Before you start a business idea, do this!

If you live in places like Lagos, Nigeria or some mega city with a very dense population, there is so much going on. Both positive and negative. There are challenges that you see and wonder why on earth are things this way. Get stuck in a traffic jam on the Lagos third mainland bridge and you will understand what I am saying. Well, the truth is that great business ideas are developed by wanting to solve these daily challenges or issues.

Sometimes, the urge to solve these pressing issues with a business idea, can supersede the need to do your homework before starting. More of the time, rush to success or to become a millionaire is what prevents a good homework to be done prior to launching the idea.

 a problem is always the driver of a business case”

Many start-up launch and closing up within the first one year. You might wonder if there is a secret trick that would keep you immune against start-up bankruptcy. Nope, there is no trick, there are just some basic rules to keep in mind. Here is the rule 1 never to forget >

Rule 1: Your idea must solve a problem for its potential customers.

If you have a great idea but the people you expect to pay for this idea do not see its need or relevance to their lives, you will never succeed. That is why the very first question, you should be asking yourself before starting off any new ideas or expanding on your current business, is if you are actually solving a problem for someone.

How do you know what a business problem really is?

A problem is basically something that causes discomfort to either people, animals, things, structures or our environment. Defining the problem you are solving for your customers is far and away the most critical element of your business plan and crucial for your business success. Look at you environment to see the problems you are passionate to find solutions for and then go further to see how others are solving just the same problem. A problem must not be a huge thing like house collapsing. this part of problem finding is actually the very first step when you create your business plan.

Great businesses solving problems.

Let’s take a look at some simple problems solved by amazing business ideas around the world. In large cities like Lagos, working class hardly have time to complete grocery shopping. Not to think of the traffic jam after work hours. Well Supermart discovered this problem and created an online solution to offer almost everything you can buy in a life supermarket and they deliver it to you. Amazing right?

Your to do:

Identify the problem that you think you can solve. If you want to learn more about how to identify a problem in order to create a best business case, visit our online business course to learn more on how do you identify the problem? 

Please feel free to leave a comment.

Cheers, Joana

Joadrehttps://www.joadre.com
I am Joana, a Nigerian-born Austrian-based entrepreneur and activist. Founded Joadre in 2012 and continue to develop content to engage and empower African SMEs.

Discover

Sponsor

spot_imgspot_img

Latest

Its our right to demand equality!

Women should earn less because they are less intelligent? Weaker? Dumb? I guess Korwin-Mikke never heard of Valentina Tereshkova who visited space while he was...

Ponzi Scheme Took My School Fees. Beware!

How do I identify it’s a Ponzi scheme? When did the Ponzi scheme start in Nigeria? Is only Nigeria affected? And is MMM a Ponzi too?

How hair scrunchies can change the world

As the corona virus started, I actually panicked because it was barely 6 months after we restructured the Joadre fashion project to make it...

2022 is Here! Let it be all about building Equity!

Think radical! Here's how to make 2022 become a revolutionary year. It is time to take ownership and build equity.

12 Online business for students in Nigeria

The list is not exhaustive and remember that you can take up multiple ideas to combine to start an online business agency. It is very important to start any of these ideas as a student now because in 3 years, in 2023, over 85% of Nigerians will be online. These ideas are online businesses in Nigeria which you can start from your campus.