Introduction.
To startup in the English dictionary means to create or to begin. it has to do with the beginning of something, it could be an act, firm , business or even an establishment. The zeal for humans to always begin something is very high , as long as humans exist creativity is a culture that is consistent with life.
Start-ups are up coming businesses in various spheres of life. This businesses could be owned by an individual or a group of people. (sole proprietorship or partnership) .
Majorly businesses are established to solve problems , make profit and affect the life of the common man in the society positively.
Potential Great start-ups can be found in he health, Ict Tech , education, food / catering, fashion, cosmetic, and most importantly commerce and crypto currency. Today fifty percent of start- ups are in the area of tech and block chain technology it's indeed a revolution.
Most of this start up have great plans to become the next big thing to happen to Nigeria but are yet to get the required attention they desire because of certain problems in the society.
Major Problems of start-ups in Nigeria .
Many at times this problems affecting businesses are coursed by the business and it owners, while some times they are actually problems in the society where the business is located.
From lack of expertise, to lack of exposure to foreign investors due to bad economy.
Problems of start-ups in Nigeria can be classified into two major problems which are individual Problems and Societal or environmental Problems.
Individual problems
This are challenges experienced by business that the business owner is responsible for . This problems can be controlled by the business owner but due to certain excuses the problems continue to affect the business and can possibly destroy the business. This problems are;
- Poor Planning : Poor planing as a result of poor management, no work scheduled for all members of the team. some start-up don't have instructions written down for everyone to follow, their partners or workers come in when they like and leave when they want.
Some start-up ideas come up and before you know they fizzle out because the individuals have not been able to settle down and draw a clear plan on how to realize or actually birth that plan.
Poor financial analysis is part of poor planing and this means the start up go into business without properly calculating their cost and most times end up on the losing side.
- Poor Team management : Human beings are most difficult to control, hence anywhere humans gather, they most be layed out rules and regulations for everyone to follow and as long as people disobey this rules punishment should be involved.
Team members always wanting to leave his or her team to go and start another team is another problem experience by start up. The hunger for power is real his a major problem to start up as members after while profer to work on ideas alone instead of working as a team.This is because most people can't work with others
- Lack of Definite Idea: Young enterprises most times lack a definition of what they want in business. Lack of definite idea because the team lacks objectives and goals.
some start up go into building commercial apps for cloths and suddenly go into commercial apps for food and at the end of the day are suffering to balance between the two in the area of service to customers.
some start-up lack what they want their business to look like . No big Picture of the business because no definite idea.
- Lack of Expertise : Expertise is appreciated in today's word and lack of it is not appreciated at all. some start-up promise to offer what they can not offer and at the end of the day loose out on opportunity .
no one will patronize a business that is not living up to it manifestor.
- Heavy competition : Some business are already in existence before some start - ups come in hence is the competition is always in favour of the giants in the field.
Environmental problems
- Poor Infrastructure and Power supply: Most countries today don't talk about power supply as a problem to start-ups but here in my country 247 constant light is still a big problem and this has limited alot of start ups who really on the availability of power to perform their jobs / task.
Poor infrastructure as a result of no platforms set up by the government to support start-ups in the country, hence when start ups spend all the have in setting up the business, they can't move forward as a result of poor infrastructure , little or no support from the government.
- Limited access to capital and funding : Lack of funds have closed down so many start - ups in Nigeria today . when start ups kick off with the little they have , it's only fair for the society to support them by providing Loan and foreign support for young entrepreneuers .
some start-up require huge capital to commerce and lack of this capital is the reason they can't move forward or stay in business. Money is needed to buy machines and equipment which it some times takes a lot of time to come.
- Traditions And Believes : Some African traditions and beliefs are a hindrances to the execution of start-ups in Nigeria.
some high tech business can't work in Nigeria because they people are yet to be civilized it will take a lot of time for some tech businesses to gain recognition.
- Excess Regulatory bodies and their requirements : Business registration helps the business to gain a legal backing with the business registration body.
Here in Nigeria start-ups are expected to register with several bodies, this regulatory bodies legal or illegal have closed down start-ups for failure to register with them.
corruption in this regulatory system has also pushed away potential investors from the start-ups and the country at large.
Conclusion
In business problems are made to come by but what keeps us is the Joy of getting it right and seeing it working over time.
whatever problems a start-up could be experiencing it is very important to know that it is only but for a period of time and everything will be fine as civilization takes over the world.
I will be making another post soon on how this problems can be solved , watch out for my next post. Remember when you have found the problem it means the solution is just by the side.
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Posted Using LeoFinance Alpha
Posted Using LeoFinance Alpha
Posted Using LeoFinance Alpha
I have done a startup in Nigeria and I say that it is really a challenging environment. If a team fails to properly plan for it, they will find themselves struggling to survive the first few years. Planning is really necessary.
Nothing good comes without challenges. Thanks for the enlightenment
I had a a startup in my state and my challenge then was power supply because I couldn't afford a power generator because of lack of fund and the business didn't stand
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