Mistakes people make in starting and running businesses and smart ways to avoid them

1. Akin Omoniyi
STUPID BUSINESS MISTAKES
PEOPLE MAKE

2. Short Discussion
Can everyone be in
Business? YES/No
How many kidney do you
have?
How many kidney do we
need to survive?

3. What is Business?
An organization or economic system where goods
and or services are exchanged for one another or
for money.
Every business requires some form of investment
and enough customers to whom its output can be
sold on a consistent basis in order to make a
profit.

5.  The ability to discover mistakes is common, but
the ability to correct the mistakes is rear.

6. Stupid Mistake 1
 Waiting for a better time
In starting up business, there is no better time, but
there is a place of proper plan
Waiting to have all the money to start
Fear of unknown
Waiting for a better time

7. Ecclesiastes 11 verse 4
 Don’t sit there watching the wind. Do your own
work.
Don’t stare at the clouds. Get on with your life.
MSG
 Farmers who wait for perfect weather never plant.
If they watch every cloud, they never harvest.
NLT

8. Ecclesiastes 11 verse 4
 If you wait for perfect conditions, you will never
get anything done. TLB
 He who watches the wind [waiting for all
conditions to be perfect] will not sow [seed], and
he who looks at the clouds will not reap [a
harvest]. AMP

10. Avoid this mistake
 Stop Procrastination
 Think of what you can do
 Take One step per time
 Do your findings
 Register your Business
 Run it

13. The best time to plant coconut tree is
10 years ago

14. Start …………..

15. Stupid Mistake 2
 Not Keeping Record
 You are making this mistake if you rely on your
memory and you don’t have at least a record book
where you document your business activities.

17. Why you need to keep record
 Helps analyse business profitability
 Helps keep customers record
 Helps keep Contract Agreement
 Serves as Business Diary
It can be as little as exercise book, file,folder,
software etc.

19. Stupid Mistake 3
 Eating up the business seed
The seed produced the tree, the tree produced the
fruit and the fruit produced the seed.
Seed Seed
 Tree Fruit

21. Stupid Mistake 4
 Not Crowning Customer
If customer is King, Crown him
The difference between rich and poor business man
is the volume of customers

22. How to Crown your customer
 Good Product
 Correct Pricing
 Proper Promotion
 Conducive Place
 Unique Packaging
Good Product Good Packaging Great Sales
Bad Product Good Packaging Some Sales
Bad Product Bad Packaging No Sales

23. Stupid Mistake 5
Having No Business Plan and No Goal

24. Having No Business Plan and No
Goal
 Imagine a football field without any goal post
 Business Success is achieving you Business Goals
 Set Smarter Goals

25. SMARTER Goals
 Specific
 Measurable
 Achievable
 Realistic
 Time Bound
 Ethical
 Regulatory compliant

30.  Organize your Plan
 Analyse your Pursuit
 Simplify your Product
 Minimise your Process
 Globalise your Brand
 Figurize your Profit
 Identify your partners
 Appreciate your People

31. Stupid Mistake 6
 Taking Bad Loan from Beginning
 Loan is not advisable for Business start up but it
is better for Business expansion

32. A Bad Loan is a Burden

33. Before taking a Loan
 Understand the Preferences
 Ask Questions
 Have enough evidence that you can pay back
 Collateral
 Any Hidden charges
 Compounding Interest rate/Penalty

34. LOAN

35. Stupid Mistake 7
 21st Century Mentality

36. 21st Century Mentality

37. 21st Century Mentality
 High Speed
 Smart Life
 Stress Free
 Just a click
 One acess, Countless locations

38. 21st Century Mentality
 Every Product have a process
 Every Business have Starting Point.

39. The 7 Stupid Mistakes
 Waiting for a better time
 Not Keeping Record
 Having no business Plan and no goal
 Not Crowning Customers
 Eating up the Business seed
 Taking Bad loan from Beginning
 The 21st Century Mentality

40. In Conclusion
The Prof and the medical students
Lessons:
Don’t be disgusted by any business
Be Observant