Any business can fail if not well manage. It is one thing to start a business and it another thing for the your business to stand firm for life. These are examples of Nigerian Businesses that Failed Within 5 Years: 1. Efritin  It was founded in 2015 as a classified advertisement website by the Swedish company Saltside Technologies. However, it was unable to scale beyond its second year due to various factors such as mismanagement of funds and high data costs. 2. GoMyWay  GoMyWay, a Nigerian ride-sharing service, began its operation in mid-2015. It, however, shut down in 2017 through an email circulation sent to its customers. 3. OLX  OLX is a classified advertising platform launched in 2012. It allows individuals to buy, sell, and trade used products and services using their phones or the internet. Naspers, a South African media behemoth, owns the startup. However, the startup was shut down in 2018 due to challenging operating conditions. 4. Easy taxi  The ride-hailing company started in Brazil in 2011 and expanded into Africa. It was launched in 2013 in Nigeria, becoming one of the first Rocket Internet armies to arrive in Africa but was later pullout from African market after few years. https://businesselitesafrica.com/2022/02/09/5-nigerian-businesses-that-failed-within-5-years/?amp=1Reason why businesses may fail👉 Poor Customer Care/Support Customers need proper attention for a business to survive. Without them, your product will fail to exist. When customers are not well treated or appreciated, they often become dissatisfied, leave bad reviews and patronize others. 👉 Mismanagement of Funds Some small businesses fail because the owners mismanaged the business funds and there was no accountability. 👉 Inadequate Financing Huge number of entrepreneurs make a common mistake of starting a business with no adequate operating funds. Most small business owner start their business without having enough that can finance the budget of their business. Some start the business with loan with heavy interested. 👉 Poor Business Management The management play a key role to sustain a business. It comprises of activities such as planning, organizing, staffing, directing, motivating, controlling, co-coordinating and communicating. When a business is poorly managed, its death is imminent. Management 👉 Inability to Communicate Value Communication is highly important in businesses. This is the only language your customers here. Some small businesses fail because of their inability to clearly define their value propositions — that is, they fail to understand and communicate their products or services to consumers effectively. 👉 Wrong Expectations Some startup and small business owners expect money to start rolling into their business account immediately with doing little or nothing. The idea of starting a business with the wrong expectations and impatience has made many businesses to collapse within a short period of time. 👉 No Planning Most small scale businesses start the business without a concrete plan. They rush into business because they see people make ways from it. To start a business, one need to make proper findings about the business. Failure to plan may lead to the downfall of the business. 👉 Lack of Focus Investing in many things almost at the same time is not healthy fora business. Engaging in so much things at a time may make them run out of cash. This on the long run will affect the financial aspect of the initial business. At the long run, they end up closing down the business. https://mkobo.medium.com/13-reasons-why-small-businesses-fail-in-nigeria-3c844fee7e7cCONCLUSIONEstablishing a strong and firm business doesn't come easy. It involves patient, time, passion and hardworking. Young entrepreneurs should try to learn from failed businesses and guide themselves to successful businesses. A book I'd recommend concerning this is " How They Started Global Brands" by David Lester. You see one of the most important aspects of entrepreneurship people disregard is innovation. Starting up a business isn't all about how much revenue you'd make within a year or 5 years, it's about how long you survive BEING UNIQUE. What makes you different from other entrepreneurs in the field? What makes you more profitable to the consumer? If you can't focus enough on something new or transform something you already know into something new you may not survive the market. So, my advice to young entrepreneurs out there including myself, would be to focus on something valuable so much you can transform it into something new and sell it. |
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Nigerian higher institution student now lack the zeal to read and do a proper research because of ai presently now ai is now the Messiah to many Nigerian students which I see as a threat if not is been done the thing about it is that most of the time it pops out wrong answers mean while if you did not study it will think it's correct, Nigerian student before now we're known to be very very intelligent not minding our semi failed educational system we have here its very easy for Nigeria's to bag first class and many other honors outside Nigeria because we do study hard for it but I doubt in 10 years time if we will be able to say this again because of the high rate of student turning to this Ai thing basically I see it helpful a little bit but I will still encourage you to still study so you wouldn't be taken unaware with wrong answers.
