:::KNOW YOUR MARKET::: It's been told to entrepreneurs on the mountains, over hills and everywhere that, "everyone is not your customer". Sadly, a lot of Startups, even existing businesses do not understand this fact when setting up/running a business.
When going into any business, it is very important to define the supposed market, and target audience (customers). Next, is what the people in that supposed market need - not what you want, like or feel o!
Remember the cardinal phrase that, "customers are always right". This is one of such, your purpose for going into any business should be about what your target audience need i.e. solution to their problem(s) otherwise you'd be selling to yourself.
Currently, the city of Yenagoa in Bayelsa state has two cinemas - while one features mostly blockbuster Nigeria movies, the other is focused on dishing out blockbuster foreign movies. Who knows, a third might spring up and decide to combine both needs (we will never know). Now, my question is, do they have a market? Are they meeting an actual market need?
As an intending Startup, don't go into any business because you like it, or you assume it is lucrative. Also, as an existing business, that market you are in, does your product and/or service meet a need...? If yes, why ain't you making good sales...? Well, you have a product and/or service that meets a need...with all the right value propositions and unique selling point. You still need good marketing strategies, brand identity and promotions to put your business out there - in the face of your target audience.
Don't go owning a filling station, hotel, club, leisure spot....or whatever it is, if you have not properly analyzed the relevancy of your product and/or services in that market. There are many failed/failing businesses out there today because of negligence/ignorance of the above.
Remember: "every market is not your market; everyone in a market isn't your customer". Stay tuned!
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