Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,162,146 members, 7,849,571 topics. Date: Tuesday, 04 June 2024 at 01:55 AM

The 3 Mistakes Most Nigerians Make When Starting A Business & How To Avoid It - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / The 3 Mistakes Most Nigerians Make When Starting A Business & How To Avoid It (195 Views)

Forbes 2020 World's Richest: Only 4 Nigerians Make Exclusive Billionaires List / 3 Common Mistakes People Make When Starting A Business / Four Common Financial Mistakes Most People In Nigeria Make (2) (3) (4)

(1) (Reply)

The 3 Mistakes Most Nigerians Make When Starting A Business & How To Avoid It by Smiley21: 10:07pm On Feb 28, 2022
Things are falling apart ....

It seems the Government is doing almost nothing to help out here.

The economy is getting too harsh for the masses. The high cost of living is killing and our job / handiwork is not meeting up to its expectation.

The bills are piling up and after paying them up, we are left with almost nothing to keep as savings.

It is very frustrating.

If this is exactly how you feel, I understand that it can be really frustrating.

Your mind tells you; "You Need To Start A Business, Either Full Time Or Part - Time Business That Would Add Extra Money To You"

However, you might be still dragging your feet to make this work, either because you are scared of losing your money to something you know little about, or you are too comfortable with the little you are having, thinking that it would become better very soon.

But, I'm giving you this simple but very Urgent advice; START A BUSINESS RIGHT NOW BEFORE IT IS TOO LATE!

However, most businesses end up failing woefully.

Infact, record has it that most businesses started in Nigeria fail in the first 1 - 3 years of their operations.

This can be really disheartening, especially if one invests most of his savings in it.

You might have done proper planning, good management, focused on making it work and the likes of it.

However, I stand to tell you today, none of these are really the reasons why these businesses fail.

I personally have failed in so many businesses myself and I know what works or not.

So what are the reasons why they fail?

Our Mistakes.

That is the genesis of where everything goes wrong my friend.

Most people start the wrong kind of business from the get go.

Each minute they spend working on the wrong business opportunity, that is time wasting away. And as they say, time is money.

Also they burn useful energy in unprofitable ventures. They work and work and work, but get very little returns.

Then they go read some motivational books which tells them ...

Don't' give Up!
Stay Strong!
You Will Make It Soon!

To me, I think that is total waste of tim

It is like telling a Eagle To Swim In A Swimming Pool. My friend, no matter the miracle, it wont work. Eagles are created for the air, not the water.

To succeed in business, these 3 mistakes Im sharing here, has to be avoided
Re: The 3 Mistakes Most Nigerians Make When Starting A Business & How To Avoid It by Smiley21: 10:10pm On Feb 28, 2022
Here Are The 3 Mistakes Most Nigerians Make When Starting A Business...

Here are 3 biggest mistakes most Nigerians make when selecting a business opportunity


Mistake 1:
Looking For Do - It - For - Me Investment

This is a NO NO

There are tons of Nigerians who have fallen victim to these lazy money making programs.

I have been asked by people who want to invest in this kind of business. And no matter how sweet it looks, my answer has always been ...

..."that is not a good idea, that is a Do-It-For-Me approach and all you’re going to get from it is failure, .... You'll wake up one day only to find that they have simply taken your money and disappeared."

And Im also telling you right now, don't do it at all if you have been presented with one.


Mistake Number 2:
Trying To Do Too Many Business At The Same Time

I know you have definitely heard the saying that goes;

'Do NOT Put All Your Eggs In ONE Basket!'

I personally feel this saying doesn't apply in business. Please don't take it personally if you live your life by that code.

When most people want to bring in more income into their lives, what do they do?

They try to start MULTIPLE STREAMS OF INCOME ALL AT ONCE, which is not putting all their eggs in one basket to say.

They want to sell recharge cards, start importing from China, start an oil and gas business, venture into transportation, and tons of business ideas that come their way.

