Sixteen Important Business Lessons From 2016

Sixteen Important Business Lessons From 2016

At the end of 2016, we asked Nigerian entrepreneurs on Twitter to share the most important business lessons they learned during the year. Here are sixteen of the best responses we received, edited lightly for consistency.

1. "Most things can be fixed. Sometimes the best thing to do is just act and stop over analysing every situation!" - Source

2. "There is a place for predicting consumer needs and a place for responding to market demands." - Source

3. "Admit to not knowing everything." - Source

4. "Ensure your business partners understand the vision and have the drive and energy to achieve this vision." - Source

5. "No matter how good you think it is, it can all crash in a second. You have to have some sort of insurance or backup plan." - Source

6. "Be extremely cautious about who you do business with. Background checks are of utmost importance." - Source

7. "If you want anything done, do it yourself!" - Source

8. "Stop doing some things for free." - Source

9. "Don't mix up personal money and business money." - Source

10. "Follow your guts. Never turn down an opportunity. If you can't do it, outsource." - Source

11. "Learn to loosen your grip and delegate when necessary. Have faith in your team to get stuff done." - Source

12. "What you perceive as a low expectation may even be too high." - Source

13. "Timing is every single thing." - Source

14. "Do accounting every day." - Source

15. "Debtors should be curtailed." - Source

16. "Trying to do it all alone is the quickest way to run myself into the ground." - Source

What business lessons did you learn in 2016? Share them in the comments section below or send them to hello@margin.ng. We'll love to hear from you.

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