If you pay attention, you might have noticed that most businesses (like more than 70%) fail all over the world.
It’s a right guess if you think Africa figure is a lot higher.
But why?
Why do most business fail?
Like many other things, there are many reasons why businesses fail.
Why every entrepreneur has experienced failures in his career, it’s the real failure when the business owner never get a breakthrough.
That’s not just a business failure, but an entrepreneur’s failure.
So we might as well consider changing the tittle of this tutorial to “Why Most African Entrepreneurs Fail”.
This is one major reason;
Most people never love business in the first place.
Most people who start business in Africa never for a time “fall in love” with business.
They only find themselves in the business world as a result of frustration.
It’s the truth.
Think about it.
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Now think about it.
If everyone could get a good job, no condition attached, how many people do you think would consider starting a business?
Or let me make this question personal.
If you have the opportunity of getting a job that pays #500,000/month, would you think of ever starting your own business?
For most people, the answer is NO.
Now you get what I’m saying.
Most people find themselves doing business simply because they cannot get the kind of “good job” they want.
This is probably the number one reason why most businesses fail.
You can’t succeed doing what you can’t marry.
If you don’t love business, how can you succeed doing it?
How do you explain to me that you love the lady you were FORCED to marry?
How can you love business, when in the real sense, you were forced to “marry” business?
Some of us are in the business world because we love business.
Someone will ask me, “But Steve, how can you prove that?”
You asked that question because you don’t know my story.
I started my first business before I was 15 years old.
I ran that business for one year plus and sold it.
I started another business immediately.
At 19, I had invested in few companies, including Ecobank of Nigeria.
When I left school at 21 and six months (because I hate school), I left my result and certificate there, because I never wanted to be an employee.
At the same time, a friend of mine wanted to give me an “opportunity” to get a job in the Skye Bank of Nigeria, but I turned it down.
I told my brother that Central Bank of Nigeria canNOT employ me (and I met my every word!)
If (at 22) you came to me and offer to employ me for #250,000, you may be disappointed when I tell you, “Sorry, I’m never going to be an employee”.
Even though my parents are poor farmer and tailor and I had no money to start a business, business was the only thing I loved in the entire universe.
So today I can tell you that I am entrepreneur, not because I wanted to be, but because I loved to be.
The major reason why most entrepreneurs fail (to repeat myself) is because they never fall in love with business.
I don’t need further explanation!
But Steve, what is the way out?
Simple; fall in love with business.
Love business and hate job.
You cannot do the two together.
You cannot love job and still love business.
How can you love business?
Start thinking, reading and learning about business.
Develop great interest in the business world and you’ll soon fall in love with business.
I love you and honestly want you to be a successful entrepreneur
