WHY 90% OF BUSINESSES FAIL IN NIGERIA
It's not village people. It's not government. It's US.
I will explain 3 silent killers:
1. We start because we are BROKE, not because we have PASSION
> You need school fees tomorrow, so you say "let me start selling hair". No research, no customers, no plan. When money no come in 2 weeks, you quit and say "business no be for me".
> Business needs patience. If you need urgent money, do a JOB first, save, then start business.
2. We are AFRAID to price well
You buy something ₦5k, you sell ₦5,500 because you want customers. After data, transport, your time, you made ₦0. Then rent comes, you borrow from business. Business dies.
> Stop pricing to please people. Price to STAY in business. Good customers pay for value.
3. The biggest one: We CHOP business money
End of month, capital don finish. You go say "you no know where money go".
> Your business money is NOT your money until you pay yourself salary.
> I do it differently: I pay myself only 30% of profit. 70% goes back to business.
My question for you: Which of these 3 is holding your business now? 1, 2, or 3? Be honest, let's help each other.