Many entrepreneurs in Nigeria are unable to identify good business opportunities because of the copier syndrome. A lot of them jump into business without proper research or investigation. For these set of people, what matters to them is just to start something or in most cases, they feel that if it works for Mr. A then, it should work for me. They fail to realize the fact that a lot need to be considered before starting and successfully running a business. With my experience over the years of mentoring entrepreneurs and startups, l can tell you for free that certain procedures and processes must be followed or put in place for one to start and run a successful business.
It is a known fact that entrepreneurs in Nigeria face various challenges including identifying opportunities around them. Top on the list is, limited access to finance. Others are; lack of knowledge of policies and how it affects businesses. There is also the case of inadequate infrastructure that will help propel the business and of course, political, economic, social and environmental situations. Last but not the least, is the multiple taxes by the central and local governments states respectively.
Although many aspiring entrepreneurs start with an idea for a new business, the question thereof is, if the idea is viable or a business opportunity? In other words, will that idea fulfill the need and solve the problems of the customers or meet the expectations of the customers. So, l would say that despite the situation, the first thing and perhaps what the startup/ entrepreneur should consider is, if his/ her business idea is viable before thinking about the opportunity therein. Thereafter, the startup can then scan the environment to identify the economic, political, social and technological opportunities so that he or she can maximize the opportunities for growth to be established and business sustained. As a business development service provider, I would advise that entrepreneurs should regularly monitor political developments, analyze new policies particularly when there is a change in government. They should also monitor the state of the economy as this will help to determine the spending patterns of the customers and stay informed with the social trends as it relates to the insecurity challenges in the country in their respective communities.
As a matter of fact, entrepreneurs need to scan their environment properly and create a business model that will help them to solve the problems as it surfaces. Each entrepreneur needs to create a unique business model that will create a good value proposition, build good customer relationship that would encourage enhanced revenue streams.
As we start the year 2025, l wish Nigerian entrepreneurs a fruitful business year.
