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WHY SMALL BUSINESSES FAIL
WHY SMALL BUSINESSES FAIL
POOR LOCATION: Some of the reasons why start-up fail is the inability to situate in a good area for business. Sometimes some organizations are located far away from raw materials and factors of production like labour. If a fast food is located close to a bank, the business will thrive and if a boat manufacturer is located in the neighbourhood there will hardly be sales because it is not a riverine area.
MISUSE OF FUNDS: Mismanagement of business of business fund is a big problem that causes stunted growth. If a business begins to make profit, part of it should be reserved for the future plan and continous existence. Atleast 40% should be added back to the capital and not misused by the business owner for luxurious spending.
LACK OF SUFFICIENT CAPITAL: So many small businesses have this problem as there number one, because it is the capital that will make provision for office and equipment, staffing, cost of production and advertising. Sometimes start-ups need good capital depending on the plan of the business for instance, you cannot run a cyber cafe with as low as a hundred thousand naira. You would have to consider the cost of getting an office that is the rent, then the computers, printers, ISP(Internet service provider), furniture etc.
LACK OF EXPERIENCE: Where a business owner fails to make a good plan there would be failure in the long run of the business and this is as a result of inexperience,also if a businessman does not understand the kind of business to do and how to manage people very well there would be problems.Inability to convince investors with a good business plan and a proposal is going to be a big problem,a business person should enjoy and be passionate about his or her business.
OVER-INVESTMENT IN FIXED ASSETS: Sometimes some companies have made mistakes in the area of acquiring gadgets, machinery and buildings. If an upcoming business should have over sufficient space and they paying for the rent, it affects the size of their capital because such space is not used to give them extra income. It is dangerous to have excessive working equipment and over staffing.
COMPETITION: Some business cannot cope with the rising effects of competition in their area of specification, because of lack of good planning strategy which could sometimes be as a result of piggy-backing. Piggybacking means depending on a bigger business for survival, some businesses find it difficult to build their brand and differentiate themselves from the crowd which a problem and one of the biggest reasons small businesses fail.
I remain your business consultant anytime,always at your service,keep a date with me weekly(every wednesday).See you at the top.Wishing my dear readers, a Merry Christmas and a Prosperous New Year.
Mr Emmanuel.
07040406923.
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Re: WHY SMALL BUSINESSES FAIL
nice one thanks alot am an engr presently working with a company have been working for quiet sometime now am interested in running a small business to compliment my earnings rather to plan for tomorrow along side my work but am not good in this so call business of a thing have tried once but failled for about 4yrs
am weak in managing people i don't seems to know how to go about it am really interested in business i so much belief i can do it
another problem am having is what kind of business can i do with N100,000 to N150,000 though am not interested in immediate profit
am email add is [email protected]
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I find this post worth the space. I admire your point specifically the Undercapitalisation and Saving 40% of profits part.
I currently study Telecom Engineering in one of Naija's Fed Poly and I'm training to be a entrepreneur and employ people. Everything about business piques my interest. Do keep up the good enlightenment work.
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This is a very interesting post. And thanks for it. Although it didn't go too deep in bringing the ups and downs, but it clearly shows that you know what you are talking about.
Please be around to moderate this as I'm quite sure alot of people would pick interest in it.
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Thanks!
This is good!
Oneluv.
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DEAR READERS,
Thanks for the reply,i love your courage and interest in this class.I promise to put in my best like i always do.Thanks sdsshares,josonnoh, davaskee,coolguy for the encouragement i'm at your service,i'm very sure you will gain more by the grace of God.As for olammilekan,i will give you more highlight on how to manage people or your employee so you won't fail in business anymore.There a lot of business you can do with that amount of money,do what you like best and you will succeed in your specialized field.you can also visit www.onlineways.info to learn more on business you can do.To your success.See you at the top.
Thanks,I still remain MR EMMANUEL.
