In today’s fast-paced business world, opportunities are everywhere: on your social media feed, in your email inbox, at networking events, and even in WhatsApp groups. For startups and small business owners, some of these offers can be game-changers: grants, accelerator programs, partnerships, or contracts that can take your venture to the next level.
But here’s the catch: not every “opportunity” is real. For every genuine program, there are multiple scams designed to steal your money, data, or time. Knowing how to separate the real from the fake isn’t just smart — it’s essential for survival in business.
1. Check the Source
Legitimate opportunities come from credible, traceable sources.
- Look for an official website and check if it’s secure (starts with “https://”).
- Verify the organization’s track record: have they run similar programs in the past?
- Search for independent news articles or testimonials — not just posts from the promoter.
Red flag: A social media page with no website, no physical address, and recently created accounts.
2. Watch Out for Upfront Payments
Genuine grants, accelerators, and most competitions do not ask for large registration fees before you benefit. While some training or trade fairs may have a reasonable participation cost, it should be transparent and proportional to the service offered.
Red flag: “Pay ₦50,000 now to access your grant” or “We will release your prize after an activation fee.”
3. Verify the Details
Real opportunities are clear on:
- Eligibility criteria (who can apply)
- Benefits (what you get)
- Deadlines
- Application process
If an offer is vague, overly urgent, or seems too good to be true, dig deeper before committing.
4. Use Official Communication Channels
Legitimate organizations often use official emails (e.g., @companyname.com) or verified phone numbers. If all correspondence is through a personal Gmail/Yahoo address, double-check authenticity.
5. Trust Your Network
Before applying, ask fellow entrepreneurs, industry associations, or trusted platforms like MSME Africa if they’ve heard of the program. A quick recommendation (or warning) from someone in your network can save you from costly mistakes.
6. Pay Attention to Language and Presentation
Poor grammar, overly generic messaging, or exaggerated promises (“100% guaranteed funding in 24 hours!”) are warning signs. Professional organizations maintain a certain standard in their communication.
As a business owner, every minute and naira counts. While it’s important to be open to new opportunities, it’s even more important to protect your resources from scams. Always research before you apply, ask questions, and remember — if it sounds too good to be true, it probably is.
