• Friday, July 19, 2024
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BusinessDay

The fundamentals of entrepreneurial exploits (part two):

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In continuation of our discussions of the previous week on the very foundations of business and what the focus should be, we begin with the important issue of circular economy, which in Africa is largely unknown and not very much in practice yet. For anyone to do exceedingly well whether in business or not, waste must be fully controlled and reinvented to resourcefulness. In the concept of circular economy, businesses utilise their used resources that ordinarily would have been disposed of, through improving and lengthening of the products life and effectiveness, thereby providing a cheaper and steady source of raw materials and supplies, Secondly it provides longevity and durability to resources and products, while promoting environmental concerns. By so doing the confidence level and trust of the consumers and suppliers are enlarged, because the life span of these products and their durability and effectiveness are improved. This is achieved through either reusing organisation’s products that ordinarily would have been disposed of, or by re-circling of used products, it can equally be through the repairing and improving on the quality of these used items in order to bring it to effectiveness again.

Examples are the reusing of company’s shopping bags, offering after sales repairs and maintenance services, to actual re-circling. Each of these ensures that waste is minimised and products circle are elongated, thereby building more confidence in its durability and effectiveness. This can go for our computer and cell phone businesses,  as well as the automobiles, household equipments and electronics. The impact of this would be a minimum of a hundred per cent jump in revenue and customer loyalty.

Another salient point for entrepreneurial exploits that must be noted is the twenty four hour business model, the secret of which is that it turns business centres into the convergence points of the city and a place of surety as to getting any item the customers are looking for. Nothing can be compared to this advantages, in that it automatically turns your business into a cash cow and resource centre. Although in Nigeria one would have to bother about security, logistics and accessibility of customers to this points at odd hours, but it can be arranged and taken care of by working in consonance with the authorities to make it happen, which will secure the business success by rare means. Some businesses are specially located in places where they are naturally disposed to practicing this model and reaping the benefits without having to bother about security, or customer accessibility. In such circumstance getting into it will unleash all the benefits of the twenty four hour economy which are numerous. This concept would naturally work without having to worry about any of these issues in locations like the city centres, locations in proximity to popular spots, and elite hotels and hospitality centres, hospitals and military/para military centres,. If your businesses are located near these locations, I see no reason you shouldn’t take the advantages of the twenty four hour economy and reap the benefits in creating more wealth and enlarging the opportunity space in your community.

Best product knowledge is required to make distinction in marketing of any poduct., for how do you sell a thing you know little or nothing of. It is therefore of paramount importance that you have at your finger tips the indepth knowledge of your products, which includes usage and impacts, effects, etcetera. A good business person must know inside out his products in order to guide the customers aright in their purchases, as product guide is important in helping the customers make up their mind in purchasing a product.

A good business person also needs to maintain a product support and after sales service to assure and guarantee the customers of the longevity, durability and saisfaction with the products they purchase from them. This is good because if you must attract repeat patronages, the customers must be happy and satisfied with the transactions they make with you, for this is the beginning of success in business, because if you can’t keep customers coming back, how do you get to make your huge turnovers to remain in business.

The contemporary business model is that of building alliances and collaborations, there is no way you can effectively make the customers happy and satisfied without working in synergy with other organisations and individuals that provide allied services to yours. For instance you need to be in collaboration with repairers and maintenance people, if you are in the business of generators sales, pending when you are able to build a fully integrated system to provide all the value chain in your business, even then you will need logistics support, to help transport products to customers destinations and from there in maintenance cases. One will always need collaborations for effectiveness in business.

Since whatever we do in business to succeed, all the equipments and machinery we employ, whatever strategies we come up with, they will still have to be run by humans, therefore the interest and welfare of these people should be of paramount importance. So many business people believe that money spent on human resources is an expenses, whereas it’s investments because the motivation, competence and health of your staff determines the productivity level of your business and for sustainability of your business success, this has to be maintained, in fact the same goes for your other stakeholders in your value chain, like the suppliers, distributors and agents, they all have to be happy and well motivated to give in their best for the success of your enterprise and this is key, if you must get to that pinnacle level in business and remain there. Succeeding is one thing, remaining successful is another, so if your goal is sustainability, then on a continual basis practice all that we gone through in our these weeks of discussions. I wish you all the best.

Nwaodu Lawrence Chukwuemeka