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20 Business Lessons You Don't Want To Learn The Hard Way

A few months ago, we posed this question to ShortStack's Facebook fans: “What is one business lesson you learned the hard way?” It began as a simple question to garner engagement, but it led to a long list of business owners’ reminiscences that included some great advice.

Of course every business owner will have his or her own trials, but here are 20 reminders our community shared that just might save you a headache:

1. You can't do everything on your own. Building a team is essential because there are only so many hours one person can devote to a business. Exactly when you reach that limit depends on your other obligations. If you’re a young single person, you might be able to do everything for a year or two. But if you have a family, your dedication will eventually hurt those relationships. Build a team that can carry on when you’re not around.
2. You may think your product is perfect, but your clients won't. Listen to user feedback: Your opinion may not be the best one. The key takeaway here is “release your product early and release it often.” You won’t know if you have a great product until it’s in the field and users are beating it up. It’s like some of the contestants on American Idol. They think they’re talented, and their friends and family think so, too, but when they get on a bigger stage, their flaws become obvious.


3. Do one thing really well. Entrepreneurs try to be everything to everyone, but it's hard to be the store that sells bait and baby toys and vintage Beatles albums. Specialize, and you can charge for what you do provide. That said, if there is a skill or service that would make your core product better, provide it.
4. Get paid before you hand over a project to a client. This is especially important if you provide a service. Once you turn over that contract or website or design project, you won’t have much bargaining power. When I was a graphic designer, I watermarked all my projects and hosted websites on a private domain until the bill was paid.
5. Undercharging is not sustainable. You think, “I don’t need to charge $150 an hour, I can charge $70 and make way more than I was making as an employee!” But you might find out a short time later that your “great” rate is unsustainable. By the time you pay taxes, employees, business licenses, insurance, etc., that $150/hour is looking more realistic. Compete on quality, expertise and your niche focus (see #3) instead of price. When competing on price alone, the clients who are price-shopping will always leave for the person or company that undercuts you.
6. Patience and flexibility help you survive the lean times. ShortStack started out as a side project at my web and graphic design studio. We weren’t a software development studio, but when a client asked us for a software product, we didn’t say no. We were patient, scaled slowly -- partly out of necessity -- and it allowed me to build with company without debt.
7. Build for your actual market. All of my software-building experience so far has been in answer to a demand. It is purely opportunistic. If you’re an app developer and you think “Wow, I think xx industry could use xx,” you might be disappointed. Put another way: I would never start a restaurant without having worked in one...for a long time!
8. Never enter a partnership without a buy/sell agreement. No matter how well you think you know someone, you just don't know when he or she will want to retire or do something else. Even if it’s on amicable terms, know how you can get rid of one another when it’s time for one of you to move on.
9. Be grateful. Appreciate loyal customers who show you there is a demand for what you do. There is no dollar amount you can put on brand advocates. Good will translates to loyal customers.
10.  Look after those who look after you. We offer referral commissions at ShortStack, but it’s very much under the radar. We want people to recommend the product because they like it, not because they’ll say anything for a dollar. If we notice someone said nice things about us publicly, we might send them a t-shirt as a thank you. If they do it again and again, we might say, “Hey, you should become a referrer and earn a percentage of the business you send our way.”
11. It’s not a sale until it’s paid for. This sounds obvious, but I’ve known small business owners who get very excited about orders and/or meetings with prospective clients. But until the money for those products or services is in the bank, it doesn’t count.
12. You'll make more money being “wrong” than proving you are right. Rather than fight with an unhappy customer and say, “You’re using it incorrectly,” or “You don’t know enough CSS to use our product,” we just refund their money. In the long run, these people consume so much of the support team’s time and energy that it’s more cost effective this way. They're not our ideal client, and that's OK.
13. People don’t leave companies -- they leave management. This lesson goes for both employees and customers. A manager will lose staff if the employees think they’re not being listened to or valued. Customers will stop using your products or services if they are dissatisfied with them. The quality and reliability of your products and services is a reflection of management.
14. The way you present your business should be a reflection of your audience. If you have serious clients, be serious. If you have hip, fun-loving clients, have a sense of humor. You have to find your niche and build your content to suit them. For example, Constant Contact CTCT +0% and MailChimp do essentially the same thing, but their marketing content reflects very different client bases.
15. Agree on scope in advance. Have a clear contract before work begins. Once a project goes beyond the documented plan, charge for it. If you agreed to build a website with 10 pages, but soon the site is 20 pages, the client should pay you for them. If your contract makes that clear at the outset, it is easier to control scope creep.
16. If your company sells a variety of products, make sure you know how to use/operate every single one of them. It might sound like a tall order -- depending on how many products your company sells -- but learning to use what your company sells will help you look at things with fresh eyes.
17. When you think you’ve tested your product enough, test it some more. Never release a product until it has been tested and tested and tested by people who don’t work for you.
18. Understand how social media networks work. When Twitter was first available for businesses, I’d see people use it like an ad in a newspaper. If you go on a channel and use it the wrong way, it could do more long-term harm than good.
19. Save up. You can operate at a loss for a number of years but you can only run out of cash once. Have a rainy day fund that has at least two or three months’ operating costs in it. And have a line of credit available, even if you don’t plan to use it. Having a CPA look at your books once a quarter is also a must.
20. Always let the CFO pay for drinks. Cheers!

