You want to run your business successful? Follow these 3 steps

1. Remember that you can’t do it alone

Try to get a mentor who has been where you are before. This person will help you navigate the undulating Nigerian entrepreneurial terrain and help you avoid many costly mistakes.

Also 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. Be prepared to work extremely hard

Entrepreneurship is extremely 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 money like a hawk

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.

25 Comments

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