By – Crystal Chinonye
When I started my first enterprise, I avoid using the term business because what we today refer to as business is actually not business. that said, when I first started, and being my first business and making my own money, I was pleased at myself, I saw it as an opportunity to get lots of things for myself because I was in the habit of asking people and most times I get negative response, so I thought it was wise for me to get the things I needed for myself not minding what it will take me.
I spent a large part of my money buying things for myself forgetting my enterprise and considering the fact that it was not a regular market that I sell on daily basis, it was easy to eat up my profit and capital before the next market I would sell, gradually, I found myself at the point where I started; begging again to meet up with demands. I was surprised and again, displeased at myself, I began wondering where I went wrong, I discovered how I spent a large chunk of my profit buying things I never needed, I spent it on mere wants and desires and sometimes on cravings. It was at that point that I stopped entirely spending on wants but on needs, hence, before I spend a dime, I verify if I needed the thing I wanted, if I dont, I wont bother buying it. That was how I saved my first enterprise.
As a startup entrepreneur, youd be forced to making the same mistake I made especially if you had not been in the process of making some money for yourself, but please, dont, just dont do it. It wont help you at all. Save up some money to expand your enterprise. The reason I believe most entrepreneurs are stuck where they have been for ages, is lack of good spending habit. Some focus on spending their profit and making sure the one they have at hand will sufficiently buy all they need for the next market. Please, dont fall into that trap. Save up some money for the next market
The things you buy today, those things you purchase that you merely need, will definitely fade tomorrow and better ones will take its place tomorrow, why not save up some money for the best which you will get in the future? Why spend it all now. If for example you spent your income buying iphone7, what will you do now that iphone8 is out in the market? Kill yourself?
We should even learn from the apple company, they know how best to put people in a state of confusion with their constant improvement. While the start of art of the phone is making you go crazy and craving to get it, you eventually got it and they improve it again to introduce a better model into the market, you still find people killing themselves to get it. What do they do it with? Money! If they spend all they have on otiose things, there will be none left for improvement.
So dear entrepreneur, save for the later date. Quit buying those things you merely need. Focus on getting the things you need.