Honourable Akin Alabi wrote this in one of his books; "Researchers have come to the conclusion that 90% of businesses will fail.
You know what that means?
If you start ten businesses, there is every likelihood that nine of them will fail.
Only one will succeed. It could be the first one and it could be the tenth one. I
should know. I have failed in many other businesses as well..."

This is true. Without being pessimistic, most small businesses fail within the first few years. In order to overcome this challenge, I have prepared a blog post identifying the causes of this problem and highlighted how young entrepreneurs can avoid it.

Starting a small business can be an exciting and rewarding experience, but it can also be a challenging and daunting task. Statistics show that a significant number of small businesses fail within the first few years of operation, which can be discouraging for aspiring entrepreneurs.

However, there are steps that small business owners can take to increase their chances of success and avoid failure. In this article, we will discuss some of the key factors that can contribute to the failure of small businesses and provide tips on how to overcome them.

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https://marketinghub.com.ng/why-many-small-businesses-collapse-within-the-first-5-years-and-how-to-overcome-them/

Good one OP

Here's the rest of the article:

Why Many Small Businesses Collapse Within The First 5 Years And How To Overcome Them

Starting a small business can be an exciting and rewarding experience, but it can also be a challenging and daunting task. Statistics show that a significant number of small businesses fail within the first few years of operation, which can be discouraging for aspiring entrepreneurs.

However, there are steps that small business owners can take to increase their chances of success and avoid failure. In this article, we will discuss some of the key factors that can contribute to the failure of small businesses and provide tips on how to overcome them.

Lack of Planning
One of the primary reasons small businesses fail is a lack of planning. Starting a business without a clear and detailed plan is like embarking on a journey without a map or a destination.
A solid business plan is critical to the success of any new venture. It should include an executive summary, a company overview, a market analysis, a description of the products or services offered, a marketing and sales strategy, and financial projections.
A well-written business plan will help you identify potential challenges, set realistic goals, and create a roadmap to success.

Inadequate Funding
Another common reason small businesses fail is inadequate funding. Starting a business requires capital, and many entrepreneurs underestimate the amount of money needed to get their business off the ground.

It’s important to have a realistic estimate of your startup costs and to secure enough funding to cover your expenses until your business is profitable. This may involve seeking loans from banks or investors, or exploring alternative funding sources such as crowdfunding.

Lack of Market Research
A successful business must meet the needs of its customers, and to do so, it’s important to conduct thorough market research.
This involves identifying your target market, understanding their needs and preferences, and determining how your product or service can meet those needs.
Without a clear understanding of your market, it’s difficult to create a product or service that will be successful.

Poor Management
Small business owners often wear many hats, but they cannot be experts in every area of their business. It’s important to recognize your strengths and weaknesses and to seek help when needed.
Hiring experienced managers and advisors can help you overcome your weaknesses and ensure that your business is operating efficiently.

Ineffective Marketing
Even the best product or service won’t sell itself. Effective marketing is critical to the success of any small business. It’s important to develop a marketing strategy that targets your ideal customer and communicates the unique value of your product or service.
This may involve advertising, social media marketing, email marketing, or other forms of outreach.

Lack of Flexibility
The business world is constantly changing, and small businesses must be able to adapt to new trends and technologies. Being too rigid in your business model or refusing to change with the times can lead to failure.
It’s important to be open to new ideas and to be willing to make changes to your business as needed.

Failure to Learn from Mistakes
No business is perfect, and mistakes are inevitable. However, it’s important to learn from those mistakes and to make changes to prevent them from happening again.
Failing to learn from mistakes can lead to repeated failures and ultimately, the failure of your business.

Remember, success is not guaranteed, but by taking these steps, you can increase your chances of success and build a thriving business that will stand the test of time.