Why Most small businesses fail in Nigeria - And how to Avoid the odds.|| EPISODE 1

 

The reason why some businesses die is not because the business idea was a bad one, but because a few silent killers were not addressed. 

There are some decisions that do not require Emotional will to be displayed, but principles.

    I have seen a lot of businesses that started very well in Nigeria with loud announcements, but died quietly. This can be frustrating. Now what most people do is, they will change location, or rather the line of business, to another one. Trust me, that one too will crash. 

Many are now majoring on the minor and minoring on the major.

Here are the secrets to operating a standard-lasting business in Nigeria

1. Don't focus on making money alone. Do this instead.

A lot of us think running a business is a free oil well where nobody monitors or regulates your earnings.

  please note that, in Business, there is what I call the C.S.E. of business.

C - create a niche/ awareness

S - solve /satisfy needs

E -Earn money.

   From my structure, you will notice that the last thing is earning money, not ''making money''. 

Business is not a platform to loot people.  You are not to make money, but to earn it because you carry value. if you cannot give value, then you cannot earn money. The idea of a business set up is to first consider your customers. Considering them is the first step to creating this value, and they will pay for such value if it meets their needs. 

Here, you can even regulate your price based on your value.

so, basically, to start up a business, you must create a niche, or an area of business you want to go into, which has several factors to consider. secondly, build a mindset of satisfying your target audience. It's not about creating a customer care unit, but creating the habit of customer satisfaction. Lastly, you will now earn from all of this.

in other words, put more energy and resources into doing the first two, because they will determine the last one, which is earning money.

2. Lack of Innovation.

Business is Dynamic. It's evolving. Business is not static. 

one thing you will notice is, current businesses leverage the limitations of old businesses to succeed.

some can say, nothing is old. There is a trace of old businesses in the new ones. if you are not creative, you will expire. 

to stay relevant in business, you need to always be prepared to adapt to change. Technology is moving into another dimension, same as strategy patterns.

spend time studying these things and be quick to adapt to them. 

I know of a lot of businesses that never knew they would fold because they refused technology. they refused to invest in it, saying, It's too expensive. but today, such businesses are no more.

note this, the moment you start up a business, that's the day others in the same line of business or intending will be monitoring you. They will study your limitations, your strategy, and loopholes,  and then they will create something around these areas as their own business. if you are not creative, you will not be ahead of them. Will overtake you. 

Everybody wants what you want, so you need to wake up to innovative ideas. 

This doesn't mean you will start seeing everyone as your means of downfall, but to understand that your ideas are not strong enough if you cannot defend them at all times.

 Your weapon isn't much of prayers and fasting, but creativity and innovation. That's your weapon to fight back and stay relevant.

in the next episode, I will highlight other key reasons why businesses fail, and the formula to use to stay relevant.

Written by 

logicPilot