WELCOME to the Tuesday edition of the Chilanga College premium entrepreneurship mentorship program.
Yesterday, we introduced a subject in which we promised to share with you the 10 reasons that might cause your business to fail. We also promised to provide the possible solutions— just to make sure that you get through those tribulations alive and kicking!
Here we go!
- NOT SEEKING PROFESSIONAL ADVICE
No matter how informed you feel you are, once you want to startup a new line of business, it is pertinent that you seek professional advice. This will help you ascertain whether or not the business is profitable as you thought. Most times, entrepreneurs start up a business because they find others doing the business and profiting. Yes, they might be profiting from the same business but there might be a secret behind the success. It might be location, good customer service, knowing the right source to get raw materials etc.
It is good you have a mentor that will always put you through to avoid silly mistakes. Another advantage of seeking professional advice is that, you are meeting people that have already done the business and they have made the mistakes and known the best way of doing it.
The likes of Bill Gates and Sir Richard Branson have Warren Buffet and Sir Freddie Laker respectively as their mentors. Even our own David Nama, Lawrence Sikutwa or Maria ‘Zed farmer’ Zaloumis all have advisors. If they had advisers, why can’t you?
In the religious circles, Apostle Sunday Sinyangwe looks powerful but at the end of the day, he still calls Bishop Edgar Ngambi ‘Dadi.’ Even the great Joe Imakando has a so called spiritual father, inga imwe ‘business father’ wanu ni ndani?
One of the best pieces of advice we can give to anyone in business is never stop learning, read and learn about marketing not just about your industry but how other industries buy and sell products and service and how you can do things even better.
SOLUTION ; Avoid Negative People
- LACK OF GOOD CUSTOMER CARE
It is very important that you make your customer care a priority. A business with good customer care grows. Good customer care brings return customer and return customers bring referral customers. If you do not treat your customer well, they go to your competitors. Learn to show your customers that you appreciate them. Always ask them questions about the product and offer them some percentage when they give your product a review (either positive or negative review). If you are not close to your customers, if you treat them like every other seller, they will only come when there is no other option. Bad customer care has killed a lot of businesses.
SOLUTION; Your customer care unit defines your brand.
- COPYING OTHERS
What worked for Mr. Fred M’membe’s Post newspaper (now defunct) has over the years failed to work for many other players who entered the newspaper industry. You see, Many people have gone into business or made a business choice because they see others doing it and think they can be successful in it if they try. It is good you add your own idea after proper consultation, that will distinct you from others. Copying without consultation leads to dead end.
SOLUTION; Do Not Copy, Initiate
- LACK OF EXPERIENCE
Lack of experience is one of the causes of business failure. If you are inexperienced or your management is made up of novices, then your business is as good as dead. When starting a new business, it is advised you get the services of people experienced in that field. They can be your partners or your employee. Get experienced marketers and well trained customer service personnel.
SOLUTION; Experience Counts
Let’s end here for now. Let’s continue this discussion on Monday. Do have a great weekend!