A business expert has blamed most small and medium enterprises (SME’s) failure on lack of discipline, hardwork and determination.
This was disclosed during an entrepreneurial seminar organised by the management of Rivers State Newspaper Corporation (RSNC), Publishers of The Tide for workers at the corporation in Port Harcourt recently.
The expert who is the Principal Consultant with VTB Consulting Limited, Mr Victor Briggs, said that most entrepreneurs found it difficult to separate their business fund from their personal/family funds.
Briggs reiterated that it takes a disciplined entrepreneur to do that, adding that indiscipline has limited the success of many businesses in Nigeria.
The consultant noted that some businesses also fail because “people lack the discipline to start small and grow big”, stating the need to undergo a training and also commence business with small money before putting all the capital into a new business.
Briggs also noted the place of hardwork in the success of any business as “nothing pays like hardwork and diligence on whatever anyone does”.
He stressed the need for every worker to determine to succeed in every step taken before retirement, adding that “the determination to never give up even in the face of challenges and business setbacks helps the business to grow to be the a biggest company like Dangote and others”.
On how to generate business idea, the resource person told workers that every business is expected to solve a particular problem in one’s environment.
He urged the workers to also discover their talents and skills which he said can also become a business idea that can be developed before retirement.
According to him, raising capital for a good business has been made simple by ways of forming co-operatives societies to access loans from government through banks.
Briggs encouraged the workers to utilize the opportunity provided by the seminar to plan ahead of time, adding that retiring without a plan leads to frustration and degeneration few months after retirement.