On the internet today, there are myriads of rules, what to do and what not to do when choosing a business. Though all of it may look right, yet, you must be able to tell how the business (service or product) applies to the market in order to make dividends.
So let’s cut to the chase…
9-5 work life is taking a new discovery and description called scarcity. In all of this, we may be experiencing more emerging business men and women (entrepreneurs) who are willing to plunge into their savings to start something in anticipation of getting some returns regardless.
So here are the two(2) halves or sides you must know when choosing a business let alone investing finance.
Half 1: Pick the right market.
Honestly and truthfully, you may not have a business model, you may not even know 100% all about the product, its features bla..bla…bla…. BUT you must know and pick the right market!
Everyday, think about people of different backgrounds then think about the common need(s) or want- the common need(s) will always interpret and reveal to you numbers; and the numbers, I mean the volume per head or per potential may be all you need.
Keep in mind that, being in the right market, success is not guaranteed but you won’t fail because you can make tons of mistakes and still make a ton of money BUT if you’re in the wrong market, failure is a sure thing.
Half 2: Get the timing right.
Picking a great industry or market isn’t enough, you also have to get the timing right because you can pick the right market but if you’re too early, you will get crushed.
How do you figure out if you’re too early?
The answer is talk less, listen more.
Let’s take some practical examples with some leading industry players..
Ecommerce: This isn’t exactly a new industry, Amazon, Konga, Jumia are worth millions of dollars today. These are companies who do not only understand the game of numbers but also right timing.
Fintech: Paystack built an online payment gateway, launched in Nigeria at a time more Nigerians gain knowledge of E-commerce. It’s simple as, visit an eCommerce website/e-Shop online, select items -checkout -pay & its settled. The big question is, before Paystack, where there no payment gateway in Nigeria? No! No!! It’d right timing my friend. Today over 60000 businesses in Nigeria use Paystack to collect payments with a modern, secure payment gateway.
We can go on and on but you should know this….
Given that we don’t live in an ideal world, it’s better to pick an industry and a market that has already shown signs of growth and acceptance versus trying to predict the future or what may work.
In closing, as an idea person, business owner or an entrepreneur you shouldn’t look at competition as a bad thing. If someone else has launched your idea, you think it’s not worth it to move forward, right? WRONG! That’s exactly when you should do it. If you’re the only person going after an opportunity, chances are high that you’re chasing a dead end.
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