ENTREPRENEURSHIP: DEVELOP YOUR BUSINESS IDEAS WITH THESE 9 INSIGHTS - PART 2


Continued from part 1……

5. DEMOGRAPHY: Look around you and ‘scan’ the population. Know the grade of people that are more. Youth, elderly, middle age, children, teenagers, men, women, working class, business people, rich, poor, professionals, and so on. ‘Scanning’ the population will help know the kind of business you can do.

If the population is dominated by Youth and teenagers, of course you should know they love trendy things. Today, the crave for android phones, black berry, tablets and other electronic gadgets are a good example of how these set of people behave.

You can also go into the sale of their kind of wears if you’re passionate about wears. The rich, working class & professionals love classy things- good and expensive wears, good cars, training or educational services.

You can make such things available to them. For the poor and children, anything goes, in most cases. You will be better off doing a demographic research before going into business.

6.  EMERGING TRENDS: Is there an emerging industry that will spike demand for certain goods & services? What do you think customers will prefer in an industry, in 6 to 12 months from now? What do you think is going on as regards improving the quality of products in the industry? Strategically think about how you can position yourself to key into emerging trends.

Almost all sectors are experiencing a boom right now. There are loads of opportunities in each of these industries, if only your ‘business eyes’ are open. 

 Today we see call card vendors in all nooks and crannies, but this business was an emerging trend is the early part of this millennium. There are emerging trends in every industry. Just take a good look at the industry you want to operate or already operate, you’ll realize there is an emerging trend.
To know emerging trends, listen to the news, read newspapers and magazines, browse the internet (google, yahoo, facebook, twitter, forums , instagram, etc), listen to discussions, listen to the Teenagers around you and so on.

7.    ACQUIRED KNOWLEDGE & SKILLS: Are there services you already know well because of your previous or current employment? You can package them and write a proposal to other companies or businesses, telling them how your knowledge and skills can help them solve some specific problems. You can work with them on contract basis, if not full time.

Even in places you have worked before, there are things they are not doing well. You’ve been with them and you know the level of wastes and other things that take place there. Package something to help them reduce or eradicate those money wasters.
8.  RESTORATION: A friend of mine is into Bookshelf design. When asked why he went into it, his answer was, “I want the reading culture in homes to be restored”. He explained that in those days, homes used to have this furniture called ‘room divider’ in the sitting room. The ‘room dividers’ used to house the electronics and books, as such, children see books while watching Television. 
“The books we saw on a daily basis made us cultivate a reading culture. Today, we only have ‘classy stands’ for electronics. Where are the books?”


Bringing back such good old culture can be a good business for some of us. Think about the good things you enjoyed those days that are no more and see how you can bring them back in a modern way.

9. HIGH DEMAND: What business do you think has more potential for larger profit margins or recurring income? They should be products & services in high demand. Get to know that business and all it entails to start. If it’s something you can afford to start, considering all the stress involved, why not?

In this instance, you have to watch it. Going into a business with the sole aim of recurring income may have a back lash. But it sometimes pays.
Upon realizing that getting executive Taxis at the click of a button is a success in Nigeria as demonstrated by Uber, other Taxi companies have joined the waves and from observation  and feedback, they are making something  out of the market.  Taxified is one of the local executive taxi companies.
 A friend told me of how one of his business partners became rich overnight. He is an Engineer and he manufactures ovens for bakeries in western Nigeria. “I wasn’t getting regular income from oven manufacturing, so I went to my customers –Bakers- To see if I can be a bread distributor.
They turned me down with the excuse of having more distributors than they could handle. So I went into small scale bread production  from my kitchen, with the encouragement from a neighbor who promised to market it for me. Today, the business is a money spinner”.  

 CONCLUSION:
Every market, no matter how saturated, has need. You can easily fit in if you have solutions to the existing challenges in the market.

Most people go into an industry with the mindset of getting something from the onset. It doesn’t work that way most times. If you want to make something out of any business, even in any endeavor, concentrate on giving your best shot.

Focus on adding value to the lives of people and money will come in droves, over time; the quickest way to make money is to solve problems at the market place. Observe, think and come up with that one idea that the market has been waiting for. You never can tell how far it will take you in life.

With your desire in place, you have all it takes to go into business and succeed. Don’t just conceive the idea, act now!

END.

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