Having been part of the success story of Megafest Holdings and as we celebrate 9 years of our existence, I have been asking myself if the world out there fully appreciates our purpose in trying to be a problem solver, we surely all cant be politicians or academics, but we surely can be counted among problem solvers. We believe the past 9 years Megafest Holdings has changed the mindsets of serious entrepreneurs and we now are taken seriously.
There are many reasons why people become entrepreneurs and the critical one is to succeed in a chosen business venture. They bring into the market products that they want to sell and if the product solves a business problem, the volume of sales can easily measure its popularity.
For one to be called a successful or unsuccessful entrepreneur, it can easily be traced back to the innovation that they have introduced and how the customers have accepted it.
Every innovation should be designed to cover a gap that is in the market, as the customers will not buy something that they do not need. Good entrepreneurship solves the world’s problems.
Taking examples from some of the existing enterprises, Google solved a consumer problem by giving people an easy way to find new websites and sources of information, and advertisers are stampeding to advertise with them.
Microsoft provided a system for businesses and consumers to work on their computers easily, opposed to the old black and green interfaces, that had no mouse and you had to use command keys to do anything.
In the retail sector, OK solved a customer problem with its fusion of low prices and good customer service.
Amazon.com solved a pain point by becoming an ultimate destination for e-commerce.
Facebook, on the other hand, brought convenience for friends and acquaintances to easily connect and share.
So before rushing to proclaim that you have a great business idea, it is imperative that one critically evaluates it and find out what problem it will address in the market. Will this appeal to the customers? What problem are you solving?
Successful businesses solve problems, and you should always bear this in mind. There is a danger in “dangerously” falling in love with your idea, which could be brilliant by the way.
However, it is important that before you spend too much time and money on it, take time to carry out some market research. Will the people buy it?
Be careful that it is only your family and your friends who maybe crazy about it and you think that you have made a breakthrough. Take time and find an actual customer gap that actually exists before spending too much time solving it. Go and pick the brains of strangers to find out if your idea is a good one. Naturally, products that do not solve problems do not survive.
Business has a very interesting analogy to politics in a free market economy because the customers will tell you if your idea is good by buying your product. By doing so customers are basically voting for your company that is offering goods and services. If you are not solving a real problem, the people will not “vote” for you. Effectively this means that you cannot operate anymore.
Wouldn’t this be an interesting model if it were applied to Government programmes? Do politicians ever care whether or not a programme they have initiated is good or bad.
I suppose it all boils down to the fact that most politicians generally feel that in whatever they do for the people they are basically fulfilling a need. If it is a bad idea, it will just be a cost to taxpayers and nobody ever questions that.
In the business world, if you have a good idea, you will be successful and your idea will spread, and you are rewarded for it. If you have a bad business idea it will not spread, your business will die and better ideas will take over.
Entrepreneurs are described as innovators and it is incumbent that their desire to succeed should drive them to even higher levels. Opportunities abound, the key is to pursue your passion and do something that you enjoy most and do it well.
Shortcuts will not get you anywhere and the goal should always be uniqueness with a product that will make a difference to the livelihood of mankind.
By the way, if you fail the first time around, do not worry, instead gather yourself up fast and persevere, your turn will come and the sales will definitely come your way.
As always, let’s make money.