KEYNOTE SPEECH: THE GLOBAL CHALLENGES OF DOING BUSINESS IN THE 21ST CENTURY AND THE WAY FORWARD

Back to Page Authors: Dr. Ike Ndu

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Keywords: business, global challenges, financial crisis, startups

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Abstract: Global Challenges According to the Bureau of Labour Statistics, 20% of upcoming companies and or businesses fail by the end of their first year of commencement; 50% of the businesses go under by the fifth year and this figure rises to 80% by the tenth year. These figures are indeed dire by any measure. The figure below presents 20 reasons why startups fail (CB Insights). These aforementioned reasons are no longer the only reasons why businesses fail. Over the past few years, we have seen the world beset with huge political uncertainties such as the United Kingdom’s unexpected decision to leave the European Union (Brexit); the election of three prime ministers in just over two years; the historic United States presidential election in 2016 and instances where a single tweet from the US President sends global stock markets falling. The world is also still reeling from the consequences of the 2007 global financial crisis and the resulting austerity in public spending as a result of the pressure on governments to cut budgets and trim service.

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