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 nutritional advantage or the importance of your product, everybody automatically does. Be meticulous when it come to marketing your product because that is the sustainance of your business.
A Nigerian musical icon, Late Fatai Rollingdollar sang his first and hit album at over 75 years, in fact some of his teeth were obviously missing. had he sang the song at a lower year, nobody will be willing to buy it. At that age, he succeeded in creating a niche for himself against the tensed competition of younger generations.
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