The life of an entrepreneur may look glamorous and rosy on television, but that is not the reality of everyone who ventures into the business world. The reality is that the business world is a cut-throat battle field that needs to be navigated with caution. Here are 7 mistakes entrepreneurs must avoid at all cost!
Unlike the media hype and stories of extraordinary geniuses who think up an idea and it blows up overnight, most success won’t happen that way.
Building a successful company takes time, hard work, and perseverance, and that overnight success thinking will only discourage you at the earliest signs of trouble.
The best way to tackle this ill perception is to set realistic goals and timelines that measure small attainable goals and successes.
With the skewed perception of what success should look like today, it is very easy for young entrepreneurs to fall into the trap of spending too much money trying to look the part.
Creating and sticking to a business budget will help you curb overspending on the shiny, but less important, aspects of your business.
Not Focusing On The Important Things
Ideas are infinite, but not every idea that comes to mind needs to be executed immediately. Especially not when you have limited time and budget to make things work.
Some ideas are best left in the idea dump while you focus on developing the essential part of your business. This way, you have a solid foundation to build upon.
Not Delegating Tasks (Oshey King Thoth)
It is very easy for passionate entrepreneurs to fall into the trap of trying to do everything themselves. This is a NO NO!
Getting burnt out will do you no good and overworking yourself will degrade your quality of life. This is why every company needs employees to handle day to day operations.
Trust your team to do their jobs right.
Employing The Wrong People
Nothing can ruin a business’ reputation faster than hiring the wrong people for the job.
Entrepreneurs must avoid making emotional hires and leave recruitment to the trained human relations professionals.
Most of the Nigerian companies we complain about daily are that way because they have staff who just don’t do their jobs at the right time. Do you want to end up like them?
Not Defining Your Market
Knowing your market is the best thing you can do for your company as an entrepreneur. Without this, you’re well on your way to failure.
Knowing who your product serves is the best way to determine the proper strategies to target them.
Being Averse To New Technology
Technology is changing at an unprecedented rate these days, failure to get with the times will leave you obsolete before you say ‘ayamatanga.’
It’s pretty simple, actually, evolve or die.
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