Starting a Profitable Business in Nigeria – Welcome to Dealfaster Business World
Welcome! If you find your way to this Dealfaster Business World website, you are about to unlock one of your greatest potentials as an entrepreneur. We have a pool of resources when you consider starting a profitable business in Nigeria.
We will be guiding you through decisions in starting a new business in Nigeria, tips on funding, and management. Also, we will be helping with modern marketing tips that ensure your business locates its clients and sustainably.
There are lots of business opportunities in Nigeria especially when you consider the natural endowments and human capital, every learned person is bound to be a successful businessman in Nigeria. Most failed businesses especially those at an early stage may be due to the lack of foresight or thorough research by the owner. Some may be due to lack of funding or failed marketing plan.
Here at Dealfaster Business World, we are willing to expose to you, detailed information as regards starting a profitable business in Nigeria, the pros and cons, and tips to stay grounded in the midst of intense competition. In our first topic, we will be talking about problem identification in creating business opportunities.
Creating a solution before defining the problem is one of the major common mistakes made by entrepreneurs. Your idea may seem very interesting, but have you carried out the necessary research to see if it’s the kind of solution people seek? Is there a need for your product in the market? Then maybe you have a chance. If you don’t, you might be wasting your time.
Another problem entrepreneurs face when starting a profitable business in Nigeria is delving into an existing market with similar marketing strategies as the existing competitors. Some markets exist and have thrived over a long period of time but because of the free entry into the market, the competition is so high. New entrants need to carry out extensive research to see what marketing innovation could be introduced when getting started, but the majority of the businessmen want to cash out fast as their competitors, this may end up a failed business.