Are you about starting a business but afraid of failing?

Your rich uncle just gave you this huge capital to start that business but you are so scared.

You are afraid you will fail.You don’t want to disappoint him. You don’t want his money to go down the drain.

HEY!
STOP THERE!

Your don’t have to fail and you shouldn’t fail if only you will pay attention to some of the Truths I will sharing with you in this write-up.

Ensure you read to the end.

There are some crucial mistakes that most startups make that you must avoid like plague

Mistake 1: WRONG MINDSET

For instance, if your main reason for wanting to do business is to make money, then you have already failed from the start.
Money will keep running away from you instead of coming to you.

Your main reason for being in business is to SOLVE PROBLEMS.
Be an answer somewhere.
Seek to solve people's problem and money will run after you.

MISTAKE 2: POOR RECORD KEEPING

A large number of startups don’t have proper records.
No customer's details.
No transaction details.
No financial details.

A no of times, startups underestimate what they are doing, saying ,”Its just a small business”.

If you can’t keep proper record in days of small beginning, you are going to be in a big mess by the time the business grows big. Well, that is if it ever survives.

So, keep proper record

Mistake 3: TOO SHY TO DEMAND FOR YOUR MONEY AFTER A TRANSACTION

I will cite an example.Mr A sold books to Mr B.One week later, Mr B is yet to pay up.Mr A is not asking for his money .
He feels: “ I don’t want him to feel that I like money “, “I don’t want him to feel bad”.

Aaargh!
That's a huge mistake .
If Mr A continues that way, his business will soon fold up.

I will say this without any apology.

IF YOU ARE TOO SHY TO ASK FOR YOUR MONEY, THEN YOU ARE NOT ELIGIBLE TO BE IN BUSINESS, GO GET A JOB INSTEAD!

See three things that can happen if you are shy about money:
1) Customers will withhold your money and use it for other purposes
2) Customers will cheat you
3) In no time , you will be in debt after the business must have folded up.

I will talk about the other two mistakes in the next article, watch out.

Till then, go and start succeeding in that business.
Remember if others can, you too can!

I remain yours in success
Kemi Oladeji
Content Marketer

Insightful !

carl90:
Insightful !

Thanks