Certain business impediments, if not addressed, are likely to sink a business. In this article, Ife Adedapo mentions some of the challenges
It is possible that you have not noticed the signs of failure even though there is an obvious pattern that is being repeated. Many life instances have been used to diagnose failure.
For instance, experts say if the motive for venturing into a business is focused on making money or being independent without taking cognisance of the value expected from it, such business may collapse with time.
The experts explain that if you find yourself running a business and after few months, you abandon it and venture into another, and you keep going through this cycle without growing any of these businesses, then you may never succeed.
According to them, successful people should be able to achieve 80 per cent of the goals they set for themselves.
However, when lack of dedication and distractions stand in the way of an individual, the person may end up abandoning goals set with conviction.
A business analyst, Mrs. Adejoke Onabanjo, says failure is not so bad, but the inability to learn from the mistake(s) that led to the failure is what contributes to repeated failure.

Poor business management

Based on their experiences, many successful business managers cite poor management as a major reason for failure.
According to them upcoming entrepreneurs have inadequate business and management expertise in areas such as finance, purchasing, sales, production, hiring and managing employees.
As a result, they advise that entrepreneurs should seek knowledge in basic business management skills, especially financial management.
They explain that inadequate understanding of this aspect will lead to loss of capital and revenue that may be difficult to recuperate.
The Faculty Director, Soar and Heritage, Mr. Sola Adeyiga says, “A fair understanding of accounting, bookkeeping and finance can change the fortune of your business. Every business owner must have at the click of a mouse his company’s key financial data such as values of receivables, current inventory level, monthly revenue, monthly profitability, business net asset, balance sheet size etc. If you are a business owner and you cannot provide these data about your company in minutes, then you have some work to do.”

Laziness

Professionals say hard work, no matter how long it takes, pays off in the long run. Moreover, laziness has been associated with failure because lazy people are not persistent and are always looking for an easy way out of every situation.
Onabanjo says some people, because of their greed, do not want to start their business on a small scale. Instead, they prefer to wait for huge capital before investing.
Another common act which portrays laziness, according to them, is the regular patronage of people, who profess to have power that gives instant wealth.
There are several internet adverts these days that promises cash reward with just a click.
It may also be a promise of a newly discovered ‘shortcut’ that will transform your life within a few minutes, hours or days, getting you to your goals and ensuring that you live happily ever after.
In order to overcome this temptation, experts advise that you pause and remember past products you have purchased because of this same appeal and how they turned out. This will help you save a lot of the time wasted in going after shortcuts and the secret formulas.
Desire for immediate gratification
Delayed gratification, according to experts, is an intentional act of postponing immediate rewards in order to attain all-round success in future.
According to Onabanjo, “People who are in the habit of spending as they earn may not be satisfied with their earnings after sometime. Such people, because they want to be like others, using their meagre salary, shop endlessly, eat like kings and eventually encounter financial problems or even get into debts.”
She says focusing your energy and mind on immediate returns, places you in a comfort zone and as such you will not want to forge ahead, become significant or stand out of the crowd.
Instant gratification, according to her has no benefit except for the immediate satisfaction. It does not allow you to save for rainy days. Even if such a person had a vision he or she wanted to pursue, it will be abandoned.

Lack of confidence

Professionals say one of the ways of attaining success is to conquer fear, because the fear of failure creates doubts that easily dissuade you from achieving your goal. However, if your goal is to be average or mediocre then you can keep on doubting.
People who doubt will always have one or two excuses for all their actions whether good or bad. One factor that separates the good from the great is the willingness to push through fear. You should be smart about pushing through fear.
In her opinion, Onabanjo says if you start getting out of your comfort zone and facing some of your fears you can eventually overcome it.
Creativity is risky and uncomfortable. Often people try to work on their creativity, and while it is a great skill to develop, it is risky. The unwillingness to take risks and regularly get out of your comfort zone will inhibit your natural creativity.
Giving up easily
Experts say perseverance simply is a conscious persistent determination. It involves regularly evaluating each of your goals and actions deciding whether or not you should keep going.
Onabanjo says in Nigeria, so many people who give up in business will always have one or two things to put the blame on.
Although, everyone is aware of the economy which does not make doing business an easy feat. There are issues with multiple tax, that many people try to evade at every opportunity, electricity and finding the right personnel to work with.
To overcome this, you need to view the world as one full of endless possibilities. Once you are pursuing your heart’s desire, perseverance takes care of itself. You will be naturally motivated to pursue your desires.

Hanging with the wrong crowd

A motivational speaker, Mr. Andrew Bolis, notes that surrounding yourself with the wrong crowd may make it hard for you to succeed. Whenever you spend a lot of time around a person, you naturally become more like them whether they are a good or a bad influence.
However, surrounding yourself with the success models will automatically steer your life and your efforts toward success. A success model is someone who either has achieved a goal you are working towards or can guide you on the path towards achieving it.

Source: http://www.google.com.ng/url?q=http://www.punchng.com/business/am-business/overcoming-obstacles-to-business-success/&sa=U&ei=uTIKVJSfPNGVat6ggdAI&ved=0CCYQFjAA&usg=AFQjCNGDMZx1WLQP0c8o9oYpaIOOIsvLnQ

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Interesting! Very useful points. Thanks OP

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