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Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty - Business (2) - Nairaland

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Six Ways To Grow Entrepreneurship In Nigeria / Elumelu Seeks More Int’l Support To Boost Entrepreneurship In Africa / Part 2. Entrepreneurship Is A Scam In Nigeria As Well As A Multiplier Of Poverty (2) (3) (4)

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Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Ademat7(m): 3:55pm On Mar 12, 2016
OP has spoken d bitter truth but my challenge has been d response that follows,Chai we still HV long way to go considering the mindset of Nigerians

4 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Nobody: 7:40pm On Mar 12, 2016
ourchoice:
Yeah, but then every problem creates an opportunity for great minds.

I remember one Indian guy who graduated from MIIT where he went to study mechanical engineering; automotive major.

This guy didn't stay back in United States after his graduation like many Nigerian youths would do, what did he do?

He left US back to his remote community in Southern India to do what you may ask?

In his village, they didn't have government electricity but they farm.

He used the waste materials produced by his local village farmers to design a steam engine plant that converts the waste to hot steam, and he used to steam to drive/propel a locally manufactured electricity generator with very large coil that ended up producing over 300kva electricity.

This guy designed 3 of this local steam plant in his community and started giving them constant electricity, and charged the villagers some money as electricity bill.

You need to see his local office, lol

He then hired more village boys as his staff, who helped him to maintain the plants, and also hired two ladies as bill collectors.

He didn't wait for his government, he gave his people rare solution to their problem and charged them.

This happened in 2002/03.

Later, when government wanted to electrify the community, they had no option than to partner with his existing electricity power company, and now he owns a big power generation company, expanding into other communities.

But if it were a Nigerian youth, he will never do that! It's degrading to his title: A GRADUATE!!! He will rather spend his entire life planning how to get job at Chevron, Mobil, Agip, Schlumberger, etc

I am sorry to say that we Nigerian youths aren't inventive enough...if we are, we won't need government in most things, but government will be forced to work and partner with us
Nice contribution. Please give me a link or name to read about the guy. Am inspired.

4 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Nobody: 7:44pm On Mar 12, 2016
oneolajire:



U got it. The Nigerian govt must train students abroad and must be ready to give good wage and provide well equipped labs and workshops that can function like the foreign ones. Knowledge is being wasted when these two important factors are missing, and that is why most graduates stay back overseas. These two factors are also responsible for brain drain.
All this na English u dey speak o! thousands have bn written like this before, but what action was taken? My question to you, what have you done on your part?

1 Like

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 8:34pm On Mar 12, 2016
MULLAH123:

Nice contribution. Please give me a link or name to read about the guy. Am inspired.


Good to see this. Nigeria needs situation that will motivate us to achieve greatness.

1 Like

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by ourchoice(m): 9:44pm On Mar 12, 2016
MULLAH123:

Nice contribution. Please give me a link or name to read about the guy. Am inspired.
I watched the documentary on CNN in 2003...I was so inspired too the day I watched it.

And a lot of Indians do similar thing....search on google, u will find similar stories too.

1 Like

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by sunny442: 10:33pm On Mar 12, 2016
ITSaWRAPPP:
Entrepreneurship is not only about invention but creating opportunities for yourself, taking risks and managing your time for no one but yourself. I do not invent how to make suits or other corporate wears but I run a fashion outlet. Not been an inventor does not disqualify me even though I strive to strategically add my creative ability to give my brand a unique identity.

Not all inventors are entrepreneurs and not all entrepreneurs are inventors.
I quote you because you sound like you have a different view from that of the op. I tell you the fact that you are into sale of fashion items does not make you standout when compared with your counterparts overseas. Besides you are one out of many who also have better concept than you in the same business, but because the cost of borrowing is so high that the business risk becomes so high they can't go into it. I bet that if you are asked where you see your business in the next 10yrs the best you will says is how to grow your shop size and not how to make the suit you sell or creat a different concept that will compete internationally. I tell you until Nigeria start to think seriously about what they can offer to the world in this global village, we will be slaves to the world. Look at entertainment for instance the reason every young man want to join in the industry is because that's the only thing the international community is interested to buy from us aside from the mining of oil, I don't want to call it oil production, because we sell even the oil in its raw state and buy it back. ENTERPRENEURSHI IN NIGERIA IS A SCAM!!!