Related: 5 Reasons to Slow or Stop the Growth of Your Business 

Have you learned any business lessons the hard way? Let me know in the comments section below.

10 People Who Will Destroy Your Business

If you want to build a great business, you have to be very deliberate about whom you let into it.
Emotions and behaviors may circulate through social networks in patterns similar to what’s seen in epidemiological models of the flu virus. Every positive person you let into your life increases your chances of being positive 11 percent, estimated a study published in 2010 in the Proceedings of the Royal Society.
"Just one sad friend was needed to double an individual’s chance of becoming unhappy," Wired summarized about the report.
Figuring out whom to avoid and whom to let in won’t always be easy. But with a little practice, you can get really good at staying far away from people who might bring your business down. Here are 10 people (whether employees or clients) you should avoid if you’re starting a business:

1. The siren.

Sirens are those amazing and enticing people who come into your business and completely distract you. More than anyone else, these people have a way of stealing your focus and throwing your efforts off track.
A lot of promising futures have been sacrificed to sirens. Some people have sold their businesses for way less than they are worth and others have given up on their businesses to chase a get-rich-quick scheme than some sirens pitched them. Don’t let this happen to you. Don’t let an amazing person make you forget that you and your business have something amazing to offer the world, too.

2. The goat. 

Goats are those wildly charismatic, big-talking and full-of-luck people who seem to get away with everything. These people have many strengths.
The problem is that they use their strengths in devious ways. Goats have little ambition beyond convincing others to make bad decisions. If you find yourself constantly making bad business decisions every time you’re around someone in particular, it’s time to cut that person out of your business.

3. The elephant.

An elephant never forgets. Elephants are those people in your business who never let you live down past mistakes. They never let you live down who you used to be or how many times you’ve messed up.
Don’t let an elephant pull you back into the past. Everyone fails, especially entrepreneurs. If you’ve failed, it means you’ve learned. So stay on track and keep moving forward.

4. The hater.

Haters are people who want to be on top but don’t want to work to get there. Instead, they want to push everyone else around them down so it will seem like they’re on top.
Haters are losers but they also can serve as a source of motivation in a strange way. Don’t let haters into your business but use them as motivation to make your business as strong as possible.
Related: 6 Reasons Why You Should Start a Business in Nigeria Today

5. The narcissist.

Narcissists are talented people who are too consumed with themselves to take action. They’re especially bad at taking team-oriented action.
A narcissist might even encourage you to put the image of your business over its reputation. This is always bad idea. When starting a business, it’s best to be transparent and authentic. Don’t try to make things seem bigger than they are and avoid trying to be something you’re not. Instead, be real. Keep narcissists out of your startup and stay focused on your reputation, not your image.

6. The nemesis.

When you’re starting a business, sometimes you’ll have to work with someone whom you can’t stand and who can’t stand you. If you’re not careful, this can become a major distraction.
Try to realize that what you don’t like about a nemesis is probably something you don’t like about yourself or it’s something that you like too much about yourself. Either way, something is at odds with your identity and the only way to fix it is to turn the mirror on yourself, not the nemesis.
Your adversary can be your advisor in a way. If you bring a nemesis into your startup, use this person to learn about yourself. Once you do this, he or she won’t be your nemesis anymore.

7. The Ares.

Ares is the Greek god of war. Ares-type people love conflict. They are addicted to drama and winning at all costs, even if there’s nothing to be won. Any time spent trying to correct or even understand an Ares is a waste of time. You are better off ignoring these people and keeping them out of your business altogether.

8. The Dionysus.

Dionysus is the Greek god of wine, parties and pleasure. Dionysus sorts are pleasure seekers who have very little patience for anything other than instant gratification.
Be careful when letting these people into your business because base pleasure of any kind is both addictive and time-consuming. It’s important to have friends and have fun, but you should never sacrifice your startup to a string of late nights.

