Business failure in Nigeria is a thing of concern. As a business owner or someone aspiring to have your own business, you need to address the 10 most common reasons “why businesses fail in Nigeria.” By doing so, you are given yourself a better chance of running a successful business.
Also, we will look at how business failure can be reduced in Nigeria; that is to say, we’ll be looking at solutions to small business failure. In addition, I will take you through the solutions to business failure in Nigeria.
Major causes of business failure in Nigeria include:
1. Starting a business for a wrong reason
2. Lack of planning
3. Insufficient funding
4. Poor management
5. Lack of focus
6. Lack of market differentiation
7. Outsourcing –can eliminate unnecessary spending
8. Mismanagement of business funds
9. Lack of business visibility
10. Poor customer services.
So, let us take each of these headings one after the other; in addition, we will be looking at solutions for each one.