Thursday 29 October 2015

WHY PEOPLE DON’T START BUSINESSES

WHY PEOPLE DON’T START BUSINESSES
Many people today are not living that fulfilled life because of the fear of uncertainty and the fear of failure. I will provide a list of 102 highly profitable Small Business ideas that are not difficult to find with few tips on how to start.
I have been asked many times on the business ideas that are profitable. If you are seeking for a profitable business idea that have been tested and confirmed, this free report should help.
The reasons why many do not start businesses today and cannot see the business ideas in our societies is as a result of the following:
1.     Lack of Vision
Most people look but lack vision to see the beauty and miracles that happens around them every day. They can’t visualize solution. They can only see the impossible part of things but not solutions. I mean they just look and they say, “There is no money here let me find other businesses with high investment potential”. They might even want to go to order countries to be second class citizens doing horrible jobs to live. Don’t be like that my friend. Africa is booming especially Nigeria and you can make it big time. Money is everywhere.
Create a value and money will never be your problem!!!
2.     Using Failures as Example
A lot of people don’t give it a short today because the only examples they see are the people who have done it and failed and will go about saying “some of the people running the business can barely feed their family”. This hinders their action potential and stops the decision making mechanism in their minds.
This is the key, when you see a business idea but it does not seem interesting to you or you don’t have passion for it, check again, look out for your passion and skilled area, no matter who have tried and failed.
Give it a SHOT because you are you and you are different in every way.
You can succeed because that is your nature.
A lot of people don’t know this and keep using people who have failed doing the business as an iota to judge that the business don’t work. This is certainly because they have been carried away by those currently running the business in the wrong way.
Learn a business, start-up and give it all you have got and if you fail, try again until you succeed.

WHY BUSINESSES FAIL
Personally when I start a business or when my clients come for consultations, I usually encourage them to start up immediately as long as they have the basic knowledge, Passion and a proper feasibility studies. This is what I usually say “If you want to wait until you know everything about the business or when everything is favourable, you will never start or have a business. Just join the wagon and learn as you go”.
Surprisingly I have seen a lot of small business owners who runs a good business in the red with no single knowledge and technical know-how but just start anyway and this is why they end up anyway.
I found out that running small businesses can be very profitable. So I decided to check on 800 small businesses in Lagos and see how they are run. To my surprise, here is what I discovered
1.     Most of them have no business plan
2.     No feasibility studies
3.     Most of them do not have knowledge of the business
4.     Most of them do all the aspect of the business themselves. They are the secretary, the accountant, the manager, the sales rep., etc.
5.     There is too much complain of how things are wrong
6.     They never find solution to their current challenges
7.     They don’t take business advice
8.     They park up after two or three years
9.     They do not know that business is creativity
10.       They look for excuses a lot
11.        Lack managerial skills
12.         Lack technical know-how of their business
13.        Don’t seek professional advices
Numbers 1, 2, 3, 4 , 5, 8, 11, 12 and 13 seem to be all common in my four years case studies of all these 800 small businesses.

So as a professional advice, endeavour to look through the 13 reasons why businesses fail above and get solid and reasonable answers before jumping into the business.
You can download our free report HERE

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