Running a small or medium-scale business in Nigeria presents a multitude of challenges for entrepreneurs. From limited working capital and intense competition from larger corporations to difficulties in sourcing raw materials, low capacity utilization, and a lack of effective management strategies, the obstacles seem endless. It’s no wonder that a staggering 80% of businesses under the Micro, Small, and Medium Enterprises (MSME) category in Africa fail within their first five years, despite the continent having the highest entrepreneurship rate globally.
Doing Business Ep1
However, amidst these challenges, there are numerous inspiring stories of entrepreneurs who have defied the odds and built successful ventures with tremendous growth potential. What sets these outliers apart? How do they manage to thrive in such a demanding business environment?
To shed light on these questions, Laurin Hainy, CEO and Co-founder of FairMoney, and Tomi Ayorinde, CEO of PayForce by FairMoney, have launched the “Doing Business” podcast. This podcast aims to showcase the remarkable journeys of entrepreneurial heroes and the valuable insights they have gained along the way.
In the debut episode, hosted by Laurin Hainy, listeners are given a sneak peek into the world of the Managing Director of Nuts about Cakes. Through sharing her challenges, victories, and future prospects, she provides a glimpse into the realities of running a business in Nigeria. Particularly, she delves into the struggles of operating within a weak naira economy, where most of their ingredients are imported.
As an initiative by PayForce by FairMoney, the “Doing Business” podcast not only shares captivating stories but also presents practical tools and resources available to Nigerian entrepreneurs. Each episode highlights how businesses like Nuts about Cakes leverage PayForce by FairMoney’s seamless payment solutions, including transfers, QR codes, and point-of-sale systems. By showcasing these strategies, the podcast offers valuable insights into how entrepreneurs can efficiently and effectively manage their finances.
If you’re interested in gaining insights into Nigeria’s thriving business industry, join Laurin and Tomi in this captivating podcast series. Through the experiences of Nigerian entrepreneurs who have dared to dream and overcome obstacles, “Doing Business” brings to life the dynamic landscape of entrepreneurship in Nigeria and provides inspiration for aspiring and existing business owners alike.
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