Culpability: Who Is to Blame for the African Nation's Small Business Owners' Insolvency: Certainly Not of God Almighty, but the Owners, Government, and Society

By Dr. Chris Inyang

The book describes the insolvencies of small businesses in the African nation's economic development and why owners cannot measure up to world standards. The book illustrates the step-by-step approach that small business entrepreneurs must follow to perform as successful business owners. The book demonstrates what entrepreneurs need to be aware of prior to embarking on business ventures. The book outlines the necessities for business owners to become viable leaders in business ventures. This book explains the modalities that cause business insolvencies and how business owners can avoid repeating mistakes others made in the past. Nonetheless, this book is largely intended for those who want to start or are already running their own businesses and have a desire to understand the elements of running a successful business. This book shows countries in the world, including African countries, their positions in small business entrepreneurship. This book highlighted the twelve determining traits that made small business owners into successful entrepreneurs. Furthermore, this book provides the reasons for the acceptability of locally made products or services by customers and explains why customers don’t buy from small businesses. Overall, if owners follow the advice in this book, they will be able to make their dreams come true.

• Language: English
• Publisher: Xlibris US
• Release date: Jul 20, 2022
• ISBN: 9781669822196

Dr. Chris Inyang

Dr. Chris Inyang (Dr.I.) is currently the chief executive officer and president of Background Check Specialist, Inc and Reliance Coaching & Associates, Inc. Dr. Inyang previously worked at the On-Time Delivery Services, Inc., from January 1, 1996, to December 30, 2011. I have an American/Nigerian Nationality. I was born on April 7, 1960, in Atanuk, Mkpat Enin, Local Government Area of Akwa Ibom State of Nigeria. Education: The University of Zagreb in Croatia (BA) University of Phoenix USA (MBA) University of the Rockies USA (PsyD) Dr. Inyang Specialty includes executive Coaching, organizational leadership, Business Consulting, and Strategic and operational planning.

Book preview

1

Introduction

The palpable remains that those putative opinions of being business owners persist and business concepts all over the world have crystallized exceedingly well for decades. Therefore, those wanting more income to support their families crave an entrepreneurial spirit to meet their daily rudiments, but the first requires an individual’s need for desired ambition, accompanied by success. Echoing this perception gives the upsurge necessary to understand that starting a business demands a person’s enthusiasm and conviction, while managing it suggests another proposition. Furthermore, its dogmatic involvement in running a business is a daunting task to pilot in which it demands a person’s soul and spirit to coincide with their aspirations. This becomes an energizing person’s drive to explore the exact pathway to success, which flushes out the question of readiness to befit a nonfactor. Perceptibly, small business owners in African nations need financial support to continue their role as job creators, helping provide opportunities for young people roaming the streets looking for jobs. However, as concurred by many people, the job market could improve if the government or organizations encouraged and empowered job seekers to be creative in the line of business entrepreneurs, as they would become patrons of small-scale business operators and help create more jobs needed in the communities.

In memory recall, people flocked to the streets a few years ago to celebrate the news that Nigeria had created over 59 million jobs in 2019. With the bogus claim, the job seekers continued to face problems getting those jobs. Accordingly, the writer implied that businesses in the region have a position for growth potential in the market which means poverty elimination has reached a diminishing phase. This unfortunate statement has grabbed much attention for such a claim. But in most people’s eyes, it signaled lip service to the offering; inserted as deemed fit (both remain underestimated and misunderstood). Regardless of how, this news of confidence in the majority means daydreaming, and as an unimaginable implausible veracity, most are still struggling and not equipped enough to pass the test of competitiveness in the global market.

In the writer’s cognizance, congratulating himself on having delivered the good news, the audience had wanted to hear about those businesses that would play their changeable role in remedying the challenges in the entire region, and Nigeria is inconclusive. Nevertheless, the announcement had prompted questions asking why it hadn’t translated into realism. Despite several communications with those business owners, they offered different answers to stories reported in various newspapers. The explanation of the writer didn’t add enough grease of confidence in entrepreneurs’ readiness to meet the continent’s unmet needs that require equal play to secure a line of credit to finance their businesses, except for a few who have godfathers and connections who benefited. The purpose of this book is to examine the reasons for insolvencies and offer solutions to aid the owners in adapting to the efficient running of their business operations.

As a business owner with experience in small-scale business management, I am familiar with the organizational structures of African businesses which differ from those in the United States, where I live. In America, the government provides all the necessary tools for business owners to develop and create economic opportunities for the masses. Even so, everything is not working proficiently, though it depends on how their owners operate them, and a few of them failed. To extrapolate further, it’s certain that one agrees that it’s no fault of God Almighty but orchestrated by its owners, the government, and society in general. The responsibilities rest with their owners, and they had numerous opportunities to twirl into success but failed to follow the simple steps required to start their businesses. Moreover, the fault also falls on government lapses and society as they, too, didn’t play their parts accordingly. This book explains the problems affected by business insolvency and provides solutions for the owners to achieve their goals.

The paramount view opines that starting a small business signifies a change in a person’s life and prosperity, and that it’s the entrepreneur’s dream of freedom from having to fetch coffee or run errands for their bosses. In this regard, it permits them to set their hours of operation and have enough free time and, subsequently, they need to understand the challenges involved in running a business as it demands their attention. With the anxiety, many of them have offered opinions about starting and running their own businesses which, to them, they believe is a waste of time and money, and that a startup business cannot provide enough cash flow for business expenditure and other necessities. Whether their prognosis is correct or not, no amount of convincing will persuade them to accept starting their own businesses rather than taking employment and working forty hours per week for a company, organization, or government agency to collect their paychecks. Based on this view, they feel this the best option because it requires no risk with their preferred option.

With this mindset, they desire to have their bills paid on time without considering where the money will come from a month later. Their fears of the unknown have developed into a pivotal point that energizes them more to not consider what tomorrow’s gains may bring. As people often say, certain risks are worthy of taking but require a precise approach with carefulness to take them. But still they fail to understand and envision the impact that small businesses have on a nation’s economic development which brings substantial optimism when looking at overall revenue generation and what it means for people’s lives. Subsequently, this book aims to elaborate on how these insolvencies come into play and how to forge ahead, considering that most entrepreneurs have the motivation but lack the resources to run smooth operations. The vast majority believe that a bit of luck could come and, notwithstanding, they shouldn’t hope much for it as it may not come as soon as expected.

Suffice it to say that those small businesses represent the backbone of the economy’s fabric, and their focus centers on employment creation in local communities, states, nations, and globally. Nevertheless, their owners know that their time is of the essence, as they work twice as hard as their employees. The experts suggest that certain businesses run for five to seven years to generate a profit, which requires owners to fight arduously to keep their doors open. So-called government-formulated programs could have been much more conducive to business entrepreneurs, and yet the unworkable programs’ implementation initiatives failed, as they felt their efforts were mere imparting without actual impact on performance and meaningful outcomes free from the stiffer regulations that bequeath a formidable way to operate.

Overall, the results have prevented competitiveness in the market economy. The owners have said