Do you know that Impatience can ruin your business while the opposite, “Patience” can turn your skill and business to a profitable one as a smart entrepreneur?
As an entrepreneur, there is nothing new or faulty about being impatience, some analysts suggested many people are less patient because of technology. Digital Technology has been changing our lives rapidly and this increases our appetite for quick gratification in some other parts of our lives including our business. But unfortunately, some entrepreneurs have lost some of their clients due to this quick gratification.
Everybody can be impatient at any time on any occasion but as an entrepreneur, there are some harmful consequences that impatience can bring upon to your business, if care is not taken at the right time.
READ: 7 Biggest StartUp Mistakes and How You Can Avoid Them As A Smart or New New Business Owner
Here in this article, I will tell you how impatience can be harmful to your business and also, how you can avoid being impatience as a smart entrepreneur and win your buyers’ heart.
How Impatience Can Ruin Your Business As An Entrepreneur
Impatience has made him not to do more research about the business. It has also blinded his mindset not to wait patiently and manage the little resources he can afford.
Forbes magazine reported that “the state of the present market is the consequence of undue impatience combined with excessive greed. Impatience led many thousands of ordinary people to seek to acquire properties of much higher value than their savings justified. They thus sought to borrow collectively immense sums that they could not hope to repay for many years -and, in some cases, ever.”
==> (3) Loss of Clients or Customers:
One of the main characteristics of impatience is to destroy entrepreneurs’ ability to communicate with their customers or clients. When a business owner or worker doesn’t have the patience to engage in a mutual conversations, he or she tends to speak with thinking.
The impatient entrepreneur may always get annoyed when his clients is trying to explain the details of the proposed business or deal, as a result of this the impatient entrepreneur will find some ways to rush and stop the conversations hurriedly.
By doing this frequently, the business owner will begin to loose most of his clients or customers. Impatience is not a good quality of entrepreneurs; it will drive your customers away to your competitors who are patient.
==> (4) Poor Decision Making:
One of the pillars that holds a successful business is good decision making but, impatient entrepreneurs lack the quality of good decision making.
According to a group of analysts at “Pew Research Centre” in Washington D.C., reported that people often make quick and bad decisions when it comes to their daily activities including business.
Most business owners who are outside side makes poor decision always due to impatience. A typical example is the issue of a man who is always busy to listen to his customers’ proposals, such business deal won’t yield a good result.
Dr. IIango Ponnuswami who is a professor and H.O.D of social work at the Bharathidasan University in India said after thorough research that: “Impatience will cost you. It can cost you money, friendships, pain and other financial risks simply because of Impatience is often followed by bad decisions.”
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As an entrepreneurs, your health is very important and you must take good care of it. Impatience will ruin your business if you didn’t change such quality now or never.
These are just few of the harmful effects of impatience to you and your business but, how can this be rectified? Watch out for my next article where I will also discuss step-to-step guides on how you can be patient and win your buyers’ heart as a smart and ambition entrepreneur.
Do you have any idea to add or subtract to/from this post? Please, kindly let me know what you feel about this article through the comment box below.
If you are just starting a business or you are already a professional business owner, one of the things you must take serious is Time Management.
Your greatest ambition as an entrepreneur is to dominate the world with either your services or products with earnest hardworking, big business ideas, determination, passion, action, perseverance and so many other things you can do to acquire whatever you planned for your business.
Managing your time as an entrepreneur does not only make you serious but will also Defines the future of your business.
SEE ALSO: Amazing Ways You Can Grow Your Social Media Presence As An Entrepreneur – Becoming An Influencer
Some entrepreneurs doesn’t know how to manage the time used in their business, you will see or hear them having restless nights, impatience, inadequate time for fun or social life and even, have critical and complicated relationship with their family members as a result of time mismanagement.
For instance, you may not need to see your clients before or after any successful business transactions and thereby saving your time and expenses! But for you to enjoy these benefits of technology in your business, you need to learn how to live the software life.
What do I mean by living the software life?
You need to start:
• Automating your personal banking with recurring payments and balance transfers.
• Employing software Platforms for social media marketing campaigns & posts’ scheduling
• Using Payment Gateways like PayPal, Payoneer, Skrill, Bitcoin etc which you can use to send and receive money globally.
• Use your phone for memo or reminder which will be automatically notifying for any appointment or plan.
• Use technology gadgets in your house and office.
• Use software trackers
• Also, communicate live with your clients by using software application like Skype and other app that supports video and voice call.
