What Do Nigerian Entrepreneurs Need Most To Succeed?

A Nigerian entrepreneur

BY ABIMBADE OLUSHOLA

Entrepreneurs are critical in the survival of any economy, since they offer employment, create wealth and help in fighting crime, but sector in Nigeria is currently afflicted by a myriad of challenges. Which are the most critical of such challenges?

The major factor responsible for the production and essential for the smooth running of any business is money. An entrepreneur needs money to obtain raw materials, pay salaries and do other things. The margin of profit will be higher if the needed capital is provided for an entrepreneur.

–Mr Bolu Richard, Pharmacist

The basic factor affecting entrepreneurs is money. Most Nigeria banks and investors are not willing to take risk geared towards providing loans to private ventures who often do not have the required collateral, even if the entrepreneur prove his business is highly profitable.

Mrs Aina Bello, Accountant

Getting the right people who can do the job is a challenging issue for most Nigerian. Without labour, entrepreneurship is impossible. With better labour capabilities, an entrepreneur has higher chances of success and like the Asian communities, Nigeria’s educational system needs to improve practical skills for the students.

Mrs Afolabi Omotayo, Trader

Even with money and other factors, some of the entrepreneurs lack or are not qualified with some certain leadership skills that are needed to manage an organisation. They assume they are equipped with all and they won’t bother to seek professional advice or hire the right person.

Mr Nasir Bella, Entrepreneur.

Large bills and taxes from government agencies work against entrepreneurship and raise a reoccurring threat to forcing entrepreneurs out of the market.

Mrs Blessing David, trader

High cost and difficulties in getting raw materials, low technological capacities and capability, high transportation cost, poor electricity supply and bad road network are some of the problems that make it hard for entrepreneurs to set up their business especially in rural areas where market opportunities are present.

Miss Biola Adejare, Secretary.

Many foreign companies have hijacked and dominated a large part of the Nigerian market space. An entrepreneur that has interest in the sector must have a heavy funding mechanism so as to compete efficiently in his chosen industry.

Mr Akin Abdul Hafiz, marketer