Business Monday: Reasons why one-man business fail Part 3
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Business Monday: Reasons why one-man business fail Part 3

Continuing from pervious editions, this will take me to the next point which is lack of trust. Largely due to their experience they don’t trust anyone and see all their staff as someone who may want to take advantage of the system. Another one is cheap labor and non-compliance with labor laws.

Most one-man businesses don't pay well for experience. They want quality staff and won’t like to pay for it. This is prevalent in developing countries. They don't give or hold back employment benefits such as HMO, pension, bonuses etc. to their staff. Restricted expansion. Rather than looking for investors or partners who can invest in the business, they face giving financial support to the business alone. Even when they claim to have appointed directors or partners in most cases those appointed are mere nominal partners.

This may be in the bid to be in total control of the business but this doesn’t in any way allow for expansion. The reason why it’s good for a one-man business to allow more investors to give room for partnership is to lessen the burden bore by just the owner in terms of financial, intellectual and strategic contribution.

There is a thin line between a one-man business and a large corporation or multinational, it all depends on how they are managed and the growth and expansion mindset the owners possess.

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