1. Start a business that evolves around your innate ability. Innate abilities help you do things with ease. I often hear people say, “what are you talented for?” Innate abilities help you do things better, faster, and more “naturally” than others. Helps you get things done effortlessly!
While I was at my tender age, I knew I was going to do well as a writer! It was so convincing that my mother called me “akowe-kowura”. I never got tired of writing, although not totally rubbish. But I loved it! I loved writing good, compelling copy, so I soon fell in love with copywriting.
One great thing about your innate ability is that it pushes you, not the other way around. In all humility to all my African entrepreneurial friends reading this post, I write with ease and get lots of compliments on my writing. No wonder Peak came up with a catchphrase: “It’s on you!”
Looking for business ideas? It’s on you!
Now take this as your homework!
From my story so far, highlight 10 possible businesses that I could undertake, considering my innate ability. Answering this question could be good for you and our African entrepreneurial friends!
2. Turn Your Experience or Knowledge into a Profitable Entrepreneurship.
Instead of asking, “What business can I start that will bring me quick profits?” turn your hands-on experience or knowledge into a profitable venture!
An entrepreneur is one who is able to trade with his ideas, experience, knowledge and skill and earn good profit.
What do you know? What skill have you recently acquired? What education have you obtained? What experience have you acquired? Do you know that there are people out there waiting to be served what you have?
As I tell the seminar audience, there is money in the air, lots of it! Offer a certain type of business that people need, and the money will come. It’s called service! Money meets service!
Why have you spent 15 quality years in an airline and say you have no business ideas? If you can’t afford to have a commercial plane, why not have an agency? As far as I know, there are ancillary businesses in the airline and hospitality industry – the executive car rental business is just one.
Do you want to know why you are likely to do well when you start a business based on your past experience? Once you were the store manager, the production supervisor, the accountant, the brand executive, the marketing officer, you were there, everywhere! You knew what, when, where, how and who. You have a sure lead over your competitors to do better.
Don’t go looking for business ideas anywhere, look within.
Now my friend. What do you have? It could be some kind of knowledge or an experience that you have had somewhere, in some way. Your answer could simply be a seed waiting to bloom. Sit down with a few friends and/or your family to brainstorm about it. This will eventually bring you several options to choose from. Then do a feasibility study on your fantastic 3 options to see which one is the best.
3. Take advantage of technology, situations and opportunities.
Have you heard of the story of two boys who traveled to a certain country where the people who lived there did not wear shoes? One of them saw an opportunity in this situation, returned to his home country, ordered a large shipment of shoes in different sizes, and exported them to the country where people did not wear shoes. He Sold More Shoes Than He Expected! This is a typical example of taking advantage of situations.
There are various situations where you need to shine your eyes!
The commercial terrain of the 21st century has seen business operations shift from manual to technology-based. If you’re tech-savvy, you might consider starting a business that evolves around helping companies transform their operations and marketing. Taking some short information technology courses or training can also help.
In Nigeria today, for example, we see the Central Bank implement the cashless policy. This is an opportunity you may want to take advantage of with multiple mobile money operators and distributors everywhere. There are a number of such policies that directly create business opportunities. Take advantage of them.
When generating business ideas, you must be very sensitive and alert to your immediate surroundings. Walk with an open mind. Be aware of the fact that anything and everything is possible.
Entrepreneurs are opportunists! They seize opportunities. While others lament a situation, businessmen celebrate it. It’s about time you stopped being an armchair critic – take a step further to change the challenges.
Do you need a business idea? I guess you already know what to do!