5 Myths Impeding the Growth of Entrepreneurship in Nigeria

Entrepreneurs are widely known as risk takers and Nigeria’s economy needs more of these bold and unique agents of positive growth and development. Entrepreneurship is an ideology that appeals to only a minute number of the Nigerian population and statistics has also revealed that despite intervention from governmental, local and international organizations; the situation remains the same.

It is a fact that for us to prosper as a nation, all aspects of our day to day living and activities demand befitting products and services. Most of the existing businesses also need the services of other professionals or company to acquire new skills and supply of inputs. Potential entrepreneurs should create a solution for need(s) of individuals, household or other businesses in the form of product or service and concentrate efforts on convincing prospects. Below are few of the beliefs that have slowed the growth of entrepreneurship in the country:

Entrepreneurship is very challenging

Yes, it is but also very rewarding when you eventually succeed. In order to minimize the challenges and failures, arm yourself with the right skills, information and team; carry out an objective research and also control your expenses in the short run as major losses at this stage can put you off forever.

Seeing capital as the first requirement

Randomly ask ten Nigerians why they don’t own a business and nine will instantly reply you it’s capital that is holding them back. If capital is as important as passion and readiness, most Nigerian governmental agencies like Small and Medium Scale Development Agency of Nigeria (SMEDAN) would have recovered the huge loans given to most intending entrepreneurs in the past few years around the country .

Considering employment as the only source of livelihood

It’s quite disheartening to hear of persons especially graduates enduring prolong joblessness or harrowing jobs without considering starting a business. I once read about a Nigerian lady who became popular after starting shoes making business. She was jobless for six years after graduation and after she finally landed a job, she was unfulfilled thus her decision to venture into shoes making, a decision that changed her life for the better.

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Believing that to become successful in business demands connection with people in high places

You can solely network yourself to the top if you offer good product or service. And you can be referred by connected people only to get turned down because of poor offering. You need to be armed with good offering, great communication skills and confidence and you will be surprised with the number of doors that will be opened for you.

Being afraid of failure

Failure is something everyone is afraid of but not trying at all is worst. Imagine being afraid to walk because you believe your healthy legs will break into pieces if you try to. Failure is mostly an illusion that is meant to be fended away as soon as it appears in your thoughts. 
-(Credit: TushMagazine)