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