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SME - June 22, 2021

5 Pitfalls Every Business Owner Should Avoid by all Means

When it comes to making mistakes in business, no one is immune to it. It does not matter if you are a seasoned business owner or not, you are bound to commit errors. As a matter of fact, it’s a mistake if you are trying too hard not to make mistakes in business. The terrain is full of pitfalls.

As they say, when you fail at something, it’s not necessarily a bad thing, you would have learnt a lesson. However, these mistakes are in different degrees, and there are some you should never make, especially when others have made the same mistakes in the past. It’s only smart to learn from their errors.

Sadly, new entrepreneurs still make poor choices in the early stages. They are so fired up by their big ideas that they overlook or underplay the pitfalls. According to award-winning business coach, Nkechi Alade, this is the reason a lot of startups fail within five years. “The right strategy for execution” is everything in business, she adds.

ALSO READ: Learn Classic Lessons from this Nigerian Entrepreneur Whose Promising Startup Failed

The staggering failure rate of businesses and entrepreneurs in Africa drove Nkechi into starting Elvaridah, a consulting firm that helps business owners establish businesses that will add value and impact the world.

Here are 5 common mistakes Nkechi says entrepreneurs make

1. Focusing so much on profit and not value – It is important to provide value and everything else will come easily.

2. Not providing sufficient customer service – Customers make the business. Without them, there is no business.

3. Not giving room for feedback from customers – Make it easy to obtain feedback from customers. The only way to improve is to know what is actually wrong.

4. Not outsourcing tasks to professionals – A lot of business owners tend to think they have all the required abilities to succeed in business. However, there are aspects you might not be so skilled, please outsource them.

5. Hiring the wrong people – Hiring the wrong people can ruin a successful business. Pay attention to the needs of the company and hire accordingly.

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