News for Entrepreneurs

Leadership challenges in start-ups.
Getting people trained, motivated and aligned to efficient performance on their roles and responsibilities pose a huge challenge for entrepreneurs. Multinationals and conglomerates continue to invest in expensive consultations with human resource expertise, corporate psychologists and relationship experts to help galvanize or sustain team spirit and comradeship in the workplace. Start-up entrepreneurs can hardly afford this level of services yet they have to find a way to deal with the same human resource risks to stand any chance of achieving success. The challenges can be particularly daunting for Nigerian entrepreneurs due to a number of factors. Let’s examine some of these.Image challenge: Many employees love to work for organizations much bigger than themselves. It is a known fact that there is a societal prestige that goes with working for a known multinational corporation.more

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Provost pays for charlatan tour on April Fools Day.
Did you know 80 percent of millionaires are entrepreneurs? That almost sounds like 80 percent of entrepreneurs are millionaires, so you can”t lose! As entrepreneurs, the speakers on the tour only work with people they like. That almost sounds like all entrepreneurs only work with people they like!

Fun, not money, is the driving factor for the entrepreneurs we heard from. They showed a video of a guy playing with a yo-yo who had some kind of online business related to yo-yos. It left the impression that he played with yo-yos all day and money just poured out of the internet. The internet is the new vehicle of get rich quick schemes. I”m surprised one of the speakers wasn”t selling a ‘Making money on eBay’ CD.

The other domain of such schemes is real estate, represented at the tour in the person of Doug Fath, who created and sold two online distribution businesses while in college, and then got into real estate.more

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Start-up mistakes entrepreneurs should avoid.
He says he agrees with other business experts who say that common start-up mistakes seem obvious to entrepreneurs who often think they are well too prepared to succeed. The truth, he says, is that many businesses had failed even before they took off due to those mistakes many supposed confident entrepreneurs make.

Based on this reason, the Managing Consultant, Taxpoint Associates, Mr. Festus Adeduyite adds that, ‘Unless you proceed slowly and carefully, taking the time to do plenty of research before starting a business, even the most prepared businessman would run into problems.’

The Executive Director, Climate International Paperback, Mr. Tunde Akingbade, says common start-up mistakes destroy an entrepreneur”s chances of having a successful start-up and the sooner they are avoided the better.more

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