Once Upon a Start-Up......

CHALLENGES OF STARTING A BUSINESS IN NIGERIA

Starting a business is challenging no matter how prosperous your nation is. There

 are

MD/CEO glancing at the Encyclopedia Biblica.

however some unique challenges peculiar to doing business in Africa and in Nigeria to be specific. My business (Jeshurun Publishing House and Press Limited) will be two years old in June and the journey has been worthwhile, if for nothing else, for the incredible lessons we have learned along the way. We were registered with the Corporate Affairs Commission (CAC) on the 6th of June 2014 and began immediately seeking a reputable bank where we could open a Corporate account. Our thinking was simple and pragmatic. From a study of start-ups in our immediate locality, we arrived at a shocking discovery that most Small and Medium sized Enteprises (SMEs) have an average lifespan of five years after which they wind up and consequently end operations. We were determined that this would not be the case at Jeshurun Publishing House and Press Limited.

Determination would however not be enough. We had to clearly ascertain why small businesses fail in Nigeria. Here are some of the common reasons we deduced from our studies.

• Poor Management
• Lack of Funding
• High lending rates from commercial banks
• Corruption
• Lack of Power (Electricity)
• No Small Business support system and
• Lack of Venture Capitalists     

A combination of this factors make running a small business in Nigeria a particularly precarious proposition. It is even a tougher proposition for those in the book business or in the business of publishing. This is largely because of widespread piracy and little or no regard for intellectual property law. Sadly, most consumers when faced with the option of either buying a fairly priced original product or a pirated cheaper copy will opt for the pirated copy. The onus is hence on the federal government through its agencies like the National Orientation Agency (NOA) to sensitize consumers on the the need to respect the intellectual property of writers and artistes.Fortunately, there seems to be light at the end of the tunnel. The Buhari/Osinbanjo ticket on the platform of the All Progressive Congress (APC) stated as one of its campaign promises, the creation of thousands of jobs. While this is noteworthy, it cannot be achieved without the contribution of genuine entrepreneurs. The government must be proactive in its push for job creation by creating an enabling enviroment for entrepreneurs to thrive. The government in achieving its objectives in the midst of a national recession is faced with the daunting task of working out practical models that can assist the average investor on the street. If this is done, We might yet achieve our collective vision for the year 20/20.

Ubong James Essien is the Managing Director/CEO

of Jeshurun Publishing House and Press Limited and

is the editor of the exciting blog Bongy's Review.

+234-805-094-0103

The Year 2016 as I see it!!

I almost totally forgot that I was a blogger!!! LOL!! Writing is more than a hobby for me, it is a passion. Welcome back to Bongy's Review as we set to look at the year 2016 through the eyes of a thirty something year old entrepreneur.

Politically the year 2015 came with the Wind of Change as espoused and made popular by the All People's Congress (APC). Most Nigerians my age witnessed for the first time the semblance of a social revolution that raised hopes, created new heroes and marked a major shift in Nigeria's political space. Politically, the year 2015 is gone and will never return. Fortunately 2016 is here as a clean slate waiting for the most proactive actors to write on it. As I peer into the year 2016, I see one word clearly written on it as it concerns our political actors and our nation's political life. CONSOLIDATION!! Let's break that down a bit. A good friend of mine and brother in the Student Union struggle in the University of Calabar, Asu Okang, eloquently stated during a congress of the prestigious Student Historical Society of Nigeria (SHSN) that there are three Cs of the struggle. 1. Consultation 2.Consolidation 3. Confrontation. For tonight's discourse we are interested in the second and perhaps often ignored C of the struggle, CONSOLIDATION. To consolidate according to the Longman Dictionary of Contempoary English means to strengthen the position of power or success that you have, so that it becomes more effective or continues for longer. This is what all parties involved in the fierce struggle for power in 2015 should be doing. The agents of change should be involved in rigorous implementation of the policies they eloquently articulated during their campaigns while the Transformation agents must put on a thinking cap and try to assess the areas of misrule that led to such a frightening loss of confidence. 

I believe 2016 can be a defining year for the nation of Nigeria. For this to happen however, we need to get the basics right. If one thing has been made obvious thus far under the administration of President Muhammed Buhari, it is that solving the pressing issues Nigeria faces is not rocket science. Perhaps what has been lacking has been political will and a good dose of guts. God willing, 2016 will be the best year, the nation of Nigeria has ever had.

God bless You and have a Happy New Year!!!

Ubong James Essien

+234-805-094-0103

Welcome Address

Welcome to Bongyz Review,
                Well the first post has been a long time in coming essentially because I did not want this Blog to join the army of Blogs posting recycled content. As I write news is breaking that we have a new CBN Governor. Make of it what you will, the issue that raises a flag for me is the appropriateness of a serving MD of a Commercial Bank to be appointed the Governor of a regulatory bank. Let's see how this all pans out and once again welcome to the most exciting review of newsworthy events on the internet. :-)