1. Having a vision without a plan. Every business person has a vision for his or her business. For the big businesses, the vision is well-articulated and documented. This may not be the case for the small players, but at least, they have an idea of how successful or how big they want their businesses to be – that is their vision. The problem of having a vision without a plan is peculiar to small businesses. For example, you own a restaurant and will like to have 20 branches by the year 2030. If you are really serious about it, then you must draw up a plan to actualize your dreams. Your plan does not have to be in 20 or 50 pages. A page or two is enough. The most important thing is that your vision can be actualized through your plans, and that you stick to it, and make adjustment only when necessary.

2. Hiring the wrong people. One of my lecturers at the University of Benin where I earned my first degree in Accounting said and I quote, “Man is the hub around which an organization revolves. All other resources put together, without man to coordinate them are useless.” That’s just to show you the important role human resources (people) play in a business. You have to be very careful of the kind of people you employ to run your business. If you bring in the wrong people, your business will die. If you bring in the right people, your business will thrive. It’s as simple as that. Nothing kills a business faster than people with the wrong qualifications and attitude. To ensure that you don’t make the mistake of hiring the wrong people, there are a few measures you can take:

A. Never employ people you cannot manage or control. Some family members and close friends fall within this category. The worst part is, after hiring them, you may not be able to fire them.

B. Employ the right people for the right job.

C. Do a background check on your prospective employees. He or she has convinced you at the interview that s/he is the best fit for the job. But you still need to find out more about that person, before you hand him or her an employment letter. If you fail to do this, you may be employing a criminal or thief, someone who will come and kill your business, or kill you if you’re not careful. You think I’m joking? Have you not heard cases where employees kill their employers. There’s one still very fresh in our minds – that of the Naval Officer who was killed by his houseboy. Please don’t make the same mistake.

3. Not believing in your idea. Yes, not believing in one’s idea is one of the causes of business failure. I have met business owners who do not really believe that that business will succeed. They lack faith in the business, and are just running it for the sake of it. Tell me, how will such a business succeed. For your business to succeed, you must first believe in it. Take a look at all the successful entrepreneurs you know. In almost all the cases, they were the only ones who believed in their ideas. Having a strong believe in your business can be the difference between success and failure.

4. Lack Of Innovation. From our little understanding of entrepreneurship, we know an entrepreneur to be an innovator. He does not reinvent the wheel. You cannot be doing the same thing and expect different results. An entrepreneur wants something different from the status quo. Hence, he has to do things differently from how they were previously done. Lack of innovation is a business killer. Doing the same thing and expecting different results. It is the reason you see someone selling pap and akara (bean cake) in a kiosk for 20 years without any improvement. No new branches, no business growth, nothing. Be innovative and you’ll see positive changes in your business.

5. Fear of Failure. Fear is another business killer. It’s also what prevents business men and women from being innovative. They are scared of the results of their action. “No, if I do that, I may lose my money.” A true entrepreneur fears no failure. In fact, most of the successful entrepreneur you now today, have failed in their previous business ventures. Do your research and see the figures for yourself. Failure in business is not the end of life. Except you’re the type that does not learn, the lesson you learn from your failed business could be what will make you successful in your next one.

Source: https://blog.vapatrick.com/2020/04/19/top-5-causes-of-business-failure-and-how-to-avoid-them/

May God help us all, my printing business is shaking and am worried about it.




I wish to come Bck here and write it that I have succeed in the printing business

this just my 7months in it.

I'm sorry to hear that. Do you know why this is happening? Please share the details with us, someone here may proffer a solution that'll work.

adetoroamos:
May God help us all, my printing business is shaking and am worried about it.




I wish to come Bck here and write it that I have succeed in the printing business

this just my 7months in it.

Nice
...Check my signature, you need it !

Thanks.

Donald3d:
Nice

Your contributions are welcome.

Thank you for your quick response, sir. I have removed the link from the post. I'm fine with it on my signature.

FYI, the post is original. I wrote every piece of it myself. I have not added a blog to my website, that's the reason I did not post it there.

Have a wonderful day ahead, sir.

.
.
...
Imagine Acting Dead In A Robbery Attack & You Hear "Shoot Everybody Again" Ewooo

6. Do everything possible to be free from the snare of village people

Carrying the customer is always right mentality. With the bad economy wey dey naija, if you are making the customers always right policy for bad customers on your business. Am sorry for you. You can ask konga. Just my two cents. Weldone op.

Very cheap and you might be interested www.nairaland.com/4543541/neat-samsung-s7-edge-4gb

You made valid points.

Forget your make-believe list.

Doing business in Nigeria is a tough one. Only perseverance and grace of God will help you succeed

PatrickOkunima:
5. Fear of Failure. Fear is another business killer. It’s also what prevents business men and women from being innovative. They are scared of the results of their action. “No, if I do that, I may lose my money.” A true entrepreneur fears no failure. In fact, most of the successful entrepreneur you now today, have failed in their previous business ventures. Do your research and see the figures for yourself. Failure in business is not the end of life. Except you’re the type that does not learn, the lesson you learn from your failed business could be what will make you successful in your next one.

