There are so many problems facing Nigerian business/businessmen which hinders business success and obstruct businessmen from achieving their goals as an entrepreneur.
- Counterfeit products: This is whereby a businessman sells or keeps selling fake or inferior products. It can also bring down the business.
- Lack of managerial expertise: One of the major problems of Nigerian businessmen is lack of good management. This is when the Nigerian businessmen do not have enough ideas, education or skill to manage their enterprise.
- Economic status: One of the major problems of Nigerian businessmen is lack of adequate capital. It is the inability of sourcing for finance for the business operation. The following are as a result of it.
- Wrong application of borrowed funds: That is using the money that was borrowed for business to do other things entirely.
- Using business funds for personal purposes: That is not separating business funds from personal funds.
- The inability to market its business: This businessmen may not be able to market their product because of low level of their capital as such they cannot embark on advertising and promotion.
- High taxes: This can also limit the success of business. When they have low level of capital and they also pay high taxes, it can bring businesses down.
- Competition: Competition can limit the success of the business when the management cannot meet up to the people’s demand and he or she is surrounded by many businesses of its kinds.
- The Nigerian Infrastructure (basic physical and organisational structures and facilities) limits entrepreneurial infectiveness and is a barrier to the success of the Nigerian business/businessmen.
Possible solution recommended to the problems of the Nigerian business/businessmen
From the above-mentioned problems, I will say that some of the problems can either be controlled, reduced or better still can be minimized by the businessmen. However, I will still say that the government can also help to stop or eliminate the ones that cannot be controlled by the businessmen. Furthermore, I believe that if things are put together Nigeria will be a better place for both the government and the businessman. And the government will also benefit a lot and will also achieve an economic development and growth of the economy as those small and medium enterprises contribution cannot be excessively emphasized on.
Reference
Umale, A. A. (2013). Basic Entrepreneurship: Theory and management and Practice. Ughelli: Masco Graphics.
