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Many young Nigerians have an unfounded belief that starting a business is all fun and games until the realization hits that the demands of owning a startup is larger than just adding the title ‘CEO’ to the front of a name. This then begs the question, “Why do businesses fail before the third month?” this question is especially important to people who want to change a local company to a global brand.
Business Motivation
Statistics have also shown that most of the big names like Amazon did not break even until after five years. It is important that from the get go, the motivation for the business is higher than the financial remuneration alone. This is an important key indicator to the rise or fall of a company. Therefore, if money is the sole motivator to the business, the lack of it can lead to serious demotivation among employees and senior executives. For all intent and purpose, this doesn’t trivialise the importance of finance in any startup or any scale business.Business Value
Facebook’s early years was tough. However, they persisted in the market place and are now the third most popular site in the world. In this time and age, many businesses are fighting for a chance to outshine one another. Therefore, as a business that intends to reach and exceed the third month mark, it is important to state clearly the business value and follow it through with dogged determination.Sign up to the Connect Nigeria daily newsletter
It is not enough to follow the business trends. To be relevant, the business must create and market a value that is both needed and useful. The business idea must not be entirely new but no startup should undertake a business venture simply because, “people are doing it”
Business Target
“If you start, they will come” is not an entirely true business statement because, if you start, who will come? Who is the target market for the products? There are a few instances where the audience flowed to purchase an unspecified product that gave them value. Nevertheless, do you want to wait for the odds or take the bull by its horn? A business must be able to state, with clarity, who its target audience is and what problem the products will solve for the target audience. It is on this platform that any business can base its advertisements and public relations for continued growth. The rise and fall of companies rest on the triad of these reasons and it is pertinent for any business owner or startup CEO to think deeply and answer these questions before taking the risk of damning all consequences and investing time, energy, and resource into an idea. However, if you are already in business and have to pay due homage to the tips listed above, then, congratulations and we hope to hear from you in the comment section below! Featured Image Source: Businessday NGGot a suggestion? Contact us: editor@connectnigeria.com
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