Many have ventured into this world, only to come out more hopeless than they initially began. This is not to say that the idea of entrepreneurship is not an effective one but the environment the Nigerian entrepreneur operates in is a harsh and unfriendly one.
Entrepreneurship is supposed to be the way forward, it’s supposed to be the light in very dark paths, but its such a shame to say that people now often recline on fast way to success like arm robbery, shoplifting, kidnapping, duping and other illegal and mischievous means of surviving than succumb to the problem confronting the Nigerian entrepreneurs.
WHAT ARE THE PROBLEMS CONFRONTING NIGERIA ENTREPRENEURS?
- The major problem facing Nigeria entrepreneurship is lack of creative ideas.. Alot of people who venture into entrepreneurship in Nigeria are lazy to create new ideas, they prefer to dwell on existing ideas. For instance in Nigeria if one man discovers that salt making is very lucrative and starts producing salt, every new entrepreneur for the next ten years will want to venture into salt making, consequently when salt floods the market it will be less profitable to the many producers of salt. Nigerians are lazy to think, that is why one would notice that all entrepreneurs in Nigeria are involved in almost the same kind of businesses… If entrepreneurs in Nigeria want to start making tremendous success, they must have to start creating new ideas and implementing them. Business is all about identifying a problem and solving it and Nigeria has alot of problems. Therefore entrepreneurs should leave already solved problems and tackle new ones. When new ideas are created, they are less competitions and continuity of such business is high.
- Other problems include unavailability of funds, hard to get loans.Getting venture capital to finance entrepreneurial endeavor in Nigeria is very difficult because of the political and economic instability.
- The Nigerian infrastructure limits entrepreneurial effectiveness and is a barrier to success.
- The high cost of doing business in Nigeria, such as the lack of adequate electricity, water, transportation and other basic needs by a large amount of the population stifle entrepreneurial activity.