Call or WhatsApp 08055597847 for content creation, article writing, business proposals,

business plans

Let’s Talk Business II

The 6 Steps you need to identify the solution for your business

Hello present entrepreneurs and future entrepreneurs, it’s another Monday and let’s establish
this fact Mondays is my favorite day of the week, I get new perspectives, insights and
optimism for the Nigerian business world (also get new calls and new clients) God! I love
Mondays.

Being an entrepreneur is hard (everybody knows this) but what is harder than being an
entrepreneur? I’d answer that: An entrepreneur selling a product no one or very few people
need. That’s hard! (and sad).

Nobody starts a business hoping it fails. All business owners begin with the mindset of
making something with their products/businesses. It’s funny how something that seemed
like a million-dollar idea, an idea that could change your fortune and make hundred and
thousands of sales, as it's a no brainer for people not to use the solution "FLOPS" big time.
Statistics show that 20% of new businesses fail in their first year, 50% of businesses fail
after five years in business, and 70% never get to their 10th anniversary. While numbers
never lie, there are ways to avoid being part of the failure statistics. Here are 5 ways to
creating a solution your customers actually want and would pay for;

1. Start with solving a problem: let's face it, they are problems everywhere that need solving
and these problems can be easily translated to opportunities by an entrepreneur. For
example, the estate I currently reside in recently banned the use of tricycles moving in and
out of the estate as a way of protecting its resident for the current Covid-19 pandemic. This
leaves residents walking a long distance to and fro the gate. (a minimum of 35 mins walk)
and it's not at all a convenient walk for residents as sometimes you might need to go out
more than once a day (I consider it a good exercise, most just curse the management for
their suffering). A good business move would be starting an auto dealer shop in my estate
and sell cars to residents so they can buy and use for their mobility needs (see you've solved
their problem) WRONG!
Call or WhatsApp 08055597847 for content creation, article writing, business proposals,
business plans

While this might solve their problem, I highly doubt the residents would be willing to spend
on buying a car seeing the pandemic has brought an economic recession, so everyone is
careful with the money they spend.
A better solution is to open a vehicle rental shop close by that allows residents to rent cars
temporarily and charge per kilometer traveled around the estate. it's basically the same thing
the tricycle guys were doing, just now you're solving their problem (affordably), yet still
making it personal, hence, adhering to the estate's Covid-19 safety precautions. Although
this is harder than it seems, but you get the idea now. Identify and solve a pressing problem.
That guarantees your first real success.
2. Talk to friends, acquaintances, and customers: Getting feedback from others on your
start-up/business is one of the most valuable investments you could get when building a
business. Remember our example, in 1? Let's assume you've started the business and notice
not a lot of residents use this new service you've provided. Instead of moving location or
closing down the business saying it doesn't work. A good way to help the business would be
to ask for feedback from your neighbours and residents. You might learn maybe 50% of
residents living in the estate don’t know how to drive, hence, they can’t really use your
service. This information should help you adjust your business, creating a solution that
could cater to the non-driving population of the estate. Most likely instead of cars, switch to
sport bicycles. Such a solution could be profitable seeing a lot of adults know how to ride a
bike and they are equally fast (for an estate setting).
Call or WhatsApp 08055597847 for content creation, article writing, business proposals,
business plans

N.B The purpose of talking to your friends/customers is not for them to tell you what
solution you should create. You just need their feedback to be able to understand how best
to build a profitable solution for them. Remember, if you ask them for these solutions, they
would only answer based on their personal experiences and needs. Building a product based
on such a suggestion might not necessarily be profitable as it won't be able to serve a larger
market, just people with similar problems. Avoid this trap!
3. Have a business plan/feasibility study: this can never be overemphasized. Before starting
out, have a business plan (written) to guide you. A business plan serves a blueprint for your
business. Although, your business model can change more than once. A business plan keeps
you focus on that original problem you identified and the steps to tackle it.
Also, a business plan gives clarity to your customers and investors about your solution, a
document they can easily refer to when they need to understand your business model and
how you intend to implement it. Did I also mention it's an investment magnet?
Call or WhatsApp 08055597847 for content creation, article writing, business proposals,
business plans

4. Test, rinse, and repeat: Okay, this one might get newbies a bit confused, and no we aren’t
talking about laundry here or maybe we are?
So, the term “Test, rinse and repeat” is simply used to describe in the startup world you find
what works and stick to that. Every business and business owner needs to find what would
drive sales for his/her company. After identifying a problem, and how to tackle it, you need
to put it to the test and see if it works. If it doesn't work, quickly discard and find another
solution that might work ASAP. You have to keep doing this until you find one that works.
When you find that solution that works, you iterate on it until you’ve perfected it and
covered up any loopholes in the model. Then keep doing that while making the business
profitable.
Think about it, it’s basically laundry! Use a soap that doesn’t lather, you discard find
another that works, after you’ve seen it works you rinse your clothes and you repeat the
process till your laundry is completed.
5. Learn from your competition: there's not a lot to talk about here, it's self-explanatory.
There's so much you can learn from your competitors. As they also struggle through similar
problems you are facing. Also, they have their customers, and you can quickly learn from
these people why they use your competitors and what you can do to attract that market
segment to buy from you.
N.B Never underestimate the power of feedbacks when building a business. Some silly
ideas have gone on to be global business simply because they listen to feedback and iterate
on them. Also learning from your competitors is different from stealing
6. Create unprecedented value: I’m just going to put it out there, remember that 50% in five
years statistics? If your solution wouldn't provide unprecedented value for your customers,
forget it. It would never work. I know you know the popular video-sharing platform Tiktok.
It's success globally is something business development executives study and implement in
their organizations today, why is Tiktok successful? First of all, I think it's a silly app, never
used it, maybe would never but I can't deny the fact that it's a global sensation. Why is it so
successful? You ask again. Tiktok creates value for all its participants. With influencers
making millions of dollars every year and users getting entertained daily by their favorite
influencers. The company doesn’t have to bother about people like me not mesmerized by
its silliness and goofy characters, they attract tons of individuals looking to laugh or share
Call or WhatsApp 08055597847 for content creation, article writing, business proposals,
business plans

funny memes with their friends. Even my friend's mom uses Tiktok lol (I wouldn’t be
surprised if I see my mom using Tiktok too). So, just create value for your
audience/potential customers with your solution and you could have a profitable business.
Written by Gabriel
Lead writer @ Exquisite Business Management
Hi, I’m Gabriel Olome lead writer @ Exquisite Business Management. Exquisite provides
businesses in need of;

Business development

Business Advisory

Business Plans

Business Proposals

Start-up Pitch deck presentation

Company profiles

Social Media Management

Basiccally, anything business! We love startups and we can’t wait to join you in growing
your business. Contact us today on +2348055597847 or via email at
Exquisiteconsultsltd@gmail.com