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Re: WHY SMALL BUSINESSES FAIL
Thanks for the informative article.
another reason why small business
fail is lack of planning and lack of
knowlege of how the business
work.
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Re: WHY SMALL BUSINESSES FAIL
Thks alot 4 d info. Pls send us ur email address or phone no.
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Re: WHY SMALL BUSINESSES FAIL
Nice one Mr Emmanuel. If you guys need more info, just get NIM study pack on Small Business Management (SMPE 104). It's complete with a list of businesses you can start and plenty more. The easiest way to get one is through a corps member.
All the best!
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Emmanuel, thump up for you. That's quite a good piece. May I add that small business fail (amongst others reasons) for the inability of the owner to separate business from pleasure, family and friends. Failure to provide insurance protection for assets of the business - car, buildings/office space, furniture and other office equipment can also be devastating in case of unexpected loss or damage to such assets.
To our other engineer friend; he needs training in the management of resources and should be advised that no amount is too small to start a business since present day conglomerates are started as cottage business in a family sitting room, at times small space.
To all prospective enterpreneurs please note that once you can dream it you can have it. Best of luck from me.
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Re: WHY SMALL BUSINESSES FAIL
You have not mentioned a very important part of why small
businesses fail.
It is marketing.
A lot of small businesses all over the place are not marketing
themselves effectively while some are not doing it at all.
It is marketing..marketing..marketing.
You need to understand this.
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Re: WHY SMALL BUSINESSES FAIL
Thank you for this informative and educative topic.
It really affected me directly because i''m on the way to getting frustrated to a cafe business i started a year ago. And you know the frustration that follows it.
It was undercapitalised and so it was so difficult to break-even. Though I have a diploma in computer maintenance and a passion for computing...joyfully i can stay on the net for over 12 hours.
However, the problem is more compounded by lack of capital.
I wish to get anyone with capital; I will be a good partner. This business is so lucrative.
I wish you guys would reply to save this situation.
God bless.
[email protected]
07030331927
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mr emmanuel, thanks for the enlightenment,i just started some thing with a very small amt of money,i hope to call u or mail u for proffessional advice though ur e-mail add is not dispalyed.
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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!
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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
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Its a nice one Mr Emmanuel, more grease to your elbow.
Edwin.
Wynny Global Resources Limited.
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Re: WHY SMALL BUSINESSES FAIL
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
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thanks alot for your articles i pray that d good lord continue to strength you
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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
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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!
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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!
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Hey Corp12
Hi Corp12... my earlier post/ comment was actually referring to you. Holla anything bro. Ciao!
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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
:-\ :-\ :-\
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Quote:
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.
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please what kind of business can one start with as litle as N50,000 to N100,000 .
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There is a plethora of Security devices available off the shelf and many different services to render to your adequate satisfaction but we’ll concentrate on only two for now. GPS TRACKER/GSM CAR ALARM SYSTEM: This is the company’s. main product that you will be marketing. Now here is the good news……You get 5 CUSTOMERS for any of the two products and earn N50, 000 instantly. Awesome right?? Apart from that you can make tons of cash from this opportunity, believe me I’ve tried it and its fun. Don’t say you are not able, you’ll regret it .
The major sales channels are:
Mobile Phone Dealers
Consumer Electronic Retailers
Car Dealerships
Car Accessory Shops
Safety and Security Companies
Mobile Network Providers
Insurance Companies
Banks
Ministries, e.t.c.
Visit wwwdottai-pantechnologydotblogspotdotcom
Feel free to contact me on +2348062762192
Amaechi ikechukwu
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There are different legitimate businesses one can do with little capital. When the rumour that one of the telecommunication companies in Nigeria would be sending about 300 of its staff ot he labour market and another 500 to be outsourced, I did not believe untill it happened. There are opportunities even if you are not working presently. If you are working, it makes easier for you to start something that will be bringing regular income. You need to get out of the rat race. You never know when the hangman will arrive. Whether you like it or not, you will leave another man's job one day, willingly or unwillingly.
