Many Nigerians go into entrepreneurship not out of a desire to solve a problem or fill a gap but as a response to unemployment. They’re tired of waiting for the government and they decide to make their own way.
However, entrepreneurship is not the all-encompassing solution it’s often portrayed as. Nigeria’s business environment is hindered by weak infrastructure, making it difficult for businesses to thrive.
Entrepreneurs face challenges such as a struggling naira, limited access to finance, rising production costs, and high overheads. As a result, many SMEs barely break even, leading to poor wages, substandard products and services, and a struggling customer care industry.
To cut costs, many businesses avoid investing in quality, further exacerbating these issues.
This matter is such a hot topic at all levels of business.
Thanks for your insights, Olu! It is indeed important to understand the reasons why people go into entrepreneurship, and to appreciate that it is not always by choice but out of necessity -- survival...
These past few years have been hard on many people, notably those living in regions where, as you point out, local currencies are depreciating, and there is limited access to capital and high production costs. The knock on effects can't be ignored...
Many Nigerians go into entrepreneurship not out of a desire to solve a problem or fill a gap but as a response to unemployment. They’re tired of waiting for the government and they decide to make their own way.
However, entrepreneurship is not the all-encompassing solution it’s often portrayed as. Nigeria’s business environment is hindered by weak infrastructure, making it difficult for businesses to thrive.
Entrepreneurs face challenges such as a struggling naira, limited access to finance, rising production costs, and high overheads. As a result, many SMEs barely break even, leading to poor wages, substandard products and services, and a struggling customer care industry.
To cut costs, many businesses avoid investing in quality, further exacerbating these issues.
This matter is such a hot topic at all levels of business.
Thanks for your insights, Olu! It is indeed important to understand the reasons why people go into entrepreneurship, and to appreciate that it is not always by choice but out of necessity -- survival...
These past few years have been hard on many people, notably those living in regions where, as you point out, local currencies are depreciating, and there is limited access to capital and high production costs. The knock on effects can't be ignored...
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