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Why Do Nigerian Small And Medium Business Owners (entrepreneurs) Fail - Business - Nairaland

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Poll: Why do startup businesses fail

College degree: 0% (0 votes)
lack of ideas: 50% (2 votes)
lack of ambition and market audience: 25% (1 vote)
lack of leadership qualities: 25% (1 vote)
lack of funding: 0% (0 votes)
This poll has ended

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(1) (Reply)

Why Do Nigerian Small And Medium Business Owners (entrepreneurs) Fail by preneur(m): 12:07pm On Jun 07, 2008
Record show that 8 out of 10 start up business fail. The Federal government had taken serious steps towards providing funding for SMEs through partnership with banks and microfinance banks. SME agencies e.g. SMEDAN were also established for training and funding of small businesses. Why do you think they fail and do you think the following factor are responsible in their order of arrangement:
1. Ambition
2. Funding
3. College degree
4. Leadership quality
5. Poor self-image
6. Lack of plan and idea
7. Poor marketing skill
8. Lack of understanding of audience
9. Desire
10. Gratification

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Re: Why Do Nigerian Small And Medium Business Owners (entrepreneurs) Fail by niyyie(m): 9:41pm On Jun 08, 2008
I 2nd your motion moneytree. I have had very frustrating experiences with some folks who know little about a particular biz, but still venture into it purely for the sake of making some moolah. Such people usually get their fingers burnt and close shop at last. So learn extensively before starting a venture.

A post-secondary education helps a lot.

(1) (Reply)

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