5 Common Mistakes Nigerians Make When Starting A Business

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5 Common Mistakes Nigerians Make When Starting A Business
Running a business in Nigeria is such a tough and demanding venture which requires strategic, intentional and pragmatic approach. We are all human and I think that some mistakes are inevitable. But there are some mistakes that will keep you from growing and attracting your ideal clients.

Here are 5 common mistakes Nigerians make when starting a business:⠀⠀⠀⠀⠀⠀⠀⠀⠀

1. WRONG LOCATION: They rent shop in a wrong location and blame the landlord for being a cultist or ritualist: Location is very Paramount when setting up a new business, it could make or break the Business. Sadly, that’s my predicament at the Moment, right now I am just Wallowing in regret becaase I sited one of my pritning business in a wrong location and I have already shut that branch down because of low patronage. I even paid 3 years rent upfront instead of one year. ⠀⠀⠀⠀⠀⠀⠀
2. COPY CATS: They start a business simply because they see others doing it and they think they can copy it becauise they assume that business is profitable.

3. CUSTOMER COMPLAINS: Not taking customers feedbacks and complains seriously will greatly affect your business. Your customer is the reason you are in business in the first place. If you fail to regard them and treat them with courtesy and respect, you may easily loose them to your competitors. And a scorned customer can go all out to ruin your business. ⠀⠀⠀⠀

4. POOR PLANNING AND RESEARCH: Another common mistake is when you don’t factor in consumers of your product. You cannot hawk pap (corn) by 11am – 12pm and expect to make breakthrough. Or sell pork meat in a Muslim dominated area and expect to breakthrough.

5. MARKETING / ADVERTISING: The last but most common one is marketing. How would you market your product to outshine your competitors. Some companies map out millions for marketing and advertising. Presently I am mapping out 200k- 300k naira to advertise/market my Turkish furniture and bullet proof doors just this season alone.

Please read this interesting artice i wrote last year about Thinking Positive bc your thoughts shape your attitude towards life:  https://iykbethanygistville.com/2019/07/05/think-positive-bc-your-thoughts-shape-your-attitude-towards-life/
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Iyk is a Nigerian born Serial Entrepreneur, Importer, Trader, Marketing Strategist, Real Estate Investor, Consultant and Blogger who uses his blog to educate and enlighten people, especially Nigerians in particular and Africans in general. You can contact me by email: info@iykbethanygistville.com or WhatsApp: +447472510168

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