Header Ads

5 Mistakes That May Destroys Your Business Startup in Nigeria

Hi, Dear Friend! Hope your Fine.
Am Happy to Inform you that we have created a Business Entrepreneur Forum called West Entrepreneur @www.westentrepreneur.com 
Please join the forum and let us talk Business. See you there!

I keep on arguing and wonder if really their is a magic to use so as to avoid being a failure in starting up a business. But in reality, If you stay away from every slim or wide chances that destroy a business, then there is no pricing it, you shall - succeed! 

I'm very sure you are not new to this, seeing a new or start up business collapse in few months of its establishment. In fact, it isn't more a news.

I shall with patience discuss those start mistakes with you so that you wouldn't fall victim of the ugly incidence.  The main 5 mistakes, though not limited to these that can destroy your startup business in Nigeria are as follows;


Mistake #1:- location

 There is no gain saying the fact that sighting a business where it doesn't fit has no positive value to bring about rather it will bring about ruin and failure as such adding to the number of available  businesses that met its end in the few months of establishment.

Read Also: 7 Reasons Why Small Businesses Fail ( And how to Avoided them)

Very bad it's to start up a new business where it doesn't fit. In the sense that, setting it up in a remote location where people (Potential and epileptic customers) will find it difficut and tasky to locate you, to avoid thid start up failure and loss, of importance is it for you to looking and search around for the best and suitable location ever for the business you would love to establish. For instance, it doesn't speak well of a book store owner that setup his stationery store in a remote area and expect consumers to patronize him even more than  the wiser  competitor who site his own location where there are schools and colleges or where pupils and students do ply regularly.

You know what the bye product of the two business owners will be now, failure for the formal and success for the latter. Simple!

Mistake #2:- Lack of division of labour

Another start up failure that many wannabe entrepreneur doesn't understand is lack of division of labor. Being the business owner doesn't mean you should put all the business responsibility on your shoulder. For the business to thrive well there must be second and third parties to contribute their own qouta towards achieving the aim of the establishment which is nothing than to maximize profit.

As the business owner, if you want your new start up business to grow brilliantly, it's not ideal for you to take the record yourself, audit, offload and distribute goods, branding and packaging the products all alone and others, by doing so yourself without any helping hand depict nothing than  you are writing a letter of high quality profile to the business flopping. Because you're mighty and strong enough to do it all alone is not an excuse not to employ workers to aid division of labor.

A business, no matter what may happen it shouldn't be run by a single soul- even sole proprietorship is ain't run by the owner alone. Running a business alone without employing workers will destroy it even from the kick off.

Mistake #3:- Inadequate Marketing

The help of marketing and advertising in business cannot be over emphasized. Most especially on  a start up business that is yet to reach the limelight. Being a new business, the number one thing to do is to create awareness for the new product and market it out. For the target prospect to be aware of the new or available products in the market, there is 100% need for Marketing. If any startup business is unable to see the light of the day, check and value it market acceptability, I bet  it would be woeful!

I have some friends marketing consultant who  believed and used to telling me that marketing play a very crucial role in business and failure to adopt it is a bottle neck to the business.

Mistake #4:- Poor branding

Branding is no a joke in a start up business that is on the verge to gaining many potential prospects and customers. A standard, unique and quality product name, symbol, logo and orthers is paramount to be known of a start up business that is just buzzing and blooming in the market places. 

Read Also:  What to Do When Your Small Business Fails

My marketing professor will said “a brand name is a failure... if it is too long, too difficult to pronounce and not easy to identify in the midst of others". And that's the bitter truth.

Mistake #5:- chewing more than you can bite

Sadly it is if a new business is eyeing and going for many products at time. It is ideal and encouraging to go for a specific and certain product to be produced as a beginning before enlarging your coast to other products. 

Frankly speaking, the most successful businesses owner/ entrepreneur and number one richest man in the black country- Africa, Alinko Dangote himself did not peradventure into what his known for at a time, rather he start them bit by bit. Dangote pasta and sugar wasn't started at a time but today, we have numerous dangote's products soaring high in the market. For this reason, to escape the battle of start up business, don't rush, instead, do your things one after the other.

Take your time to read and digest the aforementioned 5 mistakes that can ruin your start up business and don't forget to hit the like, share button and refer a friend down here to read, also!

No comments