Topic: Poverty will reduce if only people can do joint business in Nigeria. (Read 322 times)

My broda to even know each other self no be the safest option when don reach to open business with someone, becos person wey care but am for mind say him cheat you, nobody dey safe this matter.
This matter about herdsman nah one factor to kill that joint business so I go say make we just pray to God to see person we go share that idea with us on business wey no go involve such damage as the herdsmen matter and wey go provide profit instead of loss.

Before I go fit approve of joint business na when una don know each other or get the same target to achieve, plus say the amount wey una wan take start the business no be small amount. Companies wey dey do joint business no be small money Dem take dey start am, or else na farming you wan do, and we all know the wey herdsman dey carry their cattles dey go kill people farm plants. So inside farming sef you fit go loss make you no even see half of the money wey una take start sef. Especially now wey the price of things don increase which kind business wey 5 person go do with that kind amount?

Sometimes, some post fit no practically be for merit but rather a deep thought 💭 and I believe na normal something especially coming for a newbie account because most times, you no go know say your brain fit think deep until you join forums like this before you realize 😂. I get the point of the op but my ghee @op, try relax and understand say life no be bed of roses as so many  no fit just happen the way you Dey think am .

I personally don understand say, one of the thing wey this country lack na trust and thy very trust been don die some very long time ago especially because of money matter and e go Dey very difficult to trust the next man with money matter especially to start business wey no even Dey certain of success.
No be say people no fit come together do a collective business but which business fit really Dey profitable wey over 5 persons for share?

Make I also let you know say, most of these companies get shares and also get collective ownership, and as such, no be only one person Dey easily run business.

Joint business is good but the major problem in this kind of business is the profit sharing formulas, though I know that there will be a mutual agreement between the two partners before the can decide to work together as a team but in some cases thing doesn't work planned.

Ordinarily this kind of business plan is the best because it involves two different ideas working together to render the best service to the public, I so much like partnership if it is been done with understanding, talking about partnership in this economic situation is difficult considering the profit involved.

This your matter get has he be. How will five individuals be able to raise capital and present themselves to a one business? Is it not the case that they come from similar backgrounds, and even so, I doubt that they will be able to finance the business without difficulty, as money has the power to keep a father apart from his silent son's friends? This ideal will be extremely difficult to achieve.
especially given that the economy in our nation is not even growing as it once did, people are always fighting over how to make ends meet, and you are expecting five buddies to pool their own funds to start the same firm together?
What do you think will ultimately happen to them, given that all businesses carry risks, which no one likes to take, If five people join a single business and they subsequently lose all of their capital, will they just hold the one who introduced the ideal accountable.

In our country right now, a lot of people want to start businesses, but they're worried because the economy is not doing well and thinking of which business to do and it will not collapse easily. Many businesses have closed down because the economy is not good. People are scared to use their money for business because they don't want to lose it. Also, it's hard to trust people nowadays, especially when it comes to money. So, if someone really wants to enjoy  smooth business, they should start small and do it by themselves

That way, they can be sure they're not risking much, and they can control everything themselves. Starting small means starting with just a little bit of money and growing the business slowly over time. That's a safer way to do it when the economy is not good and people can't be trusted easily.

I like this your idea for real, joint business dey bring profit normally because you will not just only suggest your idea but you'll rather learn from different ideas and produce something meaningful. Two heads are better than one and always besides some business owners you see today didn't just use their idea to create something but if you ask carefully it's either they read some motivational books about business ideas or seek advice from some business expert.
If everything wey the op write dey simple I for really like am and because it's not so easy cooperative work no dey common due to disagreement, opposition, greed, always perfect and sometimes enviousness fit no make this idea work that's why you hear stories like this company was owned by two individuals but they sold the company and went separate ways, things like this dey happen and it's very common, you even made mentioned of 5 people lol, humans dey amazing sha. I believe say na only this things fit separate cooperative work but regardless the idea is good, people dey actually make progress with cooperative work if only you're willing to agree and give listening ears.

