Business Monday: Reasons why one-man business fail
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Business Monday: Reasons why one-man business fail

I opted to write this article as I observed that a lot of companies in Africa die in a short period, mostly less than twenty years of existence while organizations in the Western world or more advanced countries in most cases stay over a hundred years or more in existence.

The companies that live over a minimum of twenty years are considered the stable ones, why is this so? Is it the brand, market size, consumer behavior or management approach? Can we say those in the Western world understand business principles, formation and structures better or they are a different set of species? To all these questions, I will say a big NO.

Business principles and ideology are the same all over the world and no race is greater or higher in knowledge than the other, the only difference is the ways we apply what we know or learn. One of the big challenges African businessmen face is greed and self-centeredness in doing business and this is why businesses in the continent don’t strive as expected.

This is not to say all the businesses established by an average African don’t survive but business failure is very predominant in Africa. I understand that some of the factors responsible may be governmental, economic and political but it’s good to take ownership of one's behavior as some of them are man-made.

This article delves into understanding the issue and try to find a solution to the problem of lack of business continuity in Africa and other underdeveloped economy.

We meet again next week…..

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