By Olusegun Olanrewaju
Founder, Edoigiawerie and Company LP, Omoruyi Edoigiawerie, has said 80 per cent of businesses fail in Nigeria not because there are no markets for the business, but because entrepreneurs do not understand the basic rudiments of running businesses.

Edoigiawerie stated this recently when he presented copies of his book, “The Business of Running your Business” to the Nigerian Armed Forces Resettlement Centre (NAFRC) in Oshodi, Lagos State.

Accompanied by members of his team, Edoigiawerie said a lot of businesses also fail because they were built on faulty structures, adding that there was the need to be equipped with basic information including some legal issues, taxations, and other nitty-gritty before venturing into a business.

Edoigiawerie, who was received by the Commandant of NAFRC, Air-Vice Marshal Idi Lubo, his deputy, Maj-Gen. Sunday Igbinomwanhia, and other top officers, said the book is meant to equip officers and men of the Nigerian Armed Forces the basic knowledge of managing successful businesses as they prepare for retirement.

He said, “Statistics show that 80 per cent of businesses fail in the first three years of existence. They fail not because there is no marketing for the business but because they do not understand the business of running a business.
“A lot of businesses are built on wrong structures and when challenges come, they cave in. The book is to let everyone understand the basic things they need to know in the business of entrepreneurship.”

He noted that with technological advancement, start-ups who are still working could monitor their business from where ever they are to guard against failure.

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The 22 short chapters dwelt on legal issues, taxation, and other areas that entrepreneurs need to survive the harsh economic reality in Nigeria.
In his response, the Commandant of the NAFRC said the information provided in the book would be a good guide for entrepreneurs.
Lubo noted that most officers and soldiers go into farming mainly before and after retirement, adding that people needed to get the information they need before venturing into businesses.

Also, the Deputy Commandant of NAFRC said the book encapsulates most of the perceived vices affecting small businesses.

Igbinomwanhia said the book would be a good material which start-ups could draw their strength from.