Young Nigerian entrepreneurs tend to become complacent, especially after getting their business off the ground and up and running. This is a terrible habit that has the potential to keep you exposed to attack by competitors. Like billionaire entrepreneur Mark Cuban always say,” business is like football, you must be active and stay focused for the whole of 90 minutes or your opponent will pip and head to the top”.
So in business, especially as a young entrepreneur, you must be active 24/7/365. For you to be successful and move to the top of your industry, you have got to work, work, and work.
COMPLETE LACK OF OR INADEQUATE NETWORKING:
This is sequel to their lonesome mentality. Nigeria as a society does not place a premium on networking, particularly those at the downside of the economic ladder. The only form of networking happens among the elites and this serves them well, that’s why the rich get richer and the poor get poorer.
For any young person to be successful as an entrepreneur, he must break out of his comfort zone and begin to or increase his networking. It is from your network that you can get your sales; it is from your network that you can generate leads and even referrals. You can even generate profitable business partnerships.
LACK OF IMPROVEMENT:
Young Nigerian entrepreneurs usually overlook the need for an improvement, both in their business and personal life. One contributing factor to the failure of many businesses in Nigeria is the lack of improvement in both service delivery and in leadership.
To avoid the failure that arises from a lack of these two, young entrepreneurs must learn to view the business world as a jungle, where ‘survival of the fittest’ is the most pertinent rule. In order to be relevant, you need to improve. Improve your service delivery method, improve your leadership tactics, because there is usually at least one competitor who is watching and planning hard to kick you out of business.