Lets discuss possible ways of getting out of the rat race. You can also join our team where we share and disucss ideas. No man is an island. There is nothing like team spirit.
Lets talk at [email protected]
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THANKS FOR PASSING THE INFORMATION TO AND I NO THAT WHEN I GO INTO ANY BIZ IWLL NOT FAIL BECOS OF UR TEACHING ME THE STEP TO FOLLOWING.THANKS
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For your dynamic and professional business website. www.yourbusinessname.com plus unlimited [email protected] and your website on google listing. contact me on 08029620538. Price N15,000
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Re: WHY SMALL BUSINESSES FAIL
What most nigerians don't realise is that big things start small. Ask Aliko Dangote and he will tell you more. Drops make ocean.
ABSTRACT
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Re: WHY SMALL BUSINESSES FAIL
People always use funding as an excuse, but the truth is, they see opportunities, but are too afraid to take action, worst still, they keep procrastinating. People would rather jump at offers that say you make millions of dollars in 1 month.
Haven't you heard that nothing good comes easy? Even my kind of business requires a certain amount of hard work for a period of time (which is the foundation stage). We have seen people start earning from $500 weekly from 2 months, but it's not so with everybody. If only we can have people introducing a business come open and tell us what it really takes to get the desired level, and Nigerian youths would be just a little patient to build a foundation in a particular business and shun the 'get-rich-immediately' syndrome, then we shall all attain financial freedom.
Kanayo 08033171929
http://www.holidaysandrewards.com/lcp1a/codshalom
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Re: WHY SMALL BUSINESSES FAIL
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Re: WHY SMALL BUSINESSES FAIL
Start making money with turnkey websites. we design it for you for just N25,000 with see sample http://www.bestvalueshoppingmall.com/
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Re: WHY SMALL BUSINESSES FAIL
HOW N1500 CAN TURN N765000 IN 6-9 MONTH OR LESS
Below is the email sent to me:
”How to Turn N1500 into 150000 in 30 Days with Fastecash
I WAS SHOCKED WHEN I SAW HOW MUCH MONEY CAME FLOODING INTO MY BANK ACCOUNT, I turned $10 into $34,706 within the first 30 days of operating the business plan that I am about to reveal to you. If you decide to take action on the following instructions, I will GUARANTEE that you will enjoy a similar return!
The only things you will need are:
- An email address.
- An FASTECASH ACCOUNT with only N1500 deposited in it. (It's free to sign up for FASTECASH)
- And just 15 to 30 minutes of your time. (The more time you put into it, the more you'll see in return)
This program takes just half an hour to set up .After that, there is absolutely no work whatsoever to do on your part. You have absolutely NOTHING to lose, and there is NO LIMIT to the amount of income you can generate from this one single business program.
Let's get started, just follow the instructions exactly as set out below and then prepare you for a HUGE influx of cash over the next 30 days! Here's what you need to do. . .
REQUIREMENTS:
#1) an email address
#2) an FASTECASH account (free to open)
Now follow the steps: 1-5
STEP 1 - Setting up your FREE FASTECASH ACCOUNT(If you already have an account, just move on to Step 2) It's extremely safe and very easy to set up a FREE FASTECASH account! To create your new free FASTECASH account, simply Click or Copy and this to the address bar /register_new.php?cid=sylvagiva - FASTECASH is used by thousands of companies.
STEP #2 - After creating your free FASTECASH account, you'll need to fund it with N1500 and the only way to do this is through a RESELLER service which will charge you a little percentage for this service. There are many RESELLERS to choose from ON THE SITE. Once you have chosen the RESELLER service you wish to use for funding your FASTECASH account, the RESELLER will provide you
with the PIN you need to proceed with the LOADING YOUR ACCOUNT.
How do I fund my account?
You can fund your FasteCash account in two ways;
A. Funding with Recharge Pincode
B. Funding through bank
How do I fund my account with Recharge Pincode?