9. The black cat.

Some people can walk into a business and light it up. Others walk in and kill it. Black cats are the latter. They are the people who seem to have a dark cloud following them everywhere they go.
These people are unlucky, negative and always depressed. Don’t feel bad for these people. Odds are, they like sitting in the pits. They like the attention it gives them. So, let them sit. Just make sure they’re sitting outside your business.

10. The fat cat.

Fat cats are those people who will come into your business, throw a bunch of money around and offer you the world. Whether these people are angel investors or venture capitalists from top firms, don’t let their flash or their cash distract you from the fact that they want to control your company and make money off you.
Be very careful with whom give your business to. You didn’t work this hard to watch your brand and reputation go down in flames at the paws of some fat cat who is now calling the shots.
Related:5 Tiny Business Habits That Will Make Your Small Business More Money

3 Strategies for Dealing With Toxic People

"Nothing astonishes men so much as common sense and plain dealing," Ralph Waldo Emerson once mused. It's a solid observation about handling interactions with difficult people. Mark Goulston, a Los Angeles-based business psychiatrist and consultant and author of Just Listen: Discover the Secret to Getting Through to Absolutely Anyone, says it's simple to deal with the bullies, the blamers, the rage-aholics, the whiners and the complainers. Here's how.
 Don't expect them to not be difficult. Once you've identified a difficult person, adjust your expectations so you're not blindsided by their actions, and create some emotional distance.
Say to yourself, Here we go again. When these types of people aren't getting what they want, they push you into anger or exasperation, making it difficult for you to think clearly. Reframe the situation--remember, this is their issue, not yours. "Most difficult people provoke us because they're often hiding something--a lack of competence, a lack of ability or something they were supposed to do and didn't do," Goulston says, "and by provoking us, either from anger or whining and complaining, what they often try to do is distract us from exposing whatever that thing is that they're hiding."
Let them finish talking. Interrupting may escalate things. If you remain calm and centered, difficult people will catch themselves and start to back off, Goulston says. When it's time to respond, pick whichever of the following methods seems like it will be most effective.

• Say, "Could you repeat that back to me in a calmer tone? I kind of missed what you were saying."
• Pause. Look puzzled, tilt your head and say, "Huh?"
• If they use a lot of hyperbolic language, ask them, "Do you really believe what you just said?"
• If they're venting, employ the "FAU" technique:

To pull out some of their animosity, say, "You seem [frustrated, angry, upset] ... what's that about?"
Remove the truly difficult people--in life and in business. As an entrepreneur, don't be so focused on the bottom line that you let a bully run amok amongst your staff. Says Goulston: "The more you can recognize and remove difficult people from your company, the more positive the culture [will be], and the more people will want to come to work."
Related: 8 Toxic Types of People You Should Keep Out of Your Life

8 Toxic Types of People You Should Keep Out of Your Life

Today after a NUAMBS departmental match, i walked to my computer maintenance office with the C.E.O of BlueBestMedia. as we walked, we discused the influence of people to a business. he emphasized more on toxic people. Toxic individuals are completely exhausting to be around and they can have a negative impact on your forward momentum. Entrepreneurs need to remain laser focused -- the distractions and stress that toxic people bring into your life act as unnecessary obstacles, so it is best to avoid them.
You probably know a few toxic people -- they might work for you, you might be friends with some or you might even live with someone toxic. The sooner you remove them from your life, the better. Here are eight toxic types of people you should steer clear of.

1. Those who are judgmental

Judgmental people will find a way to criticize anything and everything they come in contact with. You could take the time to explain something to them in great detail but it goes in one ear and out the other. They come to their conclusions before they hear any facts -- they don’t listen well and are horrible at communicating. Asking for advice or feedback from a judgmental person is a complete waste of time.

2. Those who are envious 

Being an entrepreneur can be a very bumpy journey filled with highs and lows -- while it’s important to have a strong group of supporters in your corner during the low times it’s also important to have supporters that are there to congratulate you when you hit the high points. Envious people will not be happy for you -- ever. They feel that it should happen to them and nobody else.

3. Those who are control freaks

Control freaks don’t ever want to listen -- they don’t have to, because according to them they know everything and they know the best way to do everything. While this type of person can be a nuisance in your personal life, they are a complete nightmare to deal with in a business environment. A successful business structure requires team members that will listen to and follow instructions. If you have control freaks on your team it can cause a “too many cooks in the kitchen” problem.

