LIFE OF A NIGERIAN ENTREPRENEUR
Every youth wants to be an entrepreneur, they want to leave their 9-5 jobs for something else, to be their own boss which isn’t a bad thing. However, they go all into investing in a business, they need to know the pros, cons, and also challenges that face a Nigerian entrepreneur. The Nigerian government has been working on improving entrepreneurship in Nigeria but due to some challenges, the entrepreneurship development in Nigeria is not flourishing as in many other countries. Some of the challenges in the life of a Nigerian entrepreneur are: –
High cost of doing business in Nigeria:-
Things such as the lack of adequate electricity, high cost of petrol/ diesel in running when there is a lack of electricity and basic needs by a large amount of the population stifle entrepreneurial activity.
Getting venture capital to finance entrepreneurial endeavors in Nigeria is very difficult
Due to the political and economic instability, it is extremely difficult getting venture capital to finance entrepreneur ventures. There are thousands of Nigerians with wonderful ideas that could be turned into a real business. However, most of them lack the capital to push their ideas into reality. The lack of capital is the number one reason why the development of entrepreneurship has not improved over the years
A partnership is tough: –
You might have to carry the load alone as your partner might do little to nothing. You will be alone when growing it, but will be fought and forced out when the money starts coming in. Most entrepreneurs choose to be without partners so that no one will pressure and fight them. Most Nigerians don’t understand the concept of partnership is until it’s time to share money.
Getting reliable and efficient staff is another challenge: –
Most people in Nigeria are incompetent, don’t really know what it’s meant to create value and just want to be paid without learning to do the work.
Outrageous Taxes and levy: –
series of taxes and levy for various ridiculous and outrageous charges are been levied against entrepreneurs each day. These taxes and levy are enough o frustrate a business owner and make them run out of business.
The lack of good infrastructural facilities: –
lack of good roads and transport systems are part of the infrastructural challenge plaguing entrepreneurship in Nigeria. The poor state makes the cost of running a business or company high making most small businesses and start-ups unable to afford it.
Poor knowledge on how to run a business
Not all the problems are from the government or capital-related. Another problem is that most people don’t know how to manage and grow a business properly. They don’t seem to learn or have the resources to learn how to manage and grow a business.
Inadequate planning and poor execution
This is the result of poor knowledge of how to run a business. Most people don’t plan properly before they start their business. They don’t make researchers about the business, the market for the business, the cost of production, etc. Many do not even make a business plan. So, after they start a business, they get stuck and the business fails. Also, a lot of people start off the wrong path, and eventually, the business ends up failing