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6 Reasons Most Businesses Fail in Nigeria

Nigeria is a peculiar place to run a business. Most businesses crumble within the first few years because of challenges the country poses and also due to certain errors on the business owner’s end.  Today we are not focusing on the country’s challenges but rather on most common mistakes new business owners make that lead to early failure in business.
Follow me as we look at some mistakes you must avoid if you want to succeed in business:

Not Unique & Valuable: One of the most common reasons most people fail in business is that they run with a business idea because it is the trend. You don’t just start a business because a friend or neighbor is successful at it. One of the major purposes of a business is to generate profit, so it is very imperative that you do your own careful research before jumping in the bandwagon.

Little or no Financial Know-how: For most small businesses, the owner takes on all the roles that are usually handled by different people in bigger organizations. You are the manager, marketer, pro, cfo, coo etc. So someone without adequate financial management knowledge or discipline will fail woefully in managing their business finances. 

Poor Management: This is the most common reason most businesses fail. The lack of proper business management is a sure killer for any business idea that you may have. To properly grow in business, you need to be able to make proper and timely decisions.

Lack of Passion: Not being passionate about the business you are running can quickly kill it. It takes passion and drive to be able to get out of bed and pursue a dream, if you are just in because you heard it is profitable, it is highly probable that you will get bored it with soon enough.

Insufficient Capital: Starting a business without properly weighing the cost of running the it’s day to day activities is a sure way to fail. You need to properly understand the financial implication of every business you intend to embark on.

Wrong Location: Location is one of the important keys to a business success. When you are close to your desired customer base, sales and patronage is sure. Pick a location that is easily accessible to your target customer base.

The above mentioned points are by no means the only reasons a business can fail, but they are some of the very important ones you must consider when starting or running a business.

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