Business and Entrepreneurship

Many people have always walk up to tell me they can do a good number of the products we import from other countries into the Nigeria market but are scared of competition with foreign products especially price competition. My usual reply has always been start first. When you start and you are zealous, you would end up creating your own market and with time, you will be reckoned with. Don't just assume, try it, the competition may not be that stiff. When you get to involve, some things will become clearer and your decision will be based on facts. Some of your assumption, you would realize are not true while you would be better positioned to grow your business. The next time you find that product you have a skill to develop, don't just get angry, be motivated instead.

As I watch silverbird television the other day, I saw Senator Ben Murray Bruce speaking on why it's important to patronize Nigerian made goods especially now that we are in a recession. Some of what he said includes: Boarding Arik air if we are travelling oversea except for countries Arik cannot access. Instead of importing military clothes and shoes, tailors across the country can be used as well as making the clothes in Nigeria. Use only cars assembled in Nigeria. Buy only Nigeria products Instead of going to London or the USA (thank God Trump is now the President elect. Pray he makes good his threat and send those good brains home to better our lots here), we can decide to visit mabilla plateau or the ubudu cattle range or any other resort around the country. Until we value that leather shoe from Kano, that school/hand bag from Aba, the Naira will find it difficult to survive.

The rate at which so many small businesses close shop in Nigeria is becoming alarming especially in a country that needs all hands on deck. After much research, I discovered that many entrepreneur thinks product development is the key to becoming entrepreneurs, to this I say "it's beyond that." It's good to have a brand but beyond that brand, the market is the crucial thing. Once you have a the market, your product will be in continuous demand. It is good to spend enough time in product development but I advice for greater time in knowing your market. Who are those that needs your product? Where are they currently located? Do you have class difference? Are some questions that readily comes to mind. Be sure you have a market before you start production. It will give you a smoother ride as an entrepreneur and will also help you in early decision making. Don't assume you know your market until you have researched. Don't assume that because you understood the n

I think the best time to correct this motion is now. It is believed that we are in recession because oil prices have collapsed but I disagree. We are in a recession because we have not studied established economies of the world properly. If we have studied established economies of the world, we will understand that none of the established economies of the world advise their citizens to go into primitive agriculture. Instead, they are encouraged to establish industries which will in turn make use of agricultural produce of their country. And where they could not produce enough agricultural produce, they import, add value and return to even the very country they imported from for greater foreign exchange. If our emphasis is to encourage Nigerians to establish industries which readily make use of our immediate agricultural produce and we give them the necessary support such as youwin, Boi etc grants. The other value chain will naturally run themselves. You will have solve many problems