Know the market.
90% of businesses fail because of poor market fit NOT because of finance.
90% of businesses fail because of poor market fit NOT because of finance.
1. It's not about you. It's not about what you want. It's not about the business you want to build. It's about what the market wants.
2. Your passion drives you but has nothing to do with the market.
Focus on the market, not your passion.
A friend built a dance studio in Ibadan cos that where he lived and he was passionate about dance.
It failed because his passion was incongruent with market realities.
Focus on the market, not your passion.
A friend built a dance studio in Ibadan cos that where he lived and he was passionate about dance.
It failed because his passion was incongruent with market realities.
3. Ask questions:
Too many people start businesses without any research.
Ask 100 people around you, “I am thinking about starting a business to do ABC, would you buy it from me?”
It's not perfect market research but it's a good starting point.
Too many people start businesses without any research.
Ask 100 people around you, “I am thinking about starting a business to do ABC, would you buy it from me?”
It's not perfect market research but it's a good starting point.
