Business management expert, Ofonime Eset identified misinformation and the lack of proper feasibility studies as the main causes of business crashes that ravage individuals, organizations and businesses in Nigeria.
He said the “crash and burn” business operations in Nigeria have wreaked havoc not only on individuals and businesses, but also on the declining economy of the nation as a whole.
Eset while interacting with reporters in Uyo, the state capital of Akwa Ibom, on Thursday called on business owners, businesses or future business leaders to seek out information in their areas of work. interest that would guide them to make informed decisions.
According to him, “the reason people have accidents and burns or continue to fail in their businesses is not that they are not good at what they do, but because they are not good at what they do. informed, they did not get the right knowledge or the right knowledge. information.
“Most of the time people make decisions based on emotions, a company that works in Abuja doesn’t mean it has to work in Uyo for example. A particular business may thrive in one location or state and may not do the same in another location.
“In addition, some businesses don’t have to be launched at a particular scale; the simple rule is to make sure that what goes in in terms of profit is more than what goes out to avoid a trade crash.