would it help create factories and solve our unemployment problem? I see no reason why we should magnify the failures of entrepreneurship in the name of self employment.

Innovative entrepreneurship of Mr Innocent Chuckwuma of Innoson Vehicle Manufacturing and Mr Adetokunbo Ogundeyin of Proforce Limited -manufacturer of armoured vehicles- are undeniable examples. They built technological empires without government's help, yet, the sky is not even their limit, but their starting points. Imagine if we can replicate this achievements in electricity generation, petroleum refining, road/railway construction, metals and material production.

Nigeria is facing serious budget finance crisis because the revenue earned from petroleum is no longer sufficient to fund the budget. Massive funds is being ploughed into traditional entrepreneurship that provides very little tax, thereby plunging the nation massive borrowing. However, products and services of innovative ventures in developed nations have become huge sources of revenue to their respective nations. Therefore Nigeria should to invest in entrepreneurship that will generate abundant revenue to fund subsequent budgets.

Nigeria has more than thirty percent of an estimated population of 200 million people involved in agriculture, yet malnutrition is ravaging our land. The major problem of insufficient food production is the primitive farming using cutlass and hoe -a form of traditional entrepreneurship. So unfortunate that insurgency in North-Eastern Nigeria and the nationwide herdsmen killings hsd highly contributed to reduced crop production.

On the other hand, some nations have lesser than two percent of their population in agriculture, yet they meet local demand and export. They make use of innovative entrepreneurship both on the farm and in the lab/workshops. They don't depend on normads to provide beef for them. Here in Nigeria, graduates of agriculture do not practice farming professionally, yet it is the unequipped graduates of other courses, that are persuaded into agriculture as a result of unemployment.

It is good to have several capital entrepreneurs like Aliko Dangote, who has built several industries in Nigeria and across Africa. His latest investment in the 650,000 bpd of crude oil refinery and petrochemical complex which is expected to help tackle the availability of petroleum products is highly laudable. However, he didn't become an overnight investor, his success story began in 1977 with the 500,000 naira loan -when 1$ = 0.65k - given to him by his uncle, Alhaji Dantata. The major problem of capital entrepreneurship is how to get massive loans for industrial development.

Finally, a paradigm shift is still the solution to our challenges.

oneolajire:


You are the type supporting tradermoni. Get a rich uncle like Dantata to sponsor you and see if you'll not surpass Dangote. Mr little capital, let's know the empire you've built with your little capital!

I just remembered it's only Dangote that is Dantatas nephew.

You can either see a cup half filled or half empty.

The empire I build or I don't build my headache.

Few of the reasons why businesses fail in Nigeria includes but not limited to the following factors...