Editorial, Inspirational
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Dos and Don’ts when starting a business

“An entrepreneur knows that a start–up needs to focus on little things. Not the global strategy. Not the Big plan. A start-up needs cash flow, not a corporate infrastructure. A start-up needs sales staff, not fancy office space and computer systems.” Jeffery P. Sudikoff (Founder, chairman, and CEO of IDB Communications Group).

I have discovered that a lot of businesses are closing down and many are also afraid of starting. Majority of them are startups. Success is not magic. It is the application of proven principles and means already practiced by other successful entrepreneurs. Some people may argue that there is change in process, technology, but the people who consume them have not changed. For example before the advent of tablets, phones and computers, we have been reading our books on paper and other means but now, we read those books on tablets and phones like the one you are reading right now.

According to Leonard A Schlesinger, Charles F. Kiefer and Paul B. Brown in their publication titled ‘New Project? Don’t Analyze – Act, They outline successful principle you can apply in this part of the world where starting business does not follow some traditional methods.

Read: These Are Troubled Times In Nigeria

Do the following

  1. Use the means at hand
  2. Stay within your acceptable loss
  3. Secure only the commitment you need for the next step
  4. Bring along only volunteers
  5. Link your move to a business imperative and produce early results.
  6. Manage expectations
  7. Build momentum

What are the Don’ts? According to Sramana Mitra, Founder of One Million by One Million (1M/1M), the Don’ts are outlined below.

  1. Don’t define success = Funding
  2. Don’t ignore essential techniques/strategies for success
  3. Don’t spend money on unimportant things and run out of cash
  4. Don’t hire too many people too soon without validating
  5. Don’t start a product building without validating
  6. Don’t chase investors, chase customers
  7. Don’t network randomly without focus
  8. Don’t talk to investors too soon and blow impact cartridges

I have built businesses in the past that failed. I have studied what caused those failures. These are my findings. I have taken into considerations all the things I mentioned here. I am building a very successful business right now.

Read and study everything about the lives of successful entrepreneurs. I am inspired by Jack Ma, Executive Chairman, Alibaba Group.

These are his instructions.

  1. He said as a young entrepreneur of less than 20 years get knowledge. You have to learn.
  2. Between the ages of 20 to 30 years, make enough mistakes. He said those mistakes are revenues for you. (Can you see that? Do you understand?)
  3. Between the ages of 30 to 40 years, start working for yourself. Think carefully.
  4. Between the ages of 40 to 50 years, you have to do all the things you are good at. You may succeed if you change, but the rate of failure is too high.
  5. When you are 50 to 60 years, invest in young people. Train them because they will do it better than you.
  6. 60 and above, enjoy yourself. Go to the beach, party now, enjoy. Life is good, enjoy the show.

I encourage you to act on these instructions and avoid those mistakes in your business and let us see at the top.

Views expressed are only those of the authors.

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