As a result of my work as a business coach, trainer & consultant to several startups, businesses and entrepreneurs, I have recognized a particular pattern that runs similarly in all of them that also leads to several mistakes, repeated failure and/or complete shut down of the business.
In the course of my entrepreneurial journey having started a couple of businesses of which some “succeeded”, others managed to thrive for a while, while some others were abrupt failures. I was also a victim of this plague.
You might be wondering why I refer to Common Sense as being a plague, I’ll tell you in a bit.
The world of business is chaotic in nature & loaded with Intense competition. There’s no room for mediocrity. Therefore, it is pertinent that one acquires the required skills for survival in this chaotic space.
However, there’s an ongoing trend particularly amongst startup Entrepreneurs here in Africa who believe that common sense is enough to achieve results. Unfortunately, running a business isn’t that simple. Common sense is an inadequate skill for running & building a profitable & successful business. Believing so makes common sense a plague.
This plague has set Entrepreneurs on the path of overconfidence, unwillingness to acquire the right education & training, etc. This plague is responsible for the death of several ideas & businesses because what most persons fail to understand is acquiring a technical skill doesn’t equal to acquiring a business education or skill.
Every sphere requires a skill set in order for one to be maximally effective & productive. This is therefore applicable in the sphere of business building & operations. That you have a technical skill that enables you to carry out a particular expertise doesn’t mean you have the capacity to build a business. Banking on your technical competence alone will slow down your progress and keep you trapped.
This is why you can see highly skilled professionals fail in building & running a business because of their low entrepreneurial/business competence.
Common sense doesn’t make up for the lack of business acumen. You are only setting yourself up for failure. Therefore, you must go for Entrepreneurial/business education so as to provide you with a tool for a successful outcome.
Cure the plague before it kills your business!
Let’s keep building! Together we grow Africa.
About the Contributor:
Conqueror Conqueror is a Business Strategist, Coach & Trainer with several years of entrepreneurial experience. He is the Founder/Team Lead of EconNect Africa, an entrepreneurship education & training, business advisory & research firm. He is also the host of the annual event, The Entrepreneur Conference. As a Business Speaker, he brings a different flair to the Entrepreneurial/Business conversation. His keynotes are loaded with modern tools, concepts and strategies. He is also the Cofounder of The Palace, a jewelry & accessories brand.