This post will be in two parts,the first part will illustrate the drawbacks in starting up a business in my country Nigeria
Nigeria is located in west Africa and the most populous black nation with 188millon persons estimate in 2015.Nigeria as a developing country has arrays of untapped potentials.
As a young entrepreneur with the goal of starting up his own business found out alot of problems or requirements to meet on my first attempt to start up something,these things may discourage anyone from starting up a business.
This article will not cover all the challenges I faced but will highlight the major ones I faced and any other young entrepreneur may face.
Source of start up capital;
In a country that has no working or effective financial program in place to help new businesses to start up,start up capital has to be what is gotten from parents,friends,saved money or you borrow from financial institutions at an unfriendly interest rates.
Source of original goods;
Counterfeiting is a global problem but a little bit worse in my country since it is not being fought against effectively by the agencies involved. So most buyers assume that the original goods are most expalensive.
Location;
As one the most important factor in determining the success of a business, getting a location that is secure,accessible and conducive is very rare as these three parameters may not be easy to get, so entrepreneurs settle for a location with two out of the three parameters
Source of power supply;
Electricity in my country is a matter of grave concern as this contribute to making a business conducive.This problem has resulted in an increase in
all the goods and services as all enterprise have to look for alternative sources of power even in government enterprise
While a neighboring country supplied by Nigeria have constant power supply for more than 11years.
These were my major drawbacks in my first attempt to own a business