This is a continuation of the last article I wrote on 'Reasons why your business may properly fail in Nigeria.' Please take your time and fo through this other 5 reasons.
6. All you have is an idea of what the
business entails
I can’t understand why you have chosen to delve into something you don’t know all that is required, the unfortunate thing about Nigeria is, there is no useful data on the internet you can research on to make up your knowledge on the business
7. You think being an entrepreneur will afford you more leisure time
Most start up owners have this misconception that owning a business will afford you more leisure time, well you are in for a surprise. Your start up business will require 24 hours of your time and brain space.
8. All you have is one grand strategy for success
The danger about having just one strategy for success is you are not prepared for the worst, risk are synonymous with businesses, if you don’t have several strategies, including existing strategies, you will drive your business off the cliff
8. Poor networks
You don’t have connections (knowing the right people) and most painfully you don’t have the paraphernalia of office to attract these networks, truth is, you will have to do 10 times more to get any connection.
I can’t understand why you have chosen to delve into something you don’t know all that is required, the unfortunate thing about Nigeria is, there is no useful data on the internet you can research on to make up your knowledge on the business
7. You think being an entrepreneur will afford you more leisure time
Most start up owners have this misconception that owning a business will afford you more leisure time, well you are in for a surprise. Your start up business will require 24 hours of your time and brain space.
8. All you have is one grand strategy for success
The danger about having just one strategy for success is you are not prepared for the worst, risk are synonymous with businesses, if you don’t have several strategies, including existing strategies, you will drive your business off the cliff
8. Poor networks
You don’t have connections (knowing the right people) and most painfully you don’t have the paraphernalia of office to attract these networks, truth is, you will have to do 10 times more to get any connection.
9. Insufficient
Knowledge of your Industry
You probably got your business idea from
a friend or you read it from an article that the industry is viable. You do not
have any knowledge or experience whatsoever in that sector, then you decided to
put your money into such venture. That’s business suicide and one main reason
why small businesses fail in Nigeria
10. Lack
of Entrepreneurial Skills
When asked most entrepreneurs will
accredit their lack of success in business to insufficient capital, bad infrastructure
or even the devil for the religious folks but we don’t seems to realize that
running a successful business requires you to have skills that are different
from your expertise. Even professionals, like medical doctors and Lawyers whom
might want to run a private practice also need these entrepreneurial skills
also.
Please take time to review all the 10 reason stated in both part1 and 2.
To your
success!
Felix
Smith Aigbonohan.
A
Business Development Consultant & Facilitator
The CEO, Xterics
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