Why Nigeria Entrepreneurs Lament Today

Do you know why many new start-up businesses in Nigeria, and perhaps anywhere else, fail to succeed? It is simply because the odds they face at start-up are more than they could relatively face for a lifetime. It takes more fuel-consumption and air-lift power for an airplane to take off than it requires for a normal cruise in the skies; so the job or the problem lies in the actual take-off and not so much in the cruising. This shall be explained shortly. Many Nigerian entrepreneurs lament over their businesses for a number of reasons, and these are largely factors that militate against the cruising buoyancy of their businesses.

Why Nigeria Entrepreneurs Lament Today

Now, you must understand that every business that would fail would fail within the first three years of its establishment, but if it survives this period, then the chances of failing is very slim. The reason for this is because everything that would possibly go wrong with any new business would possibly go wrong within the first three years, but would likely survive any onslaughts after this period because it would have gained resistance to factors that naturally militate against new business. It would have developed more brawn, more sturdiness and experience to withstand anything – at least relatively.

ман. Unstable power supply: Nigerian entrepreneurs lament over the power situation in the country, because reliance on power generators consumes more than half of their business profits and even threaten the survival of their businesses. Without unnecessarily stating again that the power situation in the country is pathetic, some big businesses and companies spend as much as 2 million naira monthly on diesel power generators, and most small businesses spend as much as N50,000 monthly to fuel generators. Дар асл, many companies and businesses have done away with power and rely solely on generating their own power consumption through generators.

б. Incompetent staff: Most employers lament over incompetent staffs that can barely defend their certificates in practical terms. Most employees boast of impressive academic qualifications, but they perform very poorly when eventually employed and always seem at a loss of what to do on the job. This costs employers money because they still got to pay salaries at the ends of the months without a corresponding career input from their staff to boost company incomes.

в. Unpredictable business climate: This results from the fact that government policies could affect your business objectives and even impact negatively on your business entirely. Ҳамчунин, the unstable political climate in the country as orchestrated by militants continue to affect foreign investments in the country, and continue to kill business establishments in areas prone to these militancy and attacks. Would you think private businesses would thrive in Bornu, Plateau and others that are either vulnerable to Boko Haram terrorists, and abductors in the South-South? Or do you think Paypal and other reputable international payment processors would now operate in Nigeria while still being considered highly corrupt and politically unstable?

These among other factors are why business operators and entrepreneurs lament in Nigeria, but the solutions do not as much lie in the government as it lies in personal initiatives “to have a lemon, and make lemonade.”

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