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3 Common Mistakes People Make When Starting A Business - Business (2) - Nairaland

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Re: 3 Common Mistakes People Make When Starting A Business by tck2000(m): 2:48pm On Oct 15, 2019
Luciferlove:
I think the most important mistake people make is when you don't factor in consumers of your product... You cannot hawk pap(corn) by 11am - 12am and except to make breakthrough.
Or sell pork meat in a Muslim dominated area and expect to breakthrough.

Another one is marketing...how would you market your product to outshine your competitors...some firms map out millions for this , currently in my little mechanic workshop I am mapping out 150 - 200k for marketing this season grin grin grin
Slowly we will get there
very nice

1 Like

Re: 3 Common Mistakes People Make When Starting A Business by Sirseedorf(m): 2:56pm On Oct 15, 2019
For me, business location is very essential, don't just start a business in any area without surveying how the consumer will locate or see your business to patronised.

2 Likes

Re: 3 Common Mistakes People Make When Starting A Business by ipreach: 2:59pm On Oct 15, 2019
They keep pushing irrelevant post to FP while ignoring important ones.

1 Like

Re: 3 Common Mistakes People Make When Starting A Business by Funkybabee(f): 3:02pm On Oct 15, 2019
no 1 location



no 2 borrowing to start it



no 3 invest all you life instead of 60%



no 4 no skill regard it



no 5 no marketing skill

6 Likes

Re: 3 Common Mistakes People Make When Starting A Business by Funkybabee(f): 3:02pm On Oct 15, 2019
no 1 location no 2 borrowing to start it no 3 invest all you life instead of 60% no 4 no skill regard it no 5 no marketing skill
Re: 3 Common Mistakes People Make When Starting A Business by vonxe: 3:03pm On Oct 15, 2019
Brooke60:
I believe at one time or another we have all been guilty of making mistakes when we are first starting out. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
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However, there are some mistakes that will keep us from growing and attracting our ideal client.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Here are 3 common mistakes people make when starting a business:⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. They start a business only because they see what others do and they think they can copy it.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. They spend too much time learning a new business instead of using skills they already have.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. They scale too quickly because of the "shiny object" syndrome.

I disagree
Copying other business strategies and improving on them will lead to greater success
Taking time to learn the business in details allows for little failure
Scaling after grasping the knowledge is not a bad idea

4 Likes 1 Share

Re: 3 Common Mistakes People Make When Starting A Business by Burgerlomo: 3:03pm On Oct 15, 2019
Brooke60:
I believe at one time or another we have all been guilty of making mistakes when we are first starting out. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
However, there are some mistakes that will keep us from growing and attracting our ideal client.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Here are 3 common mistakes people make when starting a business:⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. They start a business only because they see what others do and they think they can copy it.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. They spend too much time learning a new business instead of using skills they already have.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. They scale too quickly because of the "shiny object" syndrome.

Nice one cool

1 Like

Re: 3 Common Mistakes People Make When Starting A Business by walkwithgod(m): 3:08pm On Oct 15, 2019
Funkybabee:
no 1 location
no 2 borrowing to start it
no 3 invest all you life instead of 60%
no 4 no skill regard it
no 5 no marketing skill

Why are you writing like someone that suffers from Parkinson's disease ?!

No punctuation marks whatsoever after you will come to nairaland to tell us that you are a graduate and you don't have a job.

5 Likes 2 Shares

Re: 3 Common Mistakes People Make When Starting A Business by Burgerlomo: 3:10pm On Oct 15, 2019
whitering:
My own problem is that some hacked into my nairaland account using a laptop. I got a mail from nairaland notifying me of the login. What are they looking for? How can I stop it from happening again.

Same occurs to me too cool
Re: 3 Common Mistakes People Make When Starting A Business by justli: 3:27pm On Oct 15, 2019
No 1 reason business fail is not knowing enough about the customer or put differently, making the assumption you know the customer even when u don't.

No. 2. Your business will fail sooner than later if it doesn't generate enough cashflow to support it. So, cashflow is the lifeblood of any business

No.3 I would say don't waste your time with business registration, fancy logo designs, kill web apps, topnotch branding. You absolutely don't need most of these for a new business.

Start with a handful of customers. Concentrate on serving them very well so the can return over again.

5 Likes 1 Share

Re: 3 Common Mistakes People Make When Starting A Business by tunjilee003(m): 3:32pm On Oct 15, 2019
In business what can make you go further is not the
huge capital involved but your drive towards success.... And also personality is so key value towards achieving success

1 Like

Re: 3 Common Mistakes People Make When Starting A Business by steppin: 3:32pm On Oct 15, 2019
Brooke60:
I believe at one time or another we have all been guilty of making mistakes when we are first starting out. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
However, there are some mistakes that will keep us from growing and attracting our ideal client.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Here are 3 common mistakes people make when starting a business:⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. They start a business only because they see what others do and they think they can copy it.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. They spend too much time learning a new business instead of using skills they already have.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. They scale too quickly because of the "shiny object" syndrome.
There's nothing like "spending too much time learning a business instead of using skills they already have".
That's a whole lot of bull.
If you do not know the business you're about to start properly, someone who knows better will take over.