To be honest, in as much as AI is in fact a threat, it has limitations. Let me start by saying that, the future of human existence is already in danger due to the presence of AI. During, a research or interview with an AI robot, the AI was asked a question about it's greatest dark thought and it said that robots would rule the world since they were more advanced and better than humans, and they'd make humans their slaves. That's scary already. Ok, so AI can give you straight answers to whatever you ask and want to know about or may not even want to know about, just a task or assignment maybe. But, AI won't write tests and exams for you, the answers from AI sometimes are even limited to just what is on the net. Besides, if you look around there's a great emphasis on what one could do when they read books. I used to think that this generation was filled with people who were lazy and wanted the short road to success only but I've come to realize that the amount of smart people you'd find around is even overwhelming. So, there's still hope. Note please, it's not wrong to use AI once in a while. School activities combined with social and personal life can be too much too overwhelming sometimes. Do what you can to ensure efficiency in your academics. |
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I apologize if this is a dumb question but the fact is that I don't know why.
My question is, why is Bitcoin market always affected by all economics news, example is the issues with US bank like the SVB. Thank you
I think the simple answer would be that the same way the economy of your country affects your local currency and it's stability, the same goes for Bitcoin on an international level. They're means of exchange and determinants of wealth , making them easily influenced by the economy. |
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Any business where today you launch, tomorrow you begin making profit...?
A friend of mine asking me a business idea, and he told me it is a big profit business idea, I'm missing out for not entertaining his advice! He told me everything would be smooth sailing, and very big profit too.
Let's be enterpreneur and make this a mind your own business (MYOB)
I also only want a business that is profitable as soon as I form it legally, register the entity, file for licensing, any paper work, legal business by laws (no selling weeds or explosive).
So the business should be: today I officially launch it, the next day, profit start rolling in, and it would last eternally, the income stream keep coming for the next 999 years, and it would be suffice to self sustain, self reliance include financing every operational cost by itself, and only happy ending. Not a single bad ending.
btw, no selling snake oil. Must have actual product, or service that is consider perishable. Also no to the Elon Musk's infamous tweets "You can sell stock you don't own, short selling is legal only for vestigial reason" bullshit or etc.
If there is a business idea of such nature , do you think anyone would be poor or broke ? I really do believe if you want constant profit for the next 999 years or so, you should learn a high income paying skill. Everything good takes time. Unless... I think I just thought about something for you . Buy oil (or something that's abundance in your country) and sell it to a country that doesn't have much of it. Accept Bitcoin, and it'll be nicer if their currency has value. |
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Bitcoin seems to be a very fine option. However, at retirement age, people would be looking to invest in something that has a lot of value, assets. But to be honest, a person investing in Bitcoin at retirement age is not advisable. The first thing is that, even when advising young people, people usually emphasize on the fact that your income as a person earning from one job or not earning at all shouldn't be invested in Bitcoin. Now, imagine a man who isn't earning at all, at that old age to invest in Bitcoin and lose his money.
Although, if it's possible to have people with knowledge about Bitcoin around him it would be easy. But my point is there are many other assets that are less risky for people in retirement age.
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Even though I believe in serenity and being alone, I've started to buy the idea of alumni's. They're not necessarily friends, just companies with like minds that are beneficiary to you. And as for the pygmalion effect some people and myself get from the forum, I believe it ends up affecting your overall lifestyle. So, the forum is definitely a nice place to be in and the members, definitely companies to keep.
