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Why Many Nigerian Business don't go beyond the First Generation. 2

Two weeks ago I wrote about a particular business brand I'd been observing over the years and from my observations I shared what I thought among others helped them succeed.
I remember talking about consistency and affordability.

Today let me talk about another one.

For those who are know Kaduna very well, it's a state that is home to virtually every category of educational I know in the country. And primary and secondary schools are not left out.

One of the thriving businesses is the establishment of private schools.

I remember growing up and knowing some schools that were making waves in terms of quality education and excellent facilities but as time went on one by one we began to see the 'death' or the folding up of these schools.

And from my little observations and thinking I'll share what I felt maybe have been the reasons for such folding ups.

First among one of the things I observed was the absence of long term vision.

The Bible says where there is no vision people perish. What that means is your business is only as big as your vision.

 There were those who started and didn't think it would grow so big and strong and so didn't prepare for the level of success they had.

And when this happened, they didn't know how to manage it and it crashed.

Any success you do not prepare for can destroy you.

So as a business person what exactly do you see for your business?

Do you want it to just impact your street? Your community? Your local government? Your state or the whole country?

Do you plan to have branches or is just being in one place your ultimate goal?

You should clearly define how far you want to go so you can know how to develop capacity to handle the type of growth you expect.

Secondly, there were also the cases of poor succession. A good and thriving business passed down to someone who has little or no idea on how to run it or no structure at all put in place for smooth succession and so the business dies as soon as the owner dies.

It's important that as you build a business and set up structure that allows you to had over to someone who will run it if you decide that that the business will outlive you.

Thirdly, some crashed because the business owner became all in all and couldn't be advised or spoken too except to massage their ego.

Power can be intoxicating when there is nothing to put it in check. This is why as soon as businesses become big most people set up a board to oversee the runnings.

Having that helps the business owner have some kind of check and at the same time helps even in the smooth succession of the business. Plus it provides a cover against being vulnerable to sycophants and wrong decision making.

These are just some few lessons I've gathered from personal observations and analysis.

Thank you.

Photo: Me.

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