Many small business owners and startups dread banks and have little to no relationship with bankers. They either see bankers as enemies, fraudsters, the group that does not want SME’s to be great or all of the above. The truth is while there is a lot of room for Bankers to improve their value proposition to SMEs, there is a lot SMEs can do to extract value from Nigerian Banks – especially in the area of funding.
Nigerian startups should not mistake investment funding for profitability.
The more money you start off with, the farther your breakeven point.
Jumia and Konga are two of Nigeria's biggest ecommerce sites today, partly due to the huge funding backup they have since they launched. They both have enjoyed over $400m in investments. However, both are yet to become profitable. Infact Jumia just lost 61m dollars in the last 6 months.
Good things come to those who wait, better things come to those who go out there and get them. These words are exactly true for Taiwo Abiri, a young graduate who is living his passion by getting his hands dirty and making his dough.