With the trending economic situation, many businesses have failed. Regardless, many of the causes of business failure can be prevented. These causes from Colossus Gists shared by Jumia Travel, the leading online travel agency will help you put together a plan to make sure your business is around for decades.
A. Lack of experience
Lack of experience is one of the causes of business failure. If you are inexperienced or your management is made up of novices, then your business is likely to fail. When starting a new business, it is advised you get the services of people experienced in that field.
B. No Accountability
Some people throw accountability into the dustbin because they own the business, Hence, there is no difference between their personal money and business money. They simply spend. You must be accountable for any kobo your business spend and makes.
C. Poor Location
You cannot start a business where the service is not needed. Making it classy will not make people patronize you. A good market survey is required before a business location is chosen.
D. Failure to understand your market and customers
It’s important that you understand your market and customers buying habits. Answering questions about who your customers are and how much they are willing to spend.
E. Overdependence on a Single Customer
If your biggest customer walked out the door and never returned, your organisation or business may be done for. Hence, do not rely on a single customer. Try as much as possible to diversify your customer base.
F. Copying Others
What worked for Mr A may not work for Mr B. Many people have gone into business or made a business choice because they see others doing it and think they can be successful in it if they try. It is good you add your own idea after proper consultation, that will make you different.
G. Quitting too soon
Giving up too early is the biggest reason why many businesses fail. If you do not persist, research, fail and try and try again, you might not be successful in business.
H. Inadequate Financing
A business will definitely fail if there is no cash flow. Your business needs a steady cash flow to take it through its day to day running.
Flight cancellations and delays are now a norm among Nigerian airlines. Without providing information, they simply announce that your flight has been canceled or delayed. You are shocked and angry not because of the cancellation but due to the lack of courtesy for you and other customers.
A good example is Medview Airline that canceled its flight from Nigeria to London thereby leaving many passengers stranded at the airport in both Nigeria and London. They did not make any provision for these passengers. Anyway, Colossus Gists in partnership with Jumia Travel, the leading online travel agency shares ways you can deal with flight delays and cancellation.
A. Focus
Getting the news that your flight has been abruptly canceled can easily make you lose focus. This is because you already schedule your itinerant and not flying on that day can be costly. Think of the next thing you have to do. Is it for someone to pick you up at the airport? Call your boss? Or find a place to sleep?
B. Keep Your Cool
You will not be blamed if you lose your cool. You have all the right to go berzerk. There were reports of passengers beating up airline staff for flight cancellations and delays. You do not have to be counted among them. Be firm but polite with staff. Chances are that, it’s not their fault. Don’t just lose your cool.
C. Make Friends/network
Making friends is always good especially when you are waiting to be airlifted. This is just one of the perks of your flight being canceled or delayed.
D. Entertain Yourself
Always carry with you something that helps you kill time. The first thing that comes to mind is your phone. So ensure your phone is fully charged and do not forget your external charger.
E. Eat and Drink
Eat and drink to help you keep your cool. Dehydration and hunger are obviously going to make you feel worse later on. So, if you have not eaten, visit a restaurant to quench your hunger.
F. Seek Compensation
Don't allow things to go just like that. God will not come down to change things because some Nigerians will say they should leave it in the hands of God. So, seek compensation from the airline for delaying your flight and if they do not respond, you should go to court (if you can).
G. Make a Complaint
You can make a complaint to the Nigerian Civil Aviation Authority (NCAA). Of course, you may think that they may not do anything but still, you should still make your complaint. The more the complaint about a particular airline, the more they will be prompted to do something.
A visit to the different embassies in Lagos and Abuja will give you a fair idea of the number of Nigerians who want to jet out of the country. Getting the visa for some is like a lifeline.
It is either they get it or nothing else. Rejection for them is unacceptable. As such, Colossus Gists with the help of Jumia Travel, the leading online travel agency shares tips for a successful visa interview.
1. Forget about all the stories of rejection you have heard
There are lots of stories about the mean consular officers at the embassies and their knack for rejecting visa applications. Do not allow these stories to get to you. Have a positive mental attitude and you will be surprised that if you genuinely respond to interview questions, you will get the visa.
2. Arrive very early
There is no African time in this case. As early as 7 am some embassies have kicked off their screening. If you are late, your chances of even being allowed into the premises are very slim let alone being interviewed.
3. Prepare yourself for questions
You should be prepared to say everything about yourself and your work. So, when answering the questions, you should focus on demonstrating that you meet the requirements for getting a particular visa category and of course, do not lie.
