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The Reasons Why Most Online Businesses Fail In Nigeria / Why Small Businesses Fail In Nigeria / Why Do Businesses Fail In Nigeria? (2) (3) (4)
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by cowgurl: 7:32pm On Oct 23, 2012 |
Thank you BrandKing but is it right? |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by princeonx: 7:33pm On Oct 23, 2012 |
Booty4me: YEA SECOND TO COMMENT ALWAYS SECONDAnd what was your comment? Or contribution? Or am I missing something? |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by lagcity(m): 7:35pm On Oct 23, 2012 |
avalontony: WHAT ABOUT GOD FACTOR? Fork outta here!!! |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Rooneyboy(m): 7:41pm On Oct 23, 2012 |
omiobo: Lack of feasibility studies u are absolutely correct on this. Most people tend to rush into businesses they aren't familiar with all because they see Mr A doing the business and successful @ it. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Rooneyboy(m): 7:42pm On Oct 23, 2012 |
lagcity:Nice reply bro. We africans and God every time |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Krucifax(m): 7:43pm On Oct 23, 2012 |
By feasibility studies you actually mean a Market Audit. It is a misnomer to say "SWOT" analysis of the environment.(A mistake many people make) You CAN NOT do a SWOT of the environment a SWOT analysis is only applicable to the business in relation to the Market,Current Competition and Status of Goods/Services on offer(or to be offered). omiobo: Lack of feasibility studies |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Rooneyboy(m): 7:48pm On Oct 23, 2012 |
prince_onx: don't mind that fella , something u ought to know about NL is that a good number of contributors are retards. Most times they are usually in confinement and have only the laptop as their companion. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Krucifax(m): 7:50pm On Oct 23, 2012 |
A good set of Reasons of which there are many more. I would add an Eleventh, which i think is also very important. 11.Hiring the right people. With all the proper planning, strategising, funding, analysis in the world a business is only as good as the people it hires. If you have a skilled, hardworking, knowledgeable and DEDICATED group of workers then chances of successes are increased. The reverse is the case when you have poor quality staff. BrandKing: 10 REASONS WHY START-UP BUSINESSES FAIL |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by BrandKing: 7:53pm On Oct 23, 2012 |
cowgurl: Thank you BrandKing but is it right? Of course. That's why there are Business Consultants (like us) to handle such. Such like people pay others to do their websites and write accounting and HR softwares for them, it is the same way you can pay a professional to write your Business Plan, Proposal, Sales and Marketing Strategy, Customer/Staff/Vendor agreement letters and many more. To get a unique and well writen Business Plan, I advice you give it out to a Business Consultant to handle. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by vitality33: 8:00pm On Oct 23, 2012 |
pls i need an advice from somone who has bin into dis business. i want to start an attachment and weavon business. and also other students accessories. wer can i buy dem cheap in order to start selln dem in retail prices. tnk u |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by princeonx: 8:12pm On Oct 23, 2012 |
Rooneyboy:Lol! You dey vex oh lol! |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by GentleNaaz(m): 8:24pm On Oct 23, 2012 |
Yea, i hv acquired mor knwldg on my prospectv enterpreneurshp. Wn i start it by few yrs after i graduate, i cn neva gv up until i go....... My lord wl c me tru. My prospective products r canned water, canned yoghurt,etc |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by BrandKing: 8:34pm On Oct 23, 2012 |
vitality33: pls i need an advice from somone who has bin into dis business. i want to start an attachment and weavon business. and also other students accessories. wer can i buy dem cheap in order to start selln dem in retail prices. tnk u It depends on your current location. I will suggest you buy them from DIRECT IMPORTERS. Most of them are located in Trade fair complex along Mile 2 ojo road. Also the student accesories are gotten from Importers in Lagos Island depending on what exactly you need. Do me a mail : info@niromanddoch.com www.niromanddoch.com Business Consulting www.nirominteractivesolutions.com Websites and Brand Works. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by cowgurl: 8:55pm On Oct 23, 2012 |
Many thanks BrandKing. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by waice6571: 9:13pm On Oct 23, 2012 |
Never pretend to be wiser than the market trend, l mean don't play against the rule of the market. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Nobody: 9:20pm On Oct 23, 2012 |
All the listed points are genuine. It is very important for every business to have proposed and detailed plan written in black and white and not in the owners heart. Presently, I know a business that is suffering because the owner refuse to consider all the poster's points after spending millions on the new business. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by omiobo: 9:38pm On Oct 23, 2012 |
Krucifax: By feasibility studies you actually mean a Market Audit. I didn't get you. Are you telling me SWOT analysis is not applicable to business and its environment? |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Krucifax(m): 10:01pm On Oct 23, 2012 |
For the benefit of readers that might be wondering, a SWOT analysis is a Marketing term meaning Strengths, Weaknesses, Opportunities, Threats. What i said was it was “applicable” to the “business” You said a SWOT analysis of the environment, technically that’s incorrect. Check any Business, Marketing or Accounting textbook. You can do a Market Audit THEN make a Marketing Plan(different from Business Plan) at the end you do a SWOT analysis of the business. In lay terms SWOT analysis can be considered an MOT of the business; it tells you the standing of the Business NOT the Environment. omiobo: |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Nobody: 10:24pm On Oct 23, 2012 |
May i also add LACK OF WILLPOWER TO SUCCEED. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by akintun: 10:53pm On Oct 23, 2012 |
No 4, 5, and 10 seems ok, but d remaining points have been proven wrong. Infact I have seen examples of why u should not do some of d points listed. |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Omexonomy: 8:47am On Oct 24, 2012 |
Sophiegurl: 11. Going into a biz u are actually not interested in, but because pple say they are making money from it u dabble into it.i had made that mistake and seriously regreted it |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by purplekayc(m): 3:46pm On Oct 24, 2012 |
Good 1 |
Re: Reasons Why Start-up Businesses Fail & How To Avoid Them by Nobody: 5:33am On Sep 05, 2015 |
Great list! I agree with you on execution. Ideas don't run by themselves. People have to make them work by acting on them. However by acting, one risks making mistakes. And that's why I'll like to add "Not learning from mistakes" to your list. Every business makes mistakes; yes, even the businesses that succeed. The only difference is they are bold enough to pick themselves up, learn the needed lessons, and move on. All the successful entrepreneurs we know- Dangote, Branson, Disney, etc- all had periods where they failed. But they learned their lessons and moved on. The unsuccessful businessman makes one mistake and he believes the world is over, or that some witches in his village have finally succeeded. Instead of looking for how to make it work, he just gives up... and becomes yet another failed business statistic. Thanks again for the post. BrandKing: |
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