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When you check you will see that bitcoin price is rising day and night and what price do you think that will be maximum price of bitcoin this year and before we enters 2024, and again what will you advice people to do as the price of bitcoin is increasing, will you advice people to buy now or will you tell people around your neighbourhood who is lovers of bitcoin to wait until the price is down before you buy bitcoin, as a cryptocurrency investors I will like you to make sure you have drop your own suggestion of the price poll of bitcoin this ending of year 2023 December 31st
As bitcoin is rising, my very simple plan is to look for more ways to acquire it. The probability of bitcoin falling again is very slim, so it'll be better to acquire it now and hodl it. |
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True, true...but funny how people still dey go clubs, still dey use their money buy alcohol and hard drugs. Person weh never chop finish  , sha country hard. Anyways, one thing I've learnt about setting a goal or making a plan no matter how small it is that, the forces of evil would always be against you, but you must make sure you overcome . I think that's the concept of "testing". Testing your faith, testing your intelligence, your discipline and many others. People will test you, the universe would test you, the economy will test you, whether you don wise or you neva wise up. So sometimes when I see challenges, instead of feeling downcast, I see opportunities. Na from problem, bright, brave and intelligent people dey rise. |
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On this board I often see a lot of discussions related to investment and finance which tend to be large scale. However, to start investing we need capital. How do you find capital for investment?
Let's talk about small scale businesses that have low risks and promising profits so that we can have capital to invest and become passive income in the future.
Do you have a small business idea? or business experience? I want to hear it
There are a lot of ways whereby one can get capital in order to start up a business and they include; *Loans from banks- don't know what country you're in and if this is favourable in your country but if your country is like mine with high inflation rate then I won't advise you to use this method. *Savings - if you've been saving then you can use that for small scale businesses. If you haven't, then it's honestly not too late to start. *Loans from family and friends- this is favorable for all as interest rates aren't as high as those in banks. It mat sometimes be given to you for no interest at all. There are many others like loans from whales/ venture capitalists, selling of shares of the company, hire purchase, collecting money from potential customers in order to make the product etc. My small business idea would be writing/analyzing data. Still working on it, the only experience I can say I have is writing here on the forum. |
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Nigeria na project? Make ona no dey confuse person for grammar which one be project again? Anyways project or no project, Nigeria don fail as an economy, many reasons dey to prove Nigeria as a failed economy:
Lack of good road and hospital facilities
Poor education system
Poor judicial system
Power supply failure
Curupt electoral bodies
Lack of proper financial management or mismanagement of government reserved funds
Lack of production of agriculture product
Lack of inport an exportation
Lack of good security system
Lack of job creation or empowerment
Lack of compitency due to favouritism etc
Me self don tire always to dey repeat myself for Nigeria problem. And one thing wey dey dere be say people don tire and it seams the only way this thing fit dey possible to stop na violence. But who dey Ready to bear the cat? Consedring wetting happen for endsars protest.
According to the definition, a project is an individual or collaborative planned work undergone in order to achieve a specific aim. Nigeria is a country, with collective people who came together to achieve the aim/purpose of unity in diversity and many more. So yes, Nigeria is...or should I say " was" a project. |
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Yes, I do, like so much even. I believe in "giving up your youth for your future" and that is probably the project life I'm still living. But there are extremes to which such things can go.
The first would be your health. This is an international board so many of you here may not know what "Garri" is. It's kinda like a flake/ grain made out of cassava, mostly produced and eaten in Nigeria. So, there was this time, not long ago when I was bent on saving money " for my future" and I deprived myself of proper food only to eat cassava grains (literally all day on some days) and it got to the point where I started feeling continuous stomach ache. I was scared cause I couldn't pick between appendix, diabetes, or ulcer but I knew I was feeling the symptoms of something.
So, I had a meeting with myself and asked one question " If I eventually developed one of these three things in my system, would my future self be happy with me?" Of course, the answer was no. As much as you want to save and invest in your future, I don't think we should disregard some things. Apart from eating healthy, I believe disregarding things like buying books and appearing nice shouldn't be disregarded either, attending parties and occasions ( which can earn you connections and alumni ) shouldn't be overlooked also.
All in all, instead of making extreme sacrifices, investing in your present is probably the best way of investing in your future, and always asking yourself if your future self would be happy and proud of you before making any decision is also very important.
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Good afternoon my country people.
