Why Businesses Fail In Nigeria
You want to know why Businesses Fail in Nigeria? Fine, you are welcome to where you will see the best answer to your question. In this answer we are going to drop down the main reasons why businesses fail here in Nigeria.
Hope you know what business is?, Let share little idea without wasting of our precious time. Business is a person’s occupation, work or trade. Have the believe that you will make money in all your businesses but not to focus all your attention about profit only.
Reason why businesses fail in Nigeria are: wrong location, lack of capital, lack of marketing strategies, Lack of good communication, lack of competition.
1. Wrong Location: Wrong location is one of the major reasons why businesses fail in Nigeria. I know you will be wondering how is it possible, yes is possible. I will be happy to tell you that the first thing you need to tackle to avoid business failure here in Nigeria is the environment you business is, what do I mean by this, where you have your business the human in such location(environment) should be the people that need the goods or services your business render.
2. Lack Of Capital: Most of businesses establishe in Nigeria today are not started with sufficient capital and that is one of the reasons why they fail. If you start a business with capital that will not be enough to finance the business, it will affect the workers, product, distribution etc which will bring down the business to fail.
3. Lack Of Marketing Strategies: Another common reason why businesses fail in Nigeria is lack of Marketing Strategies. Marketing is said to be the promotion, distribution and selling of a product or service which involves market research and advertising. Once people are not inform of your business, how will they patronize your business?. So, for avoid business failure in Nigeria you have to involve marketing strategies.
4. Lack Of Good Communication with Customers: Communication play a major role in Nigeria businesses today and once you lack good interaction with your customers, your business will definitely fail. In this aspect you will find out and resolve what your customers need and you lacking in your business which will make come over again and again.
5. Lack Of Competition: Lack Competition also make Nigeria businesses fail in Nigeria too. In what way? Don’t you know that Competition improve businesses in Nigeria but once your lack competition in your businesses you will be like the best and you will never struggle to improve your business which can lead to failure of your businesses.