4. Those who are arrogant

Don’t confuse confidence with arrogance -- confident people inspire, while arrogant people intimidate and annoy. Someone with an arrogant attitude feels he or she is better than everyone around them. In a personal setting this can be annoying, while in a professional situation this can create an uncomfortable environment.

5. Those who are victims

The constant victim will always make excuses and blame others for their mistakes and wrongdoing. They are some of the most toxic people to be around -- they will never accept responsibility and always point the finger, which causes a domino affect of the blame game in a work setting. Flush them out of your business and eliminate that headache.
Related: 5 Reasons to Slow or Stop the Growth of Your Business

6. Those who are Negative Nancies

Someone who is always negative will drain your positive energy immediately -- they thrive on bringing everyone down around them. You will never receive any words of encouragement from a Negative Nancy. They will discredit every idea you have and instead of being supportive they will go out of their way to point out every possible way you could fail, rather than focus on possibilities and potential. They are a major energy-suck.

7. Those who are liars

To be successful you have to surround yourself with other successful individuals that you can trust and count on to be there for you. You can’t trust liars and it's hard to count on them because you never know if they are lying or telling the truth. That type of uncertainty will wear you out quickly -- eliminate them from your life and you won’t have to wonder if you are being lied to.

8. Those who are gossipers

People gossip because they are insecure -- they don’t know how to separate fact from speculation and when truths get twisted, the wrong information is conveyed, feelings get hurt and enemies are born. Having a gossiper within your business can be very destructive -- they are cancers and can quickly create a negative environment.
If any of these ring a bell, then there is a good chance you are being exposed to toxic individuals. You should consider removing them from the equation, allowing you to remain 100 percent focused on reaching your goals without unnecessary distractions.
I vowed to remove all toxic people from my personal life and business in 2015, and by doing so I have created a much better environment for myself and my company.
Related: 3 Strategies for Dealing With Toxic People

Six Criteria You Must Meet Before Investing in Nigeria

Now for those who are eager to start a business or invest in Nigeria, there are a few criteria you must meet; so as to ensure you are well positioned for success

1. You must be prepared to be on ground in Nigeria

Yes, I have had so many people call me to talk to me about the possibilities of starting a business in Nigeria while running it from overseas. Now the honest truth is that you can successfully operate a business in Nigeria without being physically present; but not in the startup phase of the business.

You just don’t start a new business, turn it over to someone and travel out of the country; hoping that the person you handed your business over to will do a good job. This is one of the mistakes most Nigerians in Diaspora make.

If you are really serious about establishing a business in Nigeria, then you must be willing to be on ground to run the business for at least one year. Secondly, forget about doing business with your family members or close friends; it usually doesn’t end well. Rather, I will advice you seek professional help, incorporate your company and make sure your back is covered legally.

2. You must have knowledge of the business

To succeed as an entrepreneur in Nigeria, you must have skill and competence. Competence is a product of knowledge mixed with experience while skill is something you can develop over time through training. Please don’t start a business blindly simply because a family member or friend recommended such a business, the result of such a venture is usually devastating. Invest time first to learn everything you can about a business before you invest your money.

3. You must have a short or long term plan to employ people

To keep cost low, you may choose to start as a self employed entrepreneur operating from home, a shop or an office. There is nothing wrong with starting out this way, after all; I started out as a self employed entrepreneur working from home. But as you grow in business, you will need to bring in competent hands. However, you shouldn’t wait till then before you plan towards it, start now.

4. You must have capital

There is no much explanation to do here. To successfully setup a business in Nigeria, you must have capital. This is needed to get things done. Now when I say capital, I want to emphasize that it doesn’t have to be a million dollars. You can start with the little you have even if it is just enough money to get a laptop and an internet connection.

5. You must make sure your proposed business has an evergreen demand

Another mistake you must avoid is starting a business whose trend is dying. Take for instance a cyber café business, this business is dying because the trend is shifting towards mobile connectivity. Why go to a cyber café to access the internet when you can do it more cheaply at home?

6. You must always remember that success is not an overnight flight

Yea, this one is especially for those who are looking for a business to start that will provide a steady cash flow or a return of 30% – 50% in approximately one year. The truth is that it doesn’t work that way. Success can never be achieved or attained by sudden flight; it is a product of consistent, unyielding effort. So stop looking for the best business to start, instead; look for the best business you are willing to stick to regardless of the surrounding circumstances.

