There are six simple but powerful strategies that will help you create a successful business that people will be willing to buy its products and services and which will generate money for you. These are:
1. Find A Problem And Solve It
Nigeria/ Africa is blessed with several, almost endless opportunities. And these opportunities come problems. The more problems you can solve, the more money you will make. Every problem solver in history is a wealth creator. This story will show you why. A secretary working for a small company began mixing flour with nail varnish in order to white out the mistakes she was making in her typing. Pretty soon, her friends in the same office asked if she could make some for them.
She began mixing it at her kitchen table, and she eventually quit her job and worked full time on her business creating what is today called Tip-Ex. Can you imagine, a few years ago, she sold her company to Gillette Corporation for $47 million US Dollars? Can you believe that?
2. Find A Need And Fill It.
There are several needs around us, identify the ones you can meet and package a service or product in line to meeting that need. Ross Perot was working for IBM Computers when he discovered that his customers who were buying IBM computers needed help processing their data. He went to IBM with this idea, and they said they weren’t interested. So he started his own business, which he eventually sold for $2.8 billion dollars. He simply found a need, filled it and made for himself a whopping fortune for it. You can simply do the same.
3. Discover Ways Of Doing It Better, Cheaper, Faster Or Easier.
Bill Gates, the software genius, discovered how to make the computer more users friendly, less complicated and cheaper to manage when he rolled out his Microsoft packages which today have enhanced computer literacy several times beyond what it was before he came into the business. You can find ways to create or supply a product or service better, cheaper, faster or easier. Clemmons Wilson did it and today has made a name and fame for himself. He saw a need for hotels that could accommodate families that were traveling, and he started Holiday Inns. Holiday Inns has now become one of the most successful hotel chains in the world.
Before pure water sachets came out in Nigeria, Nigerians were already selling cold water in buckets which they served thirsty customers in cups. This service was rather unhygienic, harmful to the health of customers and was unregulated. But someone sat down and thought of how good, potable and treated water could be packaged in sachets and sold to members of the public in an affordable and hygienic form, having passed the tests of a regulating body, which is National Agency for Food Drug Administration and Control (NAFDAC) in this case, Today, the pure water business in Nigeria is a thriving industry, creating millionaires by the day.
Peter Drucker, a leading 20th century management and business guru, once said business could be reduced to two things: Innovation and marketing. A company only remains relevant, competitive and successful when it constantly finds better, easier, faster or cheaper ways of doing business.
4. Focus On Your Customer
I know a business coach and management consultant, who normally asks his clients, “The products or services you produce, can you consume them yourself?” The reply is always a capital NO. In other words, you must always look at your business from the customer’s viewpoint(s), not yours. Don’t ever start a business only because you like the product(s) or service(s). Make sure that the product or service is badly needed and important to your customer. Remember the story of Ross Perot. The slogan the customer is the king is still as fresh as the morning sun.
The customer is not just important, he/she is the reason you’re in business. Your customers pay your bills, keep your business afloat and are the reason for your profitability in business. Treat them like you’ll treat your greatest treasure. Always, and I’ll repeat, always think of what your customer wants, needs, will pay for and what their problems are. See yourself as working for your customers.
5. Invest Sweat Equity (Contribution) In Your Business
Equity is your contribution in your business. It could your invest your time, talent and energy be an idea, financial contribution, skill or whatever. However, every form of equity can and does attract monetary value. If you want your business to succeed, then put in the sweat of your brow to begin your business. Once you’ve come up with an idea, start to instead of money alone. This is sweat equity.
For your business to be great, you’ve got to sweat. This was what Thomas Edison gave in his definition of success: 1% inspiration (idea) and 99% perspiration (sweat). The sweat I mean here is a sweat that is accompanied by knowledge, relevant skills, study, information and mentoring. This is what I call smart work. Smart workers are better paid and rewarded than ordinary hard workers.
6. Answer Questions
If you can provide answers to societal questions in the areas of investment, marketing, sales, finance, lifestyle, religion etc. You will end up becoming a big cheese. Get involved in designing or finding answers to the questions that abound around you. How to access West African Examination Council (WAEC) and Joint Admission And Matriculation Board (JAMB) results faster and stress free was both a need and a question until the scratch card stuff came out.
Now candidates can see their score even in the comfort of their homes, i.e. for those with internet access at home and this minimizes fraud, deceit and lies on the part of candidates to their parents and guardians, and on the whole represents a stress-free, sweatless and inexpensive way of accessing one’s results. NEAII as an organization is a response to the issue of developing an answer to the question of entrepreneurial and financial education for entrepreneurs, investors and busy executives and young people made up of preteens, teenagers, and youths.
I must say here that every individual God made has something unique they can offer in exchange for money.