“why businesses fail could be linked to individuals. Many business owners lose focus, they sometimes forget the purpose and objective of the business“,
Table of Content
- Why do Small Businesses Fail (and even large scale businesses)? Business failure in a country like Nigeria is mainly caused by these:
- Why Businesses Fail is First Attributed to Ego
- Businesses Fail Due to Financial Illiteracy
- Small Businesses Fail Due to Unfavorable Environment for The Business
- Giving Up too Soon
- Poor Planning
- Poor Sensitivity
- Following the Crowd Makes Businesses Fail
- Poor Customer Relation
- Wrong Choice of Business
- Bad Management and Leadership
- Poor Focus
Why do Small Businesses Fail (and even large scale businesses)? Business failure in a country like Nigeria is mainly caused by these:
Why Businesses Fail is First Attributed to Ego
Ego of Overconfidence
Ego of Self-importance
Businesses Fail Due to Financial Illiteracy
Small Businesses Fail Due to Unfavorable Environment for The Business
Improper location would always make a business fail.
Giving Up too Soon
“There are no disasters in business that you can’t avoid if you see them coming and make the adjustments”.
Following the Crowd Makes Businesses Fail
Poor Customer Relation
- When your prospective customers reduce,
- When you start having low sales,
- When you struggle around cash flows,
- When no one is talking to you.
Wrong Choice of Business
Bad Management and Leadership
- political sector,
- business sector, and
- the entertainment sector.
Godwin Oluponmile is a full-time freelancer. He encountered great joy for Content Marketing. He’s a vast onlinepreneur who writes about Finance and Lifestyle also.
Whenever he’s not found playing with friends, he’d be catching fun with guitar, writing or researching on how to make IdeaFlavour visitors happier.