Making entrepreneurs cope with challenging times

Monday, 10 December 2012 00:00 Modestus Anaesoronye

Entrepreneurs in the course of establishing their businesses encounter challenges that tend to kill moral or even discourage intending entrepreneurs. Understanding this trend and coping with it is a huge skill experts say must be embraced to overcome the challenges of business failure.

The book, ‘Causes of Business Failure in Nigeria,’ launched recently in Lagos, is the product of practical experience of Festus Duru, the author. “What I did was to distill lessons from my experience as an emerging entrepreneur, and ground it on a robust theoretical framework.”

He revealed that in the course of his business engagements, while some initiatives paid off as sustainable enterprises today, others just could not fly, giving him cause for critical thinking and study.

“I began to ask vital questions; I found the need to touch base with my academic background as a graduate of business management; I also began to closely observe a select business concerns in my environment, and read more books on business practice and theory. The result of these efforts is what you have as this book today,” he added.

A major highlight of the book, Duru said, is that it throws up to the reader not just the challenges and problems associated with doing business in Nigeria, or anywhere in the world for that matter, it also delineates the prospects and recipes for confronting them head-on since “behind every cloud there is a silver lining.”

“I believe therefore that the book will make comprehensive reading looking at its broad thematic thrust,” Duru stressed, noting that on account of this the book outlines over 300 possible business ideas as well as how to power them into result-oriented action.

“Obviously, my target readership is expected from among the class of budding entrepreneurs and businessmen and women whose enterprises are floundering and even student who may require the book as addition to their cache of study materials for excellent showing in their studies,” he added.

According to the book reviewer, Godswill Nwankpa, “The book examines business processes, strengths, weaknesses and business opportunities analysis in Nigeria.”

The book launch chaired by Nnabuike Edechime, a prominent Lagos lawyer, was also graced by Sefinatu Mohammed, a renowned public commentator and women’s rights activist; Linus Obi Chiamuta, the chief presenter, and Godswill Nwankpa, who did a review of the book, among others.