Good morning NLders, I won't want to go into details so I'll skip most part of my story.

The question is I have two choices and I have to choose one, not the both.

The options are between going for my masters now or starting a business worth 600-700k.

Please what do you advice? Honest and reasonable answer.

Seun, lalasticlala, Dominique, mynd44, though its not a thread with lengthy words but I really need answers.

establish a business u can come home to even after your masters aspirations

DaInferno:
establish a business u can come home to even after your masters aspirations

That is what's on my mind but my brother was giving me the masters option, I decided to bring it here knowing that I'll get better advice.
Thanks for ur advice. Hope to get more

U can marry the two as far as u are not working

HRHQueenPhil:
U can marry the two as far as u are not working

I don't have option to marry the two.
I'll rather start a business or use the money to start my masters.
Which do u advice?

What course did u study,what kind of business do you have in mind and how old are you? I don’t need d answers but you need it to properly advise your self

if you have only that money with no backup, pls start a business

Cmoni1:
What course did u study,what kind of business do you have in mind and how old are you? I don’t need d answers but you need it to properly advise your self

I'm 26, thinking of a production business and studied a business related course

Okeytus:
if you have only that money with no backup, pls start a business

There could be few backup till I finish.

dukeprince50:
There could be few backup till I finish.

Bro start a business

Well I would advise you to get a digital skill first before anything. If you are getting the masters in a foreign country with a scholarship where you are sure of getting a job and hopefully a citizenship later on, then forge on. As for business, don't follow the hype on Nairaland. Running a business in Nigeria is extremely difficult and it's about to get more difficult now as the naira has been devalued and would be devalued further. Nigerians are getting much poorer and won't be able to pay for goods and services except bare essentials to live by. I run a business and I know what I am talking about. Get a digital skill you can freelance with or get a remote job from Nigeria with. Change that money to dollars keep it and acquire a skill.

tensazangetsu20:
Well I would advise you to get a digital skill first before anything. If you are getting the masters in a foreign country with a scholarship where you are sure of getting a job and hopefully a citizenship later on, then forge on. As for business, don't follow the hype on Nairaland. Running a business in Nigeria is extremely difficult and it's about to get more difficult now as the naira has been devalued and would be devalued further. Nigerians are getting much poorer and won't be able to pay for goods and services except bare essentials to live by. I run a business and I know what I am talking about. Get a digital skill you can freelance with or get a remote job from Nigeria with. Change that money to dollars keep it and acquire a skill.

The business is not all that massive capital intensive bla bla.
Its within the range of agricultural business that could fetch a profit of N3000 daily like poultry, snailery, fishery or a mini bakery, at least starting from there is not bad I suppose. Will the exchange rate grossly affect a small scale business like this?

dukeprince50:
The business is not all that massive capital intensive bla bla.
Its within the range of agricultural business that could fetch a profit of N3000 daily like poultry, snailery, fishery or a mini bakery, at least starting from there is not bad I suppose. Will the exchange rate grossly affect a small scale business like this?

That's what it looks like from outside. Have you considered initial losses, marketing, preserving your items besides anything food related operates on a very thin profit margin. If you really want to do this, take your time to study it very well. Don't just dive and rush into something because others are doing it or gurus said so. Nigeria is too hot now for any stupid decision o.

tensazangetsu20:

That's what it looks like from outside. Have you considered initial losses, marketing, preserving your items besides anything food related operates on a very thin profit margin. If you really want to do this, take your time to study it very well. Don't just dive and rush into something because others are doing it or gurus said so. Nigeria is too hot now for any stupid decision o.

I have thought of all that, my problem is choosing between those two options, which do u prefer?

Off topic:-By the way, was ur moniker gotten from bleach?

Guy invest your money start a business!

dukeprince50:
I have thought of all that, my problem is choosing between those two options, which do u prefer?

Off topic:-By the way, was ur moniker gotten from bleach?

Honestly none. I run a business and I know how insanely hard it is in Nigeria. Masters yeah if I can get into a top American school but aside that I can't imagine myself doing one.


Yeah it's gotten from bleach. Ichigos bankai.

dukeprince50:
The business is not all that massive capital intensive bla bla.
Its within the range of agricultural business that could fetch a profit of N3000 daily like poultry, snailery, fishery or a mini bakery, at least starting from there is not bad I suppose. Will the exchange rate grossly affect a small scale business like this?

At the bild, revenue or profit?

