Monthly Archives: April 2015

Entrepreneur In Nigeria – The Challenges You Have To Face

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In the past few years a new trend of entrepreneurship has gained prominence across Nigeria, primarily due to the lack of adequate employment opportunities and growing socio-economic challenges in the country. However, if you plan to become an entrepreneur yourself, then you must consider a few aspects related to entrepreneurship in Nigeria first. Here we are going to talk about the problems and prospects of entrepreneurship development in the nation and how you can become a success business leader and contribute to the economy. Let’s have a look…..

Entrepreneurship Challenges

It is only when the general populace of a country take up different entrepreneurial activities, the capability of the nation to create better business opportunities will improve. A strong economy can only be created with the help of good entrepreneurs. They are undoubtedly an essential part of business and industrial development of any country and this is no different for Nigeria. But the fact remains that there are too many challenges in the country which often discourage aspiring entrepreneurs to start their own businesses.

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 Here you will find some of the challenges which Nigerian entrepreneurs usually face-

Lack of financial support

Most aspiring business owners have to go through various difficulties while looking for credit and financial assistance for their new ventures. Although you can find a number of financial institutions which provide business loans, they tend to charge high rates of interest which deter potential entrepreneurs. Moreover, extreme collateral conditions put forth by the banks and financial institutions.

Corruption

It is a known fact that corruption has become widespread in Nigeria which affects education, business, administration and the civilians. For entrepreneurs, it has become increasingly difficult to procure licenses, permits and other necessary documents and services from government officials. Moreover, it has become nearly impossible to pay taxes and levies without paying bribes.

Inconsistent policies

The incapability of the Nigerian government to for consistent policies is another prominent challenge for most entrepreneurs in the country. It is not possible for business leaders to change the official policies; however, you can make the scenario somewhat better by following and implementing favorable business laws.

Poor infrastructure

Let’s face it…the condition of Nigeria’s infrastructure is a nightmare for all Nigerians, especially entrepreneurs. The cost of running a business in this country is rapidly increasing with deteriorating infrastructure. Problems related to poor road network and erratic electricity supply has adversely affected all organisations, whether big or small.

Is Nigeria an entrepreneurial country?

Even though you might feel discouraged by all the challenges, the fact remains that Nigeria is certainly an entrepreneurial nation with more and more people opting to start their own businesses. A recent study by the Global Entrepreneurship Monitor (GEM) revealed that Nigeria has the highest business enthusiasm in the world.

Nigeria has comparatively stronger entrepreneurial forces. It is important that most citizens, whether, employed, underemployed or unemployed, take up some enterprising activities in order to sustain their own families and add to the national economy. In the past decade, numerous Nigerians have pursued entrepreneurial training programmes than ever before. With growing number of aspiring learners and entrepreneurs, it is time that you also gain the right business skills that will empower you to successfully start and run your own business.

Get the right skills 

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Studying an undergraduate diploma in business can enable you to develop the required management, leadership and entrepreneurial skills to take your business forward in the intensely competitive global market. However, pursuing a full time programme is not a feasible option for most of us due the requirement of a heavy time and money investment. I believe studying business management online is a better alternative as you can learn exactly what you want without emptying your bank account. As there is a dearth of affordable learning opportunities in Nigeria and the rest of Africa, going online to earn a business diploma is undoubtedly a smarter option for you.

Pursuing an extended undergraduate diploma in management online is certainly beneficial for every aspiring entrepreneur as it offers excellent flexibility and convenience so that you can work during the day and study at night from your home. You will learn about the core management concepts that will improve your understanding of business and entrepreneurship. Moreover, as you will create a strong bond with your fellow learners and professors, you network will also expand which will directly help you in your business.

The bottom line

Once you know you have the right business knowledge and management skills, you will be more confident about running your business and take more calculated risks that will help you become a successful entrepreneur in Nigeria.

How do you plan to become an entrepreneur? Share your thought and ideas with us by commenting below.

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