Abia	Ebonyi	Kebbi	Plateau
Adamawa	Edo	Kogi	Rivers
Akwa Ibom	Ekiti	Kwara	Sokoto
Anambra	Enugu	Lagos	Taraba
Bauchi	Gombe	Nasarawa	Yobe
Bayelsa	Imo	Niger	Zamfara
Benue	Jigawa	Ogun
Borno	Kaduna	Ondo	Abuja
Cross River	Kano	Osun
Delta	Katsina	Oyo

6 Reasons Why You Should Start a Business in Nigeria Today

1. Now Nigeria still remains a hub for most entrepreneurs and investors. In fact, Nigeria is now the largest economy in Africa, the number one destination for Foreign Direct Investment in Africa and one of the fastest growing economies in the world. That’s why South African and Chinese companies are scrambling to invest in Nigeria.

• Tiger brand recently acquired Aliko Dangote’s stake in Dangote Flour. Note that Dangote bought back some shares from them.
• MTN South Africa recently mopped up shares of MTN Nigeria and Wal-Mart has moved heavily into Nigeria through its subsidiary, Shop Rite.
• GlaxoSmithKline U.K has increased its stake in GlaxoSmithKline Nigeria PLC.
• General Electric is partnering with power generation companies in Nigeria to boost the nation’s power supply.
• Chinese companies are partnering with Nigerian companies to setup manufacturing plants and construction Coys right here in Nigeria. An example of such plant is Innoson Vehicle Manufacturing company in Nnewi.
• Nissan has also established an auto manufacturing plant in Nigeria.

The list goes on and on but the point I want to stress is that this is the right time to invest in Nigeria. Please if you are in doubt of any of the information listed above, Google is your friend. Just do a search.

2. There are over 150 million people resident in Nigeria and the population in Nigeria is been predicted to overtake that of United States by 2050. Now what this means in essence is that the market is big enough to absorb any product, provided enough marketing and awareness is created. Another positive impact of this population statistics is that there is cheap labor. One of the reasons China grew to become an industrial hub is because of her large population, which in turn can be an advantage, with respect to cheap the cost of labor and market availability.

3. Nigeria is fast developing and there is a huge need for innovative products. If you are resident in Nigeria, kindly reflect on the position of Nigeria ten years back and compare it with her present state; you will agree with me that there is a huge change.
Economically, technologically, etc; Nigeria is growing, whether you admit it or not won’t change the fact. Between 2009 and 2016, new companies were launched in Nigeria that disrupted their various industry. Examples of such companies are MTN, GLO, Taxify, Konga. That is why entrepreneurs and institutional investors from countries like South Africa, China, Lebanon, Brazil, India, etc are scrambling to invest in Nigeria because they see the potential that we citizens don’t see.

4. Nigeria is currently riddled with problems and the government is currently battling to tackle these problems. I am talking about challenges such as falling oil prices, security, infrastructural decay, unemployment, power failure, corruption, fall in education standard, accommodation, etc. The average minds believe these problems can never be resolved and if it is to be resolved, it should be done by the government.
However, people with entrepreneurial mindset know that these problems are opportunities; and only those who act will turn these opportunities into profitable businesses. Now let’s look at the education industry. Between 2009 and 2017, new private universities and higher institution of learning are springing up to bridge the gap. In all honesty and humility, I want you to know that I am currently profiting from the security situation in the country by providing a solution to a specific security challenge.

5. The government is working to improve the economic condition of the country, by implementing several policies aimed at encouraging local content production and small scale enterprises. There’s also a tax holiday, incentive and duty-free import policy for those willing to invest in certain sectors of the economy. If you are well positioned to take advantages of such opportunities, you will make something from it.
6. The eye of most entrepreneurs and investors doing business in Nigeria is usually on Lagos, Abuja, and Port Harcourt. However, tremendous opportunities are laying waste in other states cities such as Owerri, Aba, Onitsha, Nnewi, Kano, Ogun, Ibadan, Enugu, etc. Take for instance Nairaland is being run from Ota, Ogun state. Yudala was launched in Owerri, Imo state. Innoson has its headquarters in Nnewi Anambra, same for other numerous companies.
Now to be honest with you, I don’t take heed to what the World bank and IMF statistics say about Nigeria. I am equally not moved by the politically inclined propaganda promoted on the media about Nigeria. I am an entrepreneur on ground, and I have personally assessed the situation on ground and charted out ways to harness it.
I would rather work with my own hard facts and proposed solutions than work with the media statistics. I think I have said enough. So without wasting your time, below are some small scale business ideas and opportunities in Nigeria you can invest in today.

Six Criteria You Must Meet Before Investing in Nigeria