Top Risky Businesses You Should Avoid In Nigeria 2018

Top Risky Businesses You Should Avoid In Nigeria 2018

Top Risky Businesses You Should Avoid In Nigeria 2018

Most people tends to venture in a business simply because they hear people glorifying how they make fortune from it without trying to find out their compatibility with the business and vice versa, the risk involved because every business behind the beautiful exterior lies the rough interior (risk).

Every business with a futuristic success must have these important elements

i. Your reason(s) for starting the business

ii. The advantages and disadvantages of starting the business

iii. Your financial situation to run the business

iv. What skills do you need for the business

v. Write a business plan for your business

vi. What do you stand to gain or lose

Any business lacking in any or all of the aforementioned elements is likely bound to fail. Let’s consider the top risky businesses you should avoid in 2018

1. Betting

Most Nigerians both young and old have become so addicted to betting that it is only through death they can be freed from the addiction. The rate at which Nigerians squander their money on betting has more or less been fueled by lack of employment.

Most gamblers term betting to mean a ‘calculated risk’ adducing that every business has its own risk, but it is worth saying that the basic elements of every business is conspicuously lacking which in essence makes it a no investment.

2. Cyber Cafe

Gone are the days when opening a cyber cafe business was synonymous with making huge and fast money. Those were the period when people needed to get to the cafes to surf the net or do any important thing on the internet. However, with the invention of sophisticated smartphones and iPads people can now dispense with the use of cyber cafes as they can now browse and do anything on the internet in the comfort of their homes.

3. Forex trading

Forex trading is a decentralized global market where all the world’s currencies trade. Many people delve in to forex trading because they hear people making money off it without knowing the nitty gritty of it.

Banks, corporations, investors and individual traders trade in foreign currencies to facilitate international trade, for profit making among other varieties of reasons.

Currently the low rates of the Nigeria currency and the economic recession the country is presently battling with makes it unsuitable to trade in forex as it may lead to loss of invested capital.

 

I hope you find this piece helpful. If you have any problem or suggestion, kindly drop it in the comment box and I will be glad to be of help.

Finally don’t forget to share it with your friends.

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