That is the fastest way to failure and bankruptcy.

If you really want to build a profitable business and make money on a steady basis, focus on one business idea that will give you the highest returns for the least effort.

Think about this for a second ...

... if a hunter wants to kill a bushmeat for food and he sees 3 of them together, will he use his gun, trying to kill the 3 at once or will he focus on one of the birds and shoot it with 100% accuracy?

Business too is like that.

When you choose the right business income system and focus on it, you can build it up rapidly, like I did.


Mistake 3:
Most Businesses Are Becoming Oversaturated.

As Nigerians that we are, once any business becomes popular and makes the owner good amount of cash, every Akpan, Bode & Jamiu wants to do that same business.

For instance, take a good look at the Mini Importation business.

The moment it became popular and a profitable venture, everyone, including their Grandmother, wants to become mini-importers.

And with over saturation comes over competition thereby causing too many people fighting for customers with low pricing of their products.

For instance, there was once a time where Uk Used Blackberry Bold 5 was close to N50,000, but now due to over saturation, this phone can be purchased for as low as N10,000, if not less.

See what I mean?

So whether you compile a well developed business plan or have the best state of the art facilities, if there is over saturation, I'm sorry my friend, that business is doomed to failure.

So I have just shared with you, 3 underlying reasons that really make businesses fail.

Here's My Advice to You:

Try to avoid these 3 Mistakes and not only will you start a profitable business, you'll be enjoying the proceeds from it, for a long time to come.

But I know this question is lingering in your mind right now.

Take A Look At It if I'm right;

"How Can I Find, Identify And Start A Really Profitable Business In Nigeria That Would Not Fail?"

If that is the question in your mind right now, then don't worry. I will reveal a business model I use personally

Of all the business model available, the one I will highly recommend for anyone, is Selling Other Peoples Product As An Affiliate (aka Affiliate Marketing)

And the reason is that, with it, you don't need to create any product, you don't need to import anything, no need for complicated stuff.

All you need to do is, simply recommend the product of your choice and get paid commissions for every sale made through you.

However, as easy as this, lots of people still complicate it, especially the gurus.

But I have a super resource that will help you to build your own affiliate marketing business even if you don't know where to begin.

To get access to this right now, click the link [url]https://ismailolawale.com.ng/present[/url] (fill the form below) so that I can send it to you
Smiley21:
Things are falling apart ....

It seems the Government is doing almost nothing to help out here.

The economy is getting too harsh for the masses. The high cost of living is killing and our job / handiwork is not meeting up to its expectation.

The bills are piling up and after paying them up, we are left with almost nothing to keep as savings.

It is very frustrating.

If this is exactly how you feel, I understand that it can be really frustrating.

Your mind tells you; "You Need To Start A Business, Either Full Time Or Part - Time Business That Would Add Extra Money To You"

However, you might be still dragging your feet to make this work, either because you are scared of losing your money to something you know little about, or you are too comfortable with the little you are having, thinking that it would become better very soon.

But, I'm giving you this simple but very Urgent advice; START A BUSINESS RIGHT NOW BEFORE IT IS TOO LATE!

However, most businesses end up failing woefully.

Infact, record has it that most businesses started in Nigeria fail in the first 1 - 3 years of their operations.

This can be really disheartening, especially if one invests most of his savings in it.

You might have done proper planning, good management, focused on making it work and the likes of it.

However, I stand to tell you today, none of these are really the reasons why these businesses fail.

I personally have failed in so many businesses myself and I know what works or not.

So what are the reasons why they fail?

Our Mistakes.

That is the genesis of where everything goes wrong my friend.

Most people start the wrong kind of business from the get go.

Each minute they spend working on the wrong business opportunity, that is time wasting away. And as they say, time is money.

Also they burn useful energy in unprofitable ventures. They work and work and work, but get very little returns.

Then they go read some motivational books which tells them ...

