Five Factors Limiting Small Business Operations
In a study conducted in 2011, we found five main factors limiting small business operations in Nigeria. Although previous studies have been carried out on this issue in the past, our own study (which I conducted with a colleague, Wumi Siyanbola) sought to adopt an exploratory approach; thus, giving us the opportunity to spend time with a number of small business owners, and we simply allowed them to tell their own stories. In this piece, my intension is to detach myself from my academic mind-set, and present these factors in a way that anyone can understand. 1. Insufficient Funding and Poor Access to Finance Most of the small business owners (SBOs) identified the lack of finance as their main operational limitation. In their opinion, they would like to grow their businesses and take them to the next level, but their dreams are cut short by the lack of funds. The result also showed that many SBOs are upset at commercial banks, and view them as enemies of progress, because...