Lake of innovation is the major cause of business failures.

What anyone who wants to have a successful business needs is a solid business plan. http://london.craigslist.co.uk/fns/2771812975.html

A business plan is a blueprint for success. A well written and researched business plan can help you sell your idea to investors and financiers and keep you focused and organized so you don't end up wasting valuable resources.

"Entrepreneurs with a formal business plan in the early stages of starting a business more quickly completed typical startup activities such as getting a patent or organizing a start-up team. Formalizing a business plan also helps potential outside investors determine the feasibility of the idea and assists the entrepreneur in forging ahead"
- Startup Behaviors of Entrepreneurs Study

Especially in an environment as unpredictable as Nigeria, you do need to inspire certainty in an investor and convince them that you know what you are doing, that you understand your market and your customers and that you have a strong business model (way for the company to make money ). All this is shown in a well researched business plan. Without a business plan, you will never be able to raise financing. Read here http://london.craigslist.co.uk/fns/2771812975.html

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i think small businesses tend to fail all round, its not exclusive to Nigeria- without quantitative evidence I can say the SMEs in Nigeria tend to thrive from observation, since almost everyone in that country is an entrepreneur,

The main reason will probably be lack of investment, you need money to make a venture work, probably need more money to keep it working meaning profits don't start pouring in early enough for the business to last.its worthwhile doing a good long analysis of any plan before execution.

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We all know businesses fail around the world no need to explain that.
In Nigeria, you notice a huge problem of inadequate record keeping and planning, this leads to a vicious cycle of missed opportunities and short comings. There is also the problem of spend as you earn, business owners hardly set a fixed salary for themselves rather they take whatever they want directly from the business, due to lack of discipline and 'big man' disease.

The infrastructure in Nigeria sucks so even if your idea is great without the suitable support network, it might fail.

We should be discussing Nigerian specific issues here, not general issues.

Like always say to my clients, every Entreprenuer must do 3 things everyday when they get to work:
    1. Check there income from the previous day
    2. Check the current expenditure; what they will be spending on
    3. How many new customers are they get today!

If an Entreprenuer that this done as a practice daily then the business will survive and grow.

"Businesses survive on One Decision at a time" Uzo Nduka, 2011 (Owner The Business Manager For Entreprenuers).

http://facebook.com/boostprofit.reducecosts provides free tips and idea that will help you manage your business successfully.Your line of business does not determine your success.What is important is how you manage it.Don't forget that people have been selling rice and stew before the likes of Mr Biggs but today,they have become house hold names.Discover the secrets of business success without having to pay a kobo.

due to lack of proper planning, and goal orientation

Hello,

I just want to thank you all for your incite and comments. I want to agree with some of you that say this problem is not just for Nigerian businesses. Indeed this is true but rather I wanted to focus on the development of our country which is what our program is all about.  It is interesting to see everyone's opinion however, one of the first thing to keep in our mind is to know the viability of the business you want to venture. All other problems can be resolved one at a time. Perseverence which we lack is also another key to success.

There are many reasons why many a Nigerian Small business fail to succeed. I think sometime ago I did some research on this topic and explained them; some of the reasons include; poor managerial and technical skills, poor enabling environment, insufficient capital to finance the business, unfair government policies among others.

cbnedcabuj: Hello All,

Many businesses in Nigeria fail from inception because of lack of idea about the products or services they want to render. what do you think, Nairalanders are the reasons Nigerian business fail?

thx

So according to your suggestion, it's only BIG BUSINESSES that are successful. Splendid "analysis". You have a lot to learn.

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cbnedcabuj:
Hello All,

Many businesses in Nigeria fail from inception because of lack of idea about the products or services they want to render. what do you think, Nairalanders are the reasons Nigerian business fail?

thx

I'm not sure what you mean by "lack of idea".

But failing at the beginning of a venture is not
the end of the world. If you can find out what
went wrong and how you can do better next time,
you'll have a better chance of succeeding in your
future attempts.

A problem I see among many people is that they
think of business as one big lottery where they
only need to know that "secret" that guarantees
them instant success and riches.

Business is not for the get-rich-quick seekers.
Well, in the beginning, business may look like an
all-comers' affair, where everyone can try his luck.
But in the long run, only people serious about helping
other people reach their goals will remain in the game.

Cheers!

Factors Responsible For Business Failures
In our discussion on business failures, we have stressed that there are factors which are capable of frustrating your business efforts, as an entrepreneurs it is your duty to fish out these factors and then device a means to overcome any of them. Entrepreneurs are made to understand that business failure is not the end of their world; however, there is a possibility of avoiding these factors, also it is important to note that both business failure and business success are dependent on these few factors.

No so business be,all these jargon's are just trash.

When you fail you learn your hard lesson and try again.

Na normall thing.

Their is no solution to this problem.

Its a form of training/refinement.

The most important thing is to learn how to take risk,dont risk it all.

My brother hmmm