5 Business decisions Nigerians regret after their first year of hustling

The first year of hustling teaches hard lessons about prioritising resources, listening to customers, and building sustainable systems.

From channeling profits into untested ideas to neglecting the basics of bookkeeping, these common missteps can stall growth and burn enthusiasm.

Below are 5 business decisions Nigerians often regret after their debut year and how to avoid the same pitfalls.

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Many founders launch products or services based on their gut feeling, then dismiss customer suggestions as noise. By the end of year one, they find slow sales and excess stock.

Successful hustlers set up quick feedback loops, such as formal surveys, WhatsApp polls, or sample giveaways, and adjust offerings, packaging, or pricing within weeks rather than months.

Bulk discounts seem tempting until dead stock ties up working capital. New entrepreneurs often commit most of their budget to buying large volumes only to discover shifting trends or slow-moving lines.

Lean operators place smaller, frequent orders based on sales velocity, negotiate flexible supplier terms, and reinvest saved cash into marketing or staff training.

Relying on memory or random receipts makes profit analysis, budgeting, and tax filings nightmarish. By year's end, many can’t answer whether they made money.

Entrepreneurs who use simple bookkeeping tools such as Excel templates, mobile accounting apps, or basic ledgers gain clear visibility on revenue streams, expenses, and break-even points, positioning themselves for loans or grants.

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To attract first customers, many prices are below cost or include hidden losses in deals. After covering unexpected expenses such as transport, packaging, or digital advertising, they discover their margins have vanished.

Seasoned hustlers calculate all overheads, factor in desired profit marks, and periodically review prices as their brand credibility grows.

Going it alone feels independent, but often leads to repeated mistakes. Those who later join peer groups, attend industry meetups, or secure mentors find faster problem-solving, partnerships, and funding opportunities.

Investing time in building relationships early guides legal compliance, pricing strategy, and scaling tactics.

By learning from these regrets and taking corrective action early, your second year of hustling can be far more profitable and less stressful.

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