The best way to make jaw breaking sales in your business is for you to dominate and be the authority in your niche. The only way to achieve this is by staying ahead of every competition. If you do not outsmart your competitors, it means you will only partake from the crumbs of customers that fall from the table of your competitors.
The following are the ways to outsmart your competitors:
KNOW YOUR COMPETITORS
It’s funny that some business owners do not know who is stopping them from having the customers they are trying to serve. If you don’t know your enemy on the battlefield, do you think winning is possible? As you try to grow your brand, keep an eye on your competition.
CONDUCT A COMPETITIVE ANALYSIS
A competitive analysis is the analysis of your competitors and how your business compares. By evaluating the strengths and weaknesses of your competition, you can begin to formulate how to give your company an advantage. It helps you to understand the latest shift in the market and gives you the ability to determine the advantage and barrier of a particular product or service. It helps brands monitor how direct and indirect competitors are executing tactics like marketing, pricing, and distribution.
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Most of the time we tend to see entrepreneurship as the solution to the unemployment condition of Nigeria, but in the real sense is it truly the solution or another disaster waiting to happen?
Nigeria Economy and system is one that makes life difficult for the common man, after spending years at the University, a common man finds it hard to get a befitting job. About 21.7 Million Youths are unemployed in Nigeria as at the time of writing this post, some of the employed are over-utilized and underpaid. It seems this order is going to continue for a long time.
That’s why smart Nigerian youths decided to go through the entrepreneurial journey and this has given rise to about 17.4million SMEs in Nigeria. People troop into the entrepreneurship world every day. It seems we have found a solution to unemployment since many people are now self-employed but, hey! It’s the beginning of another problem.
Most of these businesses never thrive beyond their first year, some manage to enter five years while some are just in business because the founder is still alive. No growth, no progress, and a rapid decline in sales. When these happen, they get tired, some fall into depression with the thought of how to repay loans, some become useless and some give up on life by throwing in the towel.
We cannot fold our arms to see this happen to the dreams and aspirations of people, we know entrepreneurship is great but, there is a need to do it the right way if we don’t want it to be another problem to our society.
Continue reading “Is Entrepreneurship the Solution to Unemployment in Nigeria or the Advent of Another?”
cannot but pay attention to the hottest but dreadful news in town – COVID-19
(Corona virus) if truly we are in #business and its continuity is our priority.
WHO has recently declared this highly contagious disease a #pandemic.
Globally, there have been over 182,000 confirmed cases (those who have tested positive) and about 7,100 deaths (Just in 4 months!). Corona has forced countries to close borders against one another, no matter the level of political affinity or international alignment. Hence, EU+UK would not be able to travel to the US in the next one month. Even, within the EU, Germany, France, Spain, etc. are declaring lockdowns and closing borders against entry for non-citizens! Schools and markets have been closed and people are working from home.
African countries are not left out and recently, Nigeria bans entry for travelers from thirteen countries because of five confirmed cases of corona virus. The restriction will apply to travelers from countries with more than 1,000 cases. They include China, Italy, Iran, South Korea, Spain, Japan, France, Germany, the United States, Norway, UK, Netherlands and Switzerland; this takes effect from March 20.
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