No entrepreneur sets out to fail despite the risky nature of startups in Nigeria. Every business owner establishes their enterprise with lofty visions at heart and hopes for the future. Then why do small businesses fail in Nigeria?

In a country like Nigeria, where unexpected events can hit you below the belt and render one helpless, you should be more prepared and vigilant. It is commonly said that once a business exceeds the first five years of its establishment, it has survived the perilous stage and it is bound to succeed in the long run but some business hardly scale through this phase and it is saddening.

There are a lot of reasons that can be attributed to the failure of small businesses but here are 5 common ones that we can relate with:

Insufficient funds:
One of the major reason why Small Businesses Fail In Nigeria is lack of funding. The lack of money can have a devastating effect on both the business and the entrepreneur.

Without enough funds to run the business, there will be accumulated debts, limitations and financial hardship which can cripple the growth of the business leading to an inevitable downfall.

You can address this challenge by seeking alternative funding like low-interest loans, personal savings (if any), financial support from family and friends, and applying for entrepreneurship grants. Read our article on how you can raise money to start a business.

Please read the full story here https://nigeriasme.com/5-reasons-why-small-businesses-fail-in-nigeria/