What is the Major Disadvantages businesses are facing in your locality?

[Samuel72]

according to my own point of view I believe right now due to the situation at hand in the country I believe business are facing different challenges all over the world. Right here in Nigeria the business in my environment is facing lack of raw materials, these have increased the price of that very products and right now the company cannot produce enough stock, and also they can't serve the demands of the people around.

 

[Alexandoy]

It is not just in our locality but in the whole country that is affected by the protocols against the covid virus. Any business that involves customers coming in has a restriction of only 30% capacity like the public buses and restaurants. That cut on the capacity is directly affecting the revenue that most businesses are struggling now.

 

[Mellorando]

Business owners sometimes go wrong in choosing the location for their business outlet in my area most businesses face lack of power supply, unreasonable number of petronizers, and also their face lack of unavailable products this is as a result of wrong planning by the business entrepreneur and owner

 

[Adetayo100]

The biggest challenge most small scale business face in my area is electricity, you know without electricity you can get anything done. Most businesses still pay for lights and not get what they paid for so they have to resort to running generator which cost a lot of money to run and in the process it affects there business profits.

 

[Godslamp]

The lack of capital at affordable interest rates hinders the business growth in Nigeria. Nigerian banks give out loans with a high interest rate. With such a high interest rate, businesses are unable to find suitable capital to fund their enterprise. Even when a business does succeed in securing the necessary capital, a huge chunk of their returns ultimately goes to the repayment of their loan.

 

[Godslamp]

A lack of credible business and market information is a major challenge for companies that are trying to validate their business model and find product-market fit. Without market information, businesses are unable to identify their target customers, where they are located, what they need, how much they are willing to pay for services and product.

 

[Godslamp]

However, there are also many tangible challenges to doing business in Nigeria that you should also consider, such as poor infrastructure. Without an efficient road network and consistent electricity, you can only be as productive as the infrastructure around you.
Unfortunately, bad roads and an inconsistent power supply are the two main infrastructural issues in Nigeria. These issues reduce the productivity of every business in the country.

 

[btaliat]

There has been post that has to do with location of business. And from the discussions, conclusion can be drawn that location playsva major role in every successful business. Having in mind that the primary aim of establishing a business is to generate profits from the capital invested.

In my own locality, businesses seems to suffer in the hands of power holding company. Electricity supplied is very low compared to the demands of these business owners. In terms of security, businesses suffers a great lost in hands of hoodlums, and thieves.
Another noticeable disadvantage is transportation. The roads are bad and that has made raw materials difficult for this business owners to get.

Share your opinion and thoughts, thanks.

Seriously, it seems all businesses in Nigeria face that problem of electricity and transportation. Things are now cost due to erratic supply of electricity in my area. I was thinking of dabbling into pepper selling becssue I learnt it is very lucrative but transportation and lack of storage facilities have turned me down. I believe go the government can focus on transportation and electricity and even storage facility, business will be very easy.

 

[Victor001]

Most mistakes business entrepreneur make is not making good plans,most localities especially rural areas fend on low cost product like farm products, raw materials,seedlings and fertilizer,in the city they deal on finished products,as a business man make proper research on how to balance the products.

 

[olubenson]

If i have to start listing what and what are the major disadvantages been faced by businesses in my community. I bet you i would write a hundred paged book. But for the sake of saving my energy, i'll just state a few amongst them. In any developing nation, Power is one of the most important factors that can affect production. If i may ask how else can you manufacture for the masses without the use of heavy duty machines ?
I'll rather stop here, there are more than 99 problems in my community affecting businesses.

 

[Haypril]

There has been post that has to do with location of business. And from the discussions, conclusion can be drawn that location playsva major role in every successful business. Having in mind that the primary aim of establishing a business is to generate profits from the capital invested.

In my own locality, businesses seems to suffer in the hands of power holding company. Electricity supplied is very low compared to the demands of these business owners. In terms of security, businesses suffers a great lost in hands of hoodlums, and thieves.
Another noticeable disadvantage is transportation. The roads are bad and that has made raw materials difficult for this business owners to get.

Share your opinion and thoughts, thanks.

 

[eojo2401]

Unhealthy rivalry is the major issue affecting businesses in my area. If you set up a new business now, the moment they see that people are patronizing you, they will set up a similar one in beside you. They will spoiled business for you by lowering there own Price. They can even go diabolical and using metaphysical to fight you. Some people are terrible in this world.

 

[Georgeadawara]

They are many disadvantages of business faceing in my location this is an are that you find it deficult to relate with them and that area is that if they don't now you they can not buy anything from you. And another thing is that they are good in collecting debt and they can't pay you back and so many people there are only good in discouraging people if they want to start a new business.

 

[Lyrrex]

The fear of most persons in an undeveloped area to participate in an online business or jobs is because of cyber crimes. And the funny thing about it is that this set of individuals see the extravagant lifestyle the so called fraudster lives. So the thoughts of parting with their hard earned money to someone that won't know the pain it takes to accumulate such money is the reason they backwards when it comes to online business.

Yea, and most of them have limited knowledge.

 

[Daykas]

The major disadvantage business faces in my locality is the act by which people venture into business without having a proper plan. And also the rate at which shop owners increase the rent once they see any opportunities. Business tend to die down in this side because the demand is even getting lower than the supplies

 

[Teatea]

One of the major disadvantages businesses face in my area that I've noticed personally is lack of creativity, almost if not all entrepreneurs here are into the same business and they all deliver the same over average products and services, the market is just too saturated when there are obvious ideas that the locality needs.

 

[Haypril]

There are many disadvantages business are facing in my locality and this is limiting my ability to make much money in my business most people in my locality are not used to online and this alone did much damage to me and my businesses. And whenever you tried to open them to how business can be done online they refused because they are not use it but with time everything will be history God willing.

The fear of most persons in an undeveloped area to participate in an online business or jobs is because of cyber crimes. And the funny thing about it is that this set of individuals see the extravagant lifestyle the so called fraudster lives. So the thoughts of parting with their hard earned money to someone that won't know the pain it takes to accumulate such money is the reason they backwards when it comes to online business.

 

[marcusfe]

Some of the major disadvantage business are facing in my community is the constant increase in the rent. Many shop owners these days don't fear God at all, they don't even expect the business owners to make any profit. Each time they increase the rent and expect the the business owner to pay two years in advance.

 

[Hena101]

There are many disadvantages business are facing in my locality and this is limiting my ability to make much money in my business most people in my locality are not used to online and this alone did much damage to me and my businesses. And whenever you tried to open them to how business can be done online they refused because they are not use it but with time everything will be history God willing.

 

[Maphalle]

There are different businesses. Some disadvantaged some not. The most disadvantage to businesses is the need of the consumers. If the business does not meet the need of the consumers then business will have a challenge. Before opening the business first check your marketing properly.