Thanks for sharing

Could it be a carry-over from school days where you had to answer EVERY question correctly, where you were actually punished for making mistakes?

Truth is: lots of business successes are gained by learning the necessary lessons from initial false starts.

So anyone who is scared of failing is inevitably delaying his own growth.

Can you imagine a baby not daring to start walking, because he's afraid he'll fall down?

Will that baby ever walk, not to talk of run?

Thanks again

PatrickOkunima:

1. Having a vision without a plan. Every business person has a vision for his or her business. For the big businesses, the vision is well-articulated and documented. This may not be the case for the small players, but at least, they have an idea of how successful or how big they want their businesses to be – that is their vision. The problem of having a vision without a plan is peculiar to small businesses. For example, you own a restaurant and will like to have 20 branches by the year 2030. If you are really serious about it, then you must draw up a plan to actualize your dreams. Your plan does not have to be in 20 or 50 pages. A page or two is enough. The most important thing is that your vision can be actualized through your plans, and that you stick to it, and make adjustment only when necessary.

2. Hiring the wrong people. One of my lecturers at the University of Benin where I earned my first degree in Accounting said and I quote, “Man is the hub around which an organization revolves. All other resources put together, without man to coordinate them are useless.” That’s just to show you the important role human resources (people) play in a business. You have to be very careful of the kind of people you employ to run your business. If you bring in the wrong people, your business will die. If you bring in the right people, your business will thrive. It’s as simple as that. Nothing kills a business faster than people with the wrong qualifications and attitude. To ensure that you don’t make the mistake of hiring the wrong people, there are a few measures you can take:

A. Never employ people you cannot manage or control. Some family members and close friends fall within this category. The worst part is, after hiring them, you may not be able to fire them.

B. Employ the right people for the right job.

C. Do a background check on your prospective employees. He or she has convinced you at the interview that s/he is the best fit for the job. But you still need to find out more about that person, before you hand him or her an employment letter. If you fail to do this, you may be employing a criminal or thief, someone who will come and kill your business, or kill you if you’re not careful. You think I’m joking? Have you not heard cases where employees kill their employers. There’s one still very fresh in our minds – that of the Naval Officer who was killed by his houseboy. Please don’t make the same mistake.

3. Not believing in your idea. Yes, not believing in one’s idea is one of the causes of business failure. I have met business owners who do not really believe that that business will succeed. They lack faith in the business, and are just running it for the sake of it. Tell me, how will such a business succeed. For your business to succeed, you must first believe in it. Take a look at all the successful entrepreneurs you know. In almost all the cases, they were the only ones who believed in their ideas. Having a strong believe in your business can be the difference between success and failure.

4. Lack Of Innovation. From our little understanding of entrepreneurship, we know an entrepreneur to be an innovator. He does not reinvent the wheel. You cannot be doing the same thing and expect different results. An entrepreneur wants something different from the status quo. Hence, he has to do things differently from how they were previously done. Lack of innovation is a business killer. Doing the same thing and expecting different results. It is the reason you see someone selling pap and akara (bean cake) in a kiosk for 20 years without any improvement. No new branches, no business growth, nothing. Be innovative and you’ll see positive changes in your business.

5. Fear of Failure. Fear is another business killer. It’s also what prevents business men and women from being innovative. They are scared of the results of their action. “No, if I do that, I may lose my money.” A true entrepreneur fears no failure. In fact, most of the successful entrepreneur you now today, have failed in their previous business ventures. Do your research and see the figures for yourself. Failure in business is not the end of life. Except you’re the type that does not learn, the lesson you learn from your failed business could be what will make you successful in your next one.

Haven't failed in business before; no matter how little is such business is another factor. Experience is the best teacher.

....

PatrickOkunima:

1. Having a vision without a plan. Every business person has a vision for his or her business. For the big businesses, the vision is well-articulated and documented. This may not be the case for the small players, but at least, they have an idea of how successful or how big they want their businesses to be – that is their vision. The problem of having a vision without a plan is peculiar to small businesses. For example, you own a restaurant and will like to have 20 branches by the year 2030. If you are really serious about it, then you must draw up a plan to actualize your dreams. Your plan does not have to be in 20 or 50 pages. A page or two is enough. The most important thing is that your vision can be actualized through your plans, and that you stick to it, and make adjustment only when necessary.

2. Hiring the wrong people. One of my lecturers at the University of Benin where I earned my first degree in Accounting said and I quote, “Man is the hub around which an organization revolves. All other resources put together, without man to coordinate them are useless.” That’s just to show you the important role human resources (people) play in a business. You have to be very careful of the kind of people you employ to run your business. If you bring in the wrong people, your business will die. If you bring in the right people, your business will thrive. It’s as simple as that. Nothing kills a business faster than people with the wrong qualifications and attitude. To ensure that you don’t make the mistake of hiring the wrong people, there are a few measures you can take:

A. Never employ people you cannot manage or control. Some family members and close friends fall within this category. The worst part is, after hiring them, you may not be able to fire them.