RECOMMENDED: 5 Ways Technology Can Help Your Business
==> (5) Be Focused:
Above all, you need to stay focus to whatever you are doing. Paid 100% attention to any plan you make for each day whether it’s a meeting, event or dinner.
If you are not focussed, you may miss the most important thing in your plan and you are likely to overlook relevant event or information you needed.
Avoid distraction from any source ranging from your house, streets and is your office. Let the people around know what can distract you and humbly plead them to understand you. Avoid music, telephone calls, messages and anything that may distract you whenever you want to think or draw a business plan for yourself.
Guide yourself against time-stealer and avoid procrastination, set a time limit on what you are spending on movies, chatting, replying to mails etc.
Time is very important in business management; time is money because your personal and financial success relies on how you spend your time either wisely or woefully.
As an entrepreneur, you need to work hard when you are still young because, you will have alot of time to spend on your business now than when you are aged.
Note that effective Time management in business will let you do the right thing at the right time and achieve the right thing you have rightly worked for.
I hope you have gained something in this short article, what are other Time Management Tips you will like to add or subtract from it? Please kindly let me know through the comment box below.
Please, Don’t forget to share this!
Either you are just starting a new business or a side-hustle, there are alot of things you will and must encounter as you are making every efforts to make your business ideas comes to reality.
Among those things you will face are mistakes – you can’t do without battling with mistakes before and after the inception of your business.
These mistakes varies from Startup to financial mistakes.
Overcoming these entrepreneurial mistakes will be one of the most intriguing and favorable aspects of your life.
Starting a new business might seems difficult or somehow tedious to you as a beginner but believe me, their is nothing like impossibility in business, you either do it or quit!
If you wish to bring your ideas to life, the only thing you have to face are startups mistakes and financial ones.
Without wasting time with excess words, let quickly walk through the biggest startup mistakes that new entrepreneurs tends to make while building their businesses and how you can avoid those mistakes.
Here We Go;
7 Biggest Startup Mistakes You Must Avoid As A New Business Owner
==> (1) Overconfidence:
Why did I make overconfidence as the number one biggest startup mistake you must avoid?
Before going to my “why”, what do I mean by overconfidence here? Overconfidence in startups start from when you think you are the best and most promising young & new business owner.
Overconfidence in business startups will makes to believe that you can do what 5 workers can do alone although as a beginner, starting your business alone as a sole proprietorship may be okay for now but, it shouldn’t be forever. If you think that you are so educated or talented to handle 5 people’s responsibilities, then, you’ve attracted overconfidence to be your static!
They says Time is one of the most precious things in life especially in business. Averagely, a single human works for 8 hours per day.
If you are the type of entrepreneur with big business idea, how many days or months will it take you to achieve your goals alone? Most big entrepreneurs you are seeing outside there didn’t start alone, they started with one or two people who had the same business goals like them.
Don’t believe in working 8 hrs per day, even , the whole 24 hours is not enough for you. You are among competitors who are ready to crush you at any time, challenge them with your big goals and overrule the law that supports 8 hours working per day.
Can you start with 32 working hours per day? Wait… Are you surprised that I said 32 working hours per day?
This is what I mean:
• 1 person will work for 8 hours per day;
• Mathematically, to work for 32 hours per day will be 32 divided by 8 which equals to 4.
So, you can start with four people or if you are thinking about your financial status as at now, you can start with 24 hours per day (3 people). But, don’t ever think of doing the whole 24 hours day job yourself because I know that most people will think that they can use the whole 24hours in a day to work for themselves instead of hiring staff workers or freelancers. You will need to rest, sleep, think, eat, bath and plan for the next step in your business and these minor thing take more than 18 hours per day.
Also remember that, you can’t alone do business planning, developing, marketing activities etc. So, avoid the crap of Overconfidence and do your startup like a pro.
==> (2) Indiscipline:
If you are not disciplined, the future of your business will be at stake because everything you will be doing will be without guidelines and motives.
Being disciplined is one of the pillars that holds a successful business.
Either you are running your business alone or had a team of workers, you need to set up some rules and regulations for yourself and for them especially when it comes to being punctual, humble to clients or customers, accountability, grooming and other rules which are very important in building a good and standard business.
Mind you, if you have a team of employees, it’s wise you don’t play too much and rough with them. Although, you need to be friendly or jovial but you must not let your right to be wrong or let your wrong to be right!
