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Supporting Entrepreneurship in Nigeria

SpellAfrica and Action10 have agreed to collaborate on supporting entrepreneurs in South Nigeria who wishes to start small scale businesses. Eventhough a small start-up loan may be offered to promising entrepreneurs the emphasis is on training and coaching on a variety of business related aspects such as: evaluation planning, sustainable economy; institutional capacity; and  finance administration and accounting.

One component of the program is a survey performed by SpellAfrica  addressing initiatives related to entrepreneurship in South Nigeria. In total 80 people were interviewed:20 of those were currently managing a small scale business, 40 have tried one form. Of the 80 people, 25 were women. Below is presented a summary of their answers to a few selected questions.

 

CURRENT BUSINESS OWNERS

  • What is your biggest challenge in business?
    90% and above said money, that they have master the act of business, they love it, but there is no capital to scale it. One persons even said that his turn up is good as he started with N500,000.00 but he could have done more if only he had better capital.
  • Why did you start a business?
    99.9% answered that due to poor job in the country they decided to look at alternative and business seem to be the only way out. Out of the 20 people who were interviewed, 15 are university graduates, 1 is a student and the other 4 are dropouts.

 

PREVIOUS BUSINESS OWNERS

All of them said that they have leant their lessons and are ready to start again and this time they are sure they will be successful.

  • What they would start doing or stop doing if you were do business again?
    Many agreed that a proper form of accounting is a must-do in all business. One persons stated that the main reason for failure was his inability to convince buyer that his product was good enough.

 

BUSINESS INCLINED PEOPLE

The 20 people who like business and who have business ideas that they think is sustainable, said that money to start is all that they need.
  • Do you have  have a business plan?
    15 people answered that they did not have a business plan, while 4 people said they have a mental business plan, but 1 person admitted that she has never head of the word “ business plan”

 

Conclusion:

It was clear that all of the 80 interviewed people really wanted to start a business. The driving force was the wish to  they take care of themselves and teir families. But understanding business development, principle of management etc were sometimes weak.
In total 80% of they wanted to do business just for profit sake while the other 20% talked about doing business for social benefits
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