B. Employ the right people for the right job.

C. Do a background check on your prospective employees. He or she has convinced you at the interview that s/he is the best fit for the job. But you still need to find out more about that person, before you hand him or her an employment letter. If you fail to do this, you may be employing a criminal or thief, someone who will come and kill your business, or kill you if you’re not careful. You think I’m joking? Have you not heard cases where employees kill their employers. There’s one still very fresh in our minds – that of the Naval Officer who was killed by his houseboy. Please don’t make the same mistake.

3. Not believing in your idea. Yes, not believing in one’s idea is one of the causes of business failure. I have met business owners who do not really believe that that business will succeed. They lack faith in the business, and are just running it for the sake of it. Tell me, how will such a business succeed. For your business to succeed, you must first believe in it. Take a look at all the successful entrepreneurs you know. In almost all the cases, they were the only ones who believed in their ideas. Having a strong believe in your business can be the difference between success and failure.

4. Lack Of Innovation. From our little understanding of entrepreneurship, we know an entrepreneur to be an innovator. He does not reinvent the wheel. You cannot be doing the same thing and expect different results. An entrepreneur wants something different from the status quo. Hence, he has to do things differently from how they were previously done. Lack of innovation is a business killer. Doing the same thing and expecting different results. It is the reason you see someone selling pap and akara (bean cake) in a kiosk for 20 years without any improvement. No new branches, no business growth, nothing. Be innovative and you’ll see positive changes in your business.

5. Fear of Failure. Fear is another business killer. It’s also what prevents business men and women from being innovative. They are scared of the results of their action. “No, if I do that, I may lose my money.” A true entrepreneur fears no failure. In fact, most of the successful entrepreneur you now today, have failed in their previous business ventures. Do your research and see the figures for yourself. Failure in business is not the end of life. Except you’re the type that does not learn, the lesson you learn from your failed business could be what will make you successful in your next one.

Brilliant! Shared here:
https://www.naijasquare.com/threads/top-5-causes-of-business-failure-and-how-to-avoid-them-patrick-okunima.4220/

Reckless spending........
Poor Business Research.....
Unfavourable balance of trade due to effect from the economy.....
Double Taxation.....etc

You forgot to add "Women"
Patronising different women will contribute to a dwindling business.

Bad customers

Starting a business thats not farming or cattle rearing while buhari is president.

Dropped mic ran away from room.

Is masturbating a cause of business failure?

6. Not having value for Time.
7. MD/CEO dipping hands into company profits for personal use. No proper accounting. Not placing himself on a salary
8. Poor Quality Products/Services
9. No proper control measures and well defined roles.
10. Lack of Integrity.
11. Frolicking with memberS of staff
12. No proper future projections / milestones.
13. Not acquiring latest info about your turf.


Lastly, not seeking divine guidance daily.
Whether you bliv it or not, life has a God factor.

Yes Op!

In the book "Change your Thinking, Change your Life" by Brian Tracy;
Failure is not entirely bad, because it teaches a great lesson to the persons involved.
The more you fail in your endeavors, the closer you are to success.
So he who have failed several times is closer to success than the person who remains afraid and failed to venture.

Every success has failure experience underneath.

The first rule when starting or running a business is to not be scared of failure. It makes it easier to work with. Proper planning amd clear goals no matter how small the business may be.

May be interested in this https://www.nairaland.com/4571720/quality-affordable-designer-inspired-perfume

PatrickOkunima:
If you know any other cause of business failure, please add.

1. Inadequate Infrastructure including Power Supply and good road network.

2. Poor Economic climate.

3. Political instability.

4. Insecurity issues.

The part that rings true till eternity is this:"don't employ people you cannot manage or control".
Whoever made the above assertion,from experience or pure intellectual gift,is very wise.

potentialOAU:


You forgot to add "Women"
Patronising different women will contribute to a dwindling business.

WHAT??

If you are keen on avoiding failure in business don't start!

doctokwus:
The part that rings true till eternity is this:"don't employ people you cannot manage or control".
Whoever made the above assertion,from experience or pure intellectual gift,is very wise.

More like "Treat business as strictly business. No sentiments". You can get fooled to hire people that you cannot manage or control. FIRE THEM right away and hire someone else until you get it right. Your worker may start off as manageable and controllable initially but becomes a tin-god along the way. Take a business decision right away. No sentiments.

*The most important cause of business failure is poor data management (know what goes in and what goes out, why they go in and why they go out, monitor and analyze trends - take business decisions... again, no sentiments!!!!!).

Lack of strategy for growth and for growth