4. Carry with the right documents
It is foolhardy when you arrive for an interview and you do not have the correct documents. Your interview is already jeopardised. It is essential that you carry the necessary documents.
5. Familiarize yourself with your application materials
Do not just carry the right documents, you have to also familiarise yourself with these documents. Additionally, arrange them in such a way that you can easily access any document when it is requested.
6. Address any potential language issues
If you have an accent (Yoruba, Hausa or Ibo) that could potentially be difficult for a consular officer to understand you, make sure you speak slowly. At the same time, if you cannot understand what the consular officer is saying, do not be afraid to tell him/her. It is for your own good.
7. Dress for success
Dress for your visa interview like you will dress for a job interview. You must appear businesslike.
8. Pray
We are very religious people in Nigeria. We 'love' God so much. There is absolutely nothing wrong with praying for your visa application to go smoothly. However, you must do all the aforementioned. Like they say work and pray.
Finance has always been a problem for many businesses and startups. A large number of them have folded up due to lack of funding. However, we hear in the news almost on a daily basis that a Nigerian startup has won thousands of dollars from investors and Venture Capitalists. Colossus Gists with the help Jumia Travel, the leading online travel agency, discloses ways to attract investors to your travel startup.
1. Show results first
It may be a bit difficult for a relatively new startup to secure funding because it cannot show any business results. So, before seeking investors, you should work on getting customers and results. Do not manipulate the results because the investor will always audit.
2. Enroll in a startup accelerator
Unlike in the past, there are now so many startup labs in Nigeria. The pioneer is CCHub. There are others. You can join these startup accelerators so that they can offer you everything you need to run a successful business. They can also expose your business to investors.
3. Have co-founder (s)
Your chances of attracting funding or investors are higher if you have co-founders. They are much more confident because all business decision is not invested in the hands of one person or individual! So no matter what, look for two serious, talented, committed and reliable business partners.
4. A clear path to making money
Investors love their money and they will never allow anyone to throw it away. Hence, one of the first question you will be asked is how to I get a return on investment? If you cannot define or state that clearly, sorry you will never get any investment.
5. Ask for advice
Seeking advice from a potential investor is one of the creative and strategic ways to attract them. Through this, you will build a relationship with them. As the relationship grows, you can begin to let them know what you really need. Never ambush or cold-call an investor. It usually comes off as desperate!
6. Get an investor that is also a partner, not just a check
Granted, you need the cash to boost your business. The is not everything. The investor should also be able to offer something beyond money. It is better. This is good because they can make corrections when you are going the wrong way.
7. Try to market your business at networking functions
Networking allows you to informally pitch your startup ideas to potential business partners and investors. If your idea is clear and unambiguous, you may find someone that is interested in working with you. So, when you have a networking opportunity, arm yourself with all the information you need to effectively sell you business.
A fantastic business remains an idea if pragmatic steps are not taken to bring it to fruition. A huge complaint, drawback or excuse many give is that there is no money to fund the startup or business idea. Unfortunately, many of these million naira ideas have died because of lack of funding.
Colossus Gists with the help of Jumia Travel, the leading online travel agency, agrees that funding is a major factor in business. However, it should not prevent you from going ahead. As a Nigerian, there are ways you can raise capital for your business. Read on to discover these ways.
1. Savings
Saving is one of the best ways to get money to start a business no matter the number of zeroes in front of your salary. If you have figured out the workability of your idea, you should save a certain percentage of your salary monthly.
2. Sell some of your valuables
You have to make the sacrifice if you really want to do business. Your valuables are important. But establishing something that will get you more of these luxuries in the future is the ultimate. So, you can sell your car, your iPhone and other valuables you think you can do without.
3. Family and close relatives
You can also seek support from your parents, brothers, sisters and close relatives. Before they release their money, make sure they believe in your idea. You don't want them to pour money into a basket.
4. Your rich friends
If you have friends who are wealthy, you can also sell your idea to them. They may otherwise not be interested in everything you have to say. However, as far as you bring returns on investment, they are willing to give you their money.
5. Search for investors
All the aforementioned are personal efforts. Now you have to widen your tentacles. You have to get the big money investors to buy into your business idea. This is where your business plan will come to your rescue. Send it out to possible investors. Not just anyone who may steal your idea. You can ask friends for contacts.
