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Reasons Why Most Nigerians Fail In Online Business

Reasons Why Most Nigerians Fail In Online Business

It is beyond every reasonable doubt that the internet is the mega world that is willing, able and ready to provide income for all Nigerians that are ready to tap from its wealth.

On a daily basis, many Nigerians are enthusiastic, excited and want to get into an online business. The unfortunate part is that 120days later, 95% of them are already out of business.

From my research, I have discovered that the reasons why so many businesses fail, all comes down to 7 main reasons.

in this article, I will share this reasons with you and give you tips on what you will do differently to succeed.

1 Avoid The Get Rich Quick
Today, the online business world is filled up with ponzy schemes, MLMs, Cryptocurrency investments and hyips that promise Nigerians heavens on earth but leave them poorer than they met them.

What I want you to realize is that if you are promised 30 or 50% returns on your investment, the first thing you should ask is that where will that 30-50% come from? If somebody will have to lose a trade before you get it, then it is gambling and not sustainable because those that loosed today will win tomorrow.

On the other hand, if it requires newer members to pay older members, then that is a ponzy scheme and also not sustainable. In few month time, there will be 100 old members and maybe 10 new members. Simple logic will tell you that 10 cannot pay 100 and it will surely crash. My advice is that, if those returns are not coming from the sale of a product, commodity or service, then you are on the verge of losing your hard earned money.

2. Lack Of Commitment
Most Nigerians start something today, in the next few days they will leave it that it is not working. Many Nigerians have bought great ebooks that they never used or implement them halfway and expect money to start flowing in. if you have such an approach for an online business, then quit for a 9-5 job today.

3. Focus Is The Key
If you must attain a reasonable height online, the focus is the key. You must go a step at a time. There are too many daring things online that you will like to try out. But 1 accomplished task is better than 100 daring task you tried.

Remember Steve Job’s wise saying about focus, “focus is not just saying yes to what you are doing but also saying no to other things that might seem important along the line. The key still remains that you stay super focused on one thing till you make it work.

4. Procrastination
Many Nigerians have good online business ideas they want to implement but they claim not to have time but yet they have time on Facebook and WhatsApp.

In the words of Brian Tracy, “eat that frog”, Brian Tracy used the sentence eat that frog to get people into fast action. He cited an example that if you have like 10 frogs to eat, start by eating the biggest one without any procrastination. In other words, Brian Tracy is telling you that, after listing out the most important things you want to do for the day, start with the most important one without procrastination. This is what he referred to as the biggest frog.

5. Information Overloaded:
Most Nigerians have spent years researching the internet with next to nothing to show for it. The outcome of the research is nothing because researching with no action cannot produce a meaningful physical result.

6. Lack of Information
This is a near opposite of the above point. Most people do not have a well-structured guideline to follow that will help them succeed online. So, most of the times, they just fumble.

The similarity between those that suffer from information overload and lack of information is that both of them lack a structured proven path to follow and both of them will not earn money from what they know and do not know.

7. Lack Of Motivation and inspiration
Most of the times, if you tell people that you are going to be a millionaire online soon, they see you as if you are crazy or going into scam.

The truth is that the first thought of theirs is very much correct that you are crazy. Both of you think differently.
There is no need telling them except if you want them to kill down your spirit. The only person to discuss such ideas with is a like-minded person that can understand the details.

Akin Babatunde
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Akin Babatunde

Akin Babatunde is the CEO of Globaltech, a friendly world class company offering innovative and cost-effective solutions to start-up, small and medium scale businesses in the following areas - Online Advertising, Internet Marketing, Graphic Designs/Printing/Corporate Stationery Designs/Publishing, Writing/Editing Services, Webdesign and Web development.

Akin is the author of the book "THE INTERNET: a town square for the global village.
Akin Babatunde
Follow me

About Akin Babatunde

Akin Babatunde is the CEO of Globaltech, a friendly world class company offering innovative and cost-effective solutions to start-up, small and medium scale businesses in the following areas - Online Advertising, Internet Marketing, Graphic Designs/Printing/Corporate Stationery Designs/Publishing, Writing/Editing Services, Webdesign and Web development. Akin is the author of the book "THE INTERNET: a town square for the global village.

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