Common mistakes business women make and how to avoid them – Mercy Bello Abu

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By Wisdom Nwachukwu

Women entrepreneurs have been identified with common mistakes that hold their businesses down but experts have come up with solutions.

Mrs Mercy Bello Abu, Clarity Coach, Entrepreneurship and Women Empowerment Advocate, lined up some proficient women resource persons that have continued to chip at these mistakes to free the women.

This is done through many schemes including ‘The Entrepreneurs Breakfast Meeting (EBM) and the ‘WHY’ of EBM

Details:

 ● MISSION STATEMENT

“We are on a mission to breaking off the holds of limitation through empowerment in entrepreneurship riding on the platform of mentorship”

According to the Convener of Entrepreneurs Breakfast Meeting EBM, Lady Mercy Bello Abu…

We are on a Mission to;

▪︎Help Entrepreneurs and Business owners create Systems and Structures that leads to growth and SUSTAINABILITY.

▪︎Help enterpreneurs birth untapped  potentials and nurture Greatness in their career, business and life generally.

▪︎Create and sustain the Entrepreneurial mindset by pushing  them to persevere in their business even when they are facing set-backs.

▪︎The Entrepreneur’s Breakfast Meeting was also created to help business owners meet and collaborate with other entrepreneurs to  form a suitable and reliable network when necessary…

The Meeting held on the 15th of March, 2021

The Topic, Beginners Mistakes As An Entrepreneur

The Guest Speaker, Pastor Mrs Dele Amaebite

Highlighted the following

▪︎Being an entrepreneur is not a piece of cake!!!

     Common mistakes made

1. Expecting overnight success.

* Set a timeline to calculate small realistic objectives & achievements.

* Celebrate your little wins

2. Skipping the planning phase.

* You need to have a business proposal and business plan

3. Not setting goals.

* Your goals has to be smart fo it to be effective

4. Hiring the wrong kind of people team.

* Dont bring in emotions while forming your team

5. Large investments & over spending.

Separate your personal expense money from your business funds.

6. Keeping secrets from colleagues/employees.

Networking and collaborating is the key to growth.

 4 keys to growth in business

▪︎ Patience : being patient enough to start seeing results is key to business growth

▪︎ Persistence : you need the strength to persevere because you are always going to fail at some point and experience setbacks.

▪︎ Power : you need to be fearless, bold and ready to showcase your products

▪︎ Politeness: the strength to handle clients nicely.

Entrepreneurs change the world. Get the advice you need to start, grow, and lead your business today.

Full report

Business coaches know very much that women entrepreneurs have their own kind of chalenges. These lead to mistakes that cause losses. The major problem however is that when opportunity comes to learn, they drag their feet. If the business coach is younger in age, sentiments may creep in as some of the entrepreneurs may begin to feel you should not be the one to coach them.

This is why one of the most outstanding businesses coaches in the Niger Delta, Mercy Bello Abu of Entrepreneurship Partnership Initiative (EPI), created many platforms to groom women in business, one of which is the breakfast series called the Entrepreneurs Break-Fast Meeting.

There, business women get the best tips on how to structure their business, key nuggets in entrepreneurship, record keeping, financial records, marketing market share, and easy loans. She and her partners say they are on a mission to breaking off the holds of limitation through empowerment in entrepreneurship riding on the platform of mentorship.

She said: “We are on a Mission to help entrepreneurs and business owners create systems and structures that lead to growth and sustainability; help entrepreneurs birth untapped potentials and nurture greatness in their career, business, and life generally.”

The breakfast series began in 2019, according to her, but took a break during the Covid-19 periods only to bounce back in March 2021. Abu told newsmen the breakfast is to create a platform where business women come together to rub minds, share experiences, collaborate and help mentor the young and up-coming business women and help them establish properly.

She said that the programme took place every Monday as at the first time it started in 2019. Now, she said, it is bi-monthly in this new period with it’s new maiden edition on Monday, March 15, 2021.

Abu said that her team is passionate about it, and she has reached out to women doing great things to come and train and mentor others and also partner with others. Often, the teacher is ready, the market is calling, but where are the students. Such could be the nature of the field of business coaching especially if it involves women.

Abu and her likes do not mind the drawbacks but they seem motivated by the gradual build-up and gains recorded when the early ones begin to rise and fly in the business world. Those who do not show up to gain new ideas on how to manage their businesses always end up weeping, seeking help when it may be late.

One of the resource persons on the day, Patience Bamidele Amoebite, who is an author and coach on Business Growth, threw light on common mistakes entrepreneurs make as beginners. She said many beginners expect overnight success rather than fixing time line to calculate real objectives and achievements.

Skipping the planning phase in turn ensures failure, she says. Thus, there is need for a business plan, structure and marketing strategy.

She also said not setting goals and not setting SMART goals (Specific, Measurable, Attainable, Relevant and Timely) will cause the business to fail.

She said carrying the wrong kind of people in your team, for instance, people who don’t have same view or who share in your team vision is a sure way to fail. She said that in recruiting, emotions should be kept aside.

She warned against lavish spending and large investments because there is always a starting point for everyone so does not impress people by spending too much to kick start.

She also said that keeping secrets from employees and colleagues out of fear that they will steal your ideas is not productive.

She further gave four keys to recording good profit. They are: Patience, Persistence (because you may falter at first), Power and Politeness.

Another resource person who spoke threw some light on how to obtain loans with ease. She is the manager of ‘Develop U’, a Port Harcourt-based training firm. She stressed the need to have an active and busy bank account. She said that the loans are usually with 25 per cent interest.

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