Topic: WHY SMALL BUSINESSES FAIL

thanks mr Emmanuel, i concour to your opinions however, i will like to add that people go into wrong businesses most of the time, i agree that u need to study your environment and see what is marketable and acquire some human and business management skills but i must say, i will advice that people should stop copying people in business, dont go into business for the sake of yor friend doing well in the line of business, one thing very vital, there is something distinct and special about u that is not in another person, people should learn to discover their passion, their talent, the bible says it 'where your passion is that is where ur treasure lies' and that is the only way u can derive fulfilment, join me up here!

Another major reasons why small business fail is because some individuals wants to use one stone to kill two birds, ie. some will be working for somebody and still wants to run their own business. As a result of this, there will be lack of management on the side of the business owner

Its a nice one Mr Emmanuel, more grease to your elbow.

Edwin.
Wynny Global Resources Limited.

Quite informative.The piece sent me into the search for information.As a result, i came out with a panacea. HOW TO START AND MANAGE SMEs PROFITABLY.
Read the details here: http://rebrandnaija.synthasite.com/issues.php
Happy reading

thanks alot for your articles i pray that d good lord continue to strength you

hi thank u so much for ur info, i'm a business person n tho the business looks promising, i am forced to sell on credit to my consumers which include some government parastatals, and they especially don't pay on time and for a small business dts jus starting wat am i supposed to do , do i stop sellin my product to them cos they delay in paying.its so frustrating but the truth is if i stop there's always someine else out there to take over cos its a competitive world. business is not jus abt making money but it is a learning process, it teaches patience and people handling and above all humility, so i think everyone should engage in one form of business or the other no matter how small the capital it doesn't matter.all the best

Well, I worked for seven years and starting thinking seriously of becoming an entrepreneur after the general Overseer of my church at the time gave us a three day talk on wealth creation using financial instruments and offline businesses. That was in Nov 2003.

Today, I have reasons to thank god and that dear pastor. I was able to use the stock market then to raise money for the three major offline businesses I currently manage today, including a garment manufacturing cottage industry.

I am also a small business consultant, and I can provide feasibility as weel as business advice for virtually any kind of business: from GSM business, cybercafe business, and other offline businesses.

Believe it or not, you need to experience some degree of difficulties to get some knowledge of what works and what doesn't. Some may not agree with me, but I speak from experience.

There are some essential elements that you need to put into every business to make it successful.

1) You need to be different. You need to offer services that your competitors just cannot keep up with. This gives you a leading edge.

2) You need to organize a structure that will enable you to be paid FULLY for your products or services. Credit sales is a killer.

3) Financing is a major barrier of most businesses. But there are actually ways to raising money that a lot of people do not know.

4) Most businesses cannot be run by one individual. You need to be able to assemble a team of workers and harness their strengths to build your business.

I will give an example using my garment business. I was one of the few investors who bought Chartered Bank shares in 2004 and waited for the IBYC Chartered Banl merger with Stanbic to pull through, and eventually sold the stock at N25 per share. Armed with Nexcess of N500,000, I hot a popular market in lagos and bought my machines. I took them to my factory up north and assembled a team of tailors. I actually have a software that I use to design the clothes we make, and this also has a feature where you can add the measurements. Result? The clothes come out picture perfect!.

Next came to sales. After credit sales really set me backwards, I changed my strategy. Rather than pay close to N1.5 million for boutique space, I chose to employ marketers (up to 50 of them). Their targets are well defined. They are paid on commission basis after getting a transport allowance, and they actually go out to source orders for our company. Now we are smiling to the bank.

I had to arrange the workings of the business in such a way that functions that use power are done all at once when we can use our generators. That way, I have been able to cut running costs to the minimum.

If you are looking for a business to do in these days of the so-called global financial crisis (which is not affecting me I can proudly say), then you can send me a PM so I can give you a direction in this regard.

Remember that a salary adds to the running costs of a company. So you can never earn the money that will make you rich working for someone. It's that simple.

The earlier you start a business today, the happier you will eventually be.

Ciao!

Hi, nice post you have there and its great that you came out successful in your garment business, plus your business have got recession resistance. Mind letting me have your personal email so we could communicate directly? Would love to discuss some business with you and also would appreciate your advice on some business of mine. You can email me directly and [email protected]

Have a nice day!

Hi Corp12... my earlier post/ comment was actually referring to you. Holla anything bro. Ciao!

pls what kind of business can i do with N100,000 to N150,000 i am interested in immediate profit
email add is oshodibimbo@yahoo,com

Originally Posted by 1-800-george

Hi Corp12... my earlier post/ comment was actually referring to you. Holla anything bro. Ciao!

Ok, just saw your post. Check your email for my mail.