Building A Thriving Business (What's at the VERY CORE) Pt 17


Africa is the next growth region. Like China was in the early 2000’s, Africa is primed for the next economic boom. With a 1.2B consumer market, of which about half are under the age of 19; Africa’s working population will surpass that of China in 6000 days. So, as a big firm, you should be looking to take your place and increase your footprint in the major cities of Africa, starting from those which are growing nicely, such as Addis Ababa, Nairobi to vulnerable growers like Lagos and Luanda. And the transition will be smoother than China, as the region is an eager adopter of digital and mobile technology. With over 120m users of mobile financial services, and 636m smartphone connections by 2022, entrepreneurs have an opportunity to leverage the rising mobile data traffic to address untapped markets and unmet needs.

Africa's Next Baobab

To become the next big firm, Africa’s next baobab; you as an entrepreneur need to think long term, while solving the short term needs of your business. It means you need to be planning for how your business will look like in the future, while running the current business. This will only be possible if you are solving a real problem.

Going From Zero To One

Peter Thiel, silicon valley investor, said, to go from zero to one, you have to be thinking about, what important problem do people seem to have a blind spot about or not be thinking about? What contrarian truth, do most people disagree with you on? The late Steve Jobs was an advocate for touchscreen phones, at a time when phones with keypads were a popular trend.

Next, concentrate on getting a large share of a niche market. That means the solution you’ve provided should be focused on serving a niche market, NOT a big market. This step is necessary, as it allows you to iterate your product, if required, without huge consequences. Focusing on a niche market, will give you proof of concept, that your product or service is viable and your business model is profitable. 

 With this confidence, you should then aim your sights on BECOMING a monopoly. Jack Ma has this popular phrase, you don’t have to be the best, you just have to be the FIRST. It’s not an extremely factual statement, but his point is that, if you establish yourself as the first in any market, it’s easier for you to become a MONOPOLY.

How To Become A Monopoly

Create a defensible market position for decades by either creating a strong brand (ex: Tesla and Apple’s strong association with luxury goods), proprietary technology (ex: Google’s search algorithms), large network (ex: Facebook’s user size ensures people don’t leave the platform for a smaller and less valuable network), or economies of scale (ex: Amazon and Walmart sell a massive number of items, which lowers their fixed cost per item and allows them to out-price smaller competitors).

Comments

Post a Comment

Popular posts from this blog

Being Resourceful Pt 2

Image
If it wasn't obvious in the last post, being resourceful is the key to getting anything in life. But this week, I want to focus on another underlying truth people neglect; one which their lives consist of, and that is,  experiences , and the treasures they hold. What Does Life Consist Of? Life is the combination of experiences. To live a full life, you need to fill it up with experiences. How many you may ask? As many as you possibly can. What kind? Ones that have learning opportunities. NOTE, don't confuse gratification for a learning experience; gratification is temporal, and if not checked could hold you back, but what you learn can live on forever. Just as there is benefit in experiencing new things, there is also loss, if you stop experiencing new things; you might as well be dead. We all know death is inevitable, but with a healthy obsession for growth, you have a good chance of keeping it at bay. More Than Meets The Eye Now, what is there in our experiences to glea...
Read more

Building A Thriving Business (What's at the VERY CORE) Pt 2

Image
Last, we talked about clearly defining roles for every team member, and the 20-80 rule. So this week, let's digg deeper into the rule. What Really Matters Some might think this is just talk, but don't be deceived, success is not by accident, it's planned. To build a thriving business you need to plan for it. Now, the 20% effort every team/business leader should be focusing on is not based on allocated activities; that will never yield 80% of the desired result. What I mean is that, they shouldn't be focused on taking 20% of the work; in fact that's even worse, because the team will see it as not pulling your weight. Rather the 20% effort is ensuring that every team member has BOUGHT INTO THE VISION. The Power Of One Voice When there is unison in a team, it is equivalent to an immense amount of energy that can break down a boulder. Unity in vision is what really matters. That's what ensures your team members remain vigilant and accountable even when you ...
Read more

What are YOU Becoming !?

Image
Oh, there is so much desperation in Nigeria; so much perceived poverty, but WAIT! Does that mean we should treat ourselves like animals, with no regard or care, even to the point of killing one another!? There is NEVER a justification for that. The Truth Now most Nigerians may be desperate, but NONE is poor. This blog is all about being resourceful - using what you have to get what you want. And everybody is resourceful, in one way or another. Today I will be shedding light on one resource in Nigeria, that if FULLY utilised, will yield immense returns. Diamond In The Rough TRUST!! How if Nigerians knew that trust has value, and such value can become profitable for them. But people are so blinded by immediate returns, that they are missing out on IMMENSE returns. In whatever you do, if there is no trust between you and whomever you are reaching out to or in contact with, It won't be sustained. Trust is the one resource people cherish, and if they can find a trustworthy soul, Oh, how...
Read more