Between 2010 and 2018, Nigeria’s economy averaged a 61% failure rate of startups, a reality that proved the assertion that not everyone is cut out for entrepreneurship.
For different reasons, ranging from the government’s poor policies to mismanagement, some businesses have failed, such that they could not run on a continuum.
Attributing the failure of businesses in Nigeria to the inconsistency of government policies, lack of right skills, insufficient access to funding, high cost of registering business are the major reasons, amongst others, Femi Egbesola, the national president of the Association of Small Business Owners of Nigeria (ASBON) had stated that not everyone has the zeal, perseverance, discipline, and leadership charisma to run a business effectively in the country.
“Government policies are not stable and this has been limiting the success rate of start-up businesses. The high poverty rate in Nigeria also makes many start-ups not go for the right businesses and right skills.
“Furthermore, the weak economy of Nigeria has made it difficult to access funding and the infrastructure to help business has not been enough. Also, the government has not given soft incentives like tax holidays, reliefs and intervention loans to businesses,” Egbesola added.
In light of ASBON chief’s statement, BizWatch Nigeria presents below five signs that will make you realise entrepreneurship isn’t for you.
You think it’s a path to quick money:
Going by the experiences of successful SME founders, one can easily tell how not easy it can be to start making money from a business. You could work for years without making profits from it, but just sustaining it.
You procrastinate a lot:
If you can’t effectively manage your time without being bossed, you have a tendency of failing as an entrepreneur. When you work for yourself, there’s no boss looking over your shoulder or monitoring your time card to make sure you’re working hard, which brings up the question that – if you’re not working hard at your own business, why are you even doing it?
You don’t take action with the plans you make:
If you are only good at just bringing up ideas, but lazy to implement them, you don’t belong to the league of entrepreneurs. This is because, by nature, they are doers. A lot of people think making a business plan means they’re starting a business. This is so wrong. One could plan out his meals for the week, but unless he actually cooks them, will he be eating them? Of course not! So, planning means nothing without action.
You have a problem managing people:
As the saying goes -‘A tree doesn’t make a forest,’ you need to sell your dreams to people, who would help you build, and sustain them. You need to know how to relate with them, make them enjoy their engagement with you, and make them see you as a good person.