Recharge Pincode is like a recharge card but, in this case, it’s a voucher that you purchase from an authorized reseller which has a pin and a code number which is used to fund your FasteCash account. Click here to see our authorized resellers
Follow these steps to fund your account using the Recharge Pincode:
Purchase Recharge Pincode from any of our authorized resellers.
1. Login into your FasteCash account
2. Move your mouse to “My Account” menu link at the left side of the account.
3. Click on “Recharge Account” on the pop out sub menu link.
4. Enter the Code# and Pin# on the recharge voucher into the Code# and Pin# text boxes on the Recharge Account Form respectively, then click on the Recharge button on the form.
Your account will automatically be recharged with the value on the voucher if the process is successful.
What happens if the process is not successful?
The system will show you invalid code# or invalid pin# as the case may be; this shows that an error has occurred somewhere. At this juncture, what you have to do is, check where the error occurred and make corrections after which you would click on the Recharge button to submit.
How do I fund my account through bank?
You can also fund your FasteCash by making deposit into our bank accounts. You can get our banks account details by logging into your FasteCash account. You will find it at the home page of your account. After making your deposit, you must login into your account and send us a deposit notification.
Follow the process below to send your deposit notification;
1. Login into your account and move your mouse to Transaction menu link at the left side of the account. Click on Deposit Notification on the pop out sub menu link.
2. Fill the deposit notification form by entering the details of your deposit and click on notify to send your message to FasteCash otherwise, click on reset to make correction(s)
3. As soon as you click “notify” a pop out page will appear asking if you are sure you want to receive SMS notification once your FasteCash account is funded, click “Ok” otherwise, click “Cancel” The notification enables us to get your payment details which will help us to confirm from the bank and make us respond to your request on time.
Note: Your account will be charged #5.00 for the SMS service. .
How can I withdraw money from my Fastecash Account?
You can withdraw money from FasteCash through the following process;
• Login into your FasteCash account
• Move your mouse to Transaction menu link at the left side of the account page, click on Withdraw Money on the pop out sub menu link.
• Specify the amount you wish to withdraw into the amount input box of the Money withdrawal form.
• Choose Withdraw to my Bank Account for the method of withdrawal.
• When this is done, click on Proceed? Button to go to the Withdrawal Review page otherwise, click Reset to make a correction on the form and then click Proceed?
• If the process is successful, click on withdraw to send us a notification of the withdrawal.
t. The money in your fastecash account can be received through the bank details you provide when open the fastecash account. I use fastecash for getting a VISA credit card for some of my online transactions. You can open a free fastecash account here to get started; simply Click or Copy and this to the address bar
/register_new.php?cid=sylvagiva
STEP #3 - Sending FASTECASH Money "It is an undeniable law of the universe that we must first give in order to receive. Now all you have to do is send N500 by way of FASTECASH to each of the THREE FASTECASH accounts listed below. After setting up your free FASTECASH account, confirming or verifying it AND putting (ONE THOUSAND FIVE HUNDRED NAIRA) N1500 into your fastecash Account, use the Account tab on fastecash to send N500 to each of the Account on the List below. ***Make sure the Memo i.e. the subject of the payment says... *PLEASE PUT ME ON YOUR EMAIL LIST* *** (this keeps the program 100% legal.. so please don't forget!) send N500 by way of fastecash to each of the three fastecash accounts listed below.
#1). sylvagiva
#2). Megabulk
#3). Synator
Remember, all of this is ABSOLUTELY LEGAL! You are creating a service! A Business... An account List Service Business.
STEP #4 - Adding your fastecash Account username or e-mail: After you send your three N500 payments, it's your turn to add your fastecash account to the list! Delete the #2 Account username off the list that you see above and move #3 Account number up, then add YOUR fastecash account username as #3 on the list, Remember your account username becomes #3. ** MAKE SURE THE username or e-mail YOU SUPPLY IS EXACTLY AS IT APPEARS IN YOUR fastecash ACCOUNT .**
STEP #5 - Copy Message To 200 Newsgroups, Message Boards, etc ... or you can start sending this letter to as many e-mails you encounter.
