More and more youths across Nigeria are now opting for entrepreneurship as a career choice due a strong lack of employment opportunities and severe political disturbances. If you wish to become financially independent and create a good life for yourself and your family, then becoming an entrepreneur can be a great idea, provided you have the right skills and knowledge and willing to face business challenges. It can enable you to become a successful business leader and add significant value to the national economy. Read on…
Challenges For Nigerian Entrepreneurs
Nigeria is currently facing a wide range of problems and difficulties like political turmoil, terrorism, unemployment, poverty, illiteracy etc. This scenario is not only affecting the general populace and the youths of Nigeria, but is also creating severe challenges for aspiring and striving entrepreneurs. The unfortunate state of graduates from various Nigerian universities suffering from massive unemployment is echoed by 2004 data available from the National Universities Commission (NUC).
According to 2001 statistics from the National Population Commission, over 50% of the population in Nigeria are below 30 years. This clearly implies that the national economy is undoubtedly a youth economy. Hence, if the Nigerian youths suffer from poverty and unemployment, it will adversely affect the entire nation as well. It is for this reason more and more Nigerian youths should focus on entrepreneurship as it will not only help them achieve professional success, but also create more jobs in the economy.
However, the truth is Nigerian entrepreneurs or those aspiring to become one face too many challenges which might discourage them to move forward with their plans for starting a business. Here are some of the problems that you might face as an entrepreneur in Nigeria-
–Issues Related To Safety & Security
With growing threats from terrorist and an unstable government, it has become really difficult for aspiring entrepreneurs to start a successful business as there is no security of property and lives in Nigeria.
–Unstable & Corrupted Government
The unstable political scenario in the 3 tier of government results in increased risks and uncertainties related with investments. Moreover, widespread corruption has became a real challenge not just for the business world, but also for the society at large.
Numerous companies and factories have already been compelled to shut down due to a lack of constant energy supply. As local manufacturing firms are becoming unable to compete with international brands, they are running out of business. Moreover, most firms are operating factories with generators, which not feasible for any business in the long run.
–Poor Infrastructure & Transportation
The Nigerian transportation system is a nightmare- roads are lined with potholes, the railway system does not operate properly, the air transport system is facing a crisis, while the waterway is still undeveloped. It is simply not possible for businesses to transport raw materials or finished products without spending excessive money.
Nigeria Needs Entrepreneurs
Although it is certainly challenging to start and run your business in Nigeria, but the fact is Nigeria is an entrepreneurial country. And this is the reason why more and more Nigerian youths are going for entrepreneurship. In the past few years, innumerable young people and started their own business and have succeeded in accomplishing their business goals. So if you want to start your own business, then you will find ample opportunities for growth and expansion. However, it is essential that you gain the required business knowledge and skills first.
Study Business & Get Started
Studying business will help you gain the needed entrepreneurial, management and leadership skills and empower you to take your venture forward. But let’s face it, with the widespread poverty in our country, pursuing a full time programme is not the smartest move right now. Moreover, it will also hamper your chances of gaining work experience as you will spend most of your time sitting in a classroom. Then what should you do?
Simply opt for a business diploma online as it will offer you excellent affordability, flexibility and convenience. Online business education is perhaps the most ideal learning solution for aspiring entrepreneurs as there is a dearth of affordable education opportunities in the country. By studying business online you can choose to work and study simultaneously and gain relevant work experience which will help you in running your business later. Moreover, you will also get excellent networking opportunities and establish new relations and bondings will help you in getting funding and operating your business.
A Final Word
Your online business degree will make you more confident and help you develop the right skills for running your business and succeed as an entrepreneur in Nigeria.