Many young entrepreneurs jump into business without roadmap- Dekunle Okunrinboye
Dekunle Okunrinboye, a seasoned entrepreneur and the chairman of DK Industries Group has shed light on the prevalent and costly mistakes made by young Nigerians in the realm of business.
With his extensive experience in the Nigerian business landscape, Okunrinboye aims to educate and empower the youth to make informed decisions and achieve sustainable success.
While coaching budding entrepreneurs at a recent business forum, Okunrinboye discussed the common pitfalls encountered by young entrepreneurs and emphasized the importance of avoiding these mistakes to foster growth and profitability.
Okunrinboye stressed the significance of thorough planning in business.
“Many young entrepreneurs jump into ventures without a clear roadmap, failing to anticipate potential challenges or devise strategies to overcome them. By developing comprehensive business plans, entrepreneurs can chart a path to success and avoid unnecessary setbacks”.
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Speaking further, he said:”One of the primary reasons businesses fail is the lack of market research. Young entrepreneurs often overlook the importance of understanding their target audience, competition, and industry trends. By conducting thorough market research, entrepreneurs can identify gaps, seize opportunities, and tailor their products or services to meet customer needs effectively”.
Effective financial management is crucial for sustaining a business.
Okunrinboye highlighted how young entrepreneurs often struggle with budgeting, cash flow management, and record-keeping, which can lead to financial instability and eventual failure. By prioritizing financial literacy and seeking professional guidance, entrepreneurs can ensure their business’s financial health.
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