Start-up mistakes entrepreneurs should avoidFor the Chief Executive Officer, Learning Platform Limited, Mr. Busayo Ogunmade, the road to starting a business is not always paved with gold but laden with many mistakes that can bug down entrepreneurs especially when the fear of failure lingers on in their memories.
He says he agrees with other business experts who say that common start-up mistakes seem obvious to entrepreneurs who often think they are well too prepared to succeed. The truth, he says, is that many businesses had failed even before they took off due to those mistakes many supposed confident entrepreneurs make.
Based on this reason, the Managing Consultant, Taxpoint Associates, Mr. Festus Adeduyite adds that, “Unless you proceed slowly and carefully, taking the time to do plenty of research before starting a business, even the most prepared businessman would run into problems.”
The Executive Director, Climate International Paperback, Mr. Tunde Akingbade, says common start-up mistakes destroy an entrepreneur’s chances of having a successful start-up and the sooner they are avoided the better.
He stated that not having a clear vision is one pitfall many people slip into adding that lack of vision amounts to sailing in troubled waters without a compass.
Akingbade says, “If you cannot have a vision of where you want the business to be in some years, then, you may not succeed. Having a vision involves planning and this comes with a basic business plan, but in that plan, do not just think now, but think as far down the road as possible.”
Another common mistake that a potential entrepreneur can make, according to Ogunmade, the Learning Platform boss, “is to surround yourself with people who do not believe in your ideas, whether by accident or because they are family members.” This, according to him, has killed many great ideas.
He says, “Surrounding yourself with people who do not believe you will succeed is bad, especially when they discourage you on the idea without actually giving their opinion. You need to be around positive feedback all the time because it makes you more determined.”
Ogunmade notes that allowing the negative disposition of those around you to bring you down would affect your dreams of starting your business.
One of the most common mistakes of start-up, as also identified by Akingbade, is to underestimate the amount of money required to start your business, adding that business plans are there to help you determine what you want to do, how you would do it and how much it would cost to do it.
Giving a caveat, he, however, says that entrepreneurs should be careful of over spending and under spending.
Ogunmade recommends that you should be weary of spending your precious start-up capital unnecessarily. This, in his view, will help guide against over spending. Adeduyite, who also doubles as the Registrar, Institute of Payroll Administrators of Nigeria, however, adds that it is also a mistake to be too stingy with your cash adding that frugality should not get in the way of efficiency. This, according to him, would help guide against under spending.
He adds, “Buy decent equipment when it is clear you would get your money’s worth. You do not have to overspend on fancy furniture, but get functional furniture that helps you be more productive. It takes time to develop the wisdom to know when you are being too tight or too loose with your cash, so, if you are just starting out, get a second opinion; if you cannot justify the expenditure to someone you respect, it is probably a mistake.”
He also notes that there are situations where it is hard to justify not spending the cash.
Another common start-up mistake, according to Adeduyite, is doing it alone and not seeking the help of mentors and more experienced entrepreneurs.
He says, “Trying to do it all by yourself and not asking for help is also one of the reasons why people find it hard to start a business.”
He recommends that start-up entrepreneurs should look for more matured and successful business men to help them through the challenges of starting a venture.
He says, “Having a much more experienced entrepreneur that can give you some valuable advice is so important especially when you are a young and ambitious person with so many challenges to meet on the way to success.”
“Creating a successful business will take a lot of time, effort, patience, dedication, a clear plan and vision. Having a mentor will help you through,” he adds.
Akingbade also says that another common start-up mistake is not to market your business, expecting that people will naturally start patronising you. He adds that serious marketing is needed to keep the business up and running.
Adeduyite says that losing momentum is yet another start-up mistake and urges that an entrepreneur should constantly improve products and services by researching the changing market and competition. This, according to him, will promote innovation and sustain the business.
Other common start-ups mistakes that should be avoided, according to Ogunmade, include but not limited to the following: Starting a business without really understanding the market; failing to focus on value creation, and not knowing your strengths and weaknesses as an entrepreneur.
culled from The Punch
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