Also remember that whatever you do or say, these your staffs will be reciprocating directly or indirectly. So, to avoid this crucial startup mistake, you must be disciplined and personally, you must worth to be a role model.
SEE ALSO: Biggest Financial Mistakes You Must Avoid As A New Business Owner
==> (3) Lack of Interest But Forcing Yourself:
Business is not something you should force yourself to do; If you don’t have interest in implementing a business idea, it’s better you leave it and think of another another profitable business idea which you really have interest for.
As an entrepreneur, you need to plan freely in order to clear any obstacles which might comes on your way to successful entrepreneurship system. For you to achieve this, you need to have valid interest in what you are doing..
You can’t achieve success in what you hate doing.
If you have interest in what you are doing, creating or coming up with a new business strategies won’t be difficult and by doing this, you are going to be the shortest distance between business and your customers/clients.
==> (4) Impatience:
About Sixty percent (60%) of some businesses that are no more on existence failed just because of impatience.
They said you can’t sow a seed today and be desperate to harvest it on that day or the next day; it will takes days for the seed to germinate and grow out from the soil. After coming out from the soil, you still can’t harvest until it’s fruits are fully mature for consumption.
A new startup or business is exactly like the seed illustrated above. You need to start from thinking of great and profitable business idea, implement the idea, market the idea… Grow your business with the best resources you can afford till the time you start seeing the profitable results. Even after the results, you must still continue to grow your business.
Although, life may have been perfectly created but we humans are not person! And this imperfections affects whatever we do.
You can’t expect your business to be person immediately you launch it but with patience and gradual efforts, you won’t be crush off by your competitors.
==> (5) Repackaging Unwelcomed Products or Services Consistently:
Hearing this may sounds meaningless but, it’s one of the biggest startup mistake you must avoid as an entrepreneur.
Rebranding a business name may seems cool but you should never think of repackaging any product that the consumers doesn’t fantasized.
If the product is not selling, ask your customers for what you may need to do in order to improve the quality of the product rather than giving it another man in another style or look.
If you repackaged a product that the general consumers or customers have rejected multiple times, those customers will loose interest in any of the good and quality products you may be producing in the future and, this has thereby tarnish your business image and shortened its future.
What if your product or service is being rejected or not selling because of poor marketing strategies? Then, you need to adopt the affordable social media marketing tips for business promotion, try hard as much as possible to grow your own and business’ social media presence and don’t forget to take business giggling (including your products and services) so serious.
In nutshell, instead of repackaging your new products or services, improve their qualities and stop marketing the right products to the wrong customers or marketing the wrong products to the right customers.
==> (6) Taking on Unnecessary Expenditures
Spending on unnecessary things at the beginning of your business is not just one of the biggest financial mistakes you must avoid but also, one of the biggest and avoidable startup mistakes you must avoid as an entrepreneur.
I know it’s cool to have a luxury officers, cars, computer gadgets, electronics, attending different workshops or business seminars, have a fancy and expensive website etc… But all these are still unnecessary for you as a beginner.
Instead of starting big, why can’t you just start from basic? You are just starting a new business and you are yet to make big profits.
Instead of starting with fancy offices, try to check maybe your workers can work remotely from home or, you can hire freelancers till you are able to make enough profits for premium startup.
Save as much as you can save and invest more on your startup and grow your business.
RECOMMENDED: Download and Learn More About “Whatsapp Business App” – A New Development For Business Owners
==> (7) Afraid of Taking Risks:
This is also one of the biggest startup mistakes you may tends to make as an entrepreneur. Life itself is risky to live in and unforeseen circumstances do happens most of the time, but should this makes you to be an entrepreneur that’s afraid of investing or taking risk?
You may have great business idea that might even be very useful and welcomed by your potential customers but, you are afraid to invest on the business idea, do you think you will ever move forward? No.. You will just be having ideas over ideas without any turnaround.
If you are thinking of startup, you must be readily prepared for any challenges that may comes your way and this includes taking risks when you want to invest, sell, buy, spend, maintain, give and accept any offer.
For you to be a successful business owner, you must be able to take risks and actions whenever business’ nature calls for it.
Wrapping Up: 7 Biggest Startup Mistakes You Must Avoid As A New Business Owner
I believe you have gain something from the startup mistakes aligned above? Mistakes are also important in running a successful business provided you learn from them but, I’m not urging you to start making all these startup mistakes because you want to learn some lessons about business. But, rather avoid them as much as possible and try to learn from any mistake that may erupt in the future.
