Challenges Facing Entrepreneurs In Nigeria

With the Challenges facing entrepreneurs in Nigeria, It is not easy for entrepreneurs with limited resource starting a business in Nigeria. Especially an online business. The challenges facing entrepreneur in Nigeria is most time very discouraging. Most people are tempted to turn back along the journey. it also has resulted to a slow pace of growth.

I will use my situation as a case study. I started zondrealestate.com where I share my experience in real estate business and other information. Running the site, required my presence online daily to hook up with the progress and to move it forward. But the epileptic power supply in the country is really slowing things down. Even with the increase of the tariff the service is still poor.

This situation has made me to think in different direction. The direction of solution. I like to focus on the solution rather than the problem. In this article, I will list some of challenges facing entrepreneurs in Nigeria.

Insufficient power supply

This is the number one of the problems Nigerian entrepreneurs face. If I will explain it better, like other people puts it. It is the epileptic supply of power. It is seriously obstructing the pace. Power generator end up eating up a huge portion of the profits.

On a personal note the epileptic nature of power makes me sick. I’m just very tired of it, that is why I want to think towards the solution.

The solution

I have a big plan in mind. I want to beat the challenge and clean up the mess that the power has brought us. The way I intend to do this is to establish a business that deals with clean energy set installation and distribution. Gradually, I’ve started to shift all my electronics to solar power based. Most times introducing a solution, brings up new problem.

The new problem at this point is that the cost of setting up the business is not at hand. I’m doing something about it. At the same time I’m trying not to diffuse my focus from real estate investing which is my primary mission. When the process is complete my business will improve substantially. Also other people’s business who will subscribe to my option will also see better days.

Unstable GSM network signal and service

With alternative in the GSM network service in Nigeria, competition has been high with each company trying to outdo each other. That is where I think the solution is. The competition. The network is not monopolized.

As at the moment Globacom is a very generous network which is good for business(for internet access). They give you more value for your purchase. Etisalat is good for their speed but they aren’t as generous as Globacom. Airtel is a ok. But other network is not very favorable without cheating. unless they improve soon.
   

Restricted funding access

I will not call this insufficient fund like I wanted to call it. But I will rather refer to it as restricted access. I like to think it this way. The funding are for entrepreneur who are passionate. Who can make the best use out of funding. Who hanged on when there is nothing. Who educated themselves about leverage and disciplined themselves to use it.

I don’t want to blame the government about lack of funding. It solely depends on us. The challenges facing entrepreneur in Nigeria like this very one are self determined. The passion one has to pull down every obstacle that stands before him is the way to reach that restricted funding access.

When I started Zond Real Estate, I had no money. But I have to hold into my vision and passion. With a focus on a mission and a mapped out strategy to reach there. I am not yet well to do with funding right now because I’m still trying to make it happen. If I had waited the money will never come that is why I have added creative ways to raise money.

Lack of gadget and team

Like Rich Dad said “business is a team sport” I believe it and will continue to. Without tools there is no way task can be carried out. Teams and gadgets are important elements of a successful operation. The lack of them is one of the challenges facing entrepreneurs in Nigeria. Getting the tools and teams requires funding. And funding is one of the challenge.

One of the solution we have to adapt here is improvising. Better called Hiring or borrowing. Both team and tools or gadgets. And focus the harvested profit in provision of the needed gadgets and the extra hands.

“Amidst all the challenge facing entrepreneurs in Nigeria, moving forward is the best option irrespective of how difficult it may be.”

Other little things

This group are petty problems that can arise every now and then. Running an operation into success takes time and some times requires patience. It also depends on the passion of the entrepreneur and his commitment for success. There are challenges that will want to make someone close the book. Whenever I come across this kind of feeling, I would want to borrow the words of

Donald trump
“Never ever give up, that is the best advice I can give you”


Finally

The fact remains that there will always be Challenges facing entrepreneurs in Nigeria. But It pays when we focus more on the solution rather than the problem. This is my own experience about the challenges facing entrepreneurs in Nigeria. What is your own experience? please add it up and share with everyone.

Thank you for reading the challenges facing entrepreneurs in Nigeria. Please remember to include your comment below. Don’t forget to follow us on our social media: Facebook, twitter, Instagram and google+

 

Comments

comments

Zondre

Zondre

My name is Uzondu Chigozie a.k.a Zondre. I am a real estate entrepreneur and Entertainer. In the world of Real estate, Entertainment, Motivation and in Life, I hope to be a positive contributor to you, so join me explore the world and make it better than we've found it. Thank you for checking me out!!!

4 thoughts on “Challenges Facing Entrepreneurs In Nigeria

  • January 4, 2017 at 10:53 pm
    Permalink

    That’s what we’ve all been waiting for! Great pogtsni!

    Reply
  • February 18, 2017 at 9:08 pm
    Permalink

    Why didn’t I think about this? I hear exactly what you’re saying and I’m so happy that I came across your blog. You truly know what you’re talking about, and you made me feel like I ought to learn much more about this. Thanks for this; I’m officially a huge fan of your blog.

    Reply
  • March 1, 2017 at 3:22 am
    Permalink

    I can’t believe Carino called me a bloviatah–that’s not much love from a fellow paisan. I still don’t undehstand, Carino, why you have a blog devoted to basketball all year. Don’t you know basketball only mattahs from around March 16 to April 5? That’s the only time I follow it.Uhhhh, Eddie, look up how many hits Carino gets with that blog of his. . . Heeeere’s the Mink Man.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *