Mr. Wole Oluyemi, a leading investment and financial analyst, has advised entrepreneurs and modern-day businessmen to seek out solutions to problems that the public requires rather than inventing imaginary ones that, in the end, prove to be the death knell of such a business. Wole gave this advice against the backdrop of the high rate of startup failures currently being experienced both in the country as well as across the continent.
Wole, himself an experienced entrepreneur with business interests in a number of successful tech and agri-centered startups, says from his experience that this is one of the reasons some businesses fail. According to him, he once found himself in this same scenario where he started a business based on what he liked and the way he wished that service should be seen in the market without proper market analysis.
He said, “Customers need solutions for actual problems, not imaginary ones. I started a business that was based on what I liked and the way I wished that service should be seen by the market. From my viewpoint, it was a great idea. However, the customers in Nigeria didn’t have any interest in that service.”
The key lesson here, he says, is to ensure that customers want the new product, that they’re willing to pay for it, and that the value they place on it is enough to make your business grow.
Continuing, he said, “So, entrepreneurs must learn to give customers what THEY want or truly need. There are plenty of ideas out there, and one can always identify those ideas with a
strong intersection between what customers love and the entrepreneur’s interests. Remember that being able to raise business funding doesn’t mean that your product will make money on the open market.”
Wole Oluyemi is an experienced senior finance analyst, business coach, and strategy advisor to founders and senior executives of large and growing organizations.