Don't' give Up!
Stay Strong!
You Will Make It Soon!

To me, I think that is total waste of tim

It is like telling a Eagle To Swim In A Swimming Pool. My friend, no matter the miracle, it wont work. Eagles are created for the air, not the water.

To succeed in business, these 3 mistakes Im sharing here, has to be avoided

Re: The 3 Mistakes Most Nigerians Make When Starting A Business & How To Avoid It by Smiley21: 2:19pm On Mar 01, 2022
There are so many types of businesses in Nigeria.

But the thing is this; not all of them are profitable enough.

Just because a business is having many customers to attend to everyday, doesn't make it profitable.

Avoid this mistake please. It is your hard earned money.

And there are so many businesses of this kind. But instead of singling them out, I want us to identify what makes a business really profitable.

Now, when I talk about choosing the right business opportunity, I use a combinational law to explain it.

And there are four primary keys. Here there are;

KEY ONE -
It Must Have A Pool Of Buyers:
If you look closely, every huge and profitable business opportunity in Nigeria that makes real money serves a very eager, hungry and passionate audience.

Check out MTN for instance. It serves millions of Nigerians who not only use their telecommunications services for making calls, but also for browsing the Internet

If the business opportunity you are considering is not targeted at such an audience, then let it go. You will only be wasting your time and money.

KEY TWO -
Your Business Must Always Be In Demand By Solving A Problem:
Your product must be always in demand, come rain, come sunshine by solving a pressing need

Another good example is Water. No matter what happens, we need water to drink and to keep clean. So it will always be in demand

It's the same thing with business, my friend

Your business opportunity must have a product or service that very passionate people want and are desperate to pay for every time without you begging or pursuing them.

Why? Because it solves a problem.

KEY THREE
You Must Be Able To Build Relationships:
When you find a pool of hungry and eager buyers, and you give them that something, they will hand you money the first time.

But what makes them come back and give you money again and again?

It's the relationship you develop with them!

If you say the quality of the product, you are right. But when you have a good product but your attitude to them is bad, you will lose them to another businessman.

Or tell me, a pretty lady who sells recharge cards to you for N100 but is very rude to you & .. an aged man who sells the same cards for the same amount but always asks you about your welfare .... which of these would you be comfortable with the most?

Now you get the point.

Any business opportunity that is aimed at only making you the business person happy will fail. PERIOD.

KEY FOUR
It Must Make You A Lot Of Profits Per Transaction

This is the major factor you have to consider. That is why many people fail in business, not because they are not hardworking, but because the business they are in, is what I call, a “small change” business.

A good example of small change business is the selling of recharge card business. Imagine profit of N8 per card, for so much work and effort put in.

Do you know that it takes the same amount of time to make =N=300 profit as it will take to make =N=3,000 naira profit?

If I told you to choose, which one would you go for, =N=300 or =N=3,000?

You see what I mean. That’s it. Before you choose a business opportunity, you have to Choose Well!

Ask yourself, ``What Would Be Left As Profit For Me After Every Expenses Accounted For?"

"Would It Be Enough To Run The Business In Case Of Any Mishaps?"

"Would it be able to take care of my basic needs without hurting my capital?"

If the answers are NO to any of the questions or your profits are not up half of your initial capital, then I suggest you drop that business right now and start looking for another business and follow this same process.

So if you have found a business opportunity with these four things, you can literally have the kind of incredible results

However, I have some questions for you;

Have you found a business that has these four key factors?

If your answer is no, then here is one I recommend.

It is called Affiliate Marketing

And the reason why I recommend it is that, you don't need to create any product, you don't need to import anything, no need for complicated stuff.

Plus it has the 4 key factors we just discussed.

All you need to do is, simply recommend the product of your choice and get paid commissions for every sale made through you.

However, as easy as this, lots of people still complicate it, especially the gurus.

But I have a super resource that will help you to build your own affiliate marketing business even if you don't know where to begin.

