28 REASONS WHY PEOPLE FAIL IN BUSINESS

CAUTION: Please, don't read this piece if you're not running a business or planning to start one.

28 Reasons Why People Fail In Business

Some few months ago, officials of the Manufacturing Association of Nigeria(MAN) cried out that more than 250 companies under their umbrella have closed down within one year. To me, that figure was seriously underestimated. To run a business is not a child's play because so many things(seen and unseen) are involved.

As a chapter president and member of the Business Seminar Committee of the Full Gospel Businessmen's Fellowship International(FGBMFI) South-South 1 District, I've discovered that businesses actually die long before people notice they're dead.

One of the sectors that records high mortality rate is the hospitality industry. More than 50% of the hotels I've lodged or done trainings were "clinically dead" although the people running them won't accept this fact.

I recently did a 2-day training at Bonny, Rivers State. As we entered our hotel room, I said to my wife, "This hotel is dead." My wife asked why I said so, because everything was looking okay and the environment was very serene and inviting. I pointed at the chandelier at the centre of the ceiling and asked her how lampholders are there? "I can see five of them," she said. "How many of them have bulbs that are okay?" I questioned. "Just one'" she remarked. "That's how businesses die - gradually. Four bulbs out of five are dead!" End of discussion.

Below are some of the reasons why people fail in business:

1. They are not passionate about what they do.

2. They don't have any goals and dreams, so they are confused and lost.

3. They promise according to their hopes but perform according to their fears.

4.They have no commitment.

5. They are unorganised, wasting too much time in irrelevant documentation.

6. They have poor record-keeping of their transactions.

7. They are interested in personal profits rather than creating sustainable values to solve problems.

8. They don't keep to appointments.

9. They don't  follow up prospects and make them customers

10. They don't consistently advertise their products and services by word-of-mouth.

11. They give up too soon. Remember, business is not a get-rich-quick scheme. Delayed-gratification is a virtue.

12. They easily get discouraged and throw in the towel.

13. They lack self-esteem and exhibit unprofessional appearance.

14. They don't know how to convert their contacts to networks.

15. They don't pay themselves first.

16. They can't differentiate between good debt and bad debt.

17. They invest in liabilities rather than investing in assets that will improve their cash flow.

18. They don't differentiate between business finance and family finance.

19. They have ATM cards connected to all their bank accounts. So they withdraw cash even in their dreams.

20. They don't have relevant mentors to help them navigate through tough times. They operate solo and die on a deserted island.

21. They don't engage in conscious self-development.

22. They lack the ability to build a team.

23. They lack basic ICT skills for networking.

24. They box themselves into a mold for lack of innovation.

25. They downplay on requesting for referrals from their existing customers.

26. They lack the ability to generate multiple streams of income.

27. They don't have the support of their immediate family members.

28. They lack basic negotiation skills.

This Is Your Day: Think Business, Think Possibility!

See You At The Top In 2016. #MoreGrace!