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6 Mistakes That Will Kill Your Business

By Atanda2000 | self meida writer
Published 29 days ago - 4 views

Starting a business in Nigeria or anywhere in the world is a real challenge. You need to focus on many factors, from finances to business location, sales and many other factors. Although some businesses try to solve these problems, few companies are unable to solve them. Many people do not realize that achieving the real success of a start-up company requires not only keeping good books and hiring good employees, but also paying others.

   When a new company is launched and before it is actively launched, several important conditions must be met in order to create a solid foundation. If you ignore these common boot errors, it will definitely indicate a boot failure.

   These are the six common little mistakes most new creators make, avoid them!

   1). Start by yourself:

   Starting a startup is a very difficult task. The roles should be separated so that each player on the team can avoid exhaustion. If the task is too demanding for a person, productivity will slow down and it will be difficult to move the startup forward.

   Every new business plays an important role. You need to have good sales force, social media, finance, etc. Usually three people usually take over all the roles that more people should play in a new society. It is much more sensible to focus on all the tasks of the three people. How many successful companies have you seen, where the CEO is the only person in the company, and long-term employment can bring a huge income? Walking alone can also undermine investor confidence in you and your business. People rarely want to invest in single player card games.

   2). Attracting too much start-up capital too soon:

   Too much water will flood a person, and too soon an initial means will flood any start-up society. First, every startup should try different hacking growth techniques. Test, smash, test, smash until they uncover the hidden needs that the target market really wants. The problem with a lot of money is that whether or not a start-up is patient enough to run silent tests for a long time, whenever they feel the need to gain new customers, spend a lot of money on business, and rarely accept customers, then do it. certain things over and over again.

   Second, getting too much start-up capital in the beginning will reduce your chances of success in the future. When you sell your business, you can only own 2% of the shares and only 10% to 20% of the shares at that time. It is important that you make the most of your personal finances when starting your startup, so do not lose too much from your startup when you first invest, as soon as you have raised too much capital. This is one of the most common startup errors.

   3). It is too early for media attention:

   The media is a joyful, fulfilling, violent and ruthless space. If you want to kill a good or bad product quickly, you can advertise in as many media as possible to make it disappear forever. Gaining media coverage at the beginning of the business is not enough. First, focus on setting up the right foundation, fixing the foundation, ensuring that your product can really solve the problem, and entering the media channel after testing with many people.

   It is easier to leave 100 people than 1,000 people and talk about less than 100,000 people. If 100,000 people comment on your product negatively, it will be faster than everything you know. vice versa.

   4). Many co-founders have:

   Co-starting your own business with three, four or more co-founders will significantly reduce your share of the business. If I could do 50% of the business when I was only two years old, if I started with the other three co-founders, I would have about 25% of the business left. As the investment progresses, the future issue value of your own ring tank will increase even more.

   Decisions are also very difficult when several people need to talk before starting a business before doing anything. When using different personality types in business, it can be difficult to decide quickly, which can have many negative effects on commissioning. It can even shut down completely.

   Be sure to avoid this common boot error. Too many votes can end your business.

   5). Bad communication:

   Always share your plan with each team member. Staying away from things and expecting them to comply with what you are saying will lead to a lack of trust between you and them. You can keep your plan in mind at every step of the plan, but if you don't share it with your partner, ask for feedback; whether they are good or bad, they will start to distrust you. Although the plans I have outlined are really as good as I thought they are, some of your long-term partners usually struggle with them. Bad communication can damage your business relationship.

   6). Too patient

   Not every founder can wait to run his own business. Strong desire to change your company to another Facebook, Instagram, Google, Jumia, Dangote etc. It can be very strong. The longer it takes, the more disruptive it will be. People want to understand that different businesses are growing at different rates. Company A cannot grow at the same pace as Company B. Unless your startup solves the real problem and gains recognition, you should not focus on positive growth and focus only on proper growth.

   Patience also costs a lot of money. You made too many mistakes, and when you finally realized it, it was too late. Grow at your own pace, but more importantly, grow well.

Content created and supplied by: Atanda2000 (via Opera News )


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