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Why Most Nigerian Businesses Don't make it past the First Generation. 3

To conclude what I've been writing on why in my opinion many businesses hardly make it past the first generation let me share my experience like I promised to. 

A few years back I was approached by someone through a close friend to come and help start a diagnostic centre. The owner was a civil servant who worked in one of the Teaching Hospitals in the country. 

After asking some questions and all, I agreed to give my off days at work to come to the centre to offer my services and help oversee the runnings of the place. 

So we began, the location was very good and strategic, great facility. Good working environment.

The admin staff who happened to be a relative of the MD was quite cooperative and easy to work with. We would sit and brain storm and I would give some ideas on how we could do things better. 

Gradually things began to pick up and we were having patients visit the facility and feedbacks were good. 

Then a 'marketer' was brought in to help market what we were doing. I asked the MD how good the person and a lot of other questions, he said she was good but I was sceptical because I had had an encounter with her when she came to the facility once to get some things for the job. Her temper was terrible when we couldn't locate where the materials to be given here were. I had to ask her calm down and let's look for it which we eventually found and have her. 
That attitude bothered me hence my questions to the MD. 

Well we never saw the effect of her 'marketing'. 
And she had been paid. 

Then we had this problem, monies coming in were not plugged back into the business and we began to have inadequate funds to run some things. 

We complained,MD said he would compensate with salary. Then strike happened. Stretched for months. No salary, business already down. We couldn't even pay the security and secretary. 
They told me they would leave, told them to let the boss know and they did. 

Long story short, I decided to leave too. 😀. Thankfully it was just a side hustle, I still had my main job. 

Second experience. 
Same kind of business. Good location. Very very strategic as at then.

The owner also reached out to me to come help with the running of the place and offer my services.
I agreed, negotiated what I would take as pay. 

I was still working so I only went there during my off days from work. 

We began, things were good. Then the admin guy got admission. We now needed another staff. 
Oga refused to employ another, got the cleaner to do the job, in the name of saving cost. 

Cleaner not properly educated to handle patients and clients. 

It became a disaster. Sometimes I had to leave what I was doing to handle that. 
Spoke to Oga. He was slow in addressing issues. 

Then family and friends and well wishers who heard about the centre would come.

The MD would order for lunch from the purse of the baby business. And with time funds went down plus the effect of poor customer service. 

When I saw that too I withdrew my services. 

Lessons. 
1. Each of these persons started with the mind to succeed but eventually didn't. 
Success is more than wishful thinking. You have to work for it. 

2. For both, they never allowed the business to grow. Kept taking from a young business and eventually suffocated it. 

As a business owner you must learn to be disciplined enough to allow your business grow. Whatever you get from it, put it back. Eventually you will reap the profits. 

3. Look for the right people. 

The first person didn't check well with the marketer, he just gave her job and there was no result. 

The second person in a bid to save cost gave a square peg the job of a round one. 
It's true that while starting you may need to have some staff multitask to save cost but please look for the right people. Else your business will go down. 

4. Friends and well wishers should STAY AWAY from your business except they want to patronize you.

 Learn to draw the line from the very beginning. 
Understand that a business is an entity and treat it as such. 

5. It's not enough to just have capital to start a business, take some time to learn and thoroughly study it. Know the risks and gains. Know about the peak and low seasons. 

Understand customer behavior in that area. 
Know about your potential competitors and all. 

Then you can begin and with patience and hardwork you can build an empire that your generations can benefit from. 

Let's begin to see transgenerational businesses rise. 

Note: This series was based on observations and case studies done in a part of Nigeria but the principles and lessons are applicable anywhere on the globe. 

Thank you. 




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