Thread by @basilokpara

@Ladyr4real Good evening everyone here. I'm Basil Okpara. CEO of Bazz Group (Owners of Bazz Tomatoes, Bazz Safety Matches, Bazz Media and Consults)

I have been in Business in Nigeria for over 10 years and have learned quite a lot. I will share with you guys some mistakes to avoid doing biz

@Ladyr4real Nigeria is a very volatile environment to do business in but also extremely very profitable and very rewarding if you know how to navigate the business environment.

And with proper guidance from people who have gone thru a lot doing business in Nigeria, you will succeed.

@Ladyr4real Here are a few of the mistakes you need to avoid:

1. Before stepping into the world of entrepreneurs, never assume that you know enough. A lot of people jump into business with little knowledge of what they need to do and they end up failing.

Business is not a leap of faith!

@Ladyr4real You must be well prepared. You must research and keep researching. You must have an insatiable appetite for the right information especially from people who have threaded the paths you want to thread and learn from them.

This is why you must learn and read quite a lot.

@Ladyr4real 2. You must never be sentimental in employing staff or choosing people to work with you. Your priority must be the growth of your new baby(your business).

You must be careful in choosing people who are committed as you are to ensure your business grows. Don’t employ workers...

@Ladyr4real Employ entrepreneurs like yourself. People who are not driven by the money they will get but by the results they want to achieve and the things they want to accomplish with you. You need partners!

@Ladyr4real People ignore their need for legal guidance while starting a business...don’t ever ignore the need for legal guidance and an accountant.

These two will save you a lot of stress.

Stop being sentimental and chose to be objective in your pursuit of success.

@Ladyr4real Do not be careless with keeping propose documentation and proper accounting.

Ensurenyou document every agreement you have with anyone even your father. When it comes to business, everything must be dealt with as business.

@Ladyr4real Never try to impress people by trying to prove that you have arrived. Those same people will laugh at you if your business fails.

You must learn to discipline yourself and delay gratification.

You are not in business to impress people.

@Ladyr4real It is extremely important that businesses and owners focus on minimizing costs and expenses to the barest and maximize promise as much as possible.

This is essential to your survivor as an entrepreneur.

@Ladyr4real When people start making some money in biz, they start trying to solve everyone’s problems especially in the family.

This is a mistake many people make in Nigeria. You should help(by all means) but don’t allow your biz to suffer bcos you want to help. Protect your source!

@Ladyr4real A big mistake young people must avoid is thinking your business is you.

No! A thousand times No!

Your business is a separate entity for yourself and must be treated as such.

Never use business money for yourself.

@Ladyr4real Never underestimate the importance of integrity in business as an entrepreneur. Your products must have integrity, your business and services must have integrity, you must have integrity.

And when you have investors, the safety of their investment must be a priority to you.

@Ladyr4real Finally, you must never worry about expanding your business without first consolidating. Do not be in a hurry to expand. Work on making your business more profitable and when the time for expansion comes, you will know.

I've just shared a few and I hope you've learned something.