Five Challenges Of Nigerian Entrepreneurs

Nigeria is one of the countries in the world where entrepreneurship is a tough path to tow. Many who engage in business see themselves as mere traders, making them unaware of their impact and influence on aspiring Nigerian entrepreneurs. Some in this group are also mostly aversive to learning modern skills.

The entrepreneurship environment in Nigeria is full of challenges that only weigh down people with aspirations, the evidence is the high rate of unemployment but little or no drive of venturing into entrepreneurship by the teeming masses. 

Here are challenges faced by Nigerian entrepreneurs:

Most Nigerians will rather work for someone else and be sure of getting paid than ply the uncertain route of entrepreneurship without a guaranteed income. Doing business leaves you with no choice than to work too hard to earn your own pay cheques and control how you want to live your life. Struggling entrepreneurs are always reminded of how much their peers are earning working for others and how uncertain and time wasting the path they have chosen is.

Absence of role models 
In most Nigerian neighborhoods, there are more people working for others than those running their own successful businesses, so the banker, the public servants and politicians are the role models. When we have more persons or a good number of persons that are successful at running their own businesses closer to us, we will be inspired and motivated to do the same thing.

Low demand for business knowledge 
It’s only a small fraction of Nigerians that love and appreciate the knowledge of business. People venture into business without the knowledge of structuring the business to win, team selection/building, legal implications, sales and digital skills. When failure occurs, they tend to blame the business or partners rather than engage in self evaluation.

Lack of vision 
When it becomes tough rather than to reinvent and strategize, most Nigerian entrepreneurs throw in the towel forgetting the big picture. An entrepreneur with the future in mind will endure and forge on until he/she succeeds.

Education system 
The system of education in the country dwells more on theories rather than engage students practically. This has greatly affected and increased the low enterprising and innovative nature of most Nigerians.

Source: Tush Mag