Prof. Peter Bryant
A Professor of Entrepreneurship at the IE Business School, Spain, Prof. Peter Bryant Tuesday listed certain mistakes entrepreneurs must avoid in order to grow their businesses.
Bryant, who spoke at the KPMG alumni breakfast seminar titled: “Ten Top Mistakes Entrepreneurs Make,” that was held in Lagos, also emphasised the need to encourage the growth of entrepreneurial spirit, which he described as one of the major catalysts for the growth of any economy.
He listed some of the mistakes to include: “Ignoring competition, placing investors before customers, not managing cash properly, believe that customers would come, aiming for one percent of a $1billion industry, we need to be certain attitude, the no one would know, placing too much emphasis on the outlook of your website, waiting too long before adapting to trends and finally not learning from mistakes.”
He added: “Entrepreneurship is the actual driver of economic growth. If you look at the growth of any economy, it is mostly driven by entrepreneurship. Also, employment in any country is always driven by entrepreneurship.”
Bryant also advised entrepreneurs to avoid such mistakes which he described as potential threats to the survival of any business.
He said that to avoid this mistake, entrepreneurs should be able to understand how to manage cash, while urging them not to seek too much cash as it would make them complacent and reckless.
He advised entrepreneurs to make customers’ acquisition a part of their funding strategy, while focusing on strong revenues, as it helps improve valuation and reduce financial pressures.
“Entrepreneurs should ask themselves if the market really exist if there is no competition. Some entrepreneurs refuse to admit mistakes. They see it as a sign of weakness or shame. However, to avoid this mistake, entrepreneurs are advised to take responsibility for mistakes and acknowledge errors.
“They should also establish processes that allow for mistakes to be diagnosed without blame or punishment, accepting and welcoming good mistakes while avoiding stupid ones.”