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Nairaland Forum / Nairaland / General / Business / Why Do Businesses Fail In Nigeria? (22351 Views)
Anatomy Of An Entrepreneur / The Reasons Why Most Online Businesses Fail In Nigeria / Why Small Businesses Fail In Nigeria (2) (3) (4)
Re: Why Do Businesses Fail In Nigeria? by oderemo(m): 8:46pm On Nov 19, 2012 |
1.Lack of adequate technical knowhow. 2.Lack of pre-requisite capital and finance. 3.Poor Administrative and managerial control. 4.Unresearched targeted audience and markets. 5.Bad government policies. 6.Poor infrastructure. 7.Unsuitable economic climate-famine,melt-down,recession,inflation. 8.Poor book-keeping skills. 9.Illegitimate business venture. 10.Inadequate marketing and advertisement pull. 11.Production incapabilities. 12.Inadequate manpower,materials and labOur resources. 13.Inadequate Staffing and training. 14.Unhealthy business rivalry and competition. 15.Wrong business machineries and tools. 16.Credit and capital indedtedness. 17.Improper Long-term objectives. 18.Faulty organisational structure. 19.Poaching and Man behaviours-impropriety,Embezzlements. 20.Unjustifiable divestments agenda. 21.Improper budget decisioons. New businesses should understand fully well the following indices and analysis inorder to break-even. SWOT ANALYSIS. S.Strenghts. W-Weaknesses. O-Opportunities. T-Threats. With these four nemonics at the back of your mind, your businesses can never liquidate. Start up a business Today. God bless. i will definately not employ u as a consultant , reason being nigeria buss. enviroment defies theory. trust me. |
Re: Why Do Businesses Fail In Nigeria? by gerald09(m): 9:20pm On Nov 19, 2012 |
I fink it also lack of team work. Nigerians hav a problem with partnership, team working, innovation initiative and new ideas. Most still believe n hold on to d old ways. Looking @ businesses outside nigeria no matter how large dey are the still make sure they make sure every1 in dat organisation feel like part of the business n the constantly look for innovation, initiatives n new n young ideas to create a competitive advantage. |
Re: Why Do Businesses Fail In Nigeria? by ZeusI: 9:26pm On Nov 19, 2012 |
Mr. Op, it seems you don't travel at all, right? So what you are telling me is that these big cities in Nigeria(Lagos, portharcourt, Kano and Kaduna[before boko escapade], Abuja, Onisha, Nnewi, Aba, and every other place) were as they are today since independence? My friend, Adenuga, Dangote, Ibeto, Coscharis, Innoson, Mangal etc, are Nigerian based companies and they are progressive like never before. Your point of observation is poor. |
Re: Why Do Businesses Fail In Nigeria? by adconline(m): 9:28pm On Nov 19, 2012 |
Naija work ethics are bad. Most times, kids who are apparent heir to their parents' bussinesses don't put in the amount of work required to sustain the business like their parents did. They just want to do the barest minimum. Minimum input equals minimum/negative output! |
Re: Why Do Businesses Fail In Nigeria? by olawonder(m): 10:02pm On Nov 19, 2012 |
because as you dey make the money, na so uncle go come he need help, mama ibeji go come twins never chop since last month, grandfather inlaw wey don die since twenty years dem need to 'turn hin back' do anniversary... small small party here and there! most business men wen they make huge profit, dey will never go home straight, dey hv to branch at joints on their way home first... omo pupo, lepa shandy... baron, andre, hennesy, point and kill etc! how can business be sustained and successful? |
Re: Why Do Businesses Fail In Nigeria? by nairaman66(m): 11:15pm On Nov 19, 2012 |
(Why Do Businesses Fail In Nigeria?) Because there is no love for the country.. Period! People lie and cheat in other to catch the early morning bus! |
Re: Why Do Businesses Fail In Nigeria? by redsun(m): 12:45am On Nov 20, 2012 |
Just like the government,MISMAGEMENT. Nigerians want quick returns and lack the intuitions to see far ahead into the future. Selfishness. |
Re: Why Do Businesses Fail In Nigeria? by buchai: 7:15am On Nov 20, 2012 |
tony_m1: LACK OF TRUST AND ALOT OF DEBTORSthis is correct, na anoda business crippler bi dat. |
Re: Why Do Businesses Fail In Nigeria? by InvertedHammer: 7:28am On Nov 20, 2012 |
Why do business survive in Nigeria would have been a better question. |
Re: Why Do Businesses Fail In Nigeria? by Ardedaryor(m): 12:00pm On Nov 20, 2012 |
Logicboy03:100 likes |
Re: Why Do Businesses Fail In Nigeria? by Mcleo007(m): 3:34pm On Nov 20, 2012 |
Mad Cow: .1. Poor Planning... - Many people stumble upon X amount of money and quickily rush into the closest business they can see around them without planning and carrying out the proper ground work.. yOU have it spot on! |
Re: Why Do Businesses Fail In Nigeria? by mkoabiola: 4:56pm On Nov 20, 2012 |
Power Dishonest workers |
Re: Why Do Businesses Fail In Nigeria? by oderemo(m): 7:14pm On Nov 20, 2012 |
mko abiolahow was heaven, welcome back to earth. |
Re: Why Do Businesses Fail In Nigeria? by tck2000(m): 10:54am On Jun 07, 2019 |
Most people fail to think outside the box. |
Re: Why Do Businesses Fail In Nigeria? by Ajibade123(m): 11:28am On Jun 07, 2019 |
one of the reasons business fail is lack of contract.... see how you can win business contract easily without hassles https://explicitsuccess.com/how-to-win-business-contracts/ |
Re: Why Do Businesses Fail In Nigeria? by NaijaPress: 4:15pm On Feb 16, 2020 |
Here are some of the factors that can cause business failure... |
Re: Why Do Businesses Fail In Nigeria? by IbeOkehie: 5:07pm On Aug 13, 2023 |
Nice thread from waaaaay back. Good Luck to Nigeria! |
Re: Why Do Businesses Fail In Nigeria? by Fujiyama: 5:50am On Apr 27 |
Re: Why Do Businesses Fail In Nigeria? by Fujiyama: 5:52am On Apr 27 |
Re: Why Do Businesses Fail In Nigeria? by Fujiyama: 5:56am On Apr 27 |
Amusing, yet sad thread. A good 12 years later and the problems are still there - in some cases they are much, much worse. Most of these posters have moved on...but the problems remain. 1 Like |
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