In celebration of the Global Entrepreneurship Week, we hosted the highly trained and experienced entrepreneur Jimi Tewe on The Praise O’Clock Show on Wednesday, November 16, 2016.
When TOLA, host of the show, posed the question of what he thinks are common mistakes entrepreneurs make today, Jimi Tewe was swift to share some major errors a lot of people make, while suggesting solutions on how to avoid them.
1.It is true that not everyone can be an entrepreneur, but everyone can own a business. It is not advisable to spend all the years of your life merely working for a company. Rather, buy shares from that same company, become a shareholder, and make your money work for you and your family.
2. A lot of entrepreneurs are not accountable. This doesn’t allow the business grow. You should have an advisory board that checkmates you from time to time, a board that can corrects you if you go wrong.
3. Do NOT mix personal money with business money. There should be a line between business needs and personal needs which you must learn not to cross. ‘You should never have a reason to spend your business money’.
4. The life of your business should not be totally dependent on you. In other words, don’t try to ‘grow in a business’ in a such a way that your absence grinds it to a halt. Instead, grow on the business, by creating systems that work independently.
For example, a cake business might not have the entrepreneur baking cakes him/herself. The business of cake making is not the making of the cake but the selling. Regardless of where you are, your business should be able to stand and continue.’
He didn’t end without giving an advice to young graduates – Look at what you have, what you like and what your immediate environment needs so as to know what to venture in. Meeting the immediate needs of people is a sure way to succeeding in business and career.
