A lot of businesses are not successful and profitable in Nigeria because those who run them are going about their business the wrong way. Statistic says that only 1 in about 3 startup businesses in the country lives longer than 5 years. This shows that there is something wrong with the way our entrepreneurs exercise their entrepreneurship.
I have found that most business owners in Nigeria are all about the money. They are only in business just to make money from people and enrich their pockets. They really don’t have long term commitments to the business or the people they serve. They just want their business to cater to their various needs and luxuries now.
I am of the strong opinion that meeting needs ought to be the priority of any business venture; solving problems and not making money. I don’t like the idea of starting business just because you have to make ends meet or simply because you cant find a job. That’s the reason many people start businesses in Nigeria. These are good reasons to launch into the waters of entrepreneurship but they should not be your only and or leading reason.
I don’t like the idea of starting business just because you have to make ends meet or simply because you cant find a job. These are good reasons to launch into the waters of entrepreneurship but they should not be your only and or leading reason.
This is not to say that making healthy profits in business is wrong because right next to meeting needs is making profit. But never before it. You can make profits without meeting needs; it won’t just be sustained. And yes, you can meet needs without making profit too; but that is hardly the case except you are running a charity.
The point however here is that your chances of making sales, increasing returns, and making healthy profits are enormous when you are focused on meeting needs rather than on making money.
We don’t have strong brands in Nigeria. A strong brand is one that resonates both functionally and emotionally with its customers. No brand will promise to just make money off its customers although many act just like that. They don’t promise that because it is common sense to know that people are not looking for people to give their money to; they are seeking people who will solve their problems and they will pay sufficiently for such help.
It is said about God, that we shouldn’t go after his gifts but rather after him, the giver of the gifts. Likewise, businesses shouldn’t go after the money of their customers but rather the customers themselves. When you have me, you have all that I have (my money inclusive). Even in cases where repeat business isn’t possible, the moment you win me over, you can be sure I’d replicate myself to patronize you through friends, associates and family.
Businesses shouldn’t go after the money of their customers but rather the customers themselves.
Businesses ought to be in the business of sweeping their customers off their feet, taking their breathe away, blowing them into unprecedented ecstasy. You should be trying to win people and not make money. Because money is temporal, always moving places, but people are always there. Because money is owned by people and not people by money; it is wise to be after them than after their money.
You cant make real money in life if you are all about money. You have to be about several other things. You have to be about service, about giving, about management, deferring gratification, making sacrifices and investments, making wise decisions, etc. Money alone doesn’t make rich, these other things do.