Do you know about - Problems Encountered by Nigerian Entrepreneur and inherent Solutions
State Farm Quote! Again, for I know. Ready to share new things that are useful. You and your friends.The success enjoyed by most advanced countries can be attributed to the role played by technological innovation and entrepreneurship, both of which continue to drive their economies today. These two factors are seen as key components for the industrialization and improvement of African countries. The Nigerian government has recognized this fact and has taken measures aimed at promoting and cultivating the entrepreneurial culture in our country. Through the Nigerian Investing Commission (Nic), our government has in the past introduced a course that required university students regardless of their area of study to take courses in entrepreneurship. While our government is putting extra exertion in promoting entrepreneurship in Nigeria, there are still a estimate of problems that a Nigerian Entrepreneur faces. Below are some of the problems encountered and inherent solutions.
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* Diversifying the Economy
Though our country's economy has over the last concentrate of decades relied heavily on its oil production, we must find ways to diversify our economy and avoid the over belief on oil. Like other developing countries, Nigeria is facing an growth in its unemployment rate that is now at 6 % and is on the increase, with many graduates looking it hard to get jobs while most of those who get jobs are underemployed. This coupled with the global financial accident in which heavy numbers of employees are being laid off; entrepreneurship is seen as an important key if we want our country to achieve its ambition of being an advanced nation by the year 2020.
* Unfriendly firm Climate
Being an entrepreneur in Nigeria requires great estimation as practicing and inherent firm owners are faced with countless challenges. Nigerian's firm atmosphere should be made welcoming to those in the Micro, Small and Medium Enterprises (Msmes). The role played by these Msmes should not be underestimated since majority of the prosperous businesses fall in this type and for us to achieve our goals, enough attentiveness and preserve must be directed towards these institutions. To be able to help and safe entrepreneurs, we must first have a clear idea of the challenges facing our entrepreneurs in their chase of development Nigeria a prosperous country.
* Lack of prestige Facilities
Potential Nigeria entrepreneurs go Through many hardships when trying to way prestige for their businesses. Though there is a wide range of financial institutions that offer firm loans, they ordinarily payment high interest rates deterring aspiring entrepreneurs. For instance, major banks have pegged their lending rates to as much a 28% deterring inherent entrepreneurs who are mostly low earnings earners. Other obstacles faced by our entrepreneurs consist of severe collateral conditions set by banks and other lending institutions. Though our government Through the Central Bank and the Banker's Committee came up with guidelines requiring banks to set aside 10% of their profits for funding Msmes, majority of these banks have been reluctant to do so. This has led to the emergence of micro-finance institutions which though helpful are not enough for meeting the financial requirements.
* multiple Taxation
One other sensitive challenge that is encountered by majority of Nigerian entrepreneurs is multiple taxation. Although we have a responsibility of funding the government Through paying taxes, most of the taxes expensed on entrepreneurs are not valid and have the supervene of increasing the cost of doing business. Although Nigeria's fellowships earnings Tax Act (Cita) has popular ,favorite only 39 taxes and levies, there are over 500 assorted levies and taxes that are imposed by state and local government agents. These taxes are questionable and in the case where they are genuine, they are mostly duplicated and this has the supervene of increasing the cost of doing business.
* Poor State of the Country's Infrastructure
The state of our infrastructure can be deemed to be a nightmare to both entrepreneurs and the rest of the country's population. With the existing infrastructure deteriorating and in some places it is non-existent; the cost of doing firm has tremendously gone up. The state of the country's road network makes it hard for entrepreneurs in the agricultural sector to vehicle harvested furnish from farms to processing factories. Agreeing to a report released by the World Bank, Nigeria's pace of socioeconomic improvement and growth is way below what we can achieve. This is mostly because of the erratic supply of electricity which has negatively affected many businesses. The outcome of power problems has prompted entrepreneurs to generate power Through high-priced ways that have in turn increased their output costs and made their products uncompetitive due to high prices. Our government should put policies in place to perk up Nigeria's infrastructure so as to promote prosperous entrepreneurship.
* Failure to Adapt to the Changing firm Environment
Majority of those who investment into Msmes (Micro, Small and Medium Enterprises) do so because of their need to make money and in almost all cases, such entrepreneurs lack relevant and enough data about the businesses they engage in. In the event where problems arise, most of these firm owners lack enough problem solving skills and in the end they find it hard to survive. With the telecommunications sector having grown by about 206.5 % between 2002 and 2004 and is continually expanding, Nigeria has come to be one of the fastest growing Ict market not only in Africa but also worldwide. This presents a challenge to entrepreneurs who have not embraced technology, and who are now looking it hard to remain relevant in the contentious firm environment. For existing and inherent Msmes to survive and be relevant, we must adapt to the changing firm environment and embrace technology.
* Addressing the Challenges
Solving the problems encountered requires a combined exertion by both the entrepreneur and all concerned stakeholders. As Small and medium firm owners, we need to growth our knowledge and skills of the market by acquiring relevant and up to date study particularly in your area of business. Our entrepreneurs need to regain data about their target market by seeking help from consultants and professionals who have contact in the singular market.
One strategy that can be used by our small and medium entrepreneurs to remain relevant and contentious in today's market is to come up with fresh and creative ideas of doing business. Due to the growth in technology, firm is fast changing, thus our Msmes need to permanently re-invent the way they do business.
There is a great need of creating a strong link between Msmes and supporting institutions if Nigeria is to fully benefit from such businesses. Though some financial institutions are still reluctant to supply financial assistance to Msmes, there are some that give out loans at reasonable rates in case,granted the firm sounds viable. The key challenge is for our entrepreneurs to put in order sound firm proposals. For our country to achieve its goals and stop relying on oil alone, we need to focus much attentiveness needs on the hidden sector and our government must generate a conducive atmosphere for such businesses to thrive and drive the country towards economic prosperity.
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