There are various reasons that have been put forward by countless experienced business coaches and specialists as to why individuals venture into the world of entrepreneurship in the Nigeria. The majority of the entrepreneurs desire to succeed and get out of poverty or unemployment. They end up taking up entrepreneurial activities with a lot of zeal in order to achieve financial success and power. The key consideration that will lead to the success of the business is giving 100% undivided attention to the business. Majority of the successful entrepreneurs have succeeded through this. The over dependence on the oil sector and the conflict that is experienced in the Nigerian oil delta puts doubt on the sustainability of the industry in the economic and political stability of the country.
Aspects that guide Entrepreneurs to failure
Regardless of many grievances about the tribulations faced by entrepreneurs in Nigeria in establishing and running of business enterprises, some entrepreneurships convert into dreadful reputes. Consequently, it is very imperative to find out information regarding the causes of failure among entrepreneurs. They include:
* A number of entrepreneurs consume the business investment capital instead of the profits; this makes the business have less capital base which affects the venture and may end up in closure. This is attributed to the fact that the entrepreneurs are so quick in changing their lifestyle status as soon as the business starts making some profit.
* The need to enrich them faster is the primary reason as to why many Nigerian entrepreneurs seek to venture into entrepreneurship. This makes them unnecessary risks that may lead into failure since it distorts the reality of the business.
* Many Nigerian entrepreneurial ventures are also affected by the personal failures of the entrepreneurs. This is experienced mainly in the management of the workforce. Other factors such as the mismanagement of funds, poor business management skills have been identified to be the main reasons why most businesses fail in Nigeria. This was found to cause about 30-35% of many business failures.
* The disparity between the access to funds and the knowledge of running is one of the reasons that lead to failure. This is due to the fact that many owners who have the capital to initiate the businesses do not have the necessary expertise to run the business efficiently and most of the time the business ends up in failure due to interruptions from the owner who insists of becoming the manager. The government of Nigeria should take this into consideration and tackle these issues for the success of the entrepreneurs in the country.
* Many of the Nigerian entrepreneurs want to prove that they are successful in entrepreneurship and outshine others. This aspiration to impress others is potentially suicidal to the entrepreneur as well as the business venture. Entrepreneurship is mainly a self-gratification project and the entrepreneur should be pleased with their achievement and neglect the applause other accord the enterprise.
* Nigerian businessmen want the business enterprises to be significant lasting through various seasons and hope that the demand for their products is constant. This may cause them to over commit in multiple events in order to maintain this. This can be detrimental to the venture. An entrepreneur should identify one opportunity that will offer the required returns and devote to that opportunity.
Khalil Suleiman Haliluis an authority in the modern technology sector of Nigeria and the African continent. In his remarks, Khalil reveals that “life is filled with uncertainties and challenges but it is up to you to choose from which perspective you wish to look at these challenges and then change and adapt your attitude accordingly.visit here - http://khalilhalilu.com/