ENTREPRENEURSHIP: DEVELOP YOUR BUSINESS IDEAS WITH THESE 9 INSIGHTS - PART 1


                         
Mark Zuckerberg - a computer programmer saw the need for his Harvard school mates to interact via the internet, and he launched Facebook on February 4th 2004 at the age of 19.

Today, Facebook is rated the 3rd most popular website on the internet by Wikipedia and the largest social network website with over I billion users.

Developing a business idea is not common, but successful Entrepreneurs have a common lens through which they identify opportunities.

Over the years, aspiring Entrepreneurs have struggled with the issue of identifying the right idea to take advantage of. Yes! I said right. Right idea in that, every idea that comes to you may not be for you or may not be something to execute immediately or may not be feasible. Anyway, let’s leave that for another day.

How do you see problems or challenges around you? The way you rate and handle problems around you will determine if your mind is developed enough to solve market place problems. 

Considering your knowledge, skills and experiences, what kind of business sector do you think you can start, grow and sustain?

The first point of every achievement is Desire. To develop business ideas, you must first of all have the desire to go into business.

A business idea can be developed through the following ways:

1.      INEFFICIENCY IN THE MARKET: How dissatisfied are you with products & services you purchase? Many years ago, a friend of mine went into the sale of shoes & bags because she was just tired of the quality she was getting in her neighborhood. 

She was always asking if they weren’t seeing good shoes where they buy on wholesale. Though she started with fairly used Italian ladies’ shoes & bags, today she has one of the best boutiques in the city she resides.

When people in a particular market are not offering what they are supposed to offer, both in price and quality, it’s an opportunity for you to do something. Do something about what bugs you in a product. You just have to look at what frustrates you. There lies your business opportunity.

In a market of this nature, what have you experienced as a customer of this industry? How would you do business differently? What would you change based on what you’ve experienced? What does everybody think ‘won’t work’ in this industry? You can do this with ease in an industry you patronize.


2.      A PRODUCT THAT IS NOT IN YOUR LOCALITY: In 2008 two friends, Travis Kalanick and Garrett, had difficulties in getting a cab, on a snowy evening in Paris. So, in 2009 they launched the simple idea of tapping a button to get a ride. That is the Uber we see and use today across most cities in the world. It was first launched in Francisco California United States.

There are some products needed in your locality that cannot be found. People leave to other localities to get them. Look out for such products and make them available.

In doing this, you need to first check the demand for the product. Though it doesn’t work that way at all times, as non- availability of a product or services can sometimes take the minds of consumers off it. Availability can spike demand, that is, the sight of such products can increase demand.

Hopstop.com was birthed in 2004, out of the difficulties faced by its founder –Chinedu Eucheruo in navigating his way when he first moved to New York in 1995.  The company was later sold to Apple Inc in 2013 for a whooping sum of $1b.  

A huge business opportunity is hovering around you disguised as problem. Can you see it?  Do something about it and make your million dollars.

3.      COME UP WIITH A CONCEPT: You can come up with a new idea to address an existing problem at the market place. You can work on the concept with an established Entrepreneur who has no time, but has interest in developing that concept.

What are you passionate about? Identify things you are passionate about. Use what you are passionate about to add value to the lives of people around you. You can easily come up with a concept in areas you are passionate about.


Chinedu Echeruo came up with a concept that apple bought at the range of one billion dollars. Uche Eze of Bella naija came up with online Celebrity and entertainment news in Nigeria that Linda Ikeji bought into and is making the fortune of her life.  Jason Njoku  has made a fortune from Iroko TV. Think, think think……….. you have all it takes.

4.     IDENTIFY PROBLEMS IN AN INDUSTRY:  The solutions you proffer to such problems will not just make you a mere business person, but will also make you a market leader in your own right. To achieve this, get a product/service in that industry and identify the things you don’t like about the product/service and look for ways of improving on the negativities the product has.

You can also look at the positive aspects of products/services and improve on them. That a product is good does not mean it cannot be improved upon, after all continuous improvement is key in business. Though this may not be easy, but it can be achieved. Without mentioning names, there are some good products that I think should be better than the way they are, and I’m sure you also have your list.

There was palm top before the launch of ipad. Someone saw the need for a much simpler computer. Let dissatisfaction work for you!

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