This article has got facts based on a survey conducted by a Lagos-based digital marketing agency on 2000 Nigerian entrepreneurs on last month, June 2017 in the different parts of the metropolitan city, Lagos.
There are high failure rates among small businesses. Many don’t even last 2 years – and yet the entrepreneurial enthusiasm and fire keep burning in them. To be honest, the Entrepreneurs that survive and succeed don’t have two heads (pardon me to use the Nigerian term). So what separates the ones that boom from the ones that jam?
1. They keep their finances in order.
98% of successful business owners take maximum control of their expenses and incomes. Most of them recommended the use of a financial or accounting technology to manage finances; while the unsuccessful business owners struggle to get grip on their finances. They spend uncontrollably, they buy all the Rolexes and Hublot’s the world has to offer then blame others for their financial mismanagement.
2. They have Business Experience.
58% of the successful business owner before venturing into entrepreneurship had a good well paying job which provided them with the ability to learn the basics and ethics of business before starting their own thing. This helps to reduce the risk of failing on their new found venture.
3. They are willing to Spend Money.
The majority of successful business owners I have come across are willing to splash money on what works and is more likely to help the business than spending such money on unnecessary items and activities like going on vacations and the rest.
4. They Accept their Flaws.
In life, we all have our strengths and weaknesses, I may be a good writer but I may not have the skills and ability required to sell something or make someone buy something. Successful business owners know their strengths and weaknesses and ask for help when they need it, they consult professionals. The unsuccessful entrepreneur goes to try and error to solve problems.
5. They know when to work and have fun.
All work and no play makes Jack a dull boy. Successful entrepreneurs don’t always work round the clock. They know when to rest and catch fun. 58% of the entrepreneurs we spoke to say spending time with friends and family in the evening is crucial to their success. 28% turns off their phones and laptops after business hours.