1. You are not passionate about anything
You will need genuine passion and commitment when the business is not performing, if you are going in for quick cash, prepare to rush out the same door you have entered through.
You will need genuine passion and commitment when the business is not performing, if you are going in for quick cash, prepare to rush out the same door you have entered through.
2. Your
business model is not appropriate for the Nigerian market
Most of the books that teach how to write business plans are developed for the western world. You need a good understanding of the Nigerian business climate for you to have any chance of success
3. You believe your product is good enough to attract your target market
As an entrepreneur, it is important to believe in the value that your product will offer, but please note, if this value is not well packaged, your potential customers will not be attracted to it. Everyone knows perception sells in Nigeria.
4. You think marketing is all about printing fliers and creating a website
Most people who start up businesses are skilled in a field, but lack the in-depth knowledge of marketing, remember this, if you the owner of the business cannot sell the product, your marketers who are less passionate won’t close those sales.
5. You have start-up capital, but don’t have running cost
Most times, people have capital to startup businesses and develop a plan that once clients start paying, the money will be used as running cost. Well, research has shown that SME’s in Nigeria fold up because they run out of cash
Most of the books that teach how to write business plans are developed for the western world. You need a good understanding of the Nigerian business climate for you to have any chance of success
3. You believe your product is good enough to attract your target market
As an entrepreneur, it is important to believe in the value that your product will offer, but please note, if this value is not well packaged, your potential customers will not be attracted to it. Everyone knows perception sells in Nigeria.
4. You think marketing is all about printing fliers and creating a website
Most people who start up businesses are skilled in a field, but lack the in-depth knowledge of marketing, remember this, if you the owner of the business cannot sell the product, your marketers who are less passionate won’t close those sales.
5. You have start-up capital, but don’t have running cost
Most times, people have capital to startup businesses and develop a plan that once clients start paying, the money will be used as running cost. Well, research has shown that SME’s in Nigeria fold up because they run out of cash
To your
success!
Felix
Smith Aigbonohan.
A
Business Development Consultant & Facilitator
The CEO, Xterics
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