In Nigeria, we operate in an environment where the opportunities equals the challenges. The trick is to exploit the opportunities as best you are not overwhelmed by the challenges .
The following tips should help you on your journey to becoming a successful entrepreneur.
1. WORK WITH THE RIGHT TEAM
Hiring the right team to work with is important. As a small business you need to take hiring more seriously than a large company as your resources are limited and a bad hire is far more costly.
So take your time and ensure that you have the right people around you.
2.WORK EXTRA HARD
Entrepreneurship isn’t for the weak, it requires hard-work. You need to know a little about a very wide range of management disciplines and be laser focused on self-improvement.
Starting your own company will usually take a toll on everything else in your life and whilst you must ensure you have a balance, a great amount of your time will be spent developing your business and you must be prepared for this.
3. WATCH YOUR FINANCES
Cash flow is the lifeblood of your business. You will make mistakes, your business will only continue to run if you have enough money to pay for those mistakes.
Therefore you must be financially disciplined. Keep accurate records, know your financial status at any point on time, keep an eye on you margins, understand your cash conversion cycle and most importantly don’t run out of cash…..ever.
There are lots of things you need to learn about running a business and there are only a few points that can be touched upon in a short article like this.
I wish you the best in your business.