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HomeBusiness & FinanceFactors That Motivate People To Begin New Businesses In Nigeria 2023

Factors That Motivate People To Begin New Businesses In Nigeria 2023

Basically, There are many factors that motivate people to begin new businesses in nigeria 2023. These factors are referred to as Start Up Decisions.

Read Also: Reason Why People Set Business Plan For Start Up.

What Motivates People To Begin New Businesses In Nigeria 2022?

Let’s See these factors one after the other below:

  • Joblessness: In Nigeria, there is high amount of jobless youth. So, this may be the reason they got motivated to start a new business to earn a living.
  • Financial Ambition: Sometimes, People have a target ambition they want to achieve in life. Due to this, they tend to begin a new business to achieve their aims.
  • Desire To Control The Economy: As of 2022, the Nigerian economy is gradually dropping each year. Hence, people start new businesses to catch up the nation’s economy.
  • Advantage Of An Opportunity In The Market: Opportunities comes once in a while, Sometimes a one time opportunity would come and make people to begin new business an make profit.
  • Inherited Family Business: People begin new businesses when the original owner dies, and his family inherited the business.
  • Desire To Be Their Own Boss: People don’t usually want to be under the control of others in business, So they have an set their own goals of being their own bosses in the market.
  • Replicating A Business Idea Found In Another Environment: Using a business Idea you find in another environment is a great factor that makes people begin new businesses and profit.
  • Frustration With Low Pay: As Nigerian Naira is falling and dollar is rising, people working in an organisations and industries are now in a difficult situation. The pay is low and the whole market stuffs are rising in price, this factors also motivate people to begin new businesses to achieve financial freedom.
  • Life After Retirement: the life of a person after retirement in Nigeria is actually not that pretty. So people decide to start a new business to be financially stable even if they’re no more recieving salary.

 

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