How to Prevent Your Business From Failing As A Student Entrepreneur

We all know it takes alot of dedication to own a business, same with school and both need dedication. In some cases, we have seen lots of students owning businesses.

As a young “Dangote” you are using a stone to kill two birds, that is, schooling and running a business. What are those things to avoid in order to prevent your business from failing?

A Nigerian school setting can be frustrating you know, but what are those things that won’t make you fail as an entrepreneur?

1. Eating your capital/Take good care of your capital

As a student, some days will come that would want you to touch your capital but you have to be strong. Don’t make that mistake, if you are going to be eating anything, it should be your profit.

2. Relate with everyone like they are your consumers or customers

Avoid family and friends in your business, don’t do unnecessary giveaway, you are running a business not a charity organisation.

3. Unnecessary spending

As a young “Otedola”, I’m not saying you shouldn’t flex on your profit but don’t be going extra with it. Don’t forget, the goal is to be rich and not remember how much you actually own in your bank account. Chop life small and move on.

4. Invest! Don’t save!

The kind of country we are in gave us an insight of what being broke can be. You don’t want to be broke every time, right?
Therefore, invest! You money will depreciate if you continue saving! Don’t sleep on it. Banks are making money off your savings. You should watch out too!

5. You should not be led by emotions

As a entrepreneur, you should function with your head not your mind. There are days you would be feeling lazy or down, or maybe, a test didn’t go well in school. You shouldn’t allow that to get to you. You are a business person, you should brace up. Emotions will only ruin things. Always use your head!

Understand the fact that, some days are bad; when you know this, you will move on quickly at a loss. Drolling over it wouldn’t change anything, it will only waste precious time. And as it is, money still can’t buy time.

With this few points, as an studentpreneur, you should know better now. Have a great day and stick around for more updates
Don’t forget to always do it with TRYBE!