FIVE CHALLENGES BUSINESSES FACE IN NIGERIA

Entrepreneurship ultimately involves turning an idea into a profitable business. However, entrepreneurship is not without its challenges. Entrepreneurs in Nigeria face several challenges while trying to start up their business. Due to these challenges, a lot of businesses collapse in their infancy. The following are some of the challenges new businesses face in Nigeria.

Power Supply: the power supply in Nigeria is epileptic. Every business relies on consistent power supply. Nigeria has been struggling in this area for years. Business owners continually spend funds that could have been used grow the business on generator fuel and maintenance. This could ruin a business, especially one that has not even started making profit.

Real Estate: The business location is another challenge new business owners face in Nigeria. Many entrepreneurs set up their businesses in wrong places. Being at the wrong location for your business will set you up for a financial downfall. It could also create obscurity for your business. Prime locations in Nigeria are expensive to rent and to build.

Marketing: How do you reach your customers? The state of the Nigerian economy is the reason for this challenge. The cost of living has become very high and people are trying to save costs, so how do you convince your customers that your product is worth buying?

Ease of Doing Business: Starting a company is Nigeria is difficult. You need to register your company before you commence operations. This registration can take weeks or months to process compared to other countries.

Finding Talent: due to poor education in Nigeria, finding the right talent will take longer than usual. In Nigeria, it is difficult to find qualified hardworking employees. Employees are ambassadors to your customers. They reflect the business culture and ethics. So if they find it difficult to deliver services efficiently, they could pose a challenge to the progress of your business.

There are challenges in every phase of life, however, you can overcome that with perseverance and hard work.





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