The sole purpose of starting a business
is to firstly solve a problem, then the aim would be to make profit This is why a business is an act of buying and selling in commercial ventures or offering professional or technical services in exchange for money or other forms of goodwill.
Purpose and aim are two different things. While most businesses are aimed towards profits, without a purpose to solve a problem and provide a solution, profit is impossible.
However, there are people who start businesses without the aim of solving a particular problem, they only enter the market to join a competition, and maybe follow the trend of thriving business models already.
The Barriers To Business
The barriers to business are mostly capital or funding and having an initial investment.
No matter how small a business is, Provided there's a stipulated income that's expected from the business then there will be some initial form of investment that'll act as capital to bring that business to life.
This is why, having a target is always backed by money, the proper research, finding one's target audience, and understanding the right product and service which can be offered.
However, building something without a sole target creates an uncertain circumstance. For example, there are different business formats in every market.
Nigeria is an industry with unique specifications. How to approach business in a place like Dubai will be different from here, and this is because of the uniqueness of the market.
The Nigeria-Based Industries
In Nigeria Most organizations and companies are born with an intent to scale after being initially successful in their original endeavors, some people go ahead to solve different problems slightly related to the initial problem they're solving.
For example, a person who sells motor parts might want to sell motorcycle parts and sell other automobile functions. While they're different, they're also unique to the same industry and one of the reasons people do this is to stay versatile.
Solving A Problem Is Crucial
Being able to solve different problems in a particular industry, keeps the money flowing which helps people survive business recessions. One of the most important elements a business needs to survive in Nigeria is to have constant demand and supply that's adequately corresponding.
When a business centers around basic needs, there's the Inevitability that it's going to be successful. For example, business models built around transportation, food, and clothing experience the biggest adoption and saturation.
This is why no matter the people who enter the industries focused on these services and products, people will always make money.
Diversity Is A Huge Concentration
This is because of the diversity in wants and needs, and also because the constant increase in the number of people means more need for businesses built on these basic needs.
However, this isn't to say over-saturation cannot make a market redundant. For example, the digitization of products by using the internet spaces such as WhatsApp in Nigeria, has bastardized the buying and selling of clothing materials.
Nevertheless, because there are varieties in people's demands businesses that are built here will always thrive.
There are others who also keep solving the same problem, but offer a variety of product and servicing in large quantities, depending on the demand.
Methods Of Scaling
These people scale by producing or offering larger quantities in different places at different places In Nigeria for example, the evidence of growth is expansion. People expand their business to other areas when they have the money to do that.
So it's either they scale by going into similar products in the same market, or they do so by increasing the quantity of the same product, spread into different areas Nigeria is a unique market with a sophisticated area and reach.
Uniqueness In Ideologies
To successfully build a business you need to recognize a problem, discover ways to solve them, see if they align with your capabilities, and check or explore unadulterated or unique areas where it's possible to achieve some level of success.
However, all these are peripheral, if the right kind of capital is not available.
Money is the beginning and end of a business, the other scope and strategy are secondary, just like anywhere in the world.
Interested in some more of my works?
Reviewing A $400 Samsung Galaxy A72 (photos Included)
Hive's Scalability & The Compromise Of Commitments
Money: The Consequences Of Making The Right & Wrong Decisions
The Nigerian Economy: Monopolizing Incompetence
The Experiential Process of Understanding Money
A Case Of Theft On Hive: Here's Why Some People Choose Scam.
