kunlekunle: the first creator of the wealth (father) might not reveal the secret to the son, hence the wealth dies with him.
so we dont have generational wealthy lineage.

Ialwaysask:

A son need not rely on his father to reveal any 'great secret'

kunlekunle: the first creator of the wealth (father) might not reveal the secret to the son, hence the wealth dies with him.
so we dont have generational wealthy lineage.

Mad Cow: .1. Poor Planning... - Many people stumble upon X amount of money and quickily rush into the closest business they can see around them without planning and carrying out the proper ground work..

2. Follow-Follow : Because Peter made it selling recharge cards, is no guarantee that Paul will also make it selling the same comodity. Dont get into a business solely because another man is doing same.

3. Multiple Taxation: How can One business pay the following Levies, Duties and Taxes;
- Environmental Sanitation Levy
- Personal Income Tax
- Value Added Tax
- Union Levy
- Local Government Tax
- Signboard Levy
- NAFDAC Levy (if you are in the food and drugs/chemical business)
e.t.c

One business can be paying as much as 10 different fees to 10 different government and Union bodies..

Mad Cow: .
3. Multiple Taxation: How can One business pay the following Levies, Duties and Taxes;
- Environmental Sanitation Levy
- Personal Income Tax
- Value Added Tax
- Union Levy
- Local Government Tax
- Signboard Levy
- NAFDAC Levy (if you are in the food and drugs/chemical business)
e.t.c

One business can be paying as much as 10 different fees to 10 different government and Union bodies..

OkwaIfugo: Lack of pre planning and also lack of vision and creativity.

Nashville: Businesses in Nigeria fail for the following reasons

1. High Cost of Operations - This is one of the biggest killers of Nigerian Businesses. It just makes our products uncompetitive when it comes to pricing. It is always cheaper to import and resell. Cost of labour is not very expensive but infrastructure like Nepa, providing Security and even bribes makes it difficult.

2. Policy Changes - Our government has not been consistent with Policy formulation. Regime after regime, policies just change overnight and put businesses in danger. Sanusi alone in 3 years has implemented 25 far reaching policy changes, so businesses cannot operate effectively in such climates

3. Corruption - Businesses die to the fact that they have to bribe. Unfortunately some people with integrity cannot do such things so their businesses may die and sometimes the cost of bribery reduces potential profits to nothing.

4. Security - Lack of adequate security to protect infrastructure and equipments.

5. Management - We have very few great managers in Nigeria. We all plan for the short term, try to make quick and easy money today while disregarding the long term. So lack of skilled management is a problem. So several businesses start well but end badly due to mismanagement

6. Succession Planning - One the owner retires, no one is able to take over from him and run the company with the same vigour and vision. The person that takes over may just wanna get rich quick.

7. Values System - We generally have poor maintenance systems. We lack foresight and cant plan for the future. Greed is also a major problem with our society!

stupor: Hmmmn... Taking us back to the classroom.

1.Lack of adequate technical knowhow.

2.Lack of pre-requisite capital and finance.

3.Poor Administrative and managerial control.

4.Unresearched targeted audience and markets.

5.Bad government policies.

6.Poor infrastructure.

7.Unsuitable economic climate-famine,melt-down,recession,inflation.

8.Poor book-keeping skills.

9.Illegitimate business venture.

10.Inadequate marketing and advertisement pull.

11.Production incapabilities.

12.Inadequate manpower,materials and labOur resources.

13.Inadequate Staffing and training.

14.Unhealthy business rivalry and competition.

15.Wrong business machineries and tools.

16.Credit and capital indedtedness.

17.Improper Long-term objectives.

18.Faulty organisational structure.

19.Poaching and Man behaviours-impropriety,Embezzlements.

20.Unjustifiable divestments agenda.

21.Improper budget decisioons.

New businesses should understand fully well the following indices and analysis inorder to break-even.

SWOT ANALYSIS.

S.Strenghts.
W-Weaknesses.
O-Opportunities.
T-Threats.

With these four nemonics at the back of your mind, your businesses can never liquidate.

Start up a business Today.
God bless.