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NIRSAL's Agro Geo-Cooperative Farming Model is a Game-changer for Agricultural Financing in Nigeria
NIRSAL's Agro Geo-Cooperative Farming Model is a Game-changer for Agricultural Financing in Nigeria

NIRSAL's Agro Geo-Cooperative Farming Model is a Game-changer for Agricultural Financing in Nigeria

If, as a smallholder farmer, you desire to easily obtain agricultural bank loans through NIRSAL Bank, you must be ready to join and operate as an Agro Geo-Co-operator. Find out why, and how to go abo...

Smile to the Bank with Nigerian Fashion Export Business!
Smile to the Bank with Nigerian Fashion Export Business!

Smile to the Bank with Nigerian Fashion Export Business!

The world is fascinated by Nigerian Fashion and Costumes. Nigerian Fashion Export Business is therefore a sure route to wealth. Many talented dressmakers at Aba - the Enyimba City, got what it takes! Start your Nigerian Fas...

Are You a Small Business Owner? Then Bite Into the MSME Survival Fund Now!
Are You a Small Business Owner? Then Bite Into the MSME Survival Fund Now!

Are You a Small Business Owner? Then Bite Into the MSME Survival Fund Now!

The Federal Government rolls out its Micro, Small and Medium Enterprises funding initiatives worth ₦75Bn. The scheme is estimated to save not less than 1.3 million jobs across the country and directly impact over 35,000 i...

Police SECURITY and Emergency Numbers For States in Nigeria
Police SECURITY and Emergency Numbers For States in Nigeria

Police SECURITY and Emergency Numbers For States in Nigeria

Below are the Police Control Emergency Phone Numbers for States in Nigeria which you can contact at any time for Rapid Response to Criminal Incidents around you and your environment. Good luck!

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1st. Aba Investment Summit 2018 (archived)
1st. Aba Investment Summit 2018 (archived)

1st. Aba Investment Summit 2018 (archived)

The 1st. Aba Investment Summit 2018 was staged to boost the Abia State Government's push towards returning Aba - the Enyimba City to its primal position as the top investment destination of choice, east of the Niger.

School CHALK Production – Simple Home Business That Rakes in Profit
School CHALK Production – Simple Home Business That Rakes in Profit

School CHALK Production – Simple Home Business That Rakes in Profit

School Chalk production is a simple process - no technicalities. Raw materials are available. The market is ready. Demand is increasing. Profit is guaranteed. What are you waiting for? Start your School Chalk Production Busi...

Become Rich With Nigerian Food Export Business!
Become Rich With Nigerian Food Export Business!

Become Rich With Nigerian Food Export Business!

Nigerian Food Export Business offers a great opportunity for massive profits.  Many superstores and groceries in the United States and Europe eagerly await high quality food supplies from Nigeria. If you got the capital, wh...

Multiple Taxation in Abia State – Governor Okezie Intervenes
Multiple Taxation in Abia State – Governor Okezie Intervenes

Multiple Taxation in Abia State – Governor Okezie Intervenes

Following series of complaints about multiple taxation in Abia State, the state Governor Dr. Victor Okezie Ikpeazu met with key stakeholders on internally generated revenue collection chain, on Monday July 9, 2018, where the...

Protect Your Money with This Mobile Banking Security Tip
Protect Your Money with This Mobile Banking Security Tip

Protect Your Money with This Mobile Banking Security Tip

For sure, the era of Information Technology, Internet and Mobile Banking is not only here with us, it is here to stay! Use This MOBILE BANKING Safety Tip to Protect Your Money!

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COVID-19: Aba Chamber of Commerce Donates Palliative Materials to Abia State Government
COVID-19: Aba Chamber of Commerce Donates Palliative Materials to Abia State Government

COVID-19: Aba Chamber of Commerce Donates Palliative Materials to Abia State Government

Aba Chambers of Commerce, Industry, Mines and Agriculture (ACCIMA) recently donated palliative materials to the Abia State Government, to help cushion the effect of the 'sit-at-home' order and lockdown in Abia State.<...

Wanted! Creative Solutions to African Problems
Wanted! Creative Solutions to African Problems

Wanted! Creative Solutions to African Problems

Africa is peculiar. Africans have peculiar needs. Africans are thus best placed to solve African problems because they know Africa and its peculiarities, environment, people and needs. Oh Africa, my Africa! Wake up!

Corporate Tax Mistakes You Should Avoid!
Corporate Tax Mistakes You Should Avoid!

Corporate Tax Mistakes You Should Avoid!

If you have a corporate (business) bank account, but are using it to operate your personal transactions, you risk falling out with FIRS (Federal Inland Revenue Service) for avoidable tax issues. Learn how to avoid this FIRS ...

Party after Party - Smile to the Bank as Events Planner and Management Expert!
Party after Party - Smile to the Bank as Events Planner and Management Expert!

Party after Party - Smile to the Bank as Events Planner and Management Expert!

Many Social, Political, Cultural, Corporate and Sports events need expert planning. Both individuals and corporate bodies use Events Planners and Management experts to execute their events. For event planners, business is ...

Security Tips While on Nigerian Roads
Security Tips While on Nigerian Roads

Security Tips While on Nigerian Roads

Have you noticed a proliferation of stop and search security check points in some states in Nigeria? This is attributable to the present level of insecurity in the country.

