A small scale business is one of the means used to tackle poverty in our society. There are lot of small scale businesses in Nigeria that people are doing on daily basis just to stabilize their financial life. But most small scale businesses remain stagnant or being ruined in the long run. If small scale business is not managed well,one will lose everything within a twinkle of an eye.
What are small scale business that debt can easily ruined?
There are lot of small scale businesses such as selling of foods stuff, selling jewelries, selling of body cream and deodorant and many more. All these businesses fail to grow or go into extinction because of thing that's "debt". When a small scale business owner is fun of selling her goods on credit,he or she is dragging such business towards the direction to be liquidated. I have seen a lot of businesses around that are about liquidated. The life line of the business is hold by a thread. The most recent one I could vividly remember was when one of my siblings told me she was starting a perfume business,as she started the business. It got to a point that I had to ask her about the progress of the business and she told me that most of the goods are sold on credit and half of the buyers have not paid. So the debt doesn't allow her to restock again. That's how the business went down and it seized to exist.
Mostly what people eat and wear are small scale businesses that people find very easy to buy and not pay with the promise that they will pay later.
