The mindset if small bussiness owners in Nigeria is that, they own their businesses and control the bussinesses themselves. The profits are entirely theirs and take up the total risk of the bussiness. However , In the USA, Canada, and Europe most prospective small bussiness owners would look for partners to start bussiness, i.e somebody with equity. The reasons are to share the risk together, share profits together and leverage on the knowledge of one another.
Another factor is that the last process or procedure in Nigerian financial sector is quite different from what obtains in other countries. The inadequate documentation of processes and outcomes, records of accounts are being poorly kept. The accounting and internal control systems are very weak in Nigeria as compared to other countries like USA, Canada and Europe.
Another factor is that the last process or procedure in Nigerian financial sector is quite different from what obtains in other countries. The inadequate documentation of processes and outcomes, records of accounts are being poorly kept. The accounting and internal control systems are very weak in Nigeria as compared to other countries like USA, Canada and Europe.
