5 Fatal Start-up Mistakes entrepreneurs make In Nigeria And How To Avoid Them
To start a business is usually a serious issue and mistakes always seem to be unavoidable. The difference between success and failure in businesses is predicated on the start-up mistakes entrepreneurs make.
Over the years, countless entrepreneurs find success where others have found nothing but failure. These mistakes happen and you are supposed to respond to them in some way. Some entrepreneurs respond better to these situations and circumstances while others just allow them to sink them.
These common start-up mistakes entrepreneurs make vary. Some are physical, some are psychological while others are financial.
Without much ado, we will venture into these start-up mistakes entrepreneurs make and analyze how you can avoid them. It is very important you understand that.
Start-Up Mistakes Entrepreneurs Make In Nigeria
Lack of self-belief and questioning yourself at every turn
One of the start-up mistakes entrepreneurs make is questioning their ability to carry out the task and set up the business. The idea is good and executable but the problem is that people can become scared.
It is not unusual to see people chicken out because they doubted their ability to pull off the business only for some other people to make that same business work.
Anyway, starting a business can be scary. It owes this to the amount of the variables as you unravel the business. This makes it easy to start doubting yourself.
At this stage, I would advise you to stay firm and steadfast. Have faith in yourself and believe in the practicability of your idea. You never know how it all comes around but eventually, it all does.
All you need is to project confidence and positivity and you will unconsciously bring the best out of the people working for the success of the business. Whenever you have doubt, just remember that others have come before you, and if they can make it, there’s no reason you can’t.
Biting off more than you can chew
Biting off more than you can chew is one of the start-up mistakes entrepreneurs make. You want to achieve all at the same time. It does not work that way.
Most times, business growth is at arithmetic progression when they move forward rather than in geometric progression. You have to bear that in mind. That big client you want to land at the start of the business may not the best for you. You may end up not being able to accommodate them.
You are advised to take things at a decent pace. You are better off when you don’t push growth where it cannot reasonably happen. Understand where you are going to avoid going off course.
Don’t tackle projects that can’t realistically be completed within set parameters. Understand your limitations as a new company – you’ll be running with the elite soon enough.
Lacking a social-media presence
One of the start-up mistakes entrepreneurs make is to lack strong social media presence. Hello, this is the 21st century. You can’t ignore the social media any longer.
The good part is that the social media platforms are actually easy to understand, create and operate. You can reach a whole lot of people on social media and your business can be taken to the next level.
Being on social media is one part while having a strong social media presence is the real deal. It kind of takes some time to pay off but it eventually pays off and the final product is usually amazing.
As a start-up, ignore the social media to your peril. It is the easily avoidable mistake entrepreneurs make but they make them anyway.
Expecting anything to be handed to you
The world is not a bed of roses and even if it is, roses have thorns that can pierce your skin. Expecting to get anything on the platter of gold is one the start-up mistakes entrepreneurs make and it really sucks.
This is not to say that you can do it all on your own. Far from it. What it means is that you cannot expect favors from people. You negotiate and trade. You give back something for receiving something.
That is the mindset you should have. Along the line, few favors might surface but you cannot afford to think of them.
Not taking advice
You should know that no man is an island and there are people who are better at what you want to start. You must listen to them.
Not taking advice is one of the start-up mistakes entrepreneurs make and you should not make the mistake. In fact, taking advice is what you have to expect. It should be given to you by your coach or your mentor. You have to understand that.