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Mistakes are inevitable for every entrepreneur. Acquiring knowledge, writing plans and having defined goals about your business is important, as it will serve as a key performance indicator. However, these plans will not come to realization if there’s no execution.
Executing business plans is perhaps the most daunting task, talk is cheap they say. These plans are better understood when applied and field experience will help discover some gaps in your plan that you didn’t anticipate. The risks taken when starting a venture are immense, just like every major decision in life.
These unforeseen risks could become benefits, depending on one’s level of preparation and steadfastness. Startup founders must learn to think on their feet and not get carried away by emotions, especially when a decision could improve the business. A bad decision might crumble the empire you seek to create, far before it becomes a reality.
A diverse team where each member has unique skills in their areas of expertise, can determine the success of any business. The growth rate of an organization can be measured while maintaining a healthy team spirit.
The zeal to succeed shouldn’t deter you from your core values, as it serves as a reminder for stakeholders who are drawn by your business ethics. Experience at the early stage of a business is limited and it is important to be humble and learn from mistakes as you go up the ladder.
234Finance is an online hub that promotes African Entrepreneurship. We feature small and medium sized businesses on the platform, shedding light on the current and future developments in diverse sectors across Africa. We also provide free resources, share opportunities and events on our platform that entrepreneurs can benefit from and thrive in Africa’s tough business landscape.