Firstly for dis country now plenty business dey crash now just because of high cost of running it, and their is no much profit in business again, I sabi plenty people wey don close down their shop because they no fit just meet up with the money wey dem go dey use run the business, things are getting expensive on a daily basis, so if you wan go into business now, then you will have to think twice before doing that.

Secondly it’s kind if risky to trust someone with your money, no dey surprise say na person wey u trust wey u wan partner with, na the person go still run you street, if the money plenty self, the person fit dey target to kill u so that all the money go turn him own, and some go just wan scam you, na y to dey partner with person for business dey very risky now be that.

If people dey talk about business for Nigeria I go dey think whether dem dey talk from outside the country  . For naija now, if you never be business person make you just leave business matter because your money go just go under the ground. Na old hands dey survive for business here because dem don sabi how to manage the inflation rate. Person wey just start business go find am difficult to sell and go buy again because by the time you enter go buy na new price you go meet. Therefore, the price fluctuations na problem for business environment.

Having said that, no be all business you fit do for Nigeria. For example make new people run away from business wey you need electricity to run because to power generator now no be easy thing and if you say make you add am to running cost, no be every day customer dey come. In fact insecurity self don make night business dey collapse for naija.

However, if na business wey no need to run into night and depend on electricity to function then the person fit manage to survive. Like to fry akara, yam and all the friables, mama put business because person must wack, building materials. But businesses wey need electricity no follow.

Above all, e better make people make the internet another business environment rather than running around going to shop and paying exorbitant levies while they make just little or small change.

Yeah and I will just  like to add the word "trust" because  most of your statement goes along with the word trust .

There can never be trust in a joint business because you can't  know the mind of others  towards you so trust could be accountable for reasoned why people don't do joint business

Without been told na fear and greed na em be the main cause why peso no fit do joint business with em follow human being. No be sae peso no know wetin em go do with em brothers or sisters to escape poverty life in a way.

Peso no go like start up something today, wey be sae in the future em go cause kasala give em follow being on who owns the lion share or not. To avoid such a thing from happening in the future, em better make peso run em thing on em own on a low to avoid unnecessary drama that will threaten ones life and that of em family because of money.

Nothing sweet pass rest of mind when you know sae you no d owe peso or drag any business profits with peso. You sleep and wake up knowing that whether profits or no profit, you and your family is good with it.

The world wey we live today, brother d kill em brother because of money matter. Nobody is to be trusted when it comes to money relating matters. To stay safe with your family no bring joint business idea give peso because as em start in the beginning no be so in the day in the long run.

For this country now, with this kind of economy wey we dey where did you think five people go gather to start up a business wey be say them go believe in each other, naija wey we dey now no be the time wey we go take trust anybody o, to the extent wey be say people go gather money to start a business, na this kind of plan you go hear say them gather to start a business one person don carry the money run. Many people don gathered head to start a business but at the end of it the business no move smoothly again, they begin they have problem with each, then decided to end the business. Now the first thing wey person suppose reason be say which kind of business person go start for this country wey go end well.

Seriously at this point me i never see any business wey dey legit for this country, because many businesses don full everywhere, which kind business person go start today wey be say e never dey exist before? Even the average people sef dey fear to loose money, no be greediness because business hard to start now that will move smoothly.

5 people bring 500k each, that's 2.5million. so you think say if them pack 2.5 million give you make you open business for we country Nigeria, and say you go dey splot profit into 5 places, you feel say you fit come up with any business wey fit carry that kyn hit?
I don observe say na poor man wey no get money dey business ideas pass person wey get the money. When u no get 1 million, you go fit come up with like 10 different businesses wey fit dey give you better money,but when that 1M enter your hand, e go be like say the money just sharperly erase all the business ideas as well as the enthusiasm wey you been get. Make you no surprise say even if them follow this you theory, the business fit still fall within few months

I don't quite agree with the topic of the discussion even though there are some solid points in what you have said. Starting up joint businesses is not the technical way of reducing poverty because without the necessary frameworks that make businesses succeed, joint businesses will crumble just like individual businesses that we mostly have in Nigeria. I think what you meant to say is that there should be circulation of money instead of them being stuck in few peoples accounts. If that be the case,  then you are right and there is no economy that flourishes when there is little money in circulation.

