In Africa, there are a lot of opportunities for entrepreneurs to create and make money from business ideas. In the search of great opportunities, African entrepreneurs can easily make mistakes – mistakes made by others before them.
BTEx has advice to help you avoid the repetition of the same mistakes made by others and help you grow business in Africa.
- Do not be in debt
A successful business owner knows that being in debt can cause serious problems to running a business. When making, money becomes a goal to repay debts, you may be losing the point. Aspiring entrepreneurs can easily get caught up in a cycle of borrowing and repaying. Always seek appropriate advice to avoid your business being trapped in debt by borrowing more than you can pay back.
- Know when to execute
Successful entrepreneurs can tell you that fear is a leading factor in business failures. As an African entrepreneur, you are faced with a lot of uncertainty. In order to succeed, you must be smartly courageous and execute your business plans in order to move forward, because fortune favours the brave.
- Target the low-hanging fruit
Sometimes intuitively, you think the bigger the business, the better. By going after a bigger dream, you can quickly become impatient and begin losing focus on your initial goals. Instead, focus on attainable goals that have lower risk and fewer requirements to market entry. As in the metaphor, you can reap the same rewards by starting small and simple.
- Be a hustler
As an entrepreneur, you should always have a sharp eye and attentiveness to be able to make the best decisions for your business. Good things come to those who wait, but only things left by those who hustle. A great entrepreneur jumps on every great opportunity that presents itself.
- Beware of attached strings
Sometimes, a lot of what you need as an entrepreneur building a business in Africa is not out of reach. In fact, the best resources could be those that present themselves to you without any effort on your part. The trick here is being able to discern the ones that drag along a load of liability. As an entrepreneur, the last thing you want holding you down are an obligation you would be better off without.
- Do not lose focus
It is easy to get caught up with alluring figures about big profits. Beware of losing focus, though. Sometimes in a race to get rich quick, you can lose track of your original goals. Pace yourself. Plan your goals. Stick to your goals.
Africa is often described as a marketplace with big potential for aspiring entrepreneurs. You hold the power to turn your ideas into successful businesses that hold their place in this promising continent of ours.
All the best!
Author: Dennis Wanjohi