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Reasons Family Businesses Fail & How To Avoid Them

Only three out of ten family businesses are successfully transferred to the second generation.

Worst still, just one survives till the third generation.

Why?

Well, apart from the ton of other problems businesses face generally, family-run businesses are particularly susceptible to a myriad of particular challenges that make it difficult for them to succeed.

In this article, you’d learn about three of these reasons and how to overcome them in your business.

4 Ways To Run A Successful One-Man Business

Many small businesses started as one-man businesses.

There are more one-man businesses in Nigeria today than any other business type because of how easy it is to start.

But running a one-man business also comes with its challenges, which makes it difficult for a good majority of them to remain small year on year.

How do you overcome the challenges of running a single individual business? Check the tips we’ve shared below:

Choosing The Right Accountability Partner

It is not enough to just set goals, you have to be able to achieve them.

Many small businesses owners often start their businesses, or projects with so much energy but find it difficult to continue after hitting a few roadblocks.

They get discouraged, unable to implement their excellent ideas and strategies and end giving up on achieving their goals.

This is why having someone to hold them accountable for those goals and milestones is very important.

An accountability partner helps you stay committed to the goals you’ve set for your business.

They are there to nudge you, when you need it, offer their honest feedback, improve your performance and keep you on track to achieve your business goals.

But you have to get the right accountability partner to reap all these benefits.

The Small Business Handbook

The Ultimate Guide To Starting Your Small Business

Are You Itching To Start Your Own Business And Don’t Know Where And How To Begin?

If so, this is the book you have been waiting for.Not only does The Small Business Handbook provide a detailed guide to starting your business, but it also offers a roadmap to grow it.Grab a copy for only N4,999 today!!!

Buy Now

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