5 Challenges you will go through as a Moroccan Entrepreneur

Moroccan Entrepreneur

Everyday, so many Moroccans are attempting to launch their own businesses in an environment that is still nascent. Lack of information and guidance, doubts, are some of the challenges young entrepreneurs face in our country, which frequently leads them to make mistakes that can be rather costly. So if you’re a young Moroccan entrepreneur, here are some of the most common mistakes Moroccan startups make- and more importantly, what you can do to avoid them:

CHALLENGE #1 : Not knowing your market enough

One of the usual pitfalls that Moroccan entrepreneurs make is not knowing who their potential customers, future partners, suppliers, or competitors are. A lot of times, they design a product and service without spending enough time researching their respective markets.

SOLUTION:

Planning and conducting market research is one of the key duties to get insight into the market, investigate spending habits of moroccan customers, identify existing and potential competitors, and so on. The key thing to remember here is that before you launch your business, you need to have a global view on your market and all of its stakeholders, so that you have a good understanding of the environment you are going to be operating in. Without market research, everything is guesswork.

CHALLENGE #2 : Assuming your products/services sell themselves

Some Moroccan entrepreneurs tend to assume because they have a great product or service they don’t need a marketing strategy: Sure, some products and services might market themselves, but that’s rare. Real marketing success takes strategy, planning, and work.

SOLUTION :

Raising awareness through social media and networking are the basics for any business to be visible and be considered by potential clients. So, you need to spend some time daily on working on your business image and branding. Remember that this does take time, but by being persistent and consistent, your brand visibility will grow and enable you to gain new clients.

CHALLENGE #3 : Going with the flow!

Most entrepreneurs only plan for the launch of the business, and forget that in order to make it actually successful, you need to put in time, money and effort for it to survive. These resources cannot be exploited if you do not have a clear and specific plan that will help you strategize and make the right decisions.

SOLUTION :

You can’t always go with the flow. A business plan is a must-have for any startup. Take the necessary time to design a good business plan, and reach out to experts for help and advice. Take all the time to prepare for the launch, but be aware that as time passes, the money in hand goes down too. Do things with a deadline in mind, that’s the only way to optimize the use of your time, money and energy.

CHALLENGE #4 : Waiting for people to give you money

Moroccan entrepreneurs start a business often hoping that a bank, or their family and friends will give or lend them money. No one will give you money, if you yourself haven’t invested in your startup. And even if you find incubators, good for you, but that doesn’t mean that you are good for the coming years.

SOLUTION :

Essentially, you need to prove that you have a solid business concept, and believe in it enough to invest your own money in it, before inviting others to do just that. Having a 3-5 year plan will help you better know where to channel your resources and the strategies to follow to grow your business. Think big and have a plan for it!

CHALLENGE #5 : Being afraid to fail

It’s true that in Morocco, the cultural environment doesn’t encourage people to fail. People see mistakes or failure as a death sentence, and this needs to be changed. So as a Moroccan entrepreneur, you might be facing doubts constantly. Whether it’s your environment’s doubts, or your own.

SOLUTION :

It’s important to remember here that mistakes are not necessarily a fatal blow for the business, but you need to learn from them and act upon them quickly, which is part of the entrepreneurial process. Fortunately, today, and as a Moroccan, you are exposed to literature and education on entrepreneurship from around the world through the Internet. This will help you to nurture a can-do mentality. Our mindset is beginning to shift, and our attitude too. So as they say in Silicon Valley, fail quickly and move on.