Every entrepreneur is always excited to share their success story in business but the most difficult part people talk less about is their failure. Adopting business as a lifestyle, living it every day and not failing is an impossible story. An entrepreneur can tell you that.
Prince Akpah is a writer, blogger, Social Entrepreneur and volunteer from Ghana. He serves as the Coordinator and Ambassador of Hallowed Kids Foundation where he heads projects such as Children’s Republic Reality TV show, The Key Newspaper and Ghana Youth Icons Awards.
In 2013, he ideally set out to create one of the biggest barbering salons. This wasn’t something he dreamt could fail easily because he had so much passion for this business and the opportunities were vast. He also had his social impact and responsibility plan to send employees of his barbering shop back to school with the profit from the business. This idea was sure going to woo in many customers but Prince Akpah got disappointed.
Today he is consoled by the fact that he learnt so many lessons from his failed business. Here are the major reasons why his start-up failed.
1. I DIDN’T HAVE A PLAN
I have always known that a business plan is crucial in starting a business but I dint know that my little business needed a plan. Sorrowfully, we had a great idea and support but we couldn’t predict the future because there was no plan. Even though I had a dream of how my business was going to be big, I didn’t put anything on paper.
2. I LACKED MENTORSHIP
Mentorship was one of the key things I lacked. I eventually saw my competitors as enemies, even though these are the people I could have learnt from. In commencing the barbering shop, I did not consult anyone because I thought I could pull it off by myself. Because of this, there was no one to advise me on the project simply because I ignored the fact that every successful business requires lots of relationship building and mentorship.
3. I RUSHED WITHOUT RESEARCH
With a burning desire to start a business, I sincerely rushed to start this. A little patience and research could have helped the business thrive. The business was launched without consulting even a potential employee. At the end of the day, we had our structure and equipment but no one to work.
4. PARTNERSHIP STRATEGY GONE WRONG
In selecting many partners to start this business, I did not do any assessment of our weakness nor plan how to balance them. At the end, we both realized we had the passion to commit to the job but do not have the skills to at least move the business to become operational.
When we should have focused on how to make money, we were more passionate about the people we were going to help. Social impacts is very important but as entrepreneurs, let us look out for how to make sustainable money before we draw plans of giving back to the society.