LIMITLESS MONDAY
WISE ACTION TO get TAKEN BY STARTUP ENTREPRENEUR
Startup owners and Entrepreneurs need to take action when patronage is not forthcoming anymore. And this could amount to the fact that there is a need for innovation in goods and services. Looking for similar products but come cheaper. Or want innovation in doing the same business due to advances in technology. You ought to learn and understand this is the time to take a turn.
My mother was married to a man that has experience in the retail business. With his guidance, she moved up the ladder and started ready-to-wear businesses. She had a store on Lagos island Nigeria. Her Supplier travels to America, Bangkok, China, and Uk.
She is so versatile in this business. Her supplier engaged in a competition on how they must supply her first. They are sure of the goods selling off quickly and their money guaranteed. So my father was also doing so well that they possess real estate in Lagos. They did very well.
But their shortfall was when to know the elastic period of that line of business choice. They needed to be exposed enough to learn to know when to innovate. They were unable to change or add other products to enable them to satisfy their clients.
It is not an intention to collapse the manufacturing of such products. Life happens, and materials become unavailable. Cash crunch. The unstable flow of the forex rate. So as a startup entrepreneur. You must know what other services or products can collaborate with the existing ones. You must start the introduction early. So keep your customer informed about the changes and get acclimatized.
It is sad to see new businesses that do not last a decade. My parents and many other old hands in business could still make more money. Build more houses if they knew when to introduce a change to it.
You are here now, in this time and age. There is a lot of diversity and demands for different services and products. You have to have your ears on the ground. You must know when your customers need a change or more services or products that will also fit in.
That is the reason as an entrepreneur. You have to rise. Show your investors you deserve the invested capital and that you do them proud. Put on your thinking cap. Read wide. Attend conferences. Live low and be peaceful with yourself, do your humanitarian service in your community, and put your mind to the business. Drive it as you will want your employee to do. It might be tough climbing, but it is rewarding. Leave a Legacy.
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