To get access to this right now, click this linkhttps://ismailolawale.com.ng/present (fill the form below) so that I can send it to you

Smiley21:

Here Are The 3 Mistakes Most Nigerians Make When Starting A Business...

Here are 3 biggest mistakes most Nigerians make when selecting a business opportunity


Mistake 1:
Looking For Do - It - For - Me Investment

This is a NO NO

There are tons of Nigerians who have fallen victim to these lazy money making programs.

I have been asked by people who want to invest in this kind of business. And no matter how sweet it looks, my answer has always been ...

..."that is not a good idea, that is a Do-It-For-Me approach and all you’re going to get from it is failure, .... You'll wake up one day only to find that they have simply taken your money and disappeared."

And Im also telling you right now, don't do it at all if you have been presented with one.


Mistake Number 2:
Trying To Do Too Many Business At The Same Time

I know you have definitely heard the saying that goes;

'Do NOT Put All Your Eggs In ONE Basket!'

I personally feel this saying doesn't apply in business. Please don't take it personally if you live your life by that code.

When most people want to bring in more income into their lives, what do they do?

They try to start MULTIPLE STREAMS OF INCOME ALL AT ONCE, which is not putting all their eggs in one basket to say.

They want to sell recharge cards, start importing from China, start an oil and gas business, venture into transportation, and tons of business ideas that come their way.

That is the fastest way to failure and bankruptcy.

If you really want to build a profitable business and make money on a steady basis, focus on one business idea that will give you the highest returns for the least effort.

Think about this for a second ...

... if a hunter wants to kill a bushmeat for food and he sees 3 of them together, will he use his gun, trying to kill the 3 at once or will he focus on one of the birds and shoot it with 100% accuracy?

Business too is like that.

When you choose the right business income system and focus on it, you can build it up rapidly, like I did.


Mistake 3:
Most Businesses Are Becoming Oversaturated.

As Nigerians that we are, once any business becomes popular and makes the owner good amount of cash, every Akpan, Bode & Jamiu wants to do that same business.

For instance, take a good look at the Mini Importation business.

The moment it became popular and a profitable venture, everyone, including their Grandmother, wants to become mini-importers.

And with over saturation comes over competition thereby causing too many people fighting for customers with low pricing of their products.

For instance, there was once a time where Uk Used Blackberry Bold 5 was close to N50,000, but now due to over saturation, this phone can be purchased for as low as N10,000, if not less.

See what I mean?

So whether you compile a well developed business plan or have the best state of the art facilities, if there is over saturation, I'm sorry my friend, that business is doomed to failure.

So I have just shared with you, 3 underlying reasons that really make businesses fail.

Here's My Advice to You:

Try to avoid these 3 Mistakes and not only will you start a profitable business, you'll be enjoying the proceeds from it, for a long time to come.

But I know this question is lingering in your mind right now.

Take A Look At It if I'm right;

"How Can I Find, Identify And Start A Really Profitable Business In Nigeria That Would Not Fail?"

If that is the question in your mind right now, then don't worry. I will reveal a business model I use personally

Of all the business model available, the one I will highly recommend for anyone, is Selling Other Peoples Product As An Affiliate (aka Affiliate Marketing)

And the reason is that, with it, you don't need to create any product, you don't need to import anything, no need for complicated stuff.

All you need to do is, simply recommend the product of your choice and get paid commissions for every sale made through you.

However, as easy as this, lots of people still complicate it, especially the gurus.

But I have a super resource that will help you to build your own affiliate marketing business even if you don't know where to begin.

To get access to this right now, click the link [url]https://ismailolawale.com.ng/present[/url] (fill the form below) so that I can send it to you

(1) (Reply)

War In Ukraine: How Business Leaders Can Effectively Support Employees Affected / FCCPC Orders Multichoice Nigeria To Introduce Additional Features / If Attaining Financial Freedom Was Part Of Your 2022 Goals, Then Read This

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 83
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.