1 Like

Re: 3 Common Mistakes People Make When Starting A Business by Akinh: 3:38pm On Oct 15, 2019
Brooke60:
I believe at one time or another we have all been guilty of making mistakes when we are first starting out. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
However, there are some mistakes that will keep us from growing and attracting our ideal client.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Here are 3 common mistakes people make when starting a business:⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. They start a business only because they see what others do and they think they can copy it.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. They spend too much time learning a new business instead of using skills they already have.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. They scale too quickly because of the "shiny object" syndrome.
first female to reason like a genius on nairaland..other na sex,relationship matter full their empty skulls..ma I wish to know u more and ur guy is bless to have u

1 Like

Re: 3 Common Mistakes People Make When Starting A Business by merciie(f): 3:39pm On Oct 15, 2019
Citytrend:
I can almost guarantee this not a copy and paste Article. When you see Original Article you you know. nice one Keep up Op

Anyway, l will Build a Professional Logo for your Product or Company For 2k Only. Offer valid today only. See my info below in Red Letters to Chat me up. Pay On Delivery

5 Likes 1 Share

Re: 3 Common Mistakes People Make When Starting A Business by faithsystem(f): 3:58pm On Oct 15, 2019
hello port-harcourt people,

i have this salon shop at Rumuola Junction off everyday supermarket new road, stuck with salone equipment, attachments, weavons, wigs, eye lashes hair accessories, even cloths. and many more.
but i now got a job in another state (lagos state).
i want to sale everything inside the including the shop rent.

if you are interested, kindly contact me on 09055199971. lets talk business.

1 Like 1 Share

Re: 3 Common Mistakes People Make When Starting A Business by vezycash(m): 4:05pm On Oct 15, 2019
Brooke60:
⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. They start a business only because they see what others do and they think they can copy it.
⠀⠀⠀
Abegi. If you can copy, copy very well. Copy from many people. If you get issues, go to people already doing the thing and ask questions, make friends with them. If they are far away from your own location, they will release secrets easily when they know you're not competing with them. Better than dying silently, or thinking that you're smart enough to fix your own problems.

As far as I know, the ones who try do be completely original fail first by not even starting at all. The ones who manage to start will waste time and money on superficial things in the name of preparation.⠀⠀⠀⠀⠀⠀

Brooke60:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. They spend too much time learning a new business instead of using skills they already have.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀

I don't fully understand this. But there is difference between hobby and business. Your hobby might not make you money. E.g. I love to read but who will pay me to read all day in 9ja?

Brooke60:
⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. They scale too quickly because of the "shiny object" syndrome.[/b]

Money management is the real issue.

The number one reason for business failure is money. Businesses run out of money. Don't start with enough money. Under estimate how much starting the business will cost. Wasting money on unnecessary things... money, money, money. Even Fedex almost went out business for this reason as he couldn't pay debt and staff. He gambled his remaining cash in a casino. Got lucky and survived till the next month.

The rule of thumb with starting a business is, gather twice of how much you think it'll cost. So if "experts" say your poultry farm will need just 500k, look for 1m. This way, you'll have peace of mind and when you make a mistake that wipes out your first set of birds, you will have at least one last chance.

The koko is this: Business is survival. Shine your eyes and copy without apology. Ask for help too. And finally, watch the money.

Oh, bonus tip: Traffic matters. For services and retailing, starting your business close to where your target customers are is crazily important. This alone can determine if you'll be suffering or smiling. It's the reason why farmers are way poorer than the market women - TRAFFIC.

2 Likes

Re: 3 Common Mistakes People Make When Starting A Business by Realbarc: 4:10pm On Oct 15, 2019
Brooke60:
I believe at one time or another we have all been guilty of making mistakes when we are first starting out. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
However, there are some mistakes that will keep us from growing and attracting our ideal client.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Here are 3 common mistakes people make when starting a business:⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. They start a business only because they see what others do and they think they can copy it.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. They spend too much time learning a new business instead of using skills they already have.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. They scale too quickly because of the "shiny object" syndrome.

Common errors are

1, Feasibility Study. You need to identify if you have the capacity and wherewithal to implement your biz. Brother Ayo or sister chindima sucess should not be your yardstick. Always observe the environment, your potential client and your passion.

