Being an entrepreneur is not for fun or passion. You want to make money and get rich over time. This is a key reason why so many people work very hard to float and manage their own business. Despite these laudable efforts, owning a business may probably not accrue you the desired wealth you want. As a result, Jumia Travel takes a sneak peek on reasons why this may be the case.
Managing a business is expensive
Entrepreneurs know that running or managing a business is very expensive. Your business will run at a loss especially in the nurturing stage due to these expenses.This is why they are often advised or encouraged to start small.Hence, do not underestimate or undervalue the expenses you will incur. Be prepared. Like earlier said, always start small.
You have the get-rich-quick mindset
It is weird how some entrepreneurs’ think that they will start a business today and expect it to make them rich tomorrow. This is impossible even if everything about the business is perfect. You have to be patient for your business to pick. But, if you have the get rich quick syndrome, you will give up sooner rather than later.
You still need multiple sources to become rich
The truth is to really become rich, you need different sources of income. Relying heavily on a source will probably put food on the table but you will probably still struggle in other aspects of your life. Regardless, don’t become greedy and do anything just to diversify your sources.
Indiscipline with finances after attaining profitability
You have strived and worked to make your business attain profitability. The results are awesome and amazing. This is when you need to be disciplined with finances. You don’t have to go on a spending spree. And also know that there is a difference between your personal money and business money. Many Nigerian entrepreneurs are guilty of this because immediately their business becomes profitable, they automatically become extravagant.
Poor management may result in business failure
Managing a business is very tasking. Hence, if it means honing your skills in business management, you should do that. This will give you the requisite knowledge to help you effectively run your business. If otherwise, your business may probably fail and your dream of being rich via that business will be significantly affected.