At this particular time, this is the subject that ought to be viewed as priority by all most specially by those who feel that working for someone is no more the role of the day.
By this topic, you have opened the minds/eyes of so may including my very self. Most may have some kind of interest in investing and being on oneself but the push just like you have done is required to start up.
This topic is mos appreciate.
I am presently in an employment but feels that my take home is not keeping me satisfied. In view of this, i have rented and appartment, done some repair work up to about 90% or above, with an intention for a hospitality business. I need major materials for take off which is now a major challenge. If i have Between N160,000.00 - N200,000.00 as a loan, i'll be able to take off. Please advise.
UMOREN A. U.
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Good write-up we've got here.
Small businesses fail because their owners fail to understand the basics of how to get customers off their competitors to them. Their competitors are usually the established big boys and so they (the new business owners) settle for less by hoping to get those little businesses which the big boys have left untouched. This will only last for as long as the big boys remain unaware of these businesses; and the day they are discovered by the big boys, that small business is out of business.
Learn how to get the best competitive edge and grow your small businesses here:My Small Business in Nigeria, Jobs in Nigeria
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Hmmm, very interesting topic of discussion. Everyone has contributed very well with great ideas and ways they feel business should be operated or why some business fails. The truth is, books or contributions like this can only share views on the theoretical aspect of the subject matter but the fact remains that live experience is a different ball game. I would like to share my views from a personal experience.
I established a computer related business popularly called "Business Center" but I call mine Business Support Outlet. This is because I realize that all the services rendered in this business are actually to support business owners and individuals in documentations.
My business was established 2007 in a remote town in Delta state. I started with 2 fairly used computers and was able to grow the business to an average size cyber cafe with 10 workstation and graphic department with 2 systems outside the cafe and another 4 systems for training and everything was going on well. Business was ok with customers coming from other neighbouring communities. All this happened within 2 years of business which was really great.
The major challenges then was Power because we where practically running the business on Generators (NEPA/PHCN were epileptic) and having to fuel the generator(s) daily alternating 2 Generators (1 Diesel & 1 Fuel driven). This was very bad since major part of the proceeds went into fuelling and maintenance apart from other consumable, ISP Subscription, Salaries etc.
With the challenges of running the business, it was still profitable only that it would have been better if power was stable. The worse happened when I decided to go back to school and had to let the staff manage the business (Mistake No. 1) I should have planned this transition properly and either engage a very competent personnel - like myself to oversee the business while am away or move the business closer to where I was schooling to continue overseeing the business even though I might not 100% available.
For the sake of space, I will just outline few reasons that contributed to the failure of the business.
1. My absence (as the key personnel with full knowledge of the business with a very sound customer relationship skill)
2. High Overhead (The running cost of the business was too high resulting from self power generation for the business)
3. Location (The location of the business was not really a problem at the beginning but later not good enough for the business)
4. Conduct on workers (workers not been faithful and committed to their work resulting from poor management - You cannot count on anyone else except yourself)
With the above you will agree with me that small businesses will always fail if these points are not checked and considered properly in the management of such business. The best way for a small business to thrive is to be committed and be ready to spend time with your business doing what you know how to do best (the business you are out to do). "You cannot hangout with ducks and expect to soar with the eagles".
Even though my first business suffered failure (not totally), the business is about to receive a facelift and to bounce back to full operations as usual. I love computer (ICT) and that is what I am studying and want to practice my course in a professional manner. You know to be wealthy is not just about having a business or working in a big company, to be wealthy, "you need to create a system that handles peoples problems because breakthrough is essentially finding problems and solving them".
Every small business can succeed and grow to a big conglomerate only if the owner(s) is/are determined to push on to the next level... not giving up on setbacks, this is why I am going back to take that business to the next level, you'll see or hear about it... at the right time I'll share my success story with you guys again.
If you are afraid of venturing into business, you can find yourself a job... after all that's the major reason while this forum is created! or still you can do something less risky by starting a Home Base Business that will help you make good money to take good care of yourself while you are planning to launch your dream business. There are lot of them out there that you can join and profit from but here's my recommendation try Skinny Body Care. This is one of the best Home Base Business ever created and the best part is that you can start right now. Check out this video and learn more about this business opportunity. Hundreds of Nigerians are already benefiting from this business as you are reading this article and you to can take your position today by simply taking the fr.ee tour and locking-in your position now.
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