Deciding on the kind of business you are to engage in is something that keeps a lot of people in one spot for too long.
Many people are afraid of failure. They do not want to invest their money, time and resources in a business that would eventually fail.
So there arises a very common question, what kind of business should I start.
In my question to answer this question, I stumbled on a book written by one of the finest Nigerian entrepreneurs, Mr Akin Alabi. Akin Alabi is a renown entrepreneurs who hosts an annual entreprenural event that accommodates thousand of people from around the country.
He is also the proud founder and chief executive officer of NAIRABET, which is the first sport betting bookmarker in Nigeria.
So you can see, that he has a lot of accolades.
He is highly respected by most Nigeria entrepreneurs such as Jason ujoku, the founder of Iroko TV and Rok on DsTv, mark essien, the founder of hotels.ng and opeyemi, the renoun co founder of jobberman, innovate Nigeria and Whogohost.
So without wasting any more time, let’s quickly dive into the issue of together.
Lesson 1 : Go into business for the right reason
This has being preached for years but still a stunning population still neglect it.
If your main aim of being in business is to make money, you would make less money than you ought to make.
So what reason should I be in business you may ask. Be in business to solve people’s problem. Do not go into business to pay your bills, instead, go into business to help others pay their bills convenient and they would fuel your bills and more.
Lesson 2 : Sell what people want, not what they need.
I understand that the line between wants and needs is not clearly drawn. however, it is quite easy to differentiate. This statement is always been interpretated by many. What this actually mean is that people you decision to engage in a business, you should have a tangible prove that people would patronise you by buying your products or opting in for your services.
He gave an example of a book selling who was advertising two books to some SSS3 students who are about to take the JAMB examination.
The first book was how to pass JAMB easily while the second was HOW TO RELOCATE TO CANADA WITH EASE. Which do you think would sell better. There is no price for guessing right, the book concerning traveling to Canada would sell better because although they need to write their examination and pass, they don’t really feel an urge to purchase a book to teach them.
Lesson 3 : do not advertise without a reason
I guess I am also guilty of this, most times I run Facebook ads just to feel cool or to let me competition know that I am making some money.
According to Akin Alabi, this would only lead to less profit at the end of the season and the truth regarding who is making the bulk of money cannot be hidden.
So only advertise for a specific reason.
Lesson 4 : Opportunities is not equal to business.
Many people are busy jumping from one opportunity to the other and they think they are in business. This is not advisable because you don’t have a stable financial plan.
Although one opportunity can set you up for life, you can not continue to rely on luck and grace. As an entrepreneur, you should intentional map out where you want your business to be in five years from and carefully work towards it.
Lesson 5 : start now and start small
The problem many people make is that they are looking for big money to start their dream business, so they end up doing nothing for years. If you do not have the kind of money you budgeted for your business, you should consider starting small in the capacity you can.
Starting small would ensure that when you make a mistake, your mistake will be small as well.
Stop looking for venture capital and investors, instead start and grow your business with patience and hard work.