Possible Reason Why Small Businesses Fail in Nigeria | Apply for Bank of Industry Limited (BOI) Business Loan 2021

As defined, business is an organization or enterprising entity engaged in commercial, industrial, or professional activities. Generally, business begins with a business concept (idea) and a business name.

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Businesses can be for-profit entities or they can be non-profit organizations that operate to fulfill a charitable mission or further a social cause.

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They said “assumption led some Small Business Enterprises to their early grave” because once an individual becomes an expert while working at a company, such person(s) proceed or decide to setup his/her own business, not knowing the major principles of operating a successful business and these goes beyond having skillset.

Reason Why Business Fail in Nigeria

A lot of people start their company because they have a strong technical capability, but the technical capability is different from the business management capability.

This lack of business strategy SME to educate small business owners on how to grow a micro and small business into a corporate organisation.

Poor Products Products knowledge is an essential sales skills. having a good products and service will promote your business. without a clear products definition, you will be unable to effectively develop your business.

Lack of Focus As an individual, we most time worry about what is fast and not seeing what is in front of us. A good entrepreneur or business owner should never ever lose focus on what is most important and where his or her priority are.

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Finally, from the above statements so far, it is very advisable for any individual to be patience and have the knowledge of how a business operate. It shouldn’t be how long you’ve stayed but how much you’ve learned.

Thank you!!!