I have paid keen observation over the years, as a lot of people fantasize about venturing into business. You will hear them say something like, “I’m tired of working for my boss. I want to own my business, build a brand, and own my life”. They start out with so much enthusiasm, along the line; they become discouraged and broke, and then close the business after six months or so. Why did they start so well and end in frustration? What did they experience? Why did the business fail? This article aims at unraveling those reasons.
Lack of Originality
A lot of people venture into business simply because they see other people doing it, and because it worked out well for those individuals, they should try it too. They rush into business without making proper consultation, and then it backfires. A business needs to showcase originality by having specific goals, objectives and vision, if not; the business is bound to fail.
Insufficient Funds
It’s quite obvious that in the Northeast, most small business owners rush into business without adequate operating funding, and that’s a very huge mistake. This is one of the major reasons why businesses in the northeast fail to operate after the period of six months. What these business owners think they need is just a startup capital, but they are wrong, it goes beyond that.
Insurgency
I can vividly remember those hurtful experiences while schooling in Maiduguri. Not a day goes by without a bomb blast. These weapons were mostly planted at the market, churches, mosque and schools. It so much caused havoc in the lives of individuals. Of course, when a bomb blast at the market, it destroys peoples’ lives and their businesses as well. A lot of people who survived the attack had no chance but to start life all over again. Trust me when I say, that one of the difficult thing to face in life is starting all over again.
Owing to insurgency, a lot of investor deserted the Northeast. Barely few people are interested in partnering with the North.
Failure to Market Online
We all are aware that social media is fast taking the baton from Media houses. Why? Because it is very easy, cheap and accessible. With just your phone or tablet, one can showcase his or her products online and then make money out of it.
According to a research by Brian Dean, the statistic of people who used social media in the year 2020 hits 3.81 billion. That’s amazing! This tells us that with social media, one can build his or her business by networking with people from around the globe.
It’s quite unfortunate that in this digital era, some small business owners are still using the analogue means of commerce, which is more tedious and frustrating.
Inadequate Accountability
Some business owners lack accountability. They don’t take inventory of their assets and liabilities. Robert Kiyosaki, author of “Rich Dad, Poor Dad” and “Guide to Investing” defines asset as “something of value that bring money to your pocket.” He also defined Liability as “something that takes money away from you”. One will find out that some small business owners fail to give account of the sales they’ve made or what they used the money for. Some even use the money meant for their business to settle personal needs or family needs, which ought not to be so.
Poor Customer Service Relationship
The saying “a customer is always right” is very true. When a customer tenders a complain on a service or product, listen tentatively and act immediately. Use Kind words to show how sorry you are, even though, most times, the complain isn’t true, some customers love to throw tantrums. When one reacts to customers in a harsh manner, they kill your business with negative comments on social media. And because customers are a chain, one falls out of business. So it’s important to build, a good customer relationship with your clients, when that is done, they help your business grow. Also, learn to take their feedbacks seriously, that way; they know you have their interest at heart.
Inability to Endure Changes that Accompanies Growth
Some small businesses in the Northeast experience sudden multiplied growth within a small amount of time. One thing they don’t understand is that growth comes with lots of challenges. The challenges’ are: change in technology. Change in resource utilization. Change in billing and financing. If a business can’t withstand the challenge that comes with growth, it will crumble.
Having a successful business is not an easy task, and the business owner has a huge role to play. A business owner should not accept defeat as an option. If one puts these few point into practice, with determination and the right attitude, you’re on the path to succeeding.