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Recover Your Stolen Phone – in 5 Easy Steps!
Recover Your Stolen Phone – in 5 Easy Steps!

Recover Your Stolen Phone – in 5 Easy Steps!

There is a way you can trace and recover your lost phone. Just remember that your phone or mobile device has a unique IMEI identity which can be used to track it to wherever it is on planet earth.

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Your Personal Security Tips
Your Personal Security Tips

Your Personal Security Tips

Use these Personal Safety and Security Tips to protect yourself, your family and environment. Remember, Police is your friend! Learn more...

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South-East Governors Deliberate on Security and Economy of the South-East
South-East Governors Deliberate on Security and Economy of the South-East

South-East Governors Deliberate on Security and Economy of the South-East

In their last meeting, the South-East Governors Forum among other matters deliberated on issues bordering on Health, Security and Economy of the South-East in particular and Nigeria in general. See what they discussed!

Access to Easy and Affordable Loans for Small Businesses in Nigeria gets a Boost
Access to Easy and Affordable Loans for Small Businesses in Nigeria gets a Boost

Access to Easy and Affordable Loans for Small Businesses in Nigeria gets a Boost

Lack of access to credit is a major hurdle and setback for Micro, Small and Medium Enterprises in Nigeria. And that is precisely what NIRSAL National Microfinance Bank is set to reverse. Find out how!

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Nigeria Economic Sustainability Plan - How to Plug-in and Benefit!
Nigeria Economic Sustainability Plan - How to Plug-in and Benefit!

Nigeria Economic Sustainability Plan - How to Plug-in and Benefit!

Following the health and economic crisis triggered by the COVID-19 pandemic, Nigeria setup her Economic Sustainability Committee in March 2020, charged with the mandate to develop a clear Economic Sustainability Plan in resp...

How to Start Small and Grow Big in Nigerian Commodities Export Business
How to Start Small and Grow Big in Nigerian Commodities Export Business

How to Start Small and Grow Big in Nigerian Commodities Export Business

I know you will survive the COVID-19 pandemic. So don't just sit at home playing Lido, Draft or Chess. Now is the time to plan for another source of extra income. Find out how!

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2020 China Canton Trade Fair Opportunities
2020 China Canton Trade Fair Opportunities

2020 China Canton Trade Fair Opportunities

The Canton Fair holds three times every year. Aba Chambers of Commerce, Industry, Mines and Agriculture (ACCIMA) usually invites you to join its Business Delegations to the various editions of the China Imp...

One-Man Business - 5 Often Overlooked Reasons Why a Small Business Fails

Written by
Business Failure Business Failure

Business management principles adduce reasons why a business fails. However, there are other less obvious but equally potent reasons why a Small Business may fail. Find out!

Profit is a measure of business success. There are known considerations and principles for business start-up success. These include business plan, choice of location, capital, customer service, book keeping, staffing, publicity, etc.

However, many start-ups overlook these basic business principles thinking they do not apply to them; and this may lead to business failure.

Below are the less obvious reasons why a one-man Business fails.

  1. Is your Profit Calculation Wrong? 
    If the calculated difference between your selling price and your cost-of-production is wrong, your business may crash sooner than later. Selling Price minus Production Cost must be positive for your business to survive and make profit. Be sure to factor in all costs into the calculation!

  2. Are you are in the Wrong Business?
    Is your business right for you? Are you excited about it? Do you have the drive? Are you a round peg in a round hole? Not being in the right business could lead to failure.

  3. Are you in Business for the Wrong Reasons?
    Starting a business just because you want to answer "Boss"; or because you want to escape from the 9-5 workday routine, is a wrong move. Being in business for the wrong reasons can cause failure.

    A successful business is highly rewarding. But it requires great personal sacrifice and long hours of work; and you must be ready to work even harder. Start a business only if you have a strong Drive, Desire, Purpose, Vision and Mission.

  4. Do you Plunder your Business?
    Disloyal and poorly motivated employees can plunder the business by wasting time, low output, or even stealing raw materials and finished products. This can run a business down.

    Business owners also plunder the business by taking money from the business for non-business purposes; by using business funds to cater for social, family and personal expense; by taking money from the cashier and not accounting for it - because you are the "boss"!

    You must separate your personal expense from your business expense. Place yourself on a salary and live within it.

  5. Where is the Money?
    Poor credit management can lead to business failure. When your operating capital is tied down in debt, and out of reach of the business, then there is danger of bankruptcy. Selling on credit, having many debtors and a poor or no repayment plan, can cripple any business.

    Solution? Stay Alert!

    Remember, no business fails overnight. There are usually noticeable tell-tale signs that a business is struggling and about to crash. If you are mindful, alert and aware of what is going on, you can take action to prevent a business collapse before it ever happens.

See Small Business Loan Approval - What do Banks Want to See?

You may also be interested in: 
Access to Easy and Affordable Loans for Small Businesses in Nigeria

You may also be interested in: 
How to Apply, Qualify and Get the Central Bank of Nigeria Small Business Loans 2020.

Stay Smart, Wealthy and Wise!

© Jay Onwukwe 
Aba BUSINESS Pages

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