BUSINESS BASIC RULES (1)

Yesterday my friend who is also my business partner and I were driving back from a meeting when I noticed a shopping plaza strategically located at the business hub of Southern Kaduna. Immediately, I had this Adrenalin rush and business ideas began to race through my mind.

Thought of owning one of the spots at the plaza kept creeping in and out of my head till the early hours of this morning. Before I finally make up my mind, I thought it wise to share what I have tagged the Basic Business Rules. Hope it meets you in good health and a sound mind.  

The first Basic Business Rule is: Your product or service must be what people want, need and are willing to pay for.
As simple as it sounds it is very important. 

One of the basic weaknesses that we have in our society is the fact that our economy is disoriented. We make money without really creating products and services. But things are fast changing. We have to align our minds with the fact that people have needs. This country has above 173 million people and all of them have basic needs that they meet everyday whether they are rich or poor. They spend money everyday and we have to begin to create products and services that will meet their needs but please let those things you have to offer be what people want, need and are willing to pay for.
Products and services that are not ideally suited to the market will die a natural death. You cannot afford to sell just what you like. You have to sell what the people like or want. There are loads of businesses that have failed because their owners were not sensitive to the peculiar needs of their environment. 

The fact that someone is selling something and doing well in business does not mean it will work well for you, because the needs of the people where you are may not be exactly the needs of the people where that person is. So we need the ability to recognize people’s needs. 

To do well in business you have to know people. You have to understand people and how they think. 

The interesting thing, sometimes, is that what people really need, they do not think they need. And when you want to sell what people do not think they need, you may have a tough time selling. So the product and market must be ideal for the environment.
Remember, you don’t catch a fish on your own terms. If you want to catch a fish, you don’t put the food you like on the fishing hook and put it in the river; you put the food the fish likes.

Before diving into that business, do your research and be well informed.

Do have a blessed day, cheers.