6. Pitch your idea
There are some many events where you can pitch your idea to skimming investors. If your idea is good, you are in luck. Remember in this case, others will have to be involved in the operations of your business.
7. Apply for startup funds
We are in the Internet age and there are thousands of startup funds out there for Nigerians and Africans. Search for these funds and apply. If your idea is selected, you will be invited for an accelerator program where you will be trained by experts and given cash rewards. But at least, you must have some structure in place for you to apply.
Success does not come cheap. It requires hard work, perseverance and a lot of sacrifices to achieve it. It is difficult to abdicate something you are used to. However, when you think of the results of your sacrifice, you should be willing and ready to do away with them. Jumia Travel, the leading online travel agency shares with Colossus Gists the sacrifice you must make to be successful.
A. Time
We all have 24 hours. For many, this is never enough. However, if you really want to be successful, you have to plan your schedule and invest your time wisely. In addition, you have to cut off the things you waste time on and refocus them on important and relevant things. You barely have any free time if you are pursuing success.
B. Sleep
In this case, you have no choice than to deny yourself sleep. Yes, you may be tired after work and the weekend is the only time you may have to sleep. So, due to this, you sleep whenever you are opportune. Success full people sleep but they wake up at a point in time at night to do the things that will bring them that desired success.
C. Friends
The hard truth is you only need friends that key into your dreams and ambitions. If you find that kind of friend, you should keep that person. Of course, you have other friends that you won't like to lose but you have to. In some situations, you may have them as friends but your level of communication will reduce as you are too busy chasing success.
D. Personal wants
You have to be very disciplined if you want success. You need every penny. So, you have to quit buying all those extravagant stuff. And even if you do not buy them, you still need to make the personal sacrifice to deny yourself of certain wants.
E. Social life
Partying and clubbing every weekend has to reduce. In fact, if you are obsessed with success, you are not supposed to have a social life. That is extreme you may say. But the truth is you have to significantly cut down your merry-go-round.
F. Relationships
It can be difficult to balance relationships and work. But if you have someone that understands that you have to pursue success, then stay with that person. Clearly, you have to find time to also stoke that relationship. If you cannot balance both ends, just quit and focus on one. Relationship or success? Success it is.
You have been thinking about launching your own business enterprise but the fear of the unknown grips you that you keep postponing it. You know that procrastinating about starting something can lead to regret later.
If you are in this position, it is time to stop thinking and kick off your entrepreneurial journey. Jumia Travel, the leading online travel agency shares with Colossus Gists ways you can quickly start your own business.
A. Simply start
Yes, you do not have money to start a business. That is a major entrepreneurial problem that cannot be overcome. There will always be financial scarcity. But start with the little you have. Find a solution to a problem or you sell anything in case you do not know the business you want to do.
B. Ask someone for advice
Have a mentor who will guide you and who you can talk or call anytime for advice. Of course, they must be persons who are willing to share the secret of doing business with you in a Nigerian environment as well as offering assistance when you are stuck. They will also share challenges. This will stop you from giving up.
C. Work with someone who drives you to do more
You do not want to work with someone that is negative. Sooner rather than later, everything will collapse. Therefore, you should look for an individual who will drive you to your limit. This will prompt you to give everything to your startup or business.
D. Hire freelance workers
You do not need to hire permanent workers immediately you start your business. You can take advantage of freelancers who will also do a good job for you. The demands of freelancers can’t be compared to that of permanent workers. When your business is a bit stable, you can now engage permanent workers.
E. Don't focus on money
For people who focus on money, they will not be patient for their business to start running itself. This is because it may take years before you start profiting from it. Invest your money and relax for it to make returns in few years. You can’t break even immediately.
F. Interact with your potential customers
Do not be afraid to talk to your friends and potential who you know can patronise your business. Even if they do not do business with you, they know that you have a business you are running. Also, do not forget to use social media to push your business. You can go as far as sponsoring your business on twitter, Facebook or Instagram. It cost less than two dollars to do this.
How would you love to make your dreams come true?. That House you wanted to build, that car you wanted to buy, that life you wanted to live. Well, look no further, Community Mutual Aid (CMA) is aimed at making your dreams come true. Here at CMA, we create dreams and claim dreams.
➖ Launch Date: 1 March 2017🚀
C.M.A is all about sustainability, we look forward to creating a lasting community of helpers that will last for years.
