This is Nigeria, where a single job is not enough to properly fend for an average Nigerian man/woman, talk more of a family.


In a positive wave, this has created the developments of different types of small scale businesses, ranging from; bead making, gaming centres, online sales businesses, phone repair stalls, petty trading, and much more, all cutting across the nation in masses.



One thing is sure, it’s either you succeed in the business or you fail in it.



Below are few of the reasons why some new start-ups are withering away when they have not even started.




#1. Impatience

Being a Chief-Executive-Officer ‘CEO’ and having a business of your own is exciting right? But take a chill pill and think it through.

Analyze yourself; your strength and weaknesses before you venture into owning your own business. This is not for the meek and cowardly. Understanding yourself better will go a long way in understanding how to properly run your business and surmount the problems you might encounter in the long and crowded race of having a successful small-scale business in Nigeria.



#2. Lack of information

After deciding on the type of business you are capable of running, the next step is gathering enough information.

Carry out researches online and proper market research. Visit similar businesses, talk to other CEOs and acquire the information you need. Information is power.



#3.Insufficient Capital

Do not rush into any business without having enough capital. If you do this, you will rush out of that business with a bruised self-confidence. Saving up is the best source of capital, but other sources are welcome too.

Taking a loan from a financial institution will add to your sleepless nights and keep you from focusing on how to properly run your business. You need a clear head to run a good business and incite a fast growth.



#4.Inability To Take Risks

Only those that can leave their comfort zones and take risks, are those that have break throughs.

If you are scared of breaking out of that ‘comfort-shell’ for fear of getting ‘hurt’ in the business world. Then you are not ready.

Build your self-confidence, believe in yourself and invest in that brilliant idea.

Not taking risks may lead to you missing ground-breaking oppurtunities.



#5. Unrealistic Dependability

Setting up a new business involves taking charge, this can not be overemphasized enough as being dependent on others to help carry out important tasks can leave you disappointed in the early days of your business.

Involve only those you trust and employ only those you can trust. Disappointments have dampening effects on being confident about putting yourself out there especially when it involves your livelihood.



#6. Bad Mindset

You are what you think. If you believe you will fail like thousands of other small-scale businesses in Nigeria, please don’t start that business.

Your positive mindset is capable of attracting the required energy to help you forge ahead when you come across hurdles and hassles in your business, which you definitely will. Keep being optimistic!



#7. Fear Of Losing Money

We live to learn and we learn to live. You are human hence, you are not perfect. Just as it is called a start-up business – it is a start. The beginning of something huge may not be smooth, losses may be incured but see it as a learning process and improve on it. They say Practice Makes Perfection!



#8. Fear Of Losing To Others

No finger is equal. Life itself is a survival of the fittest. No-one likes a competitor in the business world but there’s a bright side to this.

Take advantage of their presence and learn from them. This will add to your knowledge on how to improve your business over-all, and how to properly package your services to the satisfaction of your customers. Being a hater while running a business will only add unnecessary weights to your business which will inturn drag you down and keep your from focusing on the goal with the right mindset.



#9. Bad Human Relations

As they say, ‘customers are always right’. No business can survive without others. You need customers, and clients for your business to thrive from start-up and grow into a large one.

If you have zero social skills, hire experts who can help you integrate your business into social media networks and ‘make people love you’.

The more relatable you are, the more customers you attract.

You are dealing with humans like you, so this makes it easy. Once in a while, do a review on how you have been ‘socially’ and ask yourself what you would do if you were at the other end of the stick.



Would you patronise you?


#10. Lack Of Fear

This last reason is a bit tricky because I am sure you want to ask why fear is also a key factor in running a business.

The presence of fear, incites proactiveness, and it enables you as a business man or woman, to see the ‘dangers’ you could encounter ahead, which makes you set up a plan B to recover from it and re-carry out that same operation but now in a better, improved and more calculative method.



You also learn from your mistakes, hence, taking advantage of that fear to better plan ahead.



We wish you the best from AlibiBlog in your Small-Scale Businesses.





Picture credit: Flickr

Source: Alibi Blog

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