Why are you in Business?
Quote from Ndubuisi Ekekwe on September 19, 2018, 4:16 AMBusiness is not about developing the most sophisticated technology or business model. Rather, it is about fixing the frictions which exist in markets. Never measure the soundness of your product by the complexity of its elements. Rather, measure it by how it is fixing frictions. This is key: you should not build a business to fix problems which do not exist. Of course, there is nothing wrong in creating a new service to stimulate Perception Demand.
Fix a Friction: Frictions exist in markets and because of those frictions we have the need for companies. Those frictions are the market needs which companies are created to solve and fix. As an entrepreneur, your main job is to find frictions which are prevalent in markets and which affect many people and companies. For example, in Nigeria, we have a friction in the inadequacy of electricity. It affects many people and companies and certainly something that needs to be fixed.
Business is not about developing the most sophisticated technology or business model. Rather, it is about fixing the frictions which exist in markets. Never measure the soundness of your product by the complexity of its elements. Rather, measure it by how it is fixing frictions. This is key: you should not build a business to fix problems which do not exist. Of course, there is nothing wrong in creating a new service to stimulate Perception Demand.
Fix a Friction: Frictions exist in markets and because of those frictions we have the need for companies. Those frictions are the market needs which companies are created to solve and fix. As an entrepreneur, your main job is to find frictions which are prevalent in markets and which affect many people and companies. For example, in Nigeria, we have a friction in the inadequacy of electricity. It affects many people and companies and certainly something that needs to be fixed.
Quote from Nick on September 20, 2018, 3:21 AMI agree. This thread has some similarities to this topic "Start a business that takes care of unpleasant things that people avoid doing” in StartBizUp.
I agree. This thread has some similarities to this topic "Start a business that takes care of unpleasant things that people avoid doing” in StartBizUp.
Quote from Caldwell on October 19, 2018, 4:57 PMThe best thing about being in a business is that you are your own boss. You can run the company according to your techniques. Another good thing about being in a business is that there are unlimited profits if you make the right policies. How many of you want to start a business company?
The best thing about being in a business is that you are your own boss. You can run the company according to your techniques. Another good thing about being in a business is that there are unlimited profits if you make the right policies. How many of you want to start a business company?
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.