ABOUT CMA -
➡️ Community Mutual Aid (CMA) was launched in South Africa and Lesotho on the 16th of January, 2017 and was launched in Nigeria on the 1st of march, 2017.
➡️ CMA is said to be the best planned and the most "sustainability-conscious" crowdfunding program as well as the fastest growing donation exchange program in Africa
➡️ Since it's launch in other countries, CMA has recorded great successes in South Africa and Lesotho and has spread to other parts of Africa such as Nigeria in its quest to take over Africa and beyond. CMA seeks to attain 2 major things:
- attain sustainability
- change lives
➡️ CMA strategy is hinged on sustainability which seems to be a major requirement in the longevity of any program.
➡️ CMA seeks to put smiles on the faces of as many as would recognize this great opportunity.
🌿FEATURES OF CMA🌿
- Register for free, no joining or activation fees✅
- Fastest growing donation exchange in Africa✅
- Fast and well maintained servers – NO UNSCHEDULED DOWN TIME AND SLOW SYSTEM.✅
- Re-Commitment structure to help sustain our community.✅
- Auto confirmation when participating in bitcoins NO MORE FAKE PROOF OF PAYMENTS✅
- Earn 50% when you PH in Bitcoin.✅
- Earn 40% when you PH in Naira.✅
- Receive 10% referral bonuses when you refer others (optional)✅
- 5% speed bonuses when depositing or confirming within 24hours.✅
- 5% bonus for a video testimonial showing your face (on hold for 30 days).✅
- 3% bonus for an audio testimonial (on hold for 30 days)✅
- Minimum create dream - 12,000 Naira
- Maximum creating dreams - 2.5 Million Naira.
- Maximum of withdrawing dreams - 5 Million Naira.
- Maximum months to leave your money in the system - 3 months.
- Automatic Recommitment of the withdrawal amount - 30%
- Members referral bonus - 10%
- Once off registration bonuses
HOW TO SIGN UP
1. To sign up, CLICK HERE
2. Please we are advised to sign up using the referral link of those who
referred us and no other.
3. Please NOTE that your password must start with a capital letter and contain at least 3 numbers.
4. After you register, go to your email to activate your account(activation link might take a minute or two please keep refreshing your browser)
5. Login to your account and add banking details by clicking Accounts then add new account.
6. System will ask you to create secret pin, always keep the pin to yourself it's like your banking pin.
7. Enter your secret pin to Add banking details. You can add bitcoin account or bank account or both.
8. Create your dream by clicking on create dream on the dashboard, choose whether BTC or normal bank.
9. You can create as many dream in both btc or Naira to the maximum of 2.5 Million.
10. Click on show referral link on dashboard to view your referal link, copy it and be ready to send to your prospects.
You can create your own group/team and share your links with them as we grow together with CMA .
A HELPFUL INFO FROM ADMIN
I've prepared some helpful materials to help you through the process of learning about the CMA ideology. You should also educate yourself and your referrals with it
✨ CMA Presentation Live: WATCH HERE
✨ How to create a Bitcoin order: CLICK HERE
Visit the testimonials of participants HERE
HOW DOES CMA WORK?
To answer this question, I've highlighted some features of CMA
Below are Some Basic Features of CMA
👉 Free registration, no joining or activation fees
👉Fast and well maintained servers – NO UNSCHEDULED DOWN TIME AND SLOW SYSTEM.
👉 Automatic Re-Commitment structure to help sustain our community.
👉 Auto confirmation when participating in bitcoins
👉 Earn 50% when you PH in Bitcoin.
- Earn 40% when you PH in Naira.
👉 Receive 10% referral bonuses when you refer others (optional)
👉 5% speed bonuses when depositing or confirming within 24hours.
👉 5% bonus for a video testimonial showing your face (on hold for 30 days).
👉 3% bonus for an audio testimonial (on hold for 30 days)
DREAMS
✨ Minimum create dream - 12,000 Naira
✨ Maximum creating dreams - 2.5 Million Naira.
✨ Maximum of withdrawing dreams - 5 Million Naira.
Maximum months you can choose to leave your money in the system - 3 months.
Automatic Re-commitment of the withdrawal amount - 30%
Registration Bonuses:
No big bonus offers...so no need for multiple accounts for sustainability sake
Bonuses do not grow. They are released after 30 days.
A. From #12,000 - #49,999 gets a registration bonus of 700
B. From #50,000 - #100,000 gets a registration bonus of #1,500
For Inquiries or Assistance, Contact:
Mr Nonso
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