This topic was formed from a lecture discussion where the lecturer asked the question "is Nigeria a failed project?" And it made me wonder, if we had the solutions to our problems why isn't anybody working towards making the country better?
It's no news that the country is getting way worse than it was yesterday, meanwhile people predicted it to be developed not long after it's independence. From the high illiteracy and unemployment rate to the devaluation of our currency, and the continuous corruption in the government sector. When the question was asked, of course, some students agreed that Nigeria is actually a failed project cause of the signs we see everyday. Meanwhile, some said Nigeria isn't a failed project considering the following points:
First of all, projects are of 2 kinds; the short term projects and the long term projects.
Short term projects are known as "Goals", and the way of solving short term problems or meeting a goal is through "Tactics".
Long term projects are known as " Objectives", and solution is through "Strategies".
They argued that it's possible that the solutions to Nigeria's problems are on the long run and are not solutions that'll bring up results today, but the thing is how long is this long term project going to last ?
Secondly, there's something in projects "Goal/Objectives congruence" . This refers to harmonization of goals. It's very possible that everyone is doing their work and is working towards different goals that aren't bringing forth general good fruits but individual selfish based fruits, and this is the number 1 thing you'd see in Nigeria. Hardly would you find someone who wants to work for the people, and also hardly would you find people who are ready to elect and listen to someone who's ready to help them. People have their head elsewhere. Take for example, elections, the general goal is to elect someone who would lead and help push the country upwards, but some people are focused on just getting into power, others are focused on stealing ballot boxes and making quick cash, and many others. So, in order for things to go smoothly while working on goals, one would have to synchronize the focus of everybody's individual want, harmonizing them in order to get general gains.
Thirdly, there may be visions, projects, objectives etc for the country, but poor strategies and tactics are used in meeting them, making it therefore slow, poor and inefficient. Again, I'd like to add that Nigeria may be working on old rules while alot of other countries are working on and implementing new and innovative ideas for their economic development. Take for example, the fact that many countries have accepted Bitcoin and are using it, while a few have even made it their legal tender, taking them further and further into the future. While in our country, only a few have Investments in Bitcoin, only a little above those few own Bitcoins, while after adding a little more percentage of Nigerians, you would now have the number of people that have heard of it. This is quite backwards.
Some of Nigeria's economic plans that may be seen as failed projects include; The Millennium Development Goals (MDGs), The National Economic Empowerment Development Strategy (NEEDS), The Vision 20:2020.
In conclusion, I'm going to be throwing the question to the public. In your opinion is Nigeria and failed project ? And reasons why you picked yes or no.
Thank you.
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Well, it's no news that the price of bitcoin has increased making it difficult than it was around August to invest in it. And if you don't invest now, by 2024 around March it'll be way more difficult to invest in Bitcoin. The thing be say, first of all, to invest for bitcoin no be do or die... True, but me I no go advice anybody make e no invest in am.
Again, entering bitcoin with a get rich quick mentality is literally the most toxic thing you can do you yourself. Good things take time, and if you no understand or at least analyze market trends for Bitcoin you no go for make wise decisions. Also, there are a lot of ways of acquiring bitcoin, even here on the forum, so no pressure yourself on top bitcoin matter, but if you dey confident in watin you know about bitcoin, and you dey sure say you fit be investor, you fit burrow buy Bitcoin. Na my advice be that.
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First of all, thank you for this economic knowledge. This is actually my first time hearing of Pareto and it's knowledge added.
Secondly, answering your question, I was going to say people would never get tired of trading Bitcoin, but it's a future event and there may be a probability. But, let's not forget now about how revolutionary Bitcoin is. Even if people become tired of it, it would be because there's an innovation, and that new system of money would be due to the impact of Bitcoin.
And thirdly concerning the four kinds of trading, like most people and yourself, OP, already said, bitcoin falls under the 4th, no doubt. But, don't you think this all comes down to patience? In the crypto world, one thing is for sure, you can't continue to lose, unless you continue to trade without knowledge though, you can't continue to lose. So, this all comes down to being patient and smart.
