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6 Reason Why Many Nigerians Fail To Make Money Online

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If you have ever tried to make money online and you did not succeed or you want to know why people find it hard to make it online, then this article is for you.
In my last 4 years online I have made some discoveries from the different failures and successes that I have experienced. Some of my discoveries will be revealed in this article.

Here are the reasons many people fail online:

1. A Wrong Mindset

This is a very big one.
Many Nigerians have a very warped idea about online business. For example, a lot of people have no idea about value creation. They just believe that it is possible to make money online without doing any work.

There are many other wrong mind sets like:

  • The job mindset (looking for online jobs instead of starting a business)
  • The scam mindset (thinking you can only make money online when you scam people)

Change your mindset and you will start making progress online.

2. No Basic Knowledge

Many people just jump into online business without getting any sort of knowledge. You see, I am not against jumping into things.
I recommend it.

…but you need knowledge to succeed online. You need the right basic knowledge.

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An example of basic online business knowledge many people lack is this – to make money online –you need to sell something (product or service) that solves a problem people have.
My advice is that you get mentors and learn from successful people.
Having basic knowledge is the best ways to protect yourself from scam and scammers.

3. Having No Focus

Many Nigerians want to jump into blogging, affiliate marketing, build a forum, sell information products and do many more all at once. There is no way you can succeed if your focus is scattered.
You need to pick one thing and run with it till you find success.
So pick an online business model that works and run with it.

4. Focusing On The Wrong Things

Wrong focus is a bad as no focus.
You see, if you focus on the wrong thing for 100 years you will still make no progress. Here are some unnecessary things Nigerians focus on:

  • How to get a PayPal account (having a PayPal account will not guarantee you make money online
  • How to get a ClickBank account (having a ClickBank account does not make money online)
  • Online surveys

Concentrate on stuff that will bring in money.
Stuff like:

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  • Product creation
  • Value creation
  • Traffic generation
  • List building

5. No investments

Many Nigerians want to make money online without spending money. I don’t know where this whole idea of making money without making any kind of investment comes from.
It is backward thinking.

To make money offline in any business you need to invest in stuff like:

  • Rent
  • Inventory
  • Accommodation
  • Furniture
  • Etc

In online business, these items are almost eliminated …but not completely. The cost of starting an online business is cheap but not eliminated.

You still need to spend money on stuff like domain names, web hosting, software, tools, traffic and outsourcing of work.
Many people are not ready to do this …and they expect to make millions online.
Sorry …not gonna happen.

6. No Patience

Have you ever seen adverts that say you can make $30000 in 3 days without doing any work?
I guess you have.
Guess what?
Most of them always end being scams.
You know why?

…because even as the internet has the power and the leverage of making you lots of money …it is not a magical tool.
Whatever money you make online has to grow from your business. And businesses most time don’t just grow over night.

It needs time and your investment to grow.
It also needs to mature to bring in the big bucks..hence you need to be patient.
If you are not ready to grow your business and have patience doing so …then you will fall by the way side.
Gat to stop now.

I hope this article has shifted your thinking.

About the author: Mk Akan is a blogger and internet entrepreneur who blogs at www.NairaCow.com. He has 7 FREE products for you …with one e-book speaking about all the wrong mindsets and what to concentrate on online. Click here to download your 7 free e-books.

About Guest Post: This post was written by a guest contributor. Please see their details in the post above. If you’d like to guest post for naijatechguide check out our guest post page for details about how you can share your knowledge, tips, and experience with our readers.

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Paschal Okafor
Paschal Okafor
Paschal Okafor is the founder of NaijaTechGuide. A Graduate of Electrical and Electronics Engineering, Paschal is passionate about Technology and since 2006 has written over 4000 articles covering Mobile Devices, Consumer Electronics, Digital Marketing, Mobile Apps, and Online Services. Over the past 16 years, he has managed to turn a blog that started life on a Google Blogger subdomain into the Largest Technology Blog in Nigeria and quite possibly the largest in Africa. Paschal has been Building, Analyzing, and Maintaining Websites for over 17 years and also shares his wealth of knowledge and experience about building and managing websites on NaijaTechGuide.

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