“ Entrepreneurship” is a powerful word in modern history, and it is for a good reason today. Many people are prompted to start their businesses more than before, start-ups are being created left-right and centre and more tech-based businesses are being founded in Ibadan. Entrepreneurs are taking advantage of the conservative atmosphere of the ancient city. Many are clinching measurable success while some are finding it difficult to thrive.
Ibadan maybe the next business hive after popular places like Lagos, Kano, Aba, and PortHarcourt. With a population of over 3 million, it is the third-most populous city in Nigeria after Lagos and Kano; it is the country’s largest city by geographical area. Ibadan is blessed with a vast amount of land and good weather, it is also in a strategic location as it serves as a transit point for travellers in the southwestern region. With all these qualities, Ibadan is a good place to plant your business, despite it being good, not all businesses thrive in Ibadan. There are many reasons businesses don’t thrive. Let’s see some of the reasons
One of the reasons is not identifying a target market for your products, it is imperative to know their interest and purchasing power. Also, identifying how they make their purchase decision, where they prefer to buy their products e.t.c. It is not enough to make plans on what you want to achieve in the long run although this is also important.
The above point is not complete without mentioning that in businesses problems arise. For Ibadan especially, there is a problem of sustainability most businesses blossom in their first years but later on, they struggle to stay afloat. Let this be a quick reminder that this is when your creativity comes to play. Creativity and Innovation are at the heart of any growing economy, especially those where standard practices and existing business models have become obsolete. Entrepreneurship is key to innovating at the individual business level as well as inspiring overall business-sector growth. Successful entrepreneurship requires a focus on creativity, integrating innovation and strategic business practices.
Moreover, creativity can only be brought in when your products and services are good and accepted by your target audience which in this case are Ibadan people. A high premium is placed on respect at Ibadan because it’s occupied by people who are culturally sensitive. This translates into having good customer service and reputation. With this, Ibadan peeps are ready to patronise you and do a repeat purchase not just because of your products but because of the satisfactory experience they have while transacting business with you.
In general, entrepreneurs should excel when they recognize and pursue opportunities. So when next the word “Entrepreneurship” crosses your mind, remember it comes along with having a target market, being innovative and having great customer service with a good reputation, remember a good name is better than having silver or gold.