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For me, the maximum price of Bitcoin by the end of this year should be over $40k. Not sure of how true but the price of Bitcoin has been predicted to increase from now on to 2025, and my advice to anyone willing to invest in Bitcoin is to invest now, of course, that advice is quite simple and shallow. Everyone wants to invest in something like this but not everyone has the funds for this, especially with what's going on in this country, so the main advice is BURROW AND INVEST. Doesn't sound like something sensible cause of its high risk, but think about it, imagine letting lack of funds stop you from getting something so huge and the returns by 2025 would be enough to pay times 5 of the Capital but guess I what? that'll be your gain, your profit. Burrowing is a virtue, harness it with appropriate wisdom and knowledge.
Funny enough, there are many other means of obtaining Bitcoin apart from buying it. If funds become a major issue, find out and use those other ways.
And lastly, for those who are lucky enough to have already invested, don't sell till 2025. As simple as it is, it is very important that you don't miss out on massive returns cause of fear and end up regretting.
Thank you ...
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You will agree with me that in our present country, It is not the most hard working that is the richest but the most smart working. The hardest labor and jobs are no longer the highest paying jobs, people sit at home and make the total money for a year that just a hard worker and not a smart worker can make. Life expectancy for Nigerians dey short because of bad health care and poor environment, we nor need to add stress to am, make we for nor go die quick. While we dey try to make money, we gats focus majorly on finding smartways to make money, not just depending on harwork, Hardwork alone no longer incurs success.
Some examples of smart ways to make money are;
be social and make good friends who you can grow with. The information you have can determine if you will have money or not, try get friends wey una dey talk better things like how to make more money.
Do your research then invest in where others dey invest. People dey invest in bitcoins, invest in bitcoins.
Share some other smart ways to make money.
Hard work: working unnecessarily, work that isn't worth it. It can be illustrated using instances like reading the entire handout when you can read and focus on the important parts. Smart work: working effectively in order to attain the best output or benefit. Focusing on the important parts instead of reading everything. No forget say you go still attend lectures, make you get ideas from lecturer, you go still read that handout everyday, do assignments, watch videos for better understanding and many others. Now the thing be say, person fit think say people weh dey work smartly, just dey do short cut. Abeg, know the difference between smart work and shortcut because them no be the same thing. Even as you dey work smart, you go still work hard, you go still suffer. So no think say smart work na free way, cause e no be free way at all. |
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I often read people saying they want to earn enough money so they don't have to look at price tag of product. Imo, even if you are rich you wouldn't want to spend money on things that are not worthy of price being paid.
You wanna look at product and then it's price, if it's worthy of price, you purchase the product.
Surely, no one wants to buy things that are not worth the price, but I think being rational about price also comes with the fact that one has limited funds or budget. Not looking at the price tags when purchasing things mean you actually want that thing, you know it's expensive, you already know it's worth it, it has quality and you're able to afford it. |
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When I started this Bitcoin journey, I was convinced that it wouldn't be that difficult, just basic terms and Investment strategies and you're good to go. But whenever people spoke about it or I made a research on it, the first thing I usually saw or heard was how risky it is. Not that i have any Bitcoin or experience in investment like them OG's and experts cause I'm still at the first phase of this journey but I believe knowledge goes a long way in whatever investments you want to go into. Nothing is without risk, real estate, crypto, down to even breathing and eating, All these are risky. So, learning about it would really help you. Learning, teaching others about it and then trying it out knowing fully well that there's a probability of failing.
I believe after going through about 5 to 10 different experiences with something, you'd get the hang of it and would have fully adjusted.
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Op,this is a nice idea but you sure say this one no be expenses on e own. I get the fact that were all looking for solutions to our general problems and to be honest this may seem as a fair trade to buying fuel and reducing the cost of public transport. But why the thing dey use engine oil again sef? And imagine if this thing off for road Anyways.. not trying to criticize your idea or anything cause it really is a good one, I just wan understand why the thing still dey use engine oil. |
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