The Pure Joy of Receiving fastecash Money!
You are now ready to post your copy of this message, to at least 200 newsgroups, message boards, etc. (I think there are close to 32,000 groups in NIGERIA an over a million in the world).
All you need is 200, but remember, the more you post, the more money you make - as well as everyone else on the list! In this situation your job is to let as many people see this letter as possible. So they will make you, me and themselves rich!!!! You can even start posting the moment your account is confirmed. Payments will still appear in your fastecash account immediately even while you sleep.
HOW TO POST TO NEWSGROUPS & MESSAGE BOARDS
Step #1) you do not need to re-type this entire letter to do your own posting. Simply put your CURSOR at the beginning of this letter and drag your CURSOR to the bottom of this document, and select 'copy' from the edit menu. This will copy the entire letter into your computer's temporary memory.
Step #2) Open a blank 'Notepad' file and place your cursor at the top of the blank page. From the 'Edit' menu select ''. This will a copy of the letter into notepad so that you can add your fastecash account to the list. Or copy to a Word Document and add your fastecash account
Step #3) Save your new Word or Notepad file as a .txt file. If you want to do your postings in different sittings, you'll always have this file to go back to.
Step #4) Use Netscape or Internet Explorer and try searching for various newsgroups, on-line forums, message boards, bulletin boards, chat sites, discussions, discussion groups, online communities, etc. EXAMPLE: go to any search engine like yahoo.com, google.com, altavista.com, excite.com - then search with subjects like - millionaire message board or money making message board or opportunity message board or money making discussions or business bulletin board or money making forum etc. You will find thousands & thousands of message boards. Click them one by one then you will find the option to post a new message. Also search for social forums
Step #5) Visit these message boards and post this article as a new message by highlighting the text of this letter and selecting "Select All" then go to the message board and '' from the 'Edit' menu. Fill in the Subject, this will be the header that everyone sees as they scroll thru the list of postings in a particular group, click the post message button. You're done with your first one!
☻Congratulations! THAT'S IT!! All you have to do is jump to different newsgroups and post away. After you get the hang of it, it will take about 30 seconds for each newsgroup!
REMEMBER, THE MORE NEWSGROUPS AND/OR MESSAGE BOARDS YOU POST IN, THE MORE MONEY YOU WILL MAKE !! BUT YOU HAVE TO TRY TO POST A MINIMUM OF 200**
That's it! You will begin receiving money within days!
Explanation of why it works so well:
The thing to remember is, thousands of people all over the world are joining the internet and reading these articles everyday, JUST LIKE YOU are now!! So can you afford $10?? And see if it really works?? I think so! People have said, what if the plan is played out and no one sends you the money? So what are the chances of that happening when there are tons of new honest users and new honest people who are joining the internet and newsgroups everyday and are willing to give it a try? Estimates are at 20,000 to 50,000 new users everyday, with thousands of those joining the actual Internet. Remember, play FAIRLY and HONESTLY and this will work. This really isn't another one of those crazy scams! As long as people FOLLOW THROUGH with sending out $10, it works! Thank you for reading this letter. Now give yourself the opportunity to try it out, there is really nothing to lose.
With warm wishes, bless you and your loved ones,
$$$$$ REMEMBER, IT IS 100% LEGAL! DON'T PASS THIS UP
NB: Just follow the steps above and your there. Also note that you must give in order for you to receive. That is the law of Success
SEE YOU ON TOP
BEST REGARDS
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Re: WHY SMALL BUSINESSES FAIL
I really appreciate ur effort. In addition to all this;
we should stop doubting.
Put things into practice than just dreaming or saying it.
Believe in ourself, that you can do it and make it.
if you failed before, just try again.
Naija ko better 4 all of us.