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.
It is important in life and especially business to prioritize ideas. Some questions that will help us as regard priority includes "when should this idea be implemented?" "Do I have all it takes to implement this idea now, if not, when will I have them?" "Won't it be late to implement this idea in so so and so time?" Etc. Many times, it's difficult to run/implement two or more ideas at a time but through priority we can still achieve them all though at different times. It also prevent tying up of capital and that may even affect both businesses. In priority, it's best to do the easiest first or one in which one has more expertise or one better research. In priority, a schedule is also important. When we ask the necessary questions, it would help us know how prepared we are for every idea we intend to implement less we start and encounter problem not anticipated. Some ideas are best implemented now than allowing them to wait while some are bet...
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