Every business, venture or enterprise began at the idealization stage. A mind conceives a concept and actions follow to bring the idea to substance. So began the venture.
But in reality, starting a business is not as smooth as this. One of the most significant challenges every entrepreneur around the world grapples with is a concept known as ‘ease of doing business’. It is so important that multinational businesses unsurprisingly consider it before expanding their operations into foreign countries.
Regrettably, Nigeria is dismally at the bottom rung of the ranking of countries for ‘ease of doing business’. But because reasonable entrepreneurs weather all storm; take the bull by the horn and make calculated moves; the business terrain is not insurmountable. Even heaven helps those who help themselves.
When market conditions are no longer friendly for a business, the best thing an entrepreneur can do is to look for new business opportunities. Here are hints on where to look for new business opportunities in an uneasy market environment like Nigeria:
One of the easiest ways smart entrepreneurs gain notoriety is their willingness to practice shared prosperity. Value chains created inevitably by start-ups and established businesses are invaluable sources of business ideas. It is not folktale that the entire body of a palm tree has interesting economic advantage.
Take a conscientious look at businesses around you. What economic value can you create along the commercialization processes that have brought about the product or service? Can you make a rare delicacy out of staple foods? Or introduce crazy concepts to painting. Understand your niche and make a kill for the general treasury.
Businesses are setup to realize profits for their owners and ultimately sustain them. It is only reasonable then that companies carry out business development strategies for the sustenance of their businesses.
Mergers and acquisitions
In the course of positioning a business for a greater and better future, mergers and acquisitions may surface as an option. Are you willing to relinquish some power in your startup, if necessary?
Mergers and acquisitions often bring about the reorganization of the working processes of entities concerned.
Even if your business outfit is not a party in the merger process, how valuable can you still prove to be in the post-merger period of two or more companies in an industry relevant to your business? What prescription can you write for the new business to ensure the continuous success of the merged enterprise?
Ultimately, innovations are results of conscious and unconscious use of the mind. Countless enterprises have sprung up in the bid and determination to change the way we do things.
For example, the Information and Technology Age has brought a paradigm shift. Hurdles have been crossed and walls brought down with the latent opportunities that has come with this age. Structured and packaged knowledge have become tools for the enhancement of business operations.
Explore the internet and discover new tools for the creation of value. The value you create can then be deployed to provide economic benefits which are one of the most reliable sources of profitable business ideas.
It is needless to say everyone must come to terms with the future of the world as altered by the incursion of the Information Age. Any savvy mind that monitors the trajectory of events around the invasion must have found an ocean of business opportunities to contend with. Wish you well.
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