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How To Lose Money In Nigeria - Business - Nairaland

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How To Lose Money In Nigeria by DrIbidapo(m): 7:29pm On Nov 07, 2008
Dear Entrepreneurial Nigerians,


I got an email yesterday asking me to advice on what an entrepreneur needs to do to suceed in Nigeria.
I decided to start with guaranteed ways to lose money using certain case stories. It's amazing how naive Nigerians seem to be about proper busines practices. It's called a business and NOT play. So i have decided to put together a series of proven ways to lose money in Nigeria. The rest are published on my personal blog.

HOW to lose money in Nigeria

1. Don't get financing Right.

Business in Nigeria gups up money. Accept that reality. Most times, people under estimate how much their business cashflow needs. If you think you need N200,000 better prepare to find financing of at least 3 times that amount cause as soon as you start running in everyday operations, you'll discover you need more and it'll be too late to start looking for more investors to loan or borrow you money.Nigeria's Naira is not as valuable as before. How long does it take before you exhaust N1 000? It takes me one phone call.

2. Jump in before you assess the risk

The simplest of businesses can defeat you if you don't assess the risks. Thats why you need a business plan and a menthor who can candidly assess the risks. Several firms have folded up in Nigeria because they did not factor the cost of energy into their operations. Recently, Dunlop folded up cause of energy concerns. Ask even your neighbourhood barber and he'll tell you that the largest of his expenses are on Energy to power up generators. Recently in my firm, my managing partner discovered that we spent more on power supply than we spent on Phone calls cause we kept running on generators and the fuel and maintenance figures were high. We had to make a decision toreplace our computers with Laptops with 5hr battery life for all staff. We cut energy expenses by 80%.

3. Invest in a dying market cycle,

Nobody is going to buy pentium 2 computers. Don't bother importing them. One of my clients is stuck with millions of inventory they can't sell. Watch the trends. Don't start up a Newspaper house, in two years, Nigerians will start reading news delivered straight to their Amazon Kindle- If you want toinvest money into an expensive press, you'll be losing. The trends show that Newspresses will become more obsolete, think twice, think twice before you lose N20 million


You might want to add your own list to this,


The rest of the article is continued on Dr Ibidapo's personal blog on business in west Africa.

Read more on http://www.dapoagunbiade..com/।- Dr. Ibidapo Agunbiade's personal blog.

Dr. Ibidapo Agunbiade is West Africa's expert on Business and Entreprise Development. He resides with his family in Lagos, Nigeria and can be reached for speaking engagements on 234-8035693658, 234-7094084776 or visit his personal blog http://www.dapoagunbiade..com/
Re: How To Lose Money In Nigeria by gnachu2: 12:43pm On Nov 15, 2008
good good good, this is where i have to intervene, many people are feeling the pains about power i tried to solve that and nobody is giving me audience they even robbed me a couple of days ago at gun point. Ok back to business, i got generator that runs on just air i had made that statement here before if the enterpreneurs to respond to me they will continue stressing themselves. below is post concerning my research and discoveries.
Re: How To Lose Money In Nigeria by gnachu2: 12:48pm On Nov 15, 2008
here is my thread here at nl. https://www.nairaland.com/nigeria/topic-190104.0.html

and whats on the thread. Here it is. No 1 E-researcher Needs Money (3 To 7 Million Naira)
« on: October 31, 2008, 01:47 PM »

--------------------------------------------------------------------------------
Hi all, my names are Achu Godwin, i am a young man of 28 years of age i come from cross river state here in Nigeria. i got vast knowledge about the internet. my profile include one of the first 6 nigerians to discover the car that runs on natural air www.mdi.lu(that is air we breath) also the first 2 Nigerians that discover very cheap (less than $420 in price) 4kva electricity generator that uses natural air too. currently seeking marketing partners througout Nigeria. Also into forex online trading with a potential of high and secure returns.

Can any Nigeria help me out there, first and foremost i need like #67,000 to comlete my research on generator Using air to generate electricity. After that I will require between 3 to 7 million to deploy and distribute it to the entire African countries that will need it.are you the one to help me? lets partner.
Feel free to email me. gnachu@yahoo. co. uk.
Re: How To Lose Money In Nigeria by Dimaya: 4:47am On Nov 16, 2008
sir,
you should also include the problems of security, burglary and non protection against fire outbreaks. Very few Nigerians have insurance cover and for businesses, its just worse. So if there is a hazard, they can't get back on track.

I follow your blog day to day sir. Its awesome. Anyone who wants to get ahead in Nigeria should read your blog.
Re: How To Lose Money In Nigeria by lucabrasi(m): 1:20pm On Nov 16, 2008
@poster
brilliant write up but i must however disagree with some of the way to lose money you quoted on there

1.newspaper business is not dying,rather it is re invigorating itself, in a country of almost 150 million people,all a newspaper needs is a fraction of them to keep itself in business,moreover not everyone likes reading the news online,some actually prefer reading the papers,leaving it for a bit and then coming back to it,can you imagine having a laptop on your knees while in the toilet?not practical, how r bout all the free readers association at the various newsstands?the litmus test of this is the western world,they are fully i.t savvy but that has not stopped the wall street man/woman or the london city executive grabbing his financial times on his way to work

or laptop in a bus in oshodi or ajegunle reading the news?im sure you ll agree that ll be a wrong move

2.expensive press i disagre with this as well,in fact i actually thing anyone who has a pres will start to make more money as the years go by,remember they print calendars,tee shirts,the politicians use them,more and more hurches springing up every day use printers,same goes for the weekley sometimes twice or thrice weekly owambe parties who needs printers there are no concievable alternatives for all these

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