Wrong Reasons why People Venture into Business.

in Project HOPE5 years ago

This post is inspired by my recent visit to local communities and what I found shocked me, so I decided to share it with my friends here.
My visit gave me a conclusion that most small businesses fail because they all like to enter into undeserved competition.
In order to buttress my point, I will be telling you a short story about a small community .
This community is made up of not more than ten houses and a woman decides to begin a petty trade there instead of being a stay at home wife, she started selling and residents of the ten houses started buying from her instead of buying outside the community.

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After some months, there is a neighbour who feels she should also start a business since the other woman is making sales, she picks up the same product like her neighbour and she started selling as well, this way the attention of the residents becomes divided, residents now have to choose between either buying from neighbour A or neighbor B and the most annoying part is that, whoever is a customer to neighbour A automatically becomes an enemy to neighbour B and vice versa.

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As if that was not enough, another woman feels she can do better than the two women who are already trading in the neighborhood and she starts a business like them but this time adding essentials that these other two lacked.
Now, the question is, how will the residents of these ten buildings divide themselves properly to buy from this small business owners without causing enmity.
In a bid to successfully maintain a good relationship those business owners,some of the neighbours decided not to buy from the three parties and they buy from totally different locations.

The effect of this is that, the three entrepreneurs have lost their customers, gradually goods they have begin to get spoilt or expired, the business begins to go down gradually and eventually the end of the business comes.

Wrong Reasons why People Venture into Business.

  • Some of these competitors enter into business because they feel they will make lot's of money, anyone who enters into business with the aim of making money immediately is definitely joking because that is not the way business is designed.

  • The feeling that they would not have to answer to anyone (becoming their own boss): The untold truth about entrepreneurship is that, your journey on that path is when you will have a lot of people to answer to, your customers are even worse than your boss because some of them gets extremely rude and you have no right to disrespect them except you want an end to come to your business.
    You can decide to walk out on your job at anytime but you cannot decide to run away from your business.

  • Some people run into business because they feel they will have more time with their families, sorry to disappoint you friends, engaging in business implies that, you are going to get extra busy and you might even have to forget family time on several occasions.
    People easily forget that the job they resign from, have roles delegated to different people and it is definitely going to be different from a business where you are the manager, the sales representative, the accountant and other things.

It is important to however understand that after some period of dedication and building, entrepreneurs begin to enjoy these amazing benefits but entering into a business for this reasons is wrong because discouragement will set in when this is not achieved on time and hence the total destruction/ collapse of the business.

I hope my post is what someone needs to listen to, I am @oluwatobiloba and I am saying thank you for reading.
Feel free to leave an upvote and a comment.

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Personally, I've been in business and it's thriving because it was pushed by passion and the need to solve people's problem.

Passion and the need to solve people's problem is definitely one good reason to into business, there is no way it would not thrive.

 5 years ago 

Dear @oluwatobiloba

Interesting choice of topic. Thanks for sharing your experience and this story.

You can decide to walk out on your job at anytime but you cannot decide to run away from your business.

Indeed. It will follow you even in your dreams :)

ps. I think you should consider using enter more often. Your post does look visually quite .. blah. Especially first part.

Solid read, upvoted already,
Yours, Piotr

I will definitely work on that, thanks for the correction.

Resteemed already. Upvote on the way.

ps.
Check out this post and please confirm reading it in this article comment section.

Your,
@crypto.Piotr

Oh, alright i will do that now.

Hi friend

To start any business, I think it is necessary to plan, analyze what is necessary, what is owned and how to obtain it. I think that provides the basis for a successful or at least more viable venture. Maybe if those women had dedicated time to what I say, they could have achieved a society and had a profitable business today; that is, they were happier than now; Of course these are just speculations.

Thanks for the amazing contribution @reinaldoverdu.

Thanks for sharing your experience with us. One of the wrong reasons to enter a business will be because others are also doing the same kind of business. In the end the business fails due to avoidable competition. As for the other points in this article, I agree with you. Thanks for sharing.

Thanks for coming around @gandhibaba, I appreciate.

It is a very bad decision to go into business just because you feel someone is thriving.

I like to call it unhealthy competition.

excellent article, they are things that we already suppose we know, but in reality when we decide to listen to different opinions, we start to grow and learn.

But the end of all things has drawn near. Therefore be sober-minded and be sober unto prayers.(1 Peter 4:7)

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