Why Is Raising Money Overrated In Nigeria?
Why Is Raising Money Overrated In Nigeria?
MYTH AND REALITY

2018 has been a great year for Startups and companies in the Nigerian ecosystem.

With startups like kobo360Paystack, and mines.io. Raising a total of USD $24m. While Companies like Rethinkrobotics,shyp, and apprenda all based in the United States Of America raised a total of USD $268m and died This get’s to tell us that raising money truly is overrated.

Some Reasons to why Raising Money is overrated:

  • The Pr and Hype that comes with raising Money in Naija
  • Great deal of network being opened to the startup.
  • Ability to scale.
  • Ability to test run and Burn Cash.

Everything listed above are all positive things that make raising money overrated, due to the fact that to raise money as a business is very important but that does not make it your primary focus as a Ceo because even companies that raise they highest amount of money and IPO still die.

As a Ceo your primary focus should be building a great business and not raising funds, Most entrepreneurs want to start a business today then expect to raise over USD $1m in one year! not that it can’t be done but NaijaCEO’S need to wake up to the fact that raising money as an early stage startup is hard and must get used to the act of bootstrapping to success or to Fundraising. Remember most of the top companies in the world, it took them almost 3 years or more before they raised there first round. So get back to work and stop focusing on raising Money!

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Micah Erumaka

I am Micah Erumaka aka (NaijaCEO). I have been in the business world since a very tender age. Naijaceo was created to help internet entrepreneurs and online business across the world learn and understand from the very best what it takes to run a successful internet business and how to leverage on the power of contents to drive sales to their business. I am a content strategist, freelance writer, Guest writer, and an internet entrepreneur!

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