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Why Are Small Businesses Folding Up In Their First One Year In Nigeria - Business - Nairaland

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Why Are Small Businesses Folding Up In Their First One Year In Nigeria by ProphetofOdin: 10:46am On Jan 26
To most people they get alarmed when big corporations are folding up or repatriating out of the country, but to an average economist we see beyond that and only panic when small businesses are folding up, because we know this is the actual economic lifewire of any country.
I do this thing all the time, when a plaza open up in kubwa I visit the plaza and count the number of small businesses that are set up which are usually; Boutiques, bet shop, wine shop, pub, dry cleaning, and a few others. I monitor this businesses over a year period.
And guess the businesses that are most likely to survive the first year; the betting and the pub shop.

SO, WHY ARE THESE BUSINESSES FOLDING IN THE FIRST ONE YEAR?
before I dabble into that, yesterday I was at a barbers shop(he has been my personal barber in the last 4years, I am that loyal cos he's the only guy that knows how to handle my bald hair😅😅), when got there I noticed he was not having light, so I asked him what happened to his inverter, and he said "oga dem burgle my shop oooo, steal my inverter". The total package of this inverter is about 1.2m,and he bought it on hire purchase, To say the least I was angry and sympathetic to his plight.

Now, The barber pays tenement rate, business operations levy, state taxes to the government The govt. Failed to provide roads for him, he improvised.
They failed to provide electricity, he improvised.
They failed to provide a conducive business environment, yet he improvised.
How could a serious govt fail in something as basic as security for it citizens even if it has failed in other aspect of it responsibility?

Yet, we see politicians jumping from pillar to post, on a goose chase looking for foreign investment.
The foreign investors are not morons. You strangle small businesses with multiple taxation, bad economic policies, and corruption and yet you expect this businesses to thrive? C'mon let's stop joking and get serious as a country.
Re: Why Are Small Businesses Folding Up In Their First One Year In Nigeria by Toluwanise247(m): 11:02am On Jan 26
Poor electricity
Re: Why Are Small Businesses Folding Up In Their First One Year In Nigeria by thesicilian: 11:44am On Jan 26
Statistics show that a great majority of small businesses tend to fold up in the first two years, and it's not just Nigeria alone, its a global issue
Re: Why Are Small Businesses Folding Up In Their First One Year In Nigeria by Onexmk(m): 3:55pm On Jan 26
poor marketing , of their products and services .thats a major killer of small business start ups in Nigeria






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