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NEWS UPDATE: Why businesses crash in Nigeria – Financial expert

NEWS UPDATE: Why businesses crash in Nigeria – Financial expert

A business direction expert, Ofonime Eset has identified misinformation and lack of proper feasibility studies as the main causes of business crashes ravaging individuals, organisations and companies in Nigeria.

He said the ‘crash and fire’ business operations in Nigeria has taken a toll not only on the individuals and companies but on the dwindling economic system f the country at big.

Eset in an interaction with journalists in Uyo, Akwa Ibom province working capital on Thur called on business owners, companies or intending business officers to seek information in their areas of involvement which would guide them to create informed decisions.

According to him, ” the reason why people experience crash and fire or hold on failing in their business is not that they are not good at what they do, but because they are not informed, they didn’t acquire the right knowledge or the right information.

“Most times, people create decisions based on emotions, a business that works in Abuja does not signify it must work in Uyo for instance. A specific business may thrive in a specific location or Province and may not do the same in some other location.

“Also some businesses are not required to be launched in a specific scale; the simple regulation is to create certain that, what comes in, in terms of turn a profit is higher than what goes out to avoid business crash.”

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