Internet search activities of Nigerians and other nationalities in the world from November, 2016 to November, 2017 have indicated that the biggest problems facing the country during the period constituted biggest business opportunities, according to Enterprations’ Opportunity Discovery Research. We found that 99.9% of Nigeria’s biggest problems form biggest business opportunities. Our finding aligns with the position of co-Founder Singularity University, Peter Diamandis, who hinted some years ago that “The world’s biggest problems are also the world’s biggest business opportunities.”
The Biggest Problems
One year’s searches of problems facing the country established that Nigerians and people living in the country experienced different difficulties in the areas of fish farming, publishing, property management, insurance, mineral and lack of employment. A total of 3,373 searches were done on fish farming, making it the most searched problem while insurance and mineral had 3,660 and 3,009 searches respectively. Publishing recorded 2,954 searches while property management was also looked for significantly with 2, 823 searches. The period is also significant for people who are interested in the rate of unemployment in the country. Unemployment was searched more than 2,000 times.
Further analysis shows that fish farming remained the only query related to fish farming problem itself. This is an indication that people are interested in knowing the nitty-gritty of doing fish farming. Pet insurance, travel insurance, burglary insurance and actuary-profession were the queries associated with the insurance search, signifying people’s curiosity in understanding the insurance problems or seeking information about companies offering such solutions. For the mineral problem, a lot of people were interested in existing mineral resources in Nigeria, examples of mineral salt and mineral salt in particular. Like other problems, publishing and property management also recorded a number of associated queries. Corel draw, Microsoft, writer, advertising, academy, word processor, electronic commerce, media and library were mostly related with the publishing. With these, people are either in search of specific information about the queries or in need of companies rendering the services. Property management as a problem was associated with landlord, asset, renting and building. On a 2.0 scale, we discovered that fish farming and insurance problems corresponded based on 2.0 score recorded while unemployment and fish farming with 1.4 score are also related.
Where the searches came from?
The search on these problems was instituted from different states. For instance, the insurance related queries were mostly from Oyo, Osun, Nassarawa, Ekiti, Bayelsa, Rivers, Cross Rivers, Kaduna, Kwara and Sokoto while unemployment queries came from Adamawa, Kwara, Osun, Enugu, Cross Rivers, Plateau, Kaduna, Ogun, Oyo and Ondo. Though, Nigeria is ranked 101 out of 137 countries with best entrepreneurship ecosystem for 2018, these outcomes have shown that Nigerians have the ability to detect business opportunities.
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The Global Entrepreneurship and Development Institute in its 2018’s Global Entrepreneurship Index asked; does the institutional environment make it possible to act on those opportunities? Answer to this question from our research is not encouraging. We found that 0.9% of the Nigeria’s entrepreneurship ecosystem examined by the Institute related with those opportunities. Opportunity perception, startup skills, risk acceptance, networking, cultural support, competition and opportunity startup corresponded with the opportunities. Technology absorption, human capital, product innovation, process innovation, high growth, internationalization and risk capital did not support the opportunities. This indicates that business environment still replete with a lot of problems that could impede effective performance of entrepreneurs.
Enterprations’ Note: Enterprations with her team of business co-creation, management and strategy experts is available to disentangle the country’s problematic entrepreneurship ecosystem for interested aspiring entrepreneurs and existing entrepreneurs.