Imanuelle:


Its really sad.
Some friends u don't wish to loose because of money!

DailyNews: If you truly want to be a successful entrepreneur, apply the mafia law in all your business dealings and you wouldn't have issues of friends or family members owing you anymore. Treat business as business and be serious-minded about it and do let all your FFs know that you do not give on credit no matter the situation. This is one of the major reasons most businesses (trading biz anyway) stattted by Nigerian females fail. Plz correct it soonest, wishing u more success ahead!

DailyNews: If you truly want to be a successful entrepreneur, apply the mafia law in all your business dealings and you wouldn't have issues of friends or family members owing you anymore. Treat business as business and be serious-minded about it and do let all your FFs know that you do not give on credit no matter the situation. This is one of the major reasons most businesses (trading biz anyway) stattted by Nigerian females fail. Plz correct it soonest, wishing u more success ahead!

warripekin: Yes! interest rate from our local banks are incredibly high. I don't look up to them for loans. I source my financing mostly from Switz banks and from USA. but most financial institutions abroad will require you get them a local bank guaranty from the top 5 banks in Nigeria. The local banks charge only on the BG which is about .75% and is negotiable depending on the amount of BG you are raising. Most foreign financials will charge interest as low as 4% and one or two years moratorium and tenured for up wards of 5 years and above. But you must work with our local banks to progress.

DailyNews: In midst of present global economy melt down and several other economy flaws happening in Nigeria and beyond, as an entrepreneur trying to rise to fame like other successful entrepreneurs you look up to as role models, what has been the greatest challenge you have encountered so far in your entrepreneurial journey?

To guide you, see below:

- Access to funds for expansion?
- Power/Electricity
- Time factor?
- High running cost, e.g. shop/office rent, utility bills, etc?
- Low Sales/Poor patronage?
- Government policies, e.g. the banning of Okada, demolition claimed illegally built shops, VAT, tax officers, etc?
- Transportation?
- Wrong location?

etc....etc...

Let's be factual, mature and business-minded and learn...thanks ahead

OYINBOGOJU: I went briefly into haulage biz.

The challenges is not environment nor government policies.

The main challenge is lies.

Manager lie too much
Driver has no single iota of truth in his blood.
Everybody connected to that biz are lairs.

I'm only an investor,but its a shame you can't trust anybody when it comes to money iissue.

warripekin: Yes! interest rate from our local banks are incredibly high. I don't look up to them for loans. I source my financing mostly from Switz banks and from USA. but most financial institutions abroad will require you get them a local bank guaranty from the top 5 banks in Nigeria. The local banks charge only on the BG which is about .75% and is negotiable depending on the amount of BG you are raising. Most foreign financials will charge interest as low as 4% and one or two years moratorium and tenured for up wards of 5 years and above. But you must work with our local banks to progress.

bigx: Human resources - people - staff!!!
Seriously what's wrong wit Nigerians?

DailyNews: Another challenge most Nigerian young entrepreneurs face is impatience and craze for white collar jobs!


3yrs after my first business failure, I had to try again, this time it was recharge card printing, and anytime I remember it, I feel like crying becos I was amongst the few Nigerians that started it even though I was only a young student, but I was so worried to own my own business and employ people.


I went for the seminar/training during my I.T, meanwhile I was processing to do my I.T with PPMC Eleme PH then, so I coughed out the big money then to buy that small recharge card printing machine and then invested another 30k to load it with recharge card pins of- mtn. Glo, vmobile.

But the moment some of my friends n coursemates I rapport with started calling to tell me where they were doing their I.Ts and how much they were being paid, I lost passion n patience in my recharge printing biz though it wasn't easy marketing it to people, convincing people to buy car printed on ordinary paper n not on d usual mtn, glo, etc papers, some accused me of hacking into mtn system others said it won't enter if they load it n refused to even try so I got pissed n went for I.T and dumped the machine n card with a relation who was also a student n he ran down the biz and that was its end.


Anytime I see cards printed on paper n hear how much people make from it, I get angry cos I would have been a pioneer in it as I speak if I had waited and exercised patience n not just think of going for an I.T to get paid like others.


People should plz learn from my ugly experience then.

OYINBOGOJU: I went briefly into haulage biz.

The challenges is not environment nor government policies.

The main challenge is lies.

Manager lie too much
Driver has no single iota of truth in his blood.
Everybody connected to that biz are lairs.

I'm only an investor,but its a shame you can't trust anybody when it comes to money iissue.

samfibby:

Wow, your experience is sure what thinking about

obowunmi: I'm surprised that no one has mentioned security. Imagine coming home after a long day from the office and being met by armed robbers.


Nigeria is a special case as usual.

Fhemmmy:


On patronage, you will ave to do something to attract the clients . . .