“why businesses fail could be linked to individuals. Many business owners lose focus, they sometimes forget the purpose and objective of the business“,
Why do Small Businesses Fail (and even large scale businesses)? Business failure in a country like Nigeria is mainly caused by these:
Why Businesses Fail is First Attributed to Ego
Ego of Overconfidence
Ego of Self-importance
Businesses Fail Due to Financial Illiteracy
Small Businesses Fail Due to Unfavorable Environment for The Business
Improper location would always make a business fail.
Giving Up too Soon
“There are no disasters in business that you can’t avoid if you see them coming and make the adjustments”.
Following the Crowd Makes Businesses Fail
Poor Customer Relation
- When your prospective customers reduce,
- When you start having low sales,
- When you struggle around cash flows,
- When no one is talking to you.
Wrong Choice of Business
Bad Management and Leadership
- political sector,
- business sector, and
- the entertainment sector.