You should learn about the 5 don’ts for successful Nigerian businessmen If you intend to start any business in Nigeria. The knowledge of these potential mistakes is essential for the success of any business enterprise in the country (and of course anywhere in the world)
As you know, our business climate is not all that favorable; you need all the help you can get. The prior knowledge of these mistakes is like a map that will guide you on the treasure hunt of the secrets to business excellence. Don’t worry, this genie grants more than three wishes; you get to know it all below.
Table of Contents
5 Don’ts for Successful Nigerian Businessmen
Do not start unprepared
The number one mistake that kills business is lack of preparation. What are your plans for the business you are about to start? Do you have goals? Is your business scalable? Do you have a business model? If you had not thought about all this; sorry, you are nowhere ready. Unpreparedness can pull a Thanos on you, as a business owner in Nigeria.
What kind of preparation do you need to make?
You need to find out the following
- Who are your target consumers? What are their preferences when it comes to the products/services in your industry?
- Who are your competitors, what are their strengths and their weaknesses? Are going against the supermen in the industry? Are you not? What do you think you can do better?
- What are the risks associated with that particular industry?
- After considering all these, can your business model still stand the test of the potential challenges?
Do not be mediocre in your marketing
Poor, shallow, and conventional (please take note of this) marketing is an Achilles heel for many business ideas in Nigeria. Think about these things. How do you market your products/services? What exactly does advertisement mean to you?
Furthermore, your sales depend on what the target consumers think of you and your business. Things like the name of your brand, the aesthetics of your brand design, your product packaging, and your activity on social media are important. Branding is very important for your businesses to thrive, invest in it.
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Do not underrate record-keeping
If you are a business owner in Nigeria, don’t ever think you are Hermione Granger! Your brain is not a CPU, you would forget a lot of things in the long run. The remedy to this is quite simple; much simpler in this computerized dispensation. Keep records.
Records are like the CCTV of your business. Records are the best friends of business owners. They help to monitor the growth or decline of a business. They can help you come up with informed strategies for the improvement of any aspect of your business.
Little wonder, record-keeping makes the list of 5 don’ts for successful Nigerian businessmen.
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Do not ignore good money management
The knowledge of money management is very important as a business owner in Nigeria. No matter how much you adhere to the above, the lack of proper money management is an assassin for business.
Lack of proper money management is what pushes business owners to purchase liabilities, take an unfavorable loan, and invest wrongly. It makes businesses go bankrupt ultimately. It is as dangerous as that; do take note of it.
Separate family and friends from business
This is a bit too common a mistake that business owners make. As a business owner, you should make sure not to create a black hole in your profits because of friendship or family affiliations. Similarly, you should separate your personal expenses from your business capital. There must be an impregnable barricade of discipline between these two if you want your business to thrive.
Sure, you can give gifts to your friends and family members. There is no rule that says business owners can not chill out and enjoy too. However, one of the sole aims (perhaps the most important one) of business is to make a profit. Remember not to sacrifice that on the altar of pleasure and familiarity.
Finally (as a bonus point), the greatest mistake you can make is to not execute that grand business idea. Self-doubt and unfavorable circumstances have wiped very good business ideas off. Do not let this be your reality, take that step, you can do it.
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- Akinmoyeje Timileyin Precious is interested in code, history and culture, and philosophy. He is a fellow at the African Leadership Institute. He does writing as a thing for the culture.