Don’t forget to build good business relationship with your customers because, they will also be affected by any mistake you make and, they can also provide meaningful solutions to most of the problems you may be battling.
If you can avoid these 7 startup mistakes, am sure you will become very successful in your startup!
If you are a business owner or an entrepreneur, you are more likely to be challenged with financial mistakes in your business especially if you are just a beginner but to say the truth, you are not the only that will face or had been facing this ugly scenario. Alot of big entrepreneurs outside have also made some financial mistakes and yet, they are still strong financially.
Most time, entrepreneurs may miscalculate time, investments, risks and profits which may lead them to financial difficulties but if you are really in this shoe, will you quit? Definitely NO because, Winners Never Quit just as the popular saying advised.
Most business owners are smart, ready to take risks, seeks progress for themselves and their businesses etc. but, the more they do this, the more they will make mistakes especially when it comes to financial management.
READ ALSO: How to Choose & Register Great Business Name for Your Brand
But anyways, some mistakes can be corrected while some other failures can be avoided while some mistakes may render your company bankrupt and even shutdown your business.
Financial mistake is the main reason why most entrepreneurs closes their business during few years of operation.
If you have been bothering about starting a business due to the fears of committing blunders or making a financial mistake, worry no more as I have compiled some big financial mistakes here in this article and how you can avoid/correct them.
So, let ride on;
7 Biggest Financial Mistakes New Business Owners Makes And How To Avoid Them
==> (1) Account Mismanagement:
Most entrepreneurs are fond of merging both their business account together with their personal account. Although, it might seem simple and effective but let me tell you that this is one of the biggest financial mistakes in running a business.
For instance, if you are using the same account for your business and personal use, it will be pretty difficult to know how to calculate your company’s expenditures, investments, losses and gains.
The best thing you can do to help yourself from avoids this mistake is to have separate accounts for your business and personal use. And by doing this, you won’t be shaken up totally even, when your business run into bankruptcy because, you will still have your personal account to sustain yourself and family pending the time you will get your business running well and good.
A business expert advised that, whenever you earn some profits from your business, the gain shouldn’t go directly into your personal account by first think of how you will invest more in your business now and in the future.
When you start making impressive profits, you can start thinking of investing on some expenses like building a trendy website for your business, attending different business seminars, going for business trips, setting up of fancy furniture materials, buying electronics including computers and software etc.
To avoid this financial mistake, you need to Grow your business first and accumulate a higher level of disposable cash before buying fancy materials for now.
==> (3) Large Personal Purchases As New Business Owner:
This is one of the biggest financial mistakes a new entrepreneur tends to make. Even, if you have a personal account which you have separated from your business account, you can still make this mistake.
If you are desperate in having fancy cars, dresses, house, computer gadgets, attending different occasions etc, their is no how you won’t dip into your business account and once you start doing this, your business’ future is at stake.
As a new business owner, you will still have to be patient and generate more profits for your business before you think of spending lavishly on personal materials.
Alot of new business owners who fancy personal materials than investing in the growth of their business are now “broke” financially.
As a beginner, try to be contented with little things you have for now, spend wisely in both your business and personal while you are building a ‘Profit Empire’ for your business.
==> (4) Spending What You Don’t and May Not Have:
It’s good to plan ahead right? YES, I also believe it’s good to plan ahead for the future of your business but, what do I mean by Spending What You Don’t and May Not Have?
Some new business owners are fond of running into debt by buying what they can’t pay for. An instance is a beginner who use his house, company and car as collaterals in the bank for huge loan which he think of using the loan to secure a contract or invest in a deal but at the end of the day, the deal or the contract failed. What do you think?
The bank won’t think have mercy on him because he lost the contract but, the bank officials will have nothing to do than to use the collaterals (his house, company and car) to automatically pay the man’s debt.
What do you think will happen to this man? He was left with nothing to rely on; his new business, car and house are no longer with him again.
It’s advisable that you invest on your business don’t try to overdo it as a beginner.
==> (5) Ignoring the Habit of Saving:
All business owners (both new and old ones) need to inculcate the habit of saving for emergencies and time that things might not work well in their businesses.
Although, nobody expects bad deed but according to a fact backed by the christian book, time and unforeseen or unexpected circumstances do happen to us and if it happens, it will also affect our businesses.
Some entrepreneurs who have had alot of experiences about running a successful business advised that business owners need to save at least three months worth of expenses in an emergency or contingency fund for both their business and their personal expenses. The best ways to save for emergencies is to get your business insured in a reputable insurance company.
