EICT Institute – Newsletter Vol. 1 No. 4
“To qualify as a good investment opportunity, a product or service must meet a real need with respect to functionality, quality, durability, and price”, etc.
With utmost dedication to a product or service offered, customers always know an entrepreneur that is creating value and convincing them on the benefits such products or services would offer them.
As an aspiring entrepreneur, you are eager to create job for self-reliance and, subsequently, an employer of labour, well done, this is a good step but have you asked yourself about the most promising venture to start with e.g. Service-business or Product-business?
If you choose to start with service-business, you ought to have been:
- An artisan.
- An assistant to your boss on many occasions and
- A marketer with such skills.
The three (3) criteria above should be used to gauge your entrepreneurial journey.
If you choose to start a product-business, you ought to know a key factor that can hinder demand for your product(s) in the markets, e.g.
Smuggling: As an aspiring entrepreneur, you need to be abreast with news reports on the media, how government restricts importation of some particular products, and how people find illegal ways to import such products and make them available in various markets every time, you would need to have a rethink and take your attention to other product(s) to supply in the market, this is based on the fact that quality of your product might be compromised as an infant entrepreneur.
Notably, lead diversification and outsourcing are key successes to entrepreneurial journey, and there shouldn’t be panic on how and when to diversify investment opportunities. While trying to assess investment opportunities, you may choose to offer existing products not available in your target market or survey with a view to providing target customers with a new product, etc.