There was a time Japan's economy shrunk as people were saving their monies in banks. Their government noticing this, quickly swang into action by reducing their interest rates even down to negative... what this means is that if you borrow money for business, you will pay back less than what you borrowed as government will help you pay part of the loan. This may sound funny to some Nigerians who are used to paying interest of 15% per month in loan apps  . What this actually did to Japan's economy was to stimulate cashflow as money started flowing around, new businesses began to emerge and things began to go in the way their government projected.

If you want to reduce poverty in Nigeria, the first step is to provide the basic amenities like affordable and constant electricity, access road connecting the urban centres to the rural communities, security which is what is seriously missing in Nigeria and good government policies that will not kill businesses like excess taxation and extortion are doing.

My broda this thing you talk now no be bad thing but e hard and no be greed, some part of am no be fear, the thing be say 99% of the youths wan get a business of their own make e be say na their own without sharing a name for that business.
We get ideas to make small business grow bigger but you see trust, e hard well well to give oh, if I no trust you why I wan bring that kind amount to use do business with you wey small part of me no go dy tell me say you go run with my money? Na wah oh abi you no see how the contri dey? Lack of trust don make us not to share business ideas and make am come to life if not wetin dy there wey only 3 persons no fit do.

Most of the time, when starting a business, there are many things to consider before you put your money into it. First of all, how confident are you that the business will succeed? Secondly, for those that are engaged together with you in the business, how can you give them trust? There are many other things that you can think of as the negative parts of a joint investment, and you will also check the positive parts so that you can compare and contrast. 

Let's take the example you gave as a case study: if 5 different people with the same amount of 500k come together to establish a business, they will start up a business with an amount of 2.5m, which means they are starting a small business. The profit they will get every month will also be small, which, as estimated, will not be more than 50k so how did you expect them to survive with 10k each because that is the share of the investment?

Most especially if the investment they made is worth it, they have workers that are working for them in taking care of the business, which means they have to pay their workers inside the profit they make them. The remaining percentage that remains will be what they are going to share among themselves, so when this continues to happen, do you think they will endure the business or will it definitely crash? 

It's not easy to see people that would make big decisions like what the poster is saying, if you are a low salary earner you can not afford such money to invest joint investments. I don't know any more words to describe this that's why I called it joint investments, group of people contributing so amount of money to run a business it's also an investment because the business it's not owned by one person. When profits come all of them share it equally, and people have different mind so it might result to trouble.

The way you talk ahm no be so easy for the real life oo.  Investors who did a joint business and made it big are not just mere business men or salary earners but multimillionaire.  Big investors thst see doing business,  it wasn't just easy for them when they started but because of the money they were able to overcome their challenge. It is not easy to start business as a salary earner to later become millionaire from the business.

well, what you said isn't wrong in a sane society but if we bring it back to our current reality, you already know that its not going to be possible. if you have ever joined someone in a business venture in Nigeria, you will know that most persons are very selfish and you would not be able to work with them for a long time before problem starts in the business.

for me, its better I start small with the little capital i have rather than trying to combine resource together with anther person. the only way i can decide to join resource with someone in a business  outing is only if the person agrees that we are goin to have a written and signed document that totally spells out our individual roles, mode of operation, and privilege's in the business and how long we can co exist before parting ways. if something like that is on ground, i could consider doing such if not, just count me out of any partnership business. 

Partnership business is one difficult thing you will never wishes to do. Sole proprietorship business is the best business strategy because in partnership business you don have a personal decision, you must involve everyother person before you could achieve the porpos of doing what you wish. Most at times there is clash in sudjestion. Mr A will say "this Is what I want to do" while Mr B will also say "this is How I want us do it" in this case it becomes difficult to accept the opinion of each participant, leaving them in a confused state. And that  may cause or Leed to seperation. The best way to invest is a sole proprietorship business where you have a total control and personal decision making without a third party interference.