Week 2 Collaboration By Business venture My venture business is focused on start-up and sustaining a small real estate business in Nigeria with propensity of creating another cash flow to support my family. My entrepreneurship upmost dream to developing this venture to a sustainable enterprise through well researched business plan and methodical management of the associated risk (Gilbert & Eyring, 2010). This venture is structured be a family business although can be change in future (Gov.uk (2014). However, not all real estate business enterprise has recorded success except those who have considered the deal-killer and path -dependent risk associated to real estate as opined by Gilbert & Eyring, 2010. Viability of real estate in Nigeria In April 2014, BBC news announced that Nigeria has the biggest economy in Africa. PWC (2015) also predicted that Nigeria could rise from 20th largest economy in 2014 to 9th in 2050. Nigeria is one of the best destination for real estate investment in Africa. Therefore, a lot off opportunity exist in real estate in Nigeria. Commercial real estate investment inform of rental properties generate a return from rental income or capital appreciation investment (Research clue, 2015). Real estate developer who specialized in building also have market as the economy continue to growth with increased FDI will translate to more money in the bank and more in the pocket for citizen. Considering the economy growth and favoring environmental condition real estate investors can make return through property appreciation and rentals. Real estate risk in Nigeria It's important to know that while real estate could be bullish in Nigeria it's also associated with risks that need to be resolved to ensure it can be a worthwhile venture. According to research clue (2015) the biggest risk in commercial real estate in Nigeria is the fear of falling into the hands of fraudsters. Other risks in this sector includes government and political risk, economy vulnerability and recession, financial risk mortgage, national security and impact of credit crunch. One of the biggest challenge in Nigeria real estate is getting valid and correct ownership right of properties. Fraudster in most cases attempt to sell properties that doesn't belong to them. Getting the correct ownership and valid documentation is big risk that investor need to face and there is need to engage professional in this field to investigate properties before financial commitment. Another risk that affecting real today is the continuous insecurity in Nigeria. Many investor are strategically pulling out of the country because of the fear of insecurity therefore hitting on the economy. Legal forms, Permit and License. In Nigeria to operate as qualified real estate organization, such venture need to be registered with Real Estate Developers' Association of Nigeria (REDAN) and some other governing bodies. The most importation document for land ownership in Nigeria is the Certificate of Occupancy (CoC) issued by state government to confirm the ownership of landed properties. Getting this document can be politically influenced therefore creating many legal cases and litigation. Sometime government can refuse issuing CoC for properties or lands. Also the government can also revoke CoC on any property at any time. The use of legal practitioner is the core for the success of real estate. Getting professionals e.g. Surveyor, lawyer will help to get details legal backing and information to guide sustainable and successful venture. Conclusion Going by the classification Gilbert & Eyring (2010), the Deal-killer risk in real estate in Nigeria is falling into the hand of fraudsters who immediately kill the cash invested by the entrepreneur. The Path-dependent risk is vulnerability of the economy which depend on many factors like security, economic recession etc. and the Easy-Win is government executive power on land and political pranks. References: Gilbert, C.G. & Eyring, M.J. (2010) 'Beating the odds when you launch a new venture', Harvard Business Review, 88 (5), pp. 92-98. Gov.uk (2014) Choose a legal structure for a new business [Online]. Available from: https://www.gov.uk/business-legal-structures (Accessed: 4th June, 2016). Research Clue (2015): \"COMMERCIAL REAL ESTATE RISK IN NIGERIA: ISSUES FOR INVESTORS\" [Online]. Available at: http://nairaproject.com/projects/970.html (Accessed: 4th June, 2016). BBC News (2014): \"Nigeria becomes Africa's biggest economy\" [Online News]. Available at: http://www.bbc.com/news/business-26913497 (Accessed: 4th June, 2016). PWC (2015): \"The World in 2050 Will the shift in global economic power continue?\" [Online pdf]. Available at: https://www.pwc.com/gx/en/issues/the-economy/assets/world-in-2050february-2015.pdf (Accessed: 4th June, 2016)