Ogochukwu Okolocha, a Nigerian business coach, has urged Africans to take risks in pursuit of innovation and growth, citing the recent shutdown of fintech startup Okra as a reminder of the importance of resilience in the face of setbacks.
In a Facebook post early Saturday, Okolocha emphasized that risk-taking is a key driver of progress, encouraging entrepreneurs to stay focused on their goals despite challenges.
Recall that Techparley reported that the shutdown of Okra, a Nigerian fintech startup that had gained traction in Africa’s open banking sector, has sparked debate about the sustainability of innovative business models in the region.
In the post, Ogochukwu notes that the sympathy received by the Okra team from the public seemed strange but welcomed.
He noted that the usual norm was to condemn failure amongst Africans, a trend that has crippled people from the desire to take risk.
The post reads;
“For the first time, I’m seeing some Nigerians defend startup founders after a business failure and honestly, it feels strange.
“I can’t help but think this newfound sympathy was sparked by people close to the founders, because traditionally, this isn’t how we respond. In Nigeria, when a business fails, we don’t just criticize, we crucify..
“We beat the founders black and blue with words and mockery, until they’re left ashamed and silent. This is exactly why many Nigerians are terrified of failure or worse, being labeled as one.
“It’s also why we’ve become so risk-averse (except when it comes to dashing money out to “make believe” schemes). We avoid opportunities that don’t come with clear guarantees of success.
“We’d rather take a ₦100k/month job that grows painfully slowly, maybe ₦180k in 5 years than commit to learning a skill or starting a business that could pay 7 figures monthly in that same time frame.
“An average Nigerian prefers small, consistent income over bold, high-risk opportunities with high upside. Meanwhile, in countries like the U.S. that we often try to emulate, people are encouraged to take risks.
“They fail forward. That’s how innovation happens. That’s how society evolves. If we keep doing things exactly like our fathers did, we won’t move forward, we’ll stay stuck.
“So here’s my word to you: Don’t be afraid to fail and more importantly, stop mocking those who tried and failed.
“We are no longer in secondary school where failing was an offense. It’s okay to fail, what’s not okay is staying down and doing nothing about it.
“Every failure carries a lesson. It’s in falling that we learn how to rise stronger. So let people try. Let people fail. That’s how we all grow.”
