Many small business owners dread banks and have little to no relationship with bankers. They either see bankers as enemies, fraudsters, the group that does not want SME’s to be great or all of the above. The truth is while there is a lot of room for Bankers to improve their value proposition to SMEs, there is a lot SMEs can do to extract value from Nigerian Banks – especially in the area of funding. A Bank will not just release other customers’ money to you without some level of assurance of getting the money back. Before we move into the guidelines of getting banks to give you a loan. let’s see if you qualify for one.
In a Forbes article, Neil Patel, a well-known brand and marketing expert stated that “Nine out of ten startups will fail. This is a hard and bleak truth, but one that you’d do well to meditate on”.
If business statistics are that bleak in the U.S., imagine the picture in Nigeria, where infrastructure and institutional support are limited.
Editor’s note: This is the second installment of The Plunge, our series for aspiring entrepreneurs. Read the preceding part here.
6. Don’t build a business around something you don’t like.
While the common expression ‘follow your heart’ might not be the best advice to give anyone, it’s always best if your heart is in your business. If your passion can be turned into a business, that’s probably what you should be doing. Things can get really hard, and oftentimes what keeps you going is your love for what you’re doing. If you don’t love it now, you will love it even less when it becomes stressful.
Editor’s note: Welcome to The Plunge, our series for aspiring entrepreneurs. Over the next week, we will provide useful information that will help anyone intending to start a business in Nigeria avoid the dangers that come with starting out. Please, share this series with as many people as you can. Thank you.
For those who have dreamed of the freedom that could come with owning a business and pictured what it is like to build an organisation of their own, this is a reality checklist. We’re not trying