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Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by tpiah11: 10:37pm On Mar 12, 2016
the misconception is from the erroneous impression people rise out of poverty without the assistance of money.

1 Like

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 11:48pm On Mar 12, 2016
sunny442:

I quote you because you sound like you have a different view from that of the op. I tell you the fact that you are into sale of fashion items does not make you standout when compared with your counterparts overseas. Besides you are one out of many who also have better concept than you in the same business, but because the cost of borrowing is so high that the business risk becomes so high they can't go into it. I bet that if you are asked where you see your business in the next 10yrs the best you will says is how to grow your shop size and not how to make the suit you sell or creat a different concept that will compete internationally. I tell you until Nigeria start to think seriously about what they can offer to the world in this global village, we will be slaves to the world. Look at entertainment for instance the reason every young man want to join in the industry is because that's the only thing the international community is interested to buy from us aside from the mining of oil, I don't want to call it oil production, because we sell even the oil in its raw state and buy it back. ENTERPRENEURSHI IN NIGERIA IS A SCAM!!!


Am so impressed. May God help our mentality, may we change our policy direction.

2 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 11:51pm On Mar 12, 2016
MULLAH123:

All this na English u dey speak o! thousands have bn written like this before, but what action was taken? My question to you, what have you done on your part?

Funny comment, better still, pointless point. Where do you stand? Let's have it
Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by ITSaWRAPPP: 6:37am On Mar 13, 2016
sunny442:

I quote you because you sound like you have a different view from that of the op. I tell you the fact that you are into sale of fashion items does not make you standout when compared with your counterparts overseas. Besides you are one out of many who also have better concept than you in the same business, but because the cost of borrowing is so high that the business risk becomes so high they can't go into it. I bet that if you are asked where you see your business in the next 10yrs the best you will says is how to grow your shop size and not how to make the suit you sell or creat a different concept that will compete internationally. I tell you until Nigeria start to think seriously about what they can offer to the world in this global village, we will be slaves to the world. Look at entertainment for instance the reason every young man want to join in the industry is because that's the only thing the international community is interested to buy from us aside from the mining of oil, I don't want to call it oil production, because we sell even the oil in its raw state and buy it back. ENTERPRENEURSHI IN NIGERIA IS A SCAM!!!

Though the suits are currently imported, I intend to integrate backward by taking charge of production and also have the biggest suit factory in West Africa.

The business kicked off last June and the vision was drafted to guide my business decisions.

BTW, I only shared 2 or 3 missions as the first one is strategic and better off undisclosed on here

1 Like 1 Share

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 8:44am On Mar 13, 2016
ITSaWRAPPP:


Though the suits are currently imported, I intend to integrate backward by taking go charge of production and also have the biggest suit factory in West Africa.

The business kicked off last June and the vision was drafted to guide my business decisions.

BTW, I only shared 2 or 3 missions as the first one is strategic and better off undisclosed on here

Good to hear about your cloth buz, growing it the buz is a good idea. However, I said in my original post that sale of imported good is part of what we call entrepreneurship, and Nigerians are trying to import virtually all goods which is killing our local production capacity.
Your intention to have the largest suit factory in West Africa is a good one cos we'll have well known designer in Nig.

However, you made use of two words 'backward integration'. The words are used in enginerreing economics. It refers to making of a finished product from raw materials without any external assistance. What Nig needs is not just people to sew cloths, Nig needs factories that will process cotton to clothes. Nig needs to make cotton-to-cloth processing machines that will produce cloths that will compete with the foreign ones. That is the explaination of backward integration as touching garment making and that is what Nig needs to provide jobs for her people/graduates.

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Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by ITSaWRAPPP: 10:00am On Mar 13, 2016
oneolajire:


Good to hear about your cloth buz, growing it the buz is a good idea. However, I said in my original post that sale of imported good is part of what we call entrepreneurship, and Nigerians are trying to import virtually all goods which is killing our local production capacity.
Your intention to have the largest suit factory in West Africa is a good one cos we'll have well known designer in Nig.

However, you made use of two words 'backward integration'. The words are used in enginerreing economics. It refers to making of a finished product from raw materials without any external assistance. What Nig needs is not just people to sew cloths, Nig needs factories that will process cotton to clothes. Nig needs to make cotton-to-cloth processing machines that will produce cloths that will compete with the foreign ones. That is the explaination of backward integration as touching garment making and that is what Nig needs to provide jobs for her people/graduates.

