Many dive into business because they have the need for money while others think having capital is enough reason to go into business.
Getting into business requires a lot more than just capital. Some hold that having money is as good as venturing into business without any prior market research. Leila Kigha, a young entrepreneur and Chief Executive Officer of Kara Communications, disclosed during her brand clarity workshop recently in Douala that having a ready market before production is ideal. “I know people who started their businesses with insignificant amount of money and just because they did their market research, they became very successful in business,” she said. It is not an overstatement to say some people have a lot of money and either do not know how to invest the money or invested in wrong businesses. It does not just suffice to produce quality products that are well appreciated but very important to ask oneself if there is a need for the product and not making one’s need for money dominant. A lady ventured into good quality human hair business, bought a good quantity to sell in a rural area but failed to carry out market research and unfortunately for her, over 80 per cent of ladies in the area couldn’t even afford because not only were they used to lower quality hair that sells cheaper, but could not afford to pay as much as between FCFA 55,000 and FCFA 125,000 for the good quality. Thus, she ended up begging people to borrow and pay at their convenience. Another lady went in for expensive perfume without targeting buyers and ended up giving it out as gift to her august visitors. The anecdotes are just to point out that such businesses should start with securing a market. “Building a strong brand has to start with building your personality, get clarity on what you want to do, know your strength and weaknesses and your target and with such qualities people will run after you,” she insisted. Some fall out of business before they even start the business because of some mistakes that could be corrected. Getting legal advice on one’s business is very important. They say ignorance of the law is no excuse and entrepreneurs should be careful not to fall in the dragnet of justice. Some people have quality brands that are well known but the brand name that sells so well is not protected. With such unprotected brand names, it is painful for promoters to discover during the time they want to make it official that the brand name is being used by another company under the OAPI protection. It will just be normal for the person using the brand name ignorantly to create another brand name that will take a long time for customers to trust.