The vast majority of businesses don't generate a profit in their few years of operations as initial costs and re-investment consume the generated revenue. I think you should discuss more on the business as going for a masters is pretty straightforward. You mentioned production, have you calculated the initial costs involved in a production business? I am not saying you should start in a big way (most if not every business started small), but costs like rent (assuming you don't own the facility?), employees' wages & salaries, taxes (expect to see droves of unfortunate human beings in the name of tax/levy collectors. Yesterday, one of such cretins attempted to dupe me in the name of environmental/effluent levy. Inasmuch as the current administration is in a serious IGR drive, the governor espouses businesses to pay taxes/levies online and not physically. So I was able to question him). Expect to encounter such devils daily 'cos they seek to destroy as they don't know what it takes to build. Additionally, do you expect this business to take care of your daily needs/bills? If so, find something else to do as entrepreneurship on an empty stomach or reliance on it in its nascent stage is ill-advised. This is because the business is starved of funds needed for investment/expansion/improvement. Worse still in a place like Nigeria. Don't expect the business to grow if you get your rent, feeding, clothing etc funds from it during its nascent stage. Sure, it is expected to pay you as you progress but not as you begin.

If you are going into the business, please don't expect profits within the first three years esp as it involves production. In the long term, production is more profitable and value adding but the initial costs can be discouraging and the need for you to reinvest going forward. These costs can be depressing esp in a place where there has been no constant electricity for almost 60 years of independence. But in the long term, you get to benefit provided everything is in place and costs are reduced while volumes are increased.

On the other hand, a masters is not bad provided you undergo it in a country where you get to work after your studies and a course that is marketable. Preferably, you play the long game and get a second citizenship not just for yourself but business and future family (your kids would be eternally grateful). Getting admission should not be that difficult esp in the UK where you can apply today and get admission tomorrow. The issue becomes whether you have the funds 'cos 700K won't go anywhere for an MSc in the UK or even Germany. As always, I would recommend the US due to her surfeit of funding opportunities (if you have a STEM background). Due to this Coronavirus debacle, I foresee a drop in the number of Asian students esp the Chinese and maybe Indians applying and if you ask me, this gives room for Africans (Nigerians are the highest) to get admitted and be funded. If it is a Nigerian masters, well, I have nothing to say.

Gerrard59:


At the bild, revenue or profit?

The vast majority of businesses don't generate a profit in their few years of operations as initial costs and re-investment consume the generated revenue. I think you should discuss more on the business as going for a masters is pretty straightforward. You mentioned production, have you calculated the initial costs involved in a production business? I am not saying you should start in a big way (most if not every business started small), but costs like rent (assuming you don't own the facility?), employees' wages & salaries, taxes (expect to see droves of unfortunate human beings in the name of tax/levy collectors. Yesterday, one of such cretins attempted to dupe me in the name of environmental/effluent levy. Inasmuch as the current administration is in a serious IGR drive, the governor espouses businesses to pay taxes/levies online and not physically. So I was able to question him). Expect to encounter such devils daily 'cos they seek to destroy as they don't know what it takes to build. Additionally, do you expect this business to take care of your daily needs/bills? If so, find something else to do as entrepreneurship on an empty stomach or reliance on it in its nascent stage is ill-advised. This is because the business is starved of funds needed for investment/expansion/improvement. Worse still in a place like Nigeria. Don't expect the business to grow if you get your rent, feeding, clothing etc funds from it during its nascent stage. Sure, it is expected to pay you as you progress but not as you begin.

If you are going into the business, please don't expect profits within the first three years esp as it involves production. In the long term, production is more profitable and value adding but the initial costs can be discouraging and the need for you to reinvest going forward. These costs can be depressing esp in a place where there has been no constant electricity for almost 60 years of independence. But in the long term, you get to benefit provided everything is in place and costs are reduced while volumes are increased.

On the other hand, a masters is not bad provided you undergo it in a country where you get to work after your studies and a course that is marketable. Preferably, you play the long game and get a second citizenship not just for yourself but business and future family (your kids would be eternally grateful). Getting admission should not be that difficult esp in the UK where you can apply today and get admission tomorrow. The issue becomes whether you have the funds 'cos 700K won't go anywhere for an MSc in the UK or even Germany. As always, I would recommend the US due to her surfeit of funding opportunities (if you have a STEM background). Due to this Coronavirus debacle, I foresee a drop in the number of Asian students esp the Chinese and maybe Indians applying and if you ask me, this gives room for Africans (Nigerians are the highest) to get admitted and be funded. If it is a Nigerian masters, well, I have nothing to say.

Brilliant!