Starting your own business in the country is the new in-thing and considering the opportunities that exist from the current economic situation, it is not a surprise that many people are looking in mthat direction. However, while many people have lovely ideas for starting their own gig, only a few of them eventually take the plunge. Of these, research shows that over 70% of Nigerian startups never last more than 5 years. While this frankly embarrassing failure rate cannot be put to one or two specific sources, the difference between a successful entrepreneur and a failure may just be these 3 attitudinal differences.
Perfectionism vs Realism
For many, unless all the requirements for a particular step are ready, they are reluctant to take a step. Why this could be dangerous is that in reality, everything you need for the next step cannot all be ready at the same time. Something will always be missing. Therefore delaying until this idyllic but highly unlikely time may mean not doing anything for a long time and missing opportunities to grow. While it is wise to take time to think things through before taking action, there are times you need to just go for it. While you are likely to make some mistakes, in the long run, you are going to be more successful than someone who is patiently waiting for a dream.
Letting fear take over
From the first step, an entrepreneur is faced with many fears. How much will I need? Where do Is et up? Should this be a partnership or should I go solo? Will this succeed at all? These are just a few of the fears that face entrepreneurs. In fact, an entrepreneurial professor compared starting a business to jumping off a cliff and assembling your parachute on the way down. This is downright scary; but then, there’s more chance of succeeding at this than doing nothing at all. For example, despite how good your proposal, several investors may reject it. However, if the fear of rejection prevents you from taking the first step, there’s no chance of your getting the funding and support you need.
Too much worry
There’s no entrepreneur without worry. An entrepreneur without worry cannot be rightly described as an entrepreneur. And nobody’s really surprised considering the many things that could go wrong in a new business. However, despite the inevitable worry, any time spent on it is wasted as worry does nothing to correct any situation. While worries must come, those who spend as little time as possible on worry and use more time strategizing and solving come out more successful. These people also do not over-thinking issues stop them from taking calculated risks and making progress