Shonekan Oluwasseun is an entrepreneur, online marketer, and a content writer. A former customer care representative at GLOBACOM.
He is the CEO of FARM to ARM, an agro-food packaging enterprise in Lagos, Nigeria.
A writer by day and reader by night.
Visit shonekanoluwaseun.blogspot.com for more
The business world is a dynamic one and as such requires not only a dynamic approach to it to be successful but also to large extent elements of persistence, consistency, and doggedness.
My definition of business- it is the act of meeting a need(s) while at the same time getting rewarded, the reward may either be measurable or not measurable. Measurable in terms of direct monetary value and not measurable in terms of goodwill and other privileges. A business should be enjoyed and not endured.
Before going into any form of business, you need to do thorough research. What are the needs that existed around me and what solutions can I proffer to meet the needs. Please note that the solution you wish to proffer must be in line with your passion.
Your passion is the driving force that moves every other thing in the life of that business. Your money creates the body while your passion gives life to the business. Business fails when there is no proper strategy and plan in place.
Ask yourself the following questions:
- Why am I going into the business?
- What new thing am I offering because surely you are not the only one in that line of business?
- Who are my competitors?
- How much information do I have about the business?
- When do I launch out?
- Why am I going into the business?
Most businesses fail at the infancy stage (first three years) because of the misplaced priorities of the business owners. Do not let the making of money be the number one reason you are going into business, because if the money doesn’t come early you are bound to be discouraged and chicken-out easily. So, tell yourself the following:
- I am here to solve a problem
- I am here to build a system
- I am here not necessarily for the monetary returns
- I am here to be the best in what I do
- I am here to turn my passion into a product (service)
A Study has it that most businesses that collapsed at the early stage did so as a result of wrong startup reasons, this, therefore, implies that the success of any business records depends to a large extent on the motive for its establishment.
- What new thing am I offering?
Whether it is a new or existing type of business, there is something new that can be introduced. Doing the same thing over and over again will continue to give you the same result, but when a new approach is applied you get a better result.
That is why organizations invest heavily in rebranding and repackaging, others do sales splash promotions. You must never go below the current standard obtainable in the market. In the world of the automobile, for example, we discovered that the brands keep improving on the previous model produced.
What customers are looking for is the best quality products/services at the best possible prices available. One secret that will give you an edge is that your promotions/advertisement should be centered on the new thing you are offering. So, take out time to carve out a niche for yourself and the sky will be your starting point.
- Who are your competitors?
This is very important. Your competitors are those already existing or will still meet you in operation. Your focus should be those in your same line of operation. Find out how they started; know their challenges both present and past, know their strengths and weakness, know the market share they control.
You need to also know who your competitors’ customers are and why they have remained loyal to them. Researching about your competitors could also involve; the price they charge, their distribution channel, their members of staff.
The next thing is to act on the competitors’ information you have gotten- what you have learned and can do better, what you are presently doing better than them, and what they are doing the same as you.
If you are sure your competitors are doing better than you, you need to respond and make some changes. Try to innovate and not imitate, now you have the information, do it better, and add more value.
- How much information do I have about the business?
Having a good knowledge of the business cannot be overemphasized. A deeper understanding of the products/services is essential for your business success.
Training and retraining must be taken seriously at this level; this will expose the business owner to gray areas that need clarity and understanding. Trainings might include but not limited to the following;
- How to write a business plan
- Business operations and management
- Finance
- Business marketing
- Starting and growing a business
- Small business tax. Etc
- When do I launch out?
It is crucial that a checklist is done and followed seriously in other to know when to make the first move.
My primary reason for going into the business has been established, I am offering something different from my competitors, I have adequate information about my competitors, I have also got detailed and strong information about my line of business.
Then you are ready for business. For example, a Quick Service Restaurant (QSR) launching out during a special holiday celebration or a superstore launching out with a special sales promotions.
In conclusion, adhering to the above tips will ensure your business will not fail but succeed
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