Five Respectable Ways That Places You Above Other Business Entrepreneurs

Countless numbers of people leave the corporate world to become entrepreneurs everyday. While young persons who wants to be successful try a number of business to see how they can make it in life. Reasons could vary from the individual feeling it is time to venture out, a person losing a job, or out of sheer curiosity to have a thrill of the entrepreneurship journey.

The experience of starting a business would undoubtedly change your life forever. It is an event you would never forget because it comes with only two perks: success or failure. You could luckily fill a need for a service everyone needs and make a lot of money within a short period (for example, Aliko Dangote, both the richest man in Nigeria & Africa’s richest man, quickly returned the loan his grandfather gave him in less than 6 months when he was only just 21 years old, instead of the agreed 3 years because he ventured into the less populated sugar industry), or you could run in circles starting business after business because none seems to be able to attain profitability.

Success and failure are facts you will have to come to terms with. You are more likely to fail in your first venture than succeed. But vast knowledge and pure resilience would make you a success story for everyone to learn from.

Join me as I take you through the boat of knowledge of discovering new ideas to beat down your competitors.

1). You Must Be Solving A Problem

People majorly pay for products and services that solve problems they are currently experiencing. It could be the help of someone to assist in taking care of children, a drug to relieve a pressing headache, or an umbrella to protect you from the rain. If your product or service solves a pressing problem, people would pay for it faster than anything else. In times of economic recessions, people focus even more on what they need than what they want. Discover what problems people in your local community are facing, create a real solution, and you are in business!

2). Ideas Are Cheap But Execution Is Not 

 Now you have gotten a wonderful business idea that you believe would make you a lot of money. What next? You setup an online or a physical store then you sit and expect people to come. Sorry! Your current account statement will be in more of a negative a year after, than when you started a year earlier. The excitement of an idea will cloud your judgement. No matter how great you think your idea is, make sure the numbers add up, else it would more then likely end up a failure. Without a real plan, the right team, and proper funding to execute your idea, you would be way behind where you started two years later. Execution is everything. Remember, what is worse than wasted money is wasted time. Get the facts straight and your execution would payoff in the right direction.


3). Research Your Market And Know Your Competitors 

A full understanding of the market you are trying to get into is important if you will record any success at all. Make sure your business plan covers this concisely and comprehensively. Identify your potential competitors and study what they are already doing. By knowing what is working and what is not working for them, you would know how to better place your self. This would help you deliver a great unique value proposition (UVP) that no one is currently offering and would help acquire customers faster than you should ordinarily have.



4). Your Location Is Too Important

If you are not rightly placed, you would get very little results, if any at all. Been at the right place and at the right time can never be grossly over-emphasized. No matter what your business is about, you must always be targeting the right people in the right places. If for instance you want to import and sell clothing in wholesale, a place like the Mandilas market at the Lagos Island in Nigeria would be a good place to start, then you could silently find other less crowded wholesale markets customers patronize that only few of your competition are aware of; if you want to sell movie tickets online, placing an adverts at the cinema or at websites kabiyesi people go to find news about upcoming movies would be a great place to start. If you target customers in the wrong places, you would be reaching uninterested people and before you realize that, you would run out of money.

5.Actionable Plans/Determination

Have you heard of where people will say they know how to do a particular but still they never did it.
Have you seen someone who will tell you that it is an easy thing to do but has not taken any step to experiment what he believes in.
It is a thing to be a businessman and it is another thing to have a mapped out plan that will scale you through the business journey.
Most business collapse because the founder has a very gigantic vision but refuse to plan before starting.
Sustainability is a major key in business, therefore you must be able to draw your plan of work, how you want to run the business, the strategy that will give you edge above others.
When it comes to determination, it is that strength in you that will give you the power 'never dying' spirit to look ahead and never stop no matter the obstacles.
Obstacles are a major phase in every business, never dodge it;face it. It is when you face it that will give you the respect that you deserve in your business.
When you have a plan, never stop until you accomplish it.
When you are tired;never STOP, you only need to restartegize and launch out again. Anytime your shoes are tattered and painful looking unbearable. It is either you adjust it to suit you or you change it to a suitable one BUT never remove it completely. What it means in essence is that you should never give up on your plans; you can change your strategies BUT never abandon the plan.

Now take your time to examine these points and act on them. You can't fail.