7 Million Naira Lost: Lagos Influencer Shares Hard-Learned Business Lessons

Lagos Businesswoman Shares Story of 7 Million Naira Loss, Offers Valuable Lessons LAGOS, NIGERIA—In a recent video posted on social media, Ellaeffiom, a popular fitness, food, and vlogging influencer, recounted a significant setback in her entrepreneurial journey. Ellaeffiom, who is based in Lagos, Nigeria, revealed how she lost over 7 million Naira (approximately $15,000 USD) after opening a beauty salon. The video quickly gained traction, with many viewers expressing both sympathy and interest in her story. "I lost over 7 million Naira because I wasn't prepared," Ellaeffiom explained in the video. "I didn't do enough market research, and I made several costly mistakes in the location and management of my business." She also highlighted the challenges of operating a business in a region with inconsistent electricity supply, a common problem in many parts of Nigeria. The lack of reliable electricity greatly impacted her salon's operations and profitability. The video serves as a cautionary tale for aspiring entrepreneurs in Nigeria. Ellaeffiom's candid account provides valuable insights into the challenges of starting and running a business, emphasizing the importance of thorough planning, market research, and risk management. Her story offers a human element to the often-overlooked realities of entrepreneurship in developing economies.