1). Don’t pay yourself more than you pay your business : From my daily interactions with several young entrepreneurs. What seems to be the greatest disadvantage in business is thinking that you and your business are one entity. Or thinking, “after-all I own the business”, “the profits come to me”. When you give birth to a new child, does he wear your underwear, shorts or shoes, no. Do you wear his? I don’t think so; then all newbie entrepreneurs should know that it is vital to put aside your personal interests first and allow the business grow. Experienced entrepreneurs advice that for the first 3-4 years of your business, you should not pay yourself up to 30% of your disposable/net income. Recycle the funds and you can be more certain of growth. this discipline is what ensures distinction. let me help you with this, open a separate account, and don’t be the only signatory.
2). Give up when it is necessary: listen to what I have to say before you slaughter me. Giving up is a skill many entrepreneurs don’t have. Even though tenacity, persistence, endurance and consistence are all virtues all entrepreneurs must possess. Giving up is another. Tell me, what is the essence of speed in the wrong direction? Tenacity and persistence are disadvantages when the course is in the first instance not worth pursuing. a mentor told me of how he allowed his first organization to “go” when the group was facing terrible problems (debt and integrity issues). Had he held on to that “baby of his”; it probably would have been his end. Every entrepreneur that will succeed must have a way of knowing the ventures, ideas or products that will lead him to the dead end. there are products and services that won’t just fly, you had better given up when you have the chance or you might just give up the ghost.