10 Mistakes You Should Avoid When Preparing To Start A Business
Starting or running a business isn’t as easy as most people see it, starting or running a business requires a lot of prayer ,patience, hardwork ,determination ,and consistency. you will be faced with a lot of ups and downs ,at a point you will feel like giving up but this point is just a phase ,it is a bridge you will cross once you are determined and you avoid some mistakes. “An entrepreneur once said the key is not in spending time but investing it”.
10. DON’T IGNORE HOUR OF POWER
Every productive person has an hour of uninterrupted “me time ”,during which they exercise ,listen to news or an educational program ,you don’t have to work all day long ,at least leave a little time for yourself even if its 30minutes ,you know “All work and no play makes jack a dull boy” have time to meditate and build up your energy,and a lot of time ends up sparking a great creativity and great ideas ,now don’t misquote me here I am not saying you should spend a lot of time meditating ,but it should be part of your daily routine without exception.
9. DON’T BURN MIDNIGHT OIL
Know when enough is enough. successful people know their limits and when to stop, they know when to exercise and make judicious use of their brain, over stressing your brain weakens your brain and you know what that means.Andy Grove ,former intel president, used to say:”My day ends when I am tired and ready to go home not when I am done. I am never done, more that should be done ,always more than what could be done”. A business personnel should also have this mindset.
8. DON’T CREATE TO-DO-LISTS
Items on the to-do lists don’t have a deadline assigned to them, one tends to choose the easy tasks over the important ones, and to do lists cause unnecessary stress, thinking of what is within the to –do-list first before accomplishing other tasks as it is a constant reminder of all the things you haven’t finished.
7. RIGHT WORDS,RIGHT ACTION.
You can say all the right things in a presentation and use the latest buzz words in your business plan ,but success isn’t based on your vocabulary .put your thoughts into action executing all of your plans. Do not get caught up strategizing -execute your ideas.
6. BE CONFIDENT IN YOUR SELF
You should be confident in yourself and your plan .If you don’t believe in what you are doing no one else will. Your positive attitude will connect with potential partners and customers. Do not switch on yourself, don’t stubbornly adhere to initiatives if someone else has a better idea. you have to believe in yourself. Do not feel inferior once you know your business plan is working fine for you.
5. CHANGING COURSE
The worst thing you can do during the first few months of operation is suddenly changing strategies because your current one is not yielding immediate result, have you seen where a house is built in a day, you need to stay the course until there is a good opportunity to implement new plans.
4. DO NOT EXPECT A LARGE PROFIT
A Lot of people make this mistake, nothing comes easy,you have to work very well for it. For instance, someone invested 5 million naira in a business and is expecting 10 million naira in 3 months time, delete that mentality if you are starting a new business or else your business will crash. Use the little profit you get to establish your business very well and also avoid spending lavishly.
3. STUDY YOUR SORROUNDING VERY WELL
You don’t just go into a business without putting the market in consideration, even after studying you need to think on how to deliver and satisfy our customers even if it’s a very common business ,you have to bring your own style which should be unique and different and also consider what people need more, I mean you can not be selling cardigans when its sunny, you know that doesn’t make any sense.
2. DO NOT SPEND OFF YOUR CAPITAL
Never, don’t even think of this unless you want your business to crash at cradle.
This is very very important, take note of this ,no friendship in business and also avoid free services, work and collect your money instantly.
Always pray ,be determined, be consistent ,work hard , do not give up and remember perseverance.