==> (6) Lack of Preparation for Tax Payment and Other Must-Pay Fees:
We all know that payment of tax is compulsory for everybody and you are not left out even, if you are a beginner.
Prepare for tax payment according to the type of your business because, different types of business attracts different type of local, state and federal tax obligations.
You know that the government will use this tax levels for the benefits of everybody including YOU and your STAFFs.
Don’t take tax issue as a joke or unserious matter, alot of business owners have been charged to court of law because of tax fraud while government have also shutdown some business’ operations.
Since you have think and accepted to start your own business, you should always bear it in your budgets that tax payment is very essential and you must pay it to avoid any legal disturbance.
READ: 25 Proven Ways on How To Grow Your Social Media Presence As A New Business Owner
==> (7) Ineffective Business’ Budget Plan:
The final on my list of 7 Biggest Financial Mistakes New Business Owners Makes And How To Avoid Them.
We all know the reason for effective business plan, this will enable you to run your business without any fear of what may happen to you or your business in the future. Before you can be rest assured on your business, you must have had a good and well-planned budget which will be guiding your inward and outward expenses.
To say the fact, if you adopt the system of having a clear budget, you will have increases in financial discipline and as well have a clear route to your business development now and in the future.
These are the common and biggest financial mistakes you may like make or have been battling with.
The best ways to avoid those mistakes are by planning your budget and tracking your expenses effectively, always try save for emergencies, have separate accounts for business and personal purpose, don’t spend lavishly on your personal materials and don’t ever think of spending the money you don’t and may not have.
What do you think about this article? Is it helpful or you will like to add or subtract from it? Kindly let me here through your comment in the comment section below.
As an entrepreneur, have you heard the good news that WhatsApp Business App is now available for us in Nigeria?
In one of my post, “Social Media Marketing Tips for Business Business Effectively”, I made a well-detailed explanation on how you can use social media sites to woo customers and boost your sales. But, as at the time of writing the article, WhatsApp Business App hasn’t been made available for download and use in Nigeria.
So in this article, am going to work you through the complete guides on how you can create a sales empire for your business with WhatsApp Messaging App.
The new version of the messaging app focused on small-scale businesses. It allows entrepreneurs to communicate with their customers easily.
I know that this is going to be easy than the previous & normal WhatsApp app which only focus on chatting, status updating, sharing of files, documents etc but the Amazing feature I love about the previous app is the enablement of the Broadcast List which can also be used for your business promotion but this new WhatsApp for Business App will help you more than alot. It will allow you to your own WhatsApp business profile or account with important information like Business name, Website, email, store/office addresses, email, business descriptions, WhatsApp verified business account listing, labels (for contacts) and other amazing features like Metrics which will gives you the reports about your messages.
NOTE:- All features on the previous WhatsApp messaging app are also on this WhatsApp Business App.
One of the FAQs by those who haven’t got the app or still hesitating to get it is that, “Can they be able to use the WhatsApp for Business App and the normal WhatsApp messenger on the same smartphone?”
Well, according to 7 Amazing Social Media Marketing Tips To Promote Your Business
How to Setup Whatsapp Business App Profile: Dealing With Features and Their Functions
==> (1) Business Profile:- This includes your business/store/office address, contacts (including Emails and Website), description, Time you normally open everyday.
Function: With this, your customers will be able to get basic information they need above your business and how they can easily locate your business.
==> (2) Label: This is a great feature which you can use to categorize your business clients. For instance, some maybe categorized under New Orders, Paid and Complete Others, Pending Payment, Paying Customers etc.
You can also add a custom label of your own.
==> (3) STATs: Tell you how far your messages are sent. I.e, whatsapp business app will tell you if your messages has been sent successfully, delivered and read. This is not a new feature, I guess you know.
==> (4) Business Messaging Tools: This featured tools includes:-
• Away Messages to indicate that you’re away;
• Quick Replies to save and reuse messages you frequently send;
• Greeting Message to introduce your new contacts/customers to your business.
==> (5) Customer Service or Whatsapp Web: This is where you complain about any issues or error challenging you and also, you can ask any questions through this tool.
Note that, this tool will direct you to your browser in order to connect you with Whatsapp Website.
SEE ALSO: 5 Qualities of A Good Business Mentor or Coach
==> (6) Access Normal Whatsapp & Whatsapp Business App On the Same Smartphone: You can use these two app on your phone but with two different phone numbers.
