David Wampamba

2 minutes read

3 Mistakes every youth should avoid to get to the top of entrepreneurship game.

1. Avoid getting loans in early stages of life and idea development.
Getting loans is one way of solving lifetime obstacles, in fact not money people have been able to succeed without getting a couple of them. Loans sometimes are a catalyst of self motivation to working harder. Because you know you got a debt you must pay, so you work hard to beat time limits and pay back. Pretty good, isn’t it?
Where is the mistake?
If a loan is to work for you, it should be at a time when you are able to service it. Those times when you have enough income flow, or properties which you are ready to sell off if things don’t go right.
By the way, it doesn’t matter from who you get the loan. Because eventually you will have to pay back. And if you delay then you are essentially harming your network/society indirectly. Do you want to be in such a situation where someone who would be able to help his/herself has to turn to others for help? And the only reason is because they gave out a loan to a friend who is unable to pay back?
2. Don’t give loans.
Whether giving loans is your business or not. Evaluation should be at the front otherwise it’s a huge mistake. Many people have the potential to become rich but mistakes like giving out loans to friends on that basis is not right. At least am saying this out of experience, because many times I’ve got/gave loans from/to friends but we ended up hurting ourselves in the process. Believe you me, unless it’s a life taking situation, always there is another way than a loan. In fact in life talking situations we usually come to the rescue by giving out to save a life.
3. Don’t order unless you have cash.
Every business on this planet grows by having a steady cash flow.
Try so much to avoid traps of ordering for services/products when you don’t have cash. This will help you develop and hook up strong networks. It won’t only show your authenticity, it will translate in care and fairness for everybody around you. The minimum you can order on expected income is when you are 150% specific on the dates it’s coming in. In addition to having self trust that when it comes all you will do is submit the payment. Actually the service provider should know and agree with you, with pure understanding of your the situation. If not that then it’s a mistake you are doing which will be felt like exploiting others. The harm this brings is not felt only by the people/businesses you exploited. It will actually be felt by you, your family and network.
In summary, say no to loans, order with cash. You won’t believe the speed of personal/business development you will have.

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