Key reasons why first-time businesses fail

Statistics show that about 50 per cent of first-time businesses fail within their first five years of operation, experts say. In this report, Okechukwu Nnodim and Ayomikun Abiola highlight the major reasons why first-time entrepreneurs fail in business

Businesses succeed as much as they fail. To run a successful small and medium scale business in Nigeria, aside adequate capital investment, some basic criteria must be strictly adhered to by the entrepreneur. Experts note that the neglect of these criteria contributes to the failure of most businesses.

Entrepreneurs, especially those just starting out in business must appreciate the fact that shrewd businessmen treat business failure as a milestone on the road to success. They must try to bounce back notwithstanding the fall. Experts note that real entrepreneurs count on learning from their mistakes, and use the experience to move to the next idea. Owners of start-up businesses should learn from the mistakes of others to avoid the pain and suffering associated with business failure.

Below are major reasons why first-time businesses fail, according to experts and medium scale business entrepreneurs interviewed by our correspondents:

 Lack of business plan

Many young entrepreneurs often neglect the essence of writing out a business plan for their venture. Experts note that you should not believe the myth that a business plan is not worth the effort. The Managing Director, Nordmark Communications, a medium scale communications firm in Ojo, Lagos, Mr. Daniel Nze, says no matter how small a business might be, the entrepreneur must take the pains of writing out a plan. He notes that the time and energy put into writing down a plan shows that the entrepreneur truly wants to transform his idea into a business.

Improper execution of ideas

It is one thing to come up with a business plan and another to astutely execute the idea. Experts note that an idea alone is really worth nothing. According to them, the idea is useless if not executed. They note that the entrepreneur must be a risk taker and one who takes strict business decisions in order to do well in this area of idea execution.





New Blackberry Empathy

The Blackberry Empathy concept phone comes with a biometrics ring that detects the mood of both parties which is very interesting to me. Additionally the Empathy is normally crystal clear when inactive and changes to black when in put in use. Very impressive to say the least.

Another spicy feature is how this phone is charged. With the phone you also get a power mat that lets you sit your Empathy and biometrics ring for charging purposes.

This new Blackberry Empathy comes with all full necessary Accessories and come with 1years warranty and 7month return policy.

New Blackberry Empathy cost about $550USD.



How farmers can increase food production…

Livestock in Nigeria plays a big role in the livelihood of farmers and nutritional needs of the country.   Livestock also contributes to farming in many other ways.  Animals are used as draught power to pull plows or help weed farmland, and cow dung is an excellent fertilizer.

With so much at stake, farmers could benefit from simple, yet highly efficient ways to increase the health and productivity of their livestock.  These factors are often compromised when animals roam free in open pasture, exposed to disease vectors and left to feed on unwholesome grasses and plants.

One technique that can be very effective in maintaining healthy productive animals is a zero-grazing system.

In zero-grazing, livestock is kept in stalls all the time, and feed and water are brought to the animals. Zero-grazing keeps animals healthier. It can ward off diseases such as sleeping sickness caused by tsetse flies and tick bone diseases, which are so prevalent throughout Nigeria.  Zero-grazing also helps farmers increase productivity either from their current livestock or from the purchase of higher-yielding breeds of livestock which would not be able to thrive in an open pasture.

Zero-grazing has side benefits as well.  The increased efficiency of this management practice means more weight or milk can be produced per unit of feed eaten. Zero-grazing uses less land to produce more nutritious fodder plants, which allows the farmer to maximise the use of available land. Processes such as milking are easier to perform when the animals are kept corralled and calm.  Manure can be collected from the enclosure and used as fertiliser for growing crops.  Diseases are minimised because troublesome insects, such as biting and nuisance flies, are easier to control.


