Lagos is a tough city with endless possibilities, many have tried and survived and many others have literally died while trying. But one thing is certain, if you must make it as an entrepreneur in Lagos, then you must understand this 5 fundamentals of business in Lagos.
Central Business District Lagos
1. Silicon Valley and Harvard Business Models Don’t Make Sense Here
Lagos has a very dynamic business system and shockingly many who have made it in Lagos did not do so with the knowledge they acquired in some great business school.
The truth is models fail here, the system is never at equilibrium and there are more uncertains that needs to be factored into any investors planning than what the Prince-2 and PMP methods will handle.
Don’t get us wrong, we are not saying a good knowledge of project management and business is not cool, we are just saying that you have to get into the streets more, do a lot of mingling and asking, that’s the only way you can get a true picture of this potent city in which you are about to invest.
2. Packaging
What you wear, how you look, what you drive goes a long way in determining how you will be treated when you arrive. Sometimes who you walk in with can be the key to unlock those doors, so you must be at your best.
You must be very careful with what you wear, a clean suit is likely to get you past the gateman.
However, the suit might not get you past the secretary’s office.
You have to be extra smart to get that contract, Lagos has its formula to getting into the boss’s office.
3. You Must Settle
Numerous government levies, taxes and hidden charges will eat deep into your pocket, may even threaten to shut you down before you startup.
You must also be ready to grease some palms, don’t be shocked when some touts popularly called ‘agbero’ show up and demand for ‘owo-ile’, or identify themselves as local government council agents charging you outrageous levies.
That secretary who knows that you have been coming for a particular contract, will be waiting for her share. You risk losing it all if you don’t pay the due.
4. Network (Who Do You Know)
Like it was hinted earlier, who you know, who you carry along, who you are connected to plays a huge role. Let us reiterate again that the system here is very dynamic and takes alot to survive.
You must know some one of influence, someone that matters in the society who can stand for you and be counted for it
There is a high political undertone associated with doing business in Lagos, so having a government link will do your business a great deal of good.
5. Be Smart
Have plans to succeed and backup plans in case of failure, there are many factors to considered.
You must master the act of ensuring that the inherent negative factors in Lagos work in your favour. To do this, you must understand the traffic issues, the constantly interrupted power supply (depending on the area where you plan to setup).
Factor-in constant discounts and giveaways which are very instrumental to your staying ahead of competition.
Ensure that your business is fluid, be ready to flow like a stream and change with the tides.
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