"Entrepreneurs’ failures to differentiate between business funds from personal funds have contributed to the demise of so many businesses around the world". Those were the words of Ms. Margaret Bishop, a U.S based International Consultant and the Chief Trainer of Secret to Business II Seminar, a Bank of Industry's (BOI) pet project and Rimsom Associates initiative on entrepreneurial development.
Secrets to Business Success II recorded a huge success compared to the Secrets to Business Success I in terms of content and level of participation. The business tour took place in 3 different state capitals in Nigeria. The states visited were, Anambra, Delta and Benue States. Just like the first phase, boot camp II focused on some basic entrepreneurial development skills that are required to build a successful business (see empowering Nigerians through Entrepreneurial Training for details on the curriculum).
Ms. Bishop, during her teaching, emphasized the reasons why certain businesses fail. She also listed factors that contribute to these failures, namely:
- Lack of experience
- Insufficient capital
- Poor location
- Poor inventory management
- Over-investment in fixed assets
- Poor credit arrangement
- Personal use of business funds
- Unexpected growth
- Competition
- Low sales
- Underestimating the difficulty of starting a business
- Insufficient marketing and sales effort
Over 1,200 local entrepreneurs took part in the last boot camp. As usual, the BOI representatives were on hand to teach local entrepreneurs ways to benefit from the bank's (BOI) funding. The third phase of Secrets to Business Success Seminar is expected to take place before the end of first quarter of 2008. |
