Statistics taken by Statistics brain in the US revealed that about 70% of Startups fail in their first ten years. This Statistics may have been taken in the US but it is true for most parts of the world.
Start-ups face a lot of problems along the way- unfavourable government policies, unmotivated staff and many other things that may negatively impact a business. However, one key thing is that there is a lot to learn from businesses that have weathered the storm and moguls that have succeeded in building empires.
Starting a new business can be like swimming through muddy waters but you need not swim blindly. Those before you made mistakes for you to learn from.
We have taken time to compile quotes on life/business lessons from some of Africa’s most successful entrepreneurs and we present to you our most important four:
Have a Plan:
Folorunsho Alakija thinks so and we think so too. Productivity depends a lot on plaaning.
“It’s essential to draw up a “things to do” list on a daily basis and set priorities in executing them, making sure that any unfinished task get posted to the next day’s list”
Hard work and Persistence birth great results:
Do not be hard on yourself, you wouldn’t start making the millions right away. So, focus on building a solid structure.
Aliko Dangote said
“I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me thirty years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, tenacity of purpose is supreme.”
Invest in your personal growth :
Having a deeper knowledge of your target market and products definitely helps you grow.
Strive Masiyiwa had this to say about entrepreneurship and growth.
Entrepreneurship without skills limits your growth potential.
“If you are working or you are running a business you have to set aside time and monty to invest in your continued formal education and skills acquisition.”
To stay ahead, you need great foresight:
To make a difference, you need to see further than others can so as to position yourself early.
Sahara boss, Tonye Cole shared this very essential tip when asked what has aided him in building success in different ventures.
“The ability to catch a glimpse into the future, before others can, and positioning early. It takes guts to do and can go horribly wrong but whenever it does go right, the rewards are multiple fold and enduring.”
Finally,nothing guarantees success but you can be sure that the right application of tried and tested business virtues will take you a long way.