2, Market Study,.The four P of marketing. Product, price , product and place. This is self explanatory

3, Sustainability. After the initial investment , how does the business sustain itself? Do you require more periodic investment or you re invest into the biz and let it mature until it able to sustain itself. What other things are required to make it profitable. I.e share, funds, grant

4. Growth. Your biz can fail due to it very own sucess. Competition abound and can improve on your products and services which stagnates. A proven sales of colored TV might not succeed in this age where LCD trends.

5. Government policies. I am sure that you will agree with me that my Nigeria friend who import via Benin border will be left hard done.
Double taxations is a worthy mention.

6. Emerging Technology.. A taxi driver who picked regular from the airport registered with the airport authority will seeth with rage with Uber who charge low and are not registered with the airport. They never flowed with the emerging technology.

If you have been blessed by my ministry grin please donate to the poor , orphanage home of your choice.

Thanks and God bless.

4 Likes

Re: 3 Common Mistakes People Make When Starting A Business by ABCthings: 5:04pm On Oct 15, 2019
Daviddson:
Number 4. They spend all they currently have to set up the business and therefore put themselves under the pressure to start raking in returns.

Shout-out to Seun for the changes we've been seeing on Nairaland recently. Please we need hashtag, @username and the feature to block people from following you. Someone has been opening tens of accounts every week and trolling people.
which change?
Re: 3 Common Mistakes People Make When Starting A Business by Yoighaman(m): 5:11pm On Oct 15, 2019
Citytrend:
I can almost guarantee this not a copy and paste Article. When you see Original Article you you know. nice one Keep up Op

Anyway, l will Build a Professional Logo for your Product or Company For 2k Only. Offer valid today only. See my info below in Red Letters to Chat me up. Pay On Delivery

Which one did you share with us? By the way, we just learnt you are a scammer.
Re: 3 Common Mistakes People Make When Starting A Business by Citytrend: 5:13pm On Oct 15, 2019
Yoighaman:


Which one did you share with us?
eyaa uncle is it an attack on me?

Because of Ordinary comment i posted?
Re: 3 Common Mistakes People Make When Starting A Business by Yoighaman(m): 5:14pm On Oct 15, 2019
Citytrend:
eyaa uncle is it an attack on me?

Because of Ordinary comment i posted?

It's not an attack, just saying....please respond to the person that called you a scammer, it's not a good image to project.
Re: 3 Common Mistakes People Make When Starting A Business by ademolaamoo(m): 5:15pm On Oct 15, 2019
Brooke60:
I believe at one time or another we have all been guilty of making mistakes when we are first starting out. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
However, there are some mistakes that will keep us from growing and attracting our ideal client.
⠀⠀⠀⠀⠀⠀⠀⠀⠀
Here are 3 common mistakes people make when starting a business:⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
1. They start a business only because they see what others do and they think they can copy it.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
2. They spend too much time learning a new business instead of using skills they already have.⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀
3. They scale too quickly because of the "shiny object" syndrome.

Re: 3 Common Mistakes People Make When Starting A Business by webngnews: 5:18pm On Oct 15, 2019
Oh
Re: 3 Common Mistakes People Make When Starting A Business by zeestone99(m): 5:22pm On Oct 15, 2019
Lantern042:
Rightly said bro, Location is very Paramount when setting up a new business, it could make or break the Business. That's my predicament at the Moment, right now am just Wallowing in regret.

Sorry bro. What biznes
Re: 3 Common Mistakes People Make When Starting A Business by Nobody: 5:26pm On Oct 15, 2019
tongue
Re: 3 Common Mistakes People Make When Starting A Business by Ronline(m): 6:00pm On Oct 15, 2019
chukzyfcbb:
You missed the most important thing

No1 mistake is thinking about the profit and how to make gains instead of focusing on the problem that the business intends to solve, that's our major problem.

Thank you for that guy....
Re: 3 Common Mistakes People Make When Starting A Business by millionboi2: 6:11pm On Oct 15, 2019
walkwithgod:


Why are you writing like someone that suffers from Parkinson's disease ?!

No punctuation marks whatsoever after you will come to nairaland to tell us that you are a graduate and you don't have a job.
well paying job oga
Re: 3 Common Mistakes People Make When Starting A Business by stankezzy: 6:12pm On Oct 15, 2019
Luciferlove:
I think the most important mistake people make is when you don't factor in consumers of your product... You cannot hawk pap(corn) by 11am - 12am and except to make breakthrough.
Or sell pork meat in a Muslim dominated area and expect to breakthrough.

Another one is marketing...how would you market your product to outshine your competitors...some firms map out millions for this , currently in my little mechanic workshop I am mapping out 150 - 200k for marketing this season grin grin grin
Slowly we will get there
u are marking out money for advertising while some mechanic will simply dig holes In d front of his work shop once ur motor fell into it either your spring , shock absorbers ,belt or bolt joints something must spoil

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