Reality Check: Part 1

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Social Media Theatrics Vs Business Realities in Nigeria -by Harold Musa



Social media has been agog recently on the realities of various people who claim
to be successful in one form of business or another. Social media has been a platform to show case various businesses and service. it has also been a platform where business owners showcase their capabilities and accomplishments. However, a lot of these
founders, claim to have what they do not.

Alot of these founder/business owners do not paint the true picture
of how their businesses are being run. The idiom of "fake it till you
make it" is quite common and many see it as "packaging".
The truth is, most of these "packaged business hardly stand the test
of time. From inability to scale, to owing staff salaries, not finding 
the right set of customers etc.

Nigeria is a very unique environment, where trust and honesty is very
difficult to find. However, it still does not stop thriving businesses 
and entrepreneurs who are able to find away around it. As tough as the business environment is in Nigeria, a couple of people have been able to beat the odds, create a path and create value to meet the needs of the masses. 

 No doubt, the Nigerian environment is tough but there are businesses who have been able to meander the tides of this environment. These are businesses that understand their market niche and play very well in
such niche. 

 There are fundamental laws for every business and once you are able to imbibe 
these laws and keep to them you have a high tendency of success.

Here are a few thoughts as we start a series on what make a business
thrive in Nigeria.

  • Is there an opportunity to solve a problem?. 

This is a very fundamental question for any person who want to start out and be successful in the Nigerian clime. Are you really solving a problem (no matter how small it is). If yes, you
are a step in your journey to be successful in business.

  • Identify who the customers are. 

This can be very tricky. As you thread along your business path, you'll observe that your customers vary. There are some you need when you get an idea, others you need when you get to a point of stability and there the customers you need to explode or what we call "blow" in local parlance. The question is, what stage is your business or idea, and who are the customers who fit that stage? 

 Once that is identified you have also made another successful step.
Note: all these do not happen in one day. It take time, effort and perseverance to
identify these steps.

  • Pricing

Nigeria is such a wonderful country. it so wonderful that you could have loyal customers today and as soon as these customers see a difference in price by another business owner offering the same service/ product they switch immediately. 

 Pricing is a fundamental factor and it determines how you stay competitive enough in business.

We will look at references and discuss more on some of the things that make up a successful venture in part 2.
Author:
Musa Harold





Musa Harold is Head Business Relation
Mart Resources Limited.
0703-761-0856

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