Small Businesses in Nigeria

Published on February 2017 | Categories: Documents | Downloads: 30 | Comments: 0 | Views: 417
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SMALL BUSINESSES IN NIGERIA: WHY THEY
REMAIN AS SMALL BUSINESSES

Some weeks ugo ut the offlce, I culled on u ludy huwklng food. My colleugue und I hud
mude up our mlnd to buy the food becuuse we were very hungry; we hud the bellef thut the
food mlght not be thut good but we were ln need of somethlng to eut us lt wus u Suturduy
und none of the cunteens ln the ureu were open us thut ureu wus u buslness communlty wlth
offlces us the muln occupunts of bulldlngs ln thut locutlon.

To our surprlse the food wus properly cooked und tusted nlce; more pleuslng wus thut the
ludy hud good customer servlce und she wus very pleusunt. However, there und then she
usked lf we were employlng und lf she could brlng her resume for future vucuncy. When
usked why she wunted u |ob, her response wus thut whut she dld wus temporury und իu
meuns to un endլ. Somethlng she dld |ust to keep body und soul together untll she could get
u |ob. I wus worrled!!
Who you declde you ure cun determlne who you wlll
become!
Most Nlgerlun youths leuve school wlth u certlflcute thut cunnot be used to get employment.
They spend yeurs golng from one compuny to unother ln seurch of u |ob. Some go us fur us
looklng for |ust unythlng to muke ends meet. For those who huve work, they ure underpuld
und overworked but cunnot leuve the unsutlsfylng employment becuuse they ure worrled
(wlth good reuson) thut they mlght not flne unother one. The bunks thut were the mu|or
employers some for muny yeurs huve now cut buck on stuff und sulury.
Unemployment hus pushed u lot lnto sturtlng u mlcro or
smull buslness ի|ust to muke ends meetլ whlle they stlll
huve the hope of gettlng u puld employment.
The lncldent ubove ls true of u lurge percentuge of Nlgerlun smull und mlcro buslnesses. We
ure not lnto lt becuuse lt ls whut we love to do und becuuse we wunt to meet u need und
muke use of opportunltles thut we see uvulluble open to us. We sturt buslnesses becuuse we
feel we huve no cholce becuuse we need money und cunnot get puld employment. The thlng
ubout money ls thut lt would tuke u lot from you before lt glves to you, or lt would not even
bother to come puy you u vlslt.
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Nlgerlun mlcro und smull buslness owners go through unwunted chullenges such us:
1. Under-prlclng or over-prlclng of products und servlces
2. Been unuble to dlfferentlute the thln llne between whut belongs to the buslness und
whut ls personul ln the sules und lncome generuted by the buslness
3. Flnunclul drought due to luck of huvlng u suvlng culture. Every buslness owner
should be uble to set uslde u percentuge of thelr gross proflt for the leun tlmes
4. The most unnoylng ls thut they donըt huve un uccountlng system. They cunըt truck
how much money comes lnto or goes out of the buslness
5. Most donըt even huve u bunk uccount und so ull the trunsuctlon ure cushed bused so
thut when the thlef comes to steul they do not huve u full buck suvlngs to contlnue
thelr buslness
Wlth these the mlcro or smull buslnesses wlll ulwuys
contlnue to be |ust thut գ smull or mlcro und nothlng
more.
It ls lmportunt thut buslness owners or lndlvlduuls who wunt to sturt thelr own buslnesses
tuke tlme out to uctuully huve un understundlng of the buslness before they sturt. Letըs leurn
from the Ibo Buslness Munըs wuy of dolng buslness. Get to know ubout the buslness the
lndustry und the murket. Letըs leurn how much proflt we cun muke und where our customers
ure. Let us muke use of whut hus stood the ln good steud und hus ensured thut they contlnue
to grow ln every buslness und to e[pund.
Thls ls the only wuy thut Nlgerlun mlcro buslnesses cun become smull buslnesses und
contlnue to grow; lt ls ulso through thls wuy thut our smull buslnesses cun grow to become
conglomerutes. Remember ABC Trunsport sturted smull und hus now grown lnto un
lnternutlonul buslness sume goes for ull those Alubu boys (funny us thut muy seem).


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