Welcome to the weekly series of the Nigerian Entrepreneur where we use fictional characters to talk about the struggles and challenges faced daily by entrepreneurs in this part of the world.
Every Wednesday we will have a new story out so we advice you follow the blog so you do not miss any part of it.
We promise you can definitely relate to one of more of the characters in this short series.
Entrepreneurship in Nigeria is not an entirely smooth journey because of certain conditions we have to face everyday such as:
1. Unstable Power Supply: Imagine running a business which requires 24-Hour light e.g a Salon, Dry-cleaner etc. and you have to run your generator at least half or more of the day. Just think about what that does to the running cost of your business?
2. No / Stringent Loan Facilities: It is almost impossible for an entrepreneur to access funds in this country to expand their business so the question is how do you go from being a start up to a multinational? Or is the idea to remain a startup forever?
3. Under pricing of products and / or services: One of the many complaints of startup businesses is the undervaluing of goods and services by prospective clients. There is this belief that because you are just starting you are “hungry” and ready to accept “anything”. This is a wrong mentality and has killed a lot of businesses.
4. Sales = Bills payment: This happens to a lot of entrepreneurs because they do not plan before or even while doing the business. You cannot go into business with the intention of using your sales to sort out your bills and still expect to make profit. It is impossible really and you need to have a source of income when starting a business if not you will actually crash that business without any effort.
These are just a few that we would be breaking down these next few weeks.
Stay tuned and remember that success starts with you and you have what it takes to succeed all you need to do is believe and take action.