==> (7) Landline/Fixed Number Support: Here, you are privileged to have an Hotline Phone Number for your business which you can easily and always be contacted with.
All you need to do is that during your verification, choose the “Call me” option to receive the code over a phone call.
==> (8) Some other Features: This includes all other features you have been using on your normal whatsapp messager before such as sending of photos, audios, videos, status etc.
I hope this article will help you to get started with Whatsapp Business App without facing any stress? Please, do tell us what you think about this App.
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What are the mistakes associated with business incorporating or already incorporated ones?
Before delving into this, do you even know the meaning of Business Incorporation? Just like I explained in my previous post, Business incorporation is like a team of people from different walks of life who came together to contribute to same goal and development of a business.
These people are called Shareholders and the business owner is regarded as the Chief Executive Officer (CEO) of the incorporated business.
Why Do Entrepreneurs Incorporate their Businesses?
The answer is simple. The benefits associated with incorporated business is far fetched from the sole proprietorship one. We are in the world of competition and this competition faces businesses the most, apart from competitions, taxes can sometimes leads a running business into bankruptcy and some business owners had because of this reason close down their business.
But, some wise business owners who have foreseen all these issues had collaborated together to form an incorporated business. For more details about the Reasons why Most business owners incorporate their businesses, CLICK HERE.
Some business owners like you have had the right ambition of incorporating their businesses and, they implemented the ambition but unfortunately, things went out wrong with their businesses. Some business have closed down immediately after the business owner incorporated his/her business.
But, do you think they made the wrong choice of incorporating their businesses? NO! What happened is that they incorporated their businesses in the wrong ways.
READ: Complete Guides on How To Incorporate A Business Successfully
Here in this article, I will explain to you, Five Mistakes You Must Avoid Before Incorporating Your Business. I do hope that after reading this article, you will learn and know how to avoid these mistakes. Although, the mistakes might seems meaning or not what writing on but for the same of beginners, we need to let them know just like the Christian book says the shrewd ones prepares before dangers.
Business Incorporating: 5 Common Mistakes You Should Avoid While Incorporating Your Small-Business
==>• (1) Lack of Preparation:
This is one of the big reasons why most incorporated business fails. You may think that you prepared well before taking action but there are something you didn’t prepared for that made your business to fail. A typical example is how to choose the best business name for your forthcoming business corporation.
Business name is very important when it comes to incorporation because, it will help you to build your brand, protects your right whenever you want to expand your business or investment. Above all, people across the world will know and recognizes your products or Services through your business name.
READ: How To Choose And Register The Best Business Name for Your Brand
==>• (2) Underestimating the Shareholders’ Voting Rights and Shares:
This is another mistake you must avoid when you want to incorporate your business. Shareholders will be like the pillars of your business in the future after incorporation, you must be able to understand the type of Shares your business will offer to them, knows how powerful they will be with their Voting Rights.
When filling your business article of incorporation, you must state out all the things associated with shareholders’ power and how your business will be offering shares to shareholders.
Some incorporated Businesses who had ignored this very point regretted at the end of the day. Without proper clarification about your shareholders, your business may shut down suddenly especially when disagreement happened between either you (the CEO) and the most powerful shareholders or between the shareholders only. The funniest part is that, these shareholders may gang up and snatch the business from you if care is not taken.
Just imagine if the government remove Microsoft from Registered business names and luckily for another entrepreneur, he/she got it registered for himself. What do you expect? Bill Gates will loose his brand, reputation, profits and other things.
You must also take good care of other documents as well because, some of your competitors are looking for how they will steal your business ideas and implement it before you.
==>• (5) Failure to Register Your Business As Incorporation & Inability to Pay Due Fees:
Some business owners usually go through the risk of debt. Most of them knows the right thing to do but due the best reasons known to them, they refuses to do it.
An example is the payment of taxes and other fees. A company might refused to pay its annual taxes for ten (10) years and believe me, the government may not disturb the business.
But when it comes to a point where the company has huge tax debt worth millions of dollar, the government will be forced to collect the taxes from you or you should shut down your business.
Even, If you shut down your business, the government will still make sure that they collect those unpaid taxes from you.
Note that, it may involves seizing of shareholders’ personal assets.
Another big reasons is that most companies registered as sole proprietorship but all of sudden, they think of business incorporation which they did successfully but the point here is that, you should make sure that you re-register your business again after incorporation.
CLICK HERE to read how to choose and register a business name
Before incorporating your business, make sure that those five outlined mistakes didn’t show up during your operation.