WELCOME to the Wednesday edition of the Chilanga College premium entrepreneurship mentorship program.
On Monday, 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!
The first four reasons were…
1.Not Seeking Professional Advice
2.Lack of Good Customer Care
4.Lack of Experience
Let’s continue from where we ended.
You must be accountable for any dime your business makes. Most times, many entrepreneurs could not account for their daily sales. Once there is a sale, they spend the money on personal needs believing that they will make another sale. If you must succeed in business, you must be accountable for every dime that you make. Make sure you plan out your spending, for a business you plan to grow, 60% of your profit must go back into the business.
Solution: Be Accountable
- LACK OF PERSONAL GROWTH
Many entrepreneurs do not invest on themselves. They want to be great but they do not read nor research, neither do they attend seminars and workshop that can increase their knowledge base. Personal development of your attitude and communication skills is a must. It is hard work and it takes discipline. You will have a hard time succeeding without protecting and working on your attitude. No one gets ahead in life without building themselves with new knowledge.
Solution: Never Stop Learning
- POOR LOCATION
There was an entrepreneur who had a coffee shop in a local area. His coffees were nice and affordable. He related very well with his customers. But over the years, his coffee shop was not growing and he could hardly maintain the place so he decided to sell the shop. Another 29 year old entrepreneur with enough capital felt he can make the coffee shop profitable by injecting cash into the business and making it classier. He also could not make the coffee business profitable. Why? Because of the business location.
Bottom Line, you cannot start a business where the service is not required. Making it classy will not make people to patronize you. A good market survey is required before a business location is chosen.
Poor Location Equals Reduced Patronage.
Let’s end here for now. We will conclude this discussion tomorrow morning!