Radiation Hazard, a High Health Risk

Radiological energy is one of the methods of treating some diseases requiring radiotherapy, but besides treatment, the method can cause other complications in the body, writes Steve Dada The World Health Organisation (WHO) recently revealed that exhaust fumes from diesel engine could cause cancer. In a report by a WHO expert group, fumes from the exhaust were categorised as cancer causing agent, especially lung cancerand may also cause tumours in the bladder. It based the findings on research in high-risk workers such as miners, railway workers and truck drivers. However, the panel said everyone should try to reduce their exposure to diesel exhaust fumes. The International Agency for Research on Cancer (IARC), an affiliate of the WHO, had previously labelled diesel exhaust as probably carcinogenic to humans. IARC has now labelled exhaust as a definite cause of cancer, although it does not compare its risk levels. Diesel exhaust is now in the same group as carcinogens ranging from wood chipping to plutonium and sunlight to alcohol. It is thought that people working in cancer-risk industries have about 40 per cent increased risk of developing lung cancer. Dr. Christopher Portier, who led the assessment, said: ‘’The scientific evidence was compelling

Clinical Lung Cancer

Clinical Lung Cancer (Photo credit: Wikipedia)

and the working group’s conclusion was unanimous, diesel engine exhaust causes lung cancer in humans. There are other human made items that are capable of causing other diseases, but not known to man. The only thing that is incontrovertible is the fact that some diseases that were alien to man in the past are becoming increasingly feasible, as major cause of deaths, yet no solution. It might even have to do with what man consumes.


Apple iOS 6 starts seeding to iDevices around the globe

Apple has just started seeding its latest iOS 6 to iDevices around the globe. If you own a 4S, 4, 3GS oriPad 2, new iPad and iPod Touch you can expect to get the update in the following hours.

This is the first iOS release that’s available over the air so you can check the Software update menu on your eligible device. You can also check for the update from your computer, but you’ll need the latest iTunes (v10.7) installed.

The update might take a while depending on where you are. If you know your Apple stuff you should know that the main features in iOS 6 are the brand new Maps app with free voice-guided navigation, which replaces Google Maps, Facebook integration and a more functional Siri. Here’s our iOS 6 previewif you want to check out what else has changed.


How to tackle livestock disease outbreak, by expert

English: Ruptured oral vesicle in a cow with F...

English: Ruptured oral vesicle in a cow with Foot-and-mouth disease. (Photo credit: Wikipedia)

HOW can livestock disease outbreak be tackled? It is by a national data on animal movement, a livestock expert, Dr Aderemi Adeyemo has said.

Adeyemo, Head of General Management Department, Agricultural and Rural Management Training Institute (ARMTI), Ilorin, said the farm animal movement data is essential in the event of an outbreak such as foot-and-mouth disease.

He  said  there was  a need for programmes to train animal health officials. He also said the livestock  industry should ensure foot-and-mouth disease (FMD) never occurs again.

Adeyemo  stressed the need  for  a communication system that will provide  Despatch Alerts, Warning, and Notifications (DAWN) via email, voice messages, or text messages to assist farmers and  veterinarians to monitor disease outbreaks.

English: Foot and Mouth Disease Warning Sign a...

English: Foot and Mouth Disease Warning Sign at Ballygroggan. The farmer here is displaying a high degree of caution by bringing out an old Foot and Mouth sign hundreds of miles away from the current outbreak in Surrey. (Photo credit: Wikipedia)

He said  by  not investing  in  animal monitoring  the authorities are not only jeopardising the agriculture  economy, but also putting the health and welfare of  livestock at risk.


NHIS introduces voluntary health insurance for self employed, small businesses

Self employed Nigerians and small business owners with less than ten staff can now access subsidized quality health care under the voluntary contributors social health insurance programme launched by the National Health Insurance Scheme (NHIS).

At the media launch in Lagos at the weekend, the acting Executive Secretary, NHIS, Mr. Abdulrahman Sambo, said the scheme will commence in Lagos, but will eventually spread to other parts of the country.  He said Lagos was chosen for the commencement of the scheme because of its strategic importance in the economic life of Nigeria.

The voluntary contributors social health insurance programme (VCSHIP) is a prepayment arrangement where contributors would pay an annual premium of N15,000, adding that it will guarantee them access to health care in any NHIS registered hospital across Nigeria. According to Mr. Sambo, the scheme only covers the contributor without other beneficiaries ,but allows him or her access same quality health care with those under the regular health insurance scheme.

Those to benefit he said include artisans, entertainers, media professionals, students, retirees not covered by the NHIS programme, political office holders, foreigners and other informal sector players.  Sambo said to make the process easier, interested persons who wouldn’t want to visit NHIS offices for registration can purchase the voluntary contributors vouchers from the 11 participating health management organisations and register online.