Candidly, we may not (not cannot) be able to compete favourably with entrepreneurs in developed countries due to infrastructural inadequacy.

1 Like

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by femu(m): 10:35am On Mar 13, 2016
OP fact is that the government has not even invested sufficiently in vocational training.

All the government has done in the past is purchase okada and keke napep... nothing concrete on vocational training

How many skilled artisans do we have in Nigeria? Even in the construction industry foreign skilled labourer are sought after.

Majority of the male youths prefer to drive okada or embark on a voyage to the Western world.

globally Innovation is all about taking risks, if necessary becoming an outcast for a while e. t. c

How many Nigerians that went to ivy league schools abroad have become innovators even in America?

Do you think our culture and social life is suited for innovation?

Are you ready to risk all your life savings on an idea?

5 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 11:16am On Mar 13, 2016
femu:
OP fact is that the government has not even invested sufficiently in vocational training.

All the government has done in the past is purchase okada and keke napep... nothing concrete on vocational training

How many skilled artisans do we have in Nigeria? Even in the construction industry foreign skilled labourer are sought after.

Majority of the male youths prefer to drive okada or embark on a voyage to the Western world.

globally Innovation is all about taking risks, if necessary becoming an outcast for a while e. t. c

How many Nigerians that went to ivy league schools abroad have become innovators even in America?

Do you think our culture and social life is suited for innovation?

Are you ready to risk all your life savings on an idea?


My unswered question to the supporters of Nig's kind of entrepreneurship is to tell me the countries that solved her problems of poverty and unemployment by mere teaching her youth how to make chin chin, sew cloths and the likes. If they can mention some countries like did that, it means we are on the right track to development.
I do not mean that people should just wake up and run after inventing something, what I mean is that Nig should provide avenues for intellectual development in technology. We need standard innovation centres that will help commercialise innovative products.

4 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Setaje(f): 11:38am On Mar 13, 2016
You have written well. When a graduate take to jobs that are ordinarily done by school set holders, and illiterate. You can see something is totally wrong. We are not thinking. We cannot invent. We cannot reason or do anything. Everybody wants to open shop and buy and sell, you want to be a photographer, another one is into make up and baking. Those are jobs you do to keep body and soul. That is not entrepreneurship. Graduates are not thinking anymore.

9 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 12:28pm On Mar 13, 2016
Setaje:
You have written well. When a graduate take to jobs that are ordinarily done by school set holders, and illiterate. You can see something is totally wrong. We are not thinking. We cannot invent. We cannot reason or do anything. Everybody wants to open shop and buy and sell, you want to be a photographer, another one is into make up and baking. Those are jobs you do to keep body and soul. That is not entrepreneurship. Graduates are not thinking anymore.

hum, this is serious. The students are not just the problem, but the educational/technological system that makes them seemingly unproductive

2 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 7:26am On Mar 14, 2016
tpiah11:
the misconception is from the erroneous impression people rise out of poverty without the assistance of money.

pls I didn't understand your statement
Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 7:32am On Mar 14, 2016
ourchoice:
I watched the documentary on CNN in 2003...I was so inspired too the day I watched it.

And a lot of Indians do similar thing....search on google, u will find similar stories too.

The Indians are doing exploits in terms of encouraging innovations as well as setting up of engineering based businesses. As of now, the Indians are considered to to expatrates when they are working in Nigeria. There engineering products are world class products.

1 Like

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Acidosis(m): 8:24am On Mar 14, 2016
That's why I keep saying the government should shut down all Engineering faculties in Nigeria for redundancy.

5 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by ourchoice(m): 8:51am On Mar 14, 2016
oneolajire:


The Indians are doing exploits in terms of encouraging innovations as well as setting up of engineering based businesses. As of now, the Indians are considered to to expatrates when they are working in Nigeria. There engineering products are world class products.
#fact
Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by pauloookay(m): 10:26am On Mar 14, 2016
H
Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by brunofarad(m): 10:27am On Mar 14, 2016
Whether you think You CAN or CANNOT.....you are right...........Henry ford


As for me,

Its SUCCESS or NOTHING

PROUD ENTREPRENEUR

We create jobs.........we make things work.

