I've come to learn a very important entrepreneurial and business managerial lesson, and it's the skill of separating your business from your personal life. (this applies to personal businesses too)


If you really want to grow your business beyond the local stage, beyond the casual buying and selling (trader) kind of business, you'll need to shove this hard truth down your throat.


The worst mistake you'll ever make is to never separate your life from your business. Many people have sent their businesses to extinction, due to this common mistake we often make in Africa.


When "we" entrepreneurs tell people we are broke, but yet they see our businesses booming, people find it difficult to accept that we are truly broke... Not that our business doesn't have support capital, just that I'm not my business & the money that belongs to my business isn't mine if it's not my cut for the month.


Your business must have its own breath, it's own life & that should be separated from your personal life & expenses.


Recently I had a discussion with a friend & she complained bitterly about how she was broke & how her business crashed just a few months on. All her business capital gone, she's owing her landlord 200k+ and she couldn't even afford to pay her little bills anymore, it's a terrible situation.


But then I was forced to ask her, what actually caused the closure of the business, she made mention of how she sponsored someone (with her business money) how she paid her school fees etc... You see, she made this terrible mistake, the mistake of not keeping account of what should be for business expense & what should be her cut.


Don't be or turn out to be an EX-thousand-naira, ex-millionaire or ex-billionaire, just because you failed to know the importance of separating yourself from your business.


Your business expense should include:
| Worker's salary, the budget for fulfilling orders, paper works etc... (anything that sustains your business) including data. | If your business requires it.


What your business expense shouldn't be:
| You want to buy a personal car? That's good, but if the cash has to be withdrawn from your business capital or business savings, then don't do it. |
* If you want to build a house or buy new person gadgets, don't make the mistake of using money from your business - Resist the temptation no matter how strong it is.
* Don't lend people, whether they are friends or family money if it's meant for your business - declare that you don't have money and keep a straight face and move on.


Yes, people will lament & complain - You are actually not stingy, because if you had it wouldn't you give? Of course, you would! But since you have separated your business from your personal life & has allowed the business to have its own breath & controls its own resources, then you can be able to expand your business from it's current local market to international markets.


What's more? By the time potential investors will begin to eye your brand or business for a possible partnership, these are some of the very important management qualities they'll look for.

SOURCE: http://www.entrepreneurschronicle.com/2017/10/this-is-1-major-reason-why-small.html

God bless you real good OP. This is a MASTERPIECE!.