I had passed this same entrance on my way to-fro work every day for over 2 years now , but something was different about the place today.I noticed that the “Aboki” that usually opens the estate gate had erected a kiosk just beside his duty post selling daily use items such as matches, toothbrush ,soft drinks ,pure water to mention a few and put his wife to manage it. Some nice thought for additional source of income for him!
Being an enclosed area, one would expect that most residents do the monthly super market shopping and may never need to patronize such kiosk, but believe you me, sometimes, you might need to cook a meal after a long day from work only to discover that the last match stick was struck earlier that morning or maybe you want to eat that fast to-make noodles but on opening the carton ,you find it empty.So you are left with the option of either going to bed hungry or stepping out to that Aboki’s kiosk to get the “needed”.
A closer look into this Aboki’s business idea, we can learn one or two lessons .What was the Aboki’s thinking when he opened the kiosk ?did he know he will get patronage in this type of location? Why his choice of items? Basically,I assume that he must have noticed the daily need items that residents usually go outside the estate to get, so he leveraged on his observation and carved his business around the need (a form of feasibility study to me).
Learning from that, I know that whatever business I am venturing into must solve “a need”, not just a general need ,but firstly a need in my immediate environment because that will be my first outlook for customers.
Then, I will need to take time out to understand the dynamics of the business and not make any assumptions whatsoever. I will ask reasonable questions on how to operate from people already in the line of business, the required skill and capital I need to start up. Furthermore, I won’t fail to ask on how the digits come in, the amount of sales I need to break- even and make some profit. Doing business isn’t a charitable work , I sure should expect some form of remuneration for my input. And lastly, I will need patience! infact much patience as no successful business was built over night! Even Rome wasn’t built in a day either.So i”ll give it time and allow my business grow into my desired dream while i play my part by feeding it with the right resources needed.
Having done this, I need to ask myself, why do I want to start this type of business,what are the strengths and abilities that I can deploy into the business and make it stand out in a competitive market ,am I ready to take the required risk , can I make critical decisions and implement them ?
The list of the need-to-know for start up may seem endless, but here’s are a few things that can be quite useful.
So before I start tagging the title MD,CEO,Entrepreneur,Business owner on social media, I just might want to ask myself, ‘have I carried out my feasibility study’?