Entrepreneurs in Nigeria are faced with the challenges others in other countries of the world face. But, the successive insensitive governments over the years have compounded the worries of Nigerian entrepreneurs.
Worries like poor state of infrastructure, unstable state of the economy, inconsistent government policies, etc are avoidable but have become the major worries of Nigerian entrepreneurs.
I like this article – “12 Big (But Normal) Entrepreneurial Worries You May Face When Starting Out” written by Expert Panel, Young Entrepreneur Council and posted in Forbes. Read and think through it, and confirm if those entrepreneurial worries are actually the major ones being faced by Nigerian entrepreneurs.
Starting a business is incredibly exciting. It’s also one of the scariest and riskiest things a person can do in their career.
Because of all the new tasks, you have to tackle—and all the potential things that could go wrong—it’s absolutely natural and normal to worry about certain aspects of launching and growing your company, like taxes, finances, sales or competing in a crowded market. The members of Young Entrepreneur Council went through these worries, too, and came out stronger on the other side.
Below, 12 members share what they were most concerned about when they were starting their companies. Here are some of their biggest entrepreneurial concerns, and how they eventually overcame them.
- Choosing The Wrong Business Structure
My biggest fear was on the tax and financial side of things. I didn’t have any experience structuring a business, so I didn’t know what was best for me—LLC, S Corporation, C Corporation—I was lost. I did plenty of research online and found some great resources, but it wasn’t quite enough. Ultimately, I ended up seeking help from a professional who was able to walk me through all the options and find the structure and system that worked best for me. – Samuel Hofer, Silky Games
- Not Being ‘Good Enough’
I mostly worried about being good enough—good enough for my customers and team, good enough to create something people wanted, and good enough to keep going. Honestly, I haven’t overcome it. Every day I have to look back at my successes and remind myself to have faith that what I’m doing helps people, so I need to keep going. – Monica Snyder, Birdsong
- Financial Failure
The biggest worry when I started my business was the fear of financial failure. When you have bills, a mortgage and a family to support, it’s easy to fold under pressure and quit when things get hard. I overcame this by putting myself in a growth mindset and giving myself permission to fail and learn from mistakes. This, combined with a positive attitude and optimism for the future of your business, will help you break barriers that often hold you back from success. – Charles Koh, Pixery, Inc.
- Learning The Ropes Of Running A Business
Being a recent graduate of professional school, the hardest thing about starting a business was that I had to learn how to both practice my profession and run a business with zero experience. Learning “on the job” how to manage employees, run payroll and get new clients while simultaneously perfecting my craft as a dentist was extremely difficult. While I made many mistakes along the way, I used mentors to overcome this challenge. Relying on those who have experienced similar situations provides invaluable insight for your future decisions. – Roy Krengel, Krengel Dental
- Lack Of Sales Experience
When starting out my business, my biggest concern was what keeps most businesses in business: sales. I really didn’t have experience in sales and I was still trying to figure out my target audience based on my skill set. Because I didn’t have money to do any ads or other forms of marketing, I began making cold calls. While it was difficult, it helped give me a hands-on understanding of the audience I needed to cater to and it got my business off the ground fast. – Daniel Griggs, ATX Web Designs, LLC
- Finding And Keeping Clients
My biggest worry initially was on bringing in clients. Thanks to my network, I was able to fairly easily land clients and thus my worries shifted from client acquisition to the actual execution of work and the retention of clients. I tend to err on the side of being a perfectionist, so hiring freelancers as my business grew was extremely difficult for me. It got to the point where I was working so much that I had no choice but to hire work out. After successfully bringing on the right team members, I was able to breathe and focus my attention towards working on my business instead of just in my business. – Chase Dimond, Boundless Labs
- Convincing People To Join An Early-Stage Company
Many people will tell you that making the right hires and building a great team are the most important things when building a company. I’m certainly among them. At Kaiyo, this was especially important to me given that I am the sole founder and needed additional help and expertise. Unfortunately, this was also the hardest thing to accomplish, as many people perceive the risk of joining an early-stage company to be too high. In the end, leaning on my network was the key to making the early critical hires. Nobody believes in you as much as the people who already know you and have seen you operate. Cherishing and leveraging your network may be the difference between success and failure. – Alpay Koralturk, Kaiyo
- Cost Versus Quality
In the beginning, we did our best to keep our team as lean as possible to avoid overextending ourselves before we had a steady customer base. We accomplished this by outsourcing to third-party agencies based in areas where wages were less expensive as well as hiring support staff overseas. While this eliminated one worry, it soon created another: quality. We quickly learned that if we truly wanted to control the quality of our services, we needed to invest in people who care as much about the success of our business as we did. – Brett Shapiro, Easy Doc Filing, LLC
- Facing Risk And Potential Business Failure
I left a mid-career corporate CEO job to build SkyHive as a startup. The first step was overcoming the fear of failure, recognizing that I was taking a very big risk to start my own company. What helped me cope with this fear was knowing that if I didn’t make the leap that I would regret it for the rest of my life, and truly acknowledging that if I did fail, I could pick myself up and start again without any regret. – Sean Hinton, SkyHive
- Building The Right Team And Culture
Building the right team worried me the most. In consulting, people are the key to success. Yes, you can have processes or technology to help differentiate you from your competitors, but you won’t get far if you don’t have the right people. When I started my business, we thought about the kind of culture we wanted to build and defined the core attributes we were looking for in our employees—things like: be excited about our work, think of consulting as a team sport, be proactive, be yourself. The process hasn’t been perfect, but it has helped us get to the point of sharing values across disciplines, allowing the business to thrive. – Renato Agrella, 2A Consulting
- Age And Inexperience
I was most worried about my lack of experience and my age. I was 18 when I became a partner/part-owner and had very little experience when it came to business (especially since I never went to college). To overcome this, I leaned on my partners and other experts where I had lapses in experience or knowledge and attempted to learn from them as if I was a sponge. – Brandon Ginsberg, ApparelMagic
- Viability Of The Idea And The Market
As I founded my third company, I realized that the process and challenges are always the same. Do I have the right idea? Is the market big enough? Can I penetrate the market? Will there be enough financial runway? What if I fail? Those are the worries and challenges that you’ll encounter whether you’re starting a car wash, a department store or a venture firm. Overcoming those challenges is also always the same. You plan, and when obstacles arise—and they will—you move quickly to overcome them. You test the market and give the customers what they want. It’s that simple. – Ali Mahvan, Sharebert