Work load
and Time factor has been a major challenge to sizeable number of people who
start their own business. They become quickly overwhelmed due to their failure to
conduct a careful feasibility study and detailed research on the line of
business they intend to float. I have been lucky enough to have delivered at
least 7 feasibility reports to different clients since the beginning of 2016.
The latest request from a client in USA is a feasibility report on the EXPORT
OF NIGERIAN CHARCOAL AND AGRO PRODUCTS.
Related
article http://hollalaycan.blogspot.com.ng/2015/08/5-questions-to-ask-before-starting-your.html
Ø Let us begin with the first set of questions
for an aspiring entrepreneur:
Ø Am I ready to start my own business?
Ø Do I possess the mindset of an
entrepreneur?
Ø Am I dedicated to spend all the time needed
to be successful?
Ø Perhaps, are you ready to take enormous
risks?
Ø And lastly, do I have a Plan B?
In the early
days, the overall task of running the business lies on your shoulder as you are
the overall boss, the General-Manager/Admin, the accountant, the salesperson,
the computer technician, the secretary, the receptionist. It is imperative to get
ready for challenges as there will be days when you are disenchanted, down in
the dumps, or discouraged. To achieve your anticipated results may take some
time as real entrepreneurial success doesn’t come suddenly.
In order to circumvent
these frustrations, I have highlighted ‘The 10 Most Noticeable Errors Of
Start-up Business & How to Overcome Them’:
Error Number 1 - Failure to conduct extensive
feasibility, viability and profitability study of proposed business idea.
It has been
reported oftentimes that new business or start-ups failed in the first few year
of take offs because most entrepreneurs were not truly interested in the
business; they were more interested in making money. For the fact that you will
be spending a lot of time and resources on your new business it is advisable to
venture into a business driven by passion.
Therefore, expend
all the time you need working on your feasibility study and business plan,
which should include: your mission statement, your business strategy, research
on your target market (demographics), your marketing plan, your financial
projections and sales, industry analysis (size, economics, trends, success
factors, challenges, etc.)
See also http://hollalaycan.blogspot.com.ng/2015/10/9-sure-steps-to-set-up-your-own.html
Error Number 2 - Failure to establish whether the
business truly adds value.
If your business
can provide value by offering a service or products that people need it is most
likely going to stand the test of time and become sustainable over a period of
time. To overcome this blunder, ensure your products or services provide value
and benefit to your target audience. Always provide pre-sale and after sale
services to your clients.
See related http://hollalaycan.blogspot.com.ng/2016/03/how-to-start-your-own-profitable.html
Error Number 3 – Shortsightedness in the area of
understanding the business dynamics.
Inability to
identify the tools essential for every business is an error that must be
avoided when starting a new business. Numerous business leaders, business
consultants and management executives are of the opinion that paying attention
to detail is a panacea for business success. The magic potion here is to recognize
all the aspects of your business that are germane to the vision and mission of
your corporate existence.
http://hollalaycan.blogspot.com.ng/2014/12/details-of-40-small-businesses-you-can.html
Error Number 4 – Being Jack Of All Trade And Master
Of None
Any startup
business which failed to describe its business in only one or two sentences
will seriously make it complex for prospective clients to comprehend the
purpose of the business and identify the value or benefits your business offer.
To overcome this barrier, you must have a spontaneous brand statement and
identity that instantly introduces your business, its mission and values that
will make it unforgettable.
Error Number 5 - Failure to get in touch with experts
who can help you get started.
The problem
with new entrepreneurs starting a business is that they seldom ask experts on
how to go about it, instead, they solicit advice from people mostly family and
friends who have never started a business; so in reality, these people are not
in a position to offer sound advice.
In order to
avoid such pitfall, look for a mentor or surround yourself with experts who
possess dexterity and proficiency that you may be deficient in. Team up with
professionals who can harmonize your strengths and cover for your limitations.
http://hollalaycan.blogspot.com.ng/2014/04/a-business-plan-for-set-up-of-nylon-and.html
Error Number 6 – Underestimating Your financial
requirements.
How much
capital do you need to start your business? Do you know the market well enough,
have you calculated your cost, what is your sales projection, do you know the
number of customers you need? Do you know how long it will take before you get
your first benefits or before you will run out of money? Failure to invest your
time to work on all financial aspects, especially the major ones, of your
business before you start could spell doom for new startups.
http://hollalaycan.blogspot.com.ng/2015/06/no-capital-or-fund-7-ways-to-earn-money.html
Error Number 7 - Failure to make marketing of
utmost importance
A lot of new
businesses have failed to attract any clients because entrepreneurs start
