3 Reasons Why Most Nigerian Businesses FailKehinde LAWAL
Whatsup Guys! TGIF!
Within the past couple of months, I have been able to conduct a survey in over 1000 local businesses in South-Western Nigeria. And based on my research, I had compiled a list of the most cogent reasons why Nigerian businesses fail or don’t perform up-to par.
3 Reasons Why Most Nigerian Businesses Fail
- Nigerians don’t share business information: Yeah! This very true, Nigerians rarely share information with one another. It’s even plausible that apart from 9jacashflow.com and some few websites out there, majority of Nigerian website wont share valuable/trending business info with you, unless you pay exorbitant cash.I don’t even blame Nigerians for not sharing information simply because we’re not innovative enough. If you share a vital info with Nigerians free of charge, it will immediately get saturated and obsolete, cause everybody will keep doing the same thing.Majority of Nigerians don’t have access to basic information like how to manage a business etc, which doesn’t even require competitions. I once visited a canteen for breakfast, and after telling the canteen owner what i would be buying, she immediately started complaining that she got no take away and nylon to package my food (so i should be coming with plate), she got no #500 change etc. How I wish somebody could have enlightened her that she’s actually in business to solve those problems (cause i don’t fucking like to wash plate).
- Nigerians don’t know how to sell: This perhaps the most important reason why businesses fail in Nigeria. We all believe we can sell, but the reality still remains that majority of Nigerians can’t. I do believe if you can sell you would never be broke, so when I see people complain about money, I always remember what my mentor Robert Kiyosaki (Author of Rich Dad Poor Dad) use to say.
“You Better Start Selling”….. Robert Kiyosaki
As an experienced Internet Marketer, I always look for ways to promote business every where I go. Have walked into many corporate offices like Adron Homes & Properties and discussed how I would market their products/services so as to bring customers for a predetermined commission.
I would say knowing how to sell is highly lucrative as you can become an independent marketer for many offline businesses. However, the sad story is that an average Nigerian don’t know the meaning of closing techniques when it comes to selling. No wonder most of Nigerian are poor at sales.
- Nigerians don’t like to partner to do business: Majority of Nigerian entrepreneurs (especially the Yorubas) including myself found it add to partner or collaborate with other people in doing businesses. I operated 9jacashflow.com for over one and half years before I did partner or employed someone to come help me out. Pls and Pls, don’t wait too long before you partner or hire someone to come work for you. Below is a secret from one of my mentor Grant Cardone, it will help you to easily hire people.
To get people to easily work or partner with you, make sure they earn a higher commission than you… Grant Cardone
Very simple, just make sure people earn more commission than you, and they will come work or partner with you.
I will conclude that sales is the main reason why most Nigerian businesses fails, therefore, being a successful business owner in Nigeria will require you to double up on sales through closing techniques, negotiations, partnerships, affiliates, collaborations, customer satisfaction etc.
Thanks for taking the time to read through this post.