Wednesday, December 6, 2023
Home BUSINESS TIPS 10 Reasons Why People Don't Start Business in Nigeria

10 Reasons Why People Don’t Start Business in Nigeria

As they say: Entrepreneurship is not for everybody, but the truth is no one is born as an entrepreneur. Starting a business and growing it is tough work. Feeble minds quit before recording success at all. There are so many unpredictable challenges, most especially, in the case of our country – Nigeria. Every business needs power and access to it is not guaranteed. For anyone who is not ready to start a business in Nigeria, he will find more than enough reasons to ditch his business ideas. 

Being in business and dealing with people present me with opportunities to be able to listen to people who find it difficult to start, launch their business idea. It’s impossible to write everything here but I will write just ten as the headline reads. 

1. Fear: 

Most Nigerians cannot afford to take risk of earning uncertain income as they are used to certainties. Starting a business is frightening and risky. If things go awry, you have no one to blame for it except yourself. People also fear to go against conventional patterns in society – as it’s commonly practised to go and look for a job after school. Meanwhile, the few people that go against the norm are the ones that create new things, new products, new services, new jobs for people who follow conventional life advice. 

Nigerians fear fear, too – that’s fear of fear itself. See, this is the worst form of fear. The kind of fear that has nothing attached to it except fearing fear for the sake of fearing. 

2. Uncertainty: 

Business owners face a lot of uncertainties. There’s uncertainty about whether or not you will be able to identify a problem or solve it. There is uncertainty about how and if you will be able to acquire customers. Not knowing what the future holds can cause a lot of anxiety. 

Doing business involves being able to master the art of managing uncertainties. Let’s take for instance: someone that is used to earning a certain amount of money at the end of the month as salary may not find it convincing enough to start business – which is not likely that he’ll turn it to a profitable venture in the space of three months. 

SEE ALSO  5 Good Reasons Why You Should Start Using Opay for Your Hustle

3. Capital: 

It’s a popular belief in Nigeria that it takes money to make money and if they don’t have capital to start a business they don’t consider trying to raise it. Also, some people believe that it’s when they have millions sitting in their accounts that they can start any business because it will enable them to take care of any financial responsibility that occurs. Some people don’t even want to lose their money at all. 

4. Conformity: 

Most people are employees, not entrepreneurs. Most people cannot start a company. By even trying to start a business you differentiate yourself from the masses of people who work for businesses instead. Going against the norm requires one to be nonconformist and not everybody can. 

5. Entitlement: 

Entitlement runs in the veins of most Nigerians. They always feel that they deserve better and more. They have an extremely high standard of how they want their life to be without a dime in their bank account. This makes the majority of us unable to see multi-million naira business opportunities in front of our noses.

Indians emigrate from their own country to come and start a table water business in Nigeria. When they enter the country,  they come with almost nothing except for their mental faculty, education, open-mindedness, and grit. All the resources they will need will be sourced here – including the capital. The feeling of entitlement will make us want to work as a secretary of the table water company because we feel that we deserve to live in a fine apartment, be called a corporate guy, drive a nice car, wear a tie around our neck. 

SEE ALSO  5 Good Reasons Why You Should Consider Starting Affiliate Marketing Business Now

6 Rejection: 

When you are running a business, you will surely meet rejections. Some people won’t like your product or service. Some people will choose not to buy from you for the reason(s) best known to them. A lot of people cannot handle rejections and it is an inextricable thread in the fabric of the business. You cannot accomplish anything without trying. At least, when you try you have a chance to succeed. For business owners, getting rejected is not fun. It’s demeaning. But it’s a learning experience and it makes you stronger. 

7. Skillsets:

Business owners wear different and many caps. This requires skill sets and knowledge in many different areas like marketing, accounting, selling, management, etc. Some people get burn-out easily – for this reason business is a no go area for them. 

8. Laziness and indecisiveness: 

Some people are too lazy for business. Some find it difficult to try out something new.  Some people don’t even know how to lead their life yet. To make the business profitable, the owner must be ready to work his ass off in the beginning. In fact, there is no finishing line for working hard in business. They do say greater companies outthink their competitions. There is no way you will think deeply without decisiveness. Some issues will spring up and they will require that you think and act fast. 

9. Sales: 

Growing a business requires getting access to customers and selling them a product or service. Many people hate selling, and it can be really hard and time-consuming. And if you are not selling, you are not in business.

10. Ego:

Every living being has an ego. Some do better by mastering themselves and their ego. Ego goes in the way of every activity we engage in. It has killed so many businesses. It makes it difficult for people to serve and you can’t be in business without serving your customers and providing them with what they need. If you are too big to serve, you are too big to do business. Period.

SEE ALSO  5 Best Affiliate Marketing Programmes to Join in Nigeria

Key Takeaways…

People have so many indescribable reasons to fear not to fly their business idea. 

Managing uncertainties may be difficult for most people as they are used to certainty. 

Most people think they cannot start their business without using their own money. 

Going against the norm in society requires one to be a nonconformist.

Rejection hurts and it’s unavoidable in business.  People fear it and they don’t bother to start their own business.

Being in business requires you to have skill sets, knowledge, and understanding of some things like selling, marketing, accounting, logistics, communication, etc. People that lack these skills and refuse to learn them don’t go into business. 

Starting and growing a business is hard work.

Ego stops some people. 

Now to you…

SEE ALSO  Tips for Starting a Business in 2022

Do you know of any other reason why people can’t start their own business that’s not listed here? Or do you have any opinion that you will like to air? Please, go ahead by leaving a comment. 

And don’t forget to share this post with your family and friends, because if you find this information useful, it can be helpful for them, too. 

Please, click on the icons below to share this post with. In order not to miss any updates from us, like our Facebook Page, subscribe to our Telegram channel and follow us on Twitter.

Usman Atanda
My name is Usman Atanda - the man behind I'm a serial hustler from Lagos, Nigeria. Here at, I cover topics such as Business Ideas, Side Hustle Tips, Business Tips, Side Hustle Ideas and much more. My ultimate goal is to make the building legitimate and lucrative small businesses and side hustle to be achievable.

The 3 Most Important Things to Make Serious Money from Affiliate Marketing

Have you been wondering about the important things to make serious money from affiliate marketing?  Are you an affiliate...

Essentials You Need to Know Before Starting a Phone Accessories Business

If you are thinking of getting into the phone accessories business in Nigeria? This post covers all the essentials you need to...

How to Make Money with Your Android Phone in Nigeria

Have you been wondering about how to make money with your android phone in Nigeria? If you answer yes, this post is...



Please enter your comment!
Please enter your name here

Most Popular

How to Start A Lucrative Laundry/Dry-Cleaning Business in Nigeria

The dry cleaning industry is a necessity in Nigeria's crowded metropolitan environment, not merely a service. The demand for...

Top 10 Best and Lucrative Business Ideas for the Year 2024

Would you like to be informed about the top and best lucrative ideas for 2024? Are you thinking of...

From Zero to Hero: Segun’s Remarkable Journey as a Millionaire Affiliate Marketer

His name is Segun. Lived in the bustling city of Lagos, Nigeria. Despite coming from a humble background, Segun possessed an insatiable...

The 3 Most Important Things to Make Serious Money from Affiliate Marketing

Have you been wondering about the important things to make serious money from affiliate marketing?  Are you an affiliate...

Recent Comments

SEE ALSO  Essentials You Need to Know Before Starting a Phone Accessories Business
SEE ALSO  Where Can I Learn Affiliate Marketing in Nigeria?