Why small businesses are folding up
A Nigerian legal practitioner and the CEO of The CEOs’ Portal, Patience Oluwatoyin Olusuyi, has said many small businesses are shutting down within 18 months of starting due to lack of structure, poor planning and little to no support systems. Patience, a legal practitioner, lamented over the high rate of business failures among small and […]
FILE PHOTO: Small businesses grounded as naira scarcity bites harder
A Nigerian legal practitioner and the CEO of The CEOs’ Portal, Patience Oluwatoyin Olusuyi, has said many small businesses are shutting down within 18 months of starting due to lack of structure, poor planning and little to no support systems.
Patience, a legal practitioner, lamented over the high rate of business failures among small and medium-sized enterprises (SMEs) in the country.
She said her experience shows that most entrepreneurs start businesses just to survive and not with the long-term goal in mind.
“People pour their resources and passion into an idea, but without proper structure or strategy, it dies off quickly,” she said.
She explained that many business owners fail to plan for growth, partnerships, or even succession.
She said most of them operate alone, handling everything themselves, adding that “They become the business and once they’re unavailable, the whole setup collapses.”
She believes that with the right connections, mentorship, and planning, more businesses can survive past the critical early years.
Patience called on entrepreneurs to stop working alone and instead find trustworthy partners who can help build something that lasts.