1 Like

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Questyjayblack(m): 10:30am On Mar 14, 2016
Facts
Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by kachnov(m): 10:30am On Mar 14, 2016
Too long...
Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 10:31am On Mar 14, 2016
Acidosis:
That's why I keep saying the government should shut down all Engineering faculties in Nigeria for redundancy.



the solution is not to shut down the engineering faculties universities and polytechniques, but to equip them and raisethem to world standard. Not just the engineering faculty, but all the faculties on our campuses so that we'll have job creating graduates.

1 Like

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by oneolajire(m): 10:35am On Mar 14, 2016
Acidosis:
That's why I keep saying the government should shut down all Engineering faculties in Nigeria for redundancy.


Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Psalm18: 10:37am On Mar 14, 2016
well written OP. its a vicious circle and until the leadership is sincere- all these entrepreneurship
and self help will just be band aid on a cancerous wound.

3 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Rasputinoid(m): 10:42am On Mar 14, 2016
You forgot to ask how he sourced capital for the implementation of his idea.
I stand to be corrected. No Nigerian Bank Give Loans To StartUp Companies. Access to funds is what is killing the Nigerian Youths.


ourchoice:
Yeah, but then every problem creates an opportunity for great minds.

I remember one Indian guy who graduated from MIIT where he went to study mechanical engineering; automotive major.

This guy didn't stay back in United States after his graduation like many Nigerian youths would do, what did he do?

He left US back to his remote community in Southern India to do what you may ask?

In his village, they didn't have government electricity but they farm.

He used the waste materials produced by his local village farmers to design a steam engine plant that converts the waste to hot steam, and he used to steam to drive/propel a locally manufactured electricity generator with very large coil that ended up producing over 300kva electricity.

This guy designed 3 of this local steam plant in his community and started giving them constant electricity, and charged the villagers some money as electricity bill.

You need to see his local office, lol

He then hired more village boys as his staff, who helped him to maintain the plants, and also hired two ladies as bill collectors.

He didn't wait for his government, he gave his people rare solution to their problem and charged them.

This happened in 2002/03.

Later, when government wanted to electrify the community, they had no option than to partner with his existing electricity power company, and now he owns a big power generation company, expanding into other communities.

But if it were a Nigerian youth, he will never do that! It's degrading to his title: A GRADUATE!!! He will rather spend his entire life planning how to get job at Chevron, Mobil, Agip, Schlumberger, etc

I am sorry to say that we Nigerian youths aren't inventive enough...if we are, we won't need government in most things, but government will be forced to work and partner with us

2 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Acidosis(m): 10:42am On Mar 14, 2016
oneolajire:


the solution is not to shut down the engineering faculties universities and polytechniques, but to equip them and raisethem to world standard. Not just the engineering faculty, but all the faculties on our campuses so that we'll have job creating graduates.

My brother we have been trying to raise them to world standard since 1900. The problem is the average I.Q of a Nigerian cannot process the same thoughts and abilities of the average Korean. Let's give up on trying to make chips. It is not a must to make chips. This is the time to embrace competitive advantage.

The Nigerian situation can be likened to a pig. Wash, tosh and clean up, it would land in the mud at the end.

We could focus on things we are good at, such as: service sector, entertainment, may be football and comedy. Let's leave engineering to those who can do it better and cheaper.

4 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by portacabin: 10:43am On Mar 14, 2016
How can this negative article be put on frontpage.
Entreprenuership seeks to provide goods and services when/where they do not exist.
The poster is saying that the whole thing is trash. He is is just misinformed and maybe frustrated , He can not discourage people on Nairaland who want to venture and who have taken it upon themselves.
Everything in Nigeria is tough, yet that is the opportunity for those who dare to venture, not for wailers.
If you are not cut out for business , you cant succeed.

6 Likes

Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by elmisti(m): 10:43am On Mar 14, 2016
I ddnt read what d op wrote but I agree 100% with whatever is there....if u think I am wicked...go and sk kwasu student how dey ar scammed in d name of entrepreneurship
Re: Entrepreneurship In Nigeria Is A Scam And A Multiplier Of Poverty by Nobody: 10:44am On Mar 14, 2016
the government are not to be blamed , bit the citizen them selves, because we lack sense of thinking (thinking out of the box), people like bill gates, Steve jobs didn't goto college but yet came out successful, why? because they are not afraid of the unknown, they are people who believe they have limited time to live on earth and thought about doing something different

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