On Tuesday, February 18, 2020, our first Facebook live was held where we discussed “Business Idea Generation and Implementation” with a Business Strategist, Rilwan Akeyewale, CEO of Techplan.africa. Here is the summary of the discussion and the video link attached.
1. Pay attention to your environment; By looking around, you will realize that there are lots of problems and solutions are also within the vicinity. The reason why you need to look around you for problems is because, the people that will eventually buy the solutions from you are those around you, you can’t patronize yourself. You need to look around because it also gives insights.
2. Scrutinized the idea yourself before anyone scrutinize it for you; You need to look at all angle:
- Decide your business model from Day one.
- What do you want to Offer?
- How you will make money from the idea.
- Don’t just do things only because you have a passion for it, Try to monetize your skills.
- Who will be your customers?
- What values are you bringing to the customer with the idea?
- The value will determine the customer.
For example, If you want to sell something that is cheap, it will be for the bottom billions i.e the low-income earners, they are the billions at the bottom of the pyramid. You can never be really patronized by the high-Class citizens except if you are selling expensive/High-Quality products.
According to the Nigeria Bureau of statistics,*only 1% of Nigerians has five hundred thousand Naira in their accounts, which means the bottom billions are much.
3. Market Viability; How viable is the market?.
Ask your potential market: To know if the idea will sell, you need to interview your potential Market, their view about the idea. Then take the feedback to create a prototype/Pilot. A prototype is the most basic version of a product but if it’s in the case of a service, it’s called Pilot, a pilot is like a small sample. The essence of the pilot is to note invest upfront.
4. Then the final step is to create a business plan
Watch the full video below