The aim of this article is to explain five questions an entrepreneur must try to give answers to before venturing into a business or else ,such business may soon join the league of failed businesses .Those are;
1.who need my products/services?
Starting a business without a target market is like planning a wedding without a wife.A known target market is very important before starting a business. The mistake most business owners do make is that they would create a business and start searching for people that would patronize them.sincerely it doesn’t work that way in the business world.as an entrepreneur,the wisest thing to do is to identify a product or a service needed within your immediate environment and a business around it.By so doing,there will be an existing market to patronize your business even before the business is launched.
2.who can afford my products and services?
from an economic point of view ,before you start a business,you need to take note that it is not everyone around you that will patronize your business.it’s either because some people cannot afford your product or services,or they do not need the product/services you intend to render to them.however,knowing exactly the people who will be willing and able to buy your goods or services is a crucial factor you need to put into consideration before venturing into a business.Be reminded that demands do not deal with willingness to buy,it depends on ‘WHO’ have the ability to buy what you sell.so this question must be duely attended to if you will have any chance of hitting the ground running in the business world.
3.How do i get product/services to them?
no matter how excellent your goods or services might be ,if there is no efficient marketing strategy ,your business will still fail.marketing is a tool that connects the buyer with the seller.creating proper awareness about the product you sell or the services you render.
4.How can i get them to refer me to other people who might not know about my usiness?
As a business owner,a good networking tool in succeeding in the business world. Good customer relationship management will not only sustain your existing clients /customers for your business .this can be acheived by creating a strategic way of getting periodic feedback about services rendered to your customers. that refer other people to patronize your business.
5. If they cant afford product A ,can i get product B to them as an alternative?
Like i said earlier,no matter how cheap your services or product might be ,dont have the expectation that everyone will be able to afford it. As an entrepreneur having a plan B for those who might not be able to affford your plan A goods & services will give you the necessary diversification you needed to survive in the business world.For instance,cowbell were able to dislodge peak milk in the market because they started their milk production in sachet .By so doing,a lot of people who coould not afford a sachet of cowbell.So ,to survive in market ,peak milk had to start producing sachet milk too.This type of of diversification is needed to survive in the business world.
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