Managing Business in Nigeria: Challenges and Prospects - Vanguard News

practical insights from my experience of managing a business in our dear country in the past decades. I expect that through that, we shall see some of the challenges of doing business in Nigeria and at the same time, appreciate the prospects that they provide for us. They may come as little issues, but I bet you, they mean a lot. In understanding the challenges, we see the prospects that are there for us. So, I want to talk generally with you and not to make this technical.

With a 2018 staff estimate of over 703,000, Tata Group, aged about 151 years, has Tata Steel, Tata Motors, Jaguar Land Rover, Tata Consultancy Services, Tata Advanced Systems Limited, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Coffee, Tata Teleservices, Titan, Voltas, Tata Cliq, Tata Communications, and The Indian Hotels Company Limited , on its list.

In our clime, business vision is rare. Most of our business people establish businesses without clearly defining their visions. Many just establish a business for the sole reason of having an office address and waffling through with whatever comes. This approach leaves one with one certain end -Failure! Businesses will fail if founders fail to properly define their vision and communicate the same to their teams and also, trust them to drive it. Vision is about the next big picture.

Like I said at the beginning, I promised to talk more from my experiences as a businessman and an investor. An investor is also a manager of human resources. Once you set up your business, your next big worry is where to get the best of humans to manage it. I am deliberate in saying “the best of humans”. But beyond the best of humans, you need people of competence and capacity.

As a business manager or leader, you will meet and interact with a lot of people. These will include clients and possible partners. If you are not convincing in your first meeting, which may also be chanced meetings, you may have bungled a great opportunity. So, in driving out for business, please, keep your car the cleanest and make sure the air conditioning system is ok. You don’t inspire confidence if you appear at a meeting in a rickety taxi or keke.

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