Nigeria is the most populated black nation and the 7th most populated nation in the world. But apart from these widely known facts, what else do you know about Nigeria?
Nigeria has an interesting history and there is a lot to learn about the black nation that prides itself as the giant of Africa. But let’s start with these 7 historical facts about Nigeria you may not know:
1. Nigeria was formed through the amalgamation of Northern and Southern Protectorate in 1914
Most of us claim to be Nigerians today, but do you know that as recent as 1913 Nigeria didn’t exist?
The area we call Nigeria today came to existence in 1914 when colonial rulers amalgamated the Southern and Northern Protectorates, to give birth to Nigeria.
The merger “united” more than 400 tribes and ethnic groups into what was then the British largest. The name “Nigeria” also came from colonial sources; Flora Shaw.
2. Altogether, the military has ruled Nigeria for 29 years since independence
Nigeria got independence on October 1st 1960. That was 61 years ago. However, out of those 61 years, the country has been ruled by the military a total of 29 years.
On the 15th of January 1966, a group of idealistic, young, UK-trained military majors took over Nigeria’s democratic government in Nigeria’s first military coup.
Of the 33 years that followed, 29 of it was spent under military rule. That eventually changed in 1999 when the country finally returned to democracy.
Some of the aftermath of the coup include:
the Biafra secessionist movement;
a group of young military officers were propelled to the top stage of Nigerian politics and they wield enormous influence within that space till today;
corruption — the military passed a decree that every Nigeria’s natural resources should be controlled by the state, entrenching the do-or-die nature of politics seen in Nigeria till date;
Previous military interference in politics means Nigerians now live with the (imagined or real) fear of a coup being a possible result of any political crisis.
6. A Nigerian became the first African to receive the Nobel Prize for Literature
Wole Soyinka, a Nigerian writer, was named the winner the Nobel Prize for Literature in 1986, making him the first African to receive the award.
Being an activist, he was a voice for freedom, justice, and the end to tyranny. He risked his life several times to voice out the principles that laid the foundation for human rights, here in Nigeria and all over the world.
3. Nigeria got her independence from colonial rule in 1960
After years of colonialism, Nigeria became independent of the British empire in 1960. However, the initial system of government adopted was the British style of government headed by Abubakar Tafawa Balewa who was the first Nigerian Prime Minister (head of government). At the time, Nigeria’s population was about 45 million people.
4. The Nigerian civil war started in 1967
In 1967, after two coups and turmoil that resulted in the death of over a million Igbos (one of the most-populous ethnic groups in Nigeria, mainly from the Eastern part of the country), the Igbos seceded to form the Republic of Biafra.
The Nigerian government wasn’t having any of it so it waged war on the Biafran nation which went on for 30 months. The conflict officially ended on January 15 1970 after Biafra surrendered.
5. Nigeria went back to civilian rule in 1999
1999 was a defining moment in Nigerian history as it marked the transition of Nigeria to democratic government from military. Nigeria has not gone back to military rule again since then, making it the longest, uninterrupted democratic government since Independence in 1960.
The presidential election that produced Olusegun Obasanjo as the president held in February 1999, who had been the same head of state that oversaw the last transition from military rule 1976–79.
6. Nigeria’s oil boom started in the 1970s
Oil profitability went up to its highest in the 1970s, when Nigeria became the wealthiest country in Africa.
In two years, state revenue increased by about 50%, to its all-time high of N5.3 billion in 1976.
Nigeria had even more profits after joining the OPEC (Organisation of Petroleum Exporting Countries) in 1971. By the way, it is widely believed that oil discovery widely influenced the course of the civil war.
7. Nigeria won its first Olympic gold medal in 1996
Nigeria recorded its most successful Olympic outing in the 1996 Olympics, with the men’s national football team claiming Gold. Also, Chioma Ajunwa won a Gold medal in the women’s long jump category.
Nigeria won three bronze medals, one silver medal, and two Gold medals.
You know Zuma Rock, Gurara Waterfalls, Kajuru Castle, Ikogosi Warm Springs, Olumo Rock and a host of other popular tourist attractions in Nigeria. But what if I told you there are several other not-so-popular tourist attractions in Nigeria that you’ve never heard of?
You don’t think so? Read on to discover 7 beautiful, exciting, not-so-popular tourist attractions in Nigeria:
1. Awhum Waterfall and Cave, Enugu
The next time you visit Enugu, create time to visit the Awhum Waterfall – a significant tourist attraction in the state. You will love this if you are a lover of nature. Religious tourists will also love this site.
Located in Amaugwe village in Awhum town of Udi Local Government Area, the waterfall results from a massive outcrop of granite rock and water cascading over the top, with this forming a stream. It’s located near the Awhum Monastery, a part of the waterfall, 30 meters tall, is warm through the season.
The water is believed to be curative (i.e. have healing power) and can dispel evil spirits when sprinkled.
Getting to the fall takes a 50 minutes walk from the parking spot.
Also, the community itself boasts of several pristine lakes, some of which have beautiful white-sand beaches. The multiple lakes and streams are still managed in their natural conditions. The streams and lakes host more than 50 different fish species, though fishing activities have never taken place in some of the lakes.
2. Ado Awaye Lake, Oyo State
Here comes another waterfall, another not-so-popular tourist attraction in Nigeria. Ado Awaye suspended lake is located about 20km West of Iseyin Local Government Area of Oyo State.
The suspended lake is on one of the rock crests, commonly referred to by surveyors as the “sleeping lion”. Similarly, the 350 steps that lead to the hilltop hosting the suspended/hanging lake can be climbed in about an hour. And by the way, there are many shrines and notable historical spots on the routes to the lake, further making it an exciting experience.
Visitors can climb the rocky outcrop to get a complete view of the whole range of hills lying towards the Benin Republic border. Those who have climbed to a point the inhabitants call “Esekan Iku” (the verge of death) often write their names with stone pieces on the rock.
The most interesting thing about the lake is that it never runs dry, and it has the same volume of water at all seasons.
For those who may be curious about its history, there is evidence of past civilisation in the environment as there are broken crucibles of earthen pots and other archaeological remains.
The lake demonstrates the geographical hypothesis of the “higher you go, the cooler it becomes”.
In addition, the beauty of the hill can be seen in the thick green vegetation, which stays evergreen throughout the year.
The suspended lake is a big slopping rocky plain that can be developed into a camping/picnic site. At the top of the hill, visitors can get a panoramic view of the beautiful scenery of the whole area.
The Ado Awaye suspended lake is a lovely and unique place that attracts lots of tourists from different parts of the world.
While the Ado people habit on the hill, they worshipped the mountain and revered the different unique natural formations they found there. It was said that barren women were able to conceive due to their devotion to worshipping the hill.
One of the most revered attractions on the hill is the tranquil Iyake Lake.
The forefathers of the Ado people believe that the lake has the power to provide answers to prayers. Also, it is said that the hill is home to about sixteen (16) gods.
3. Azumini Blue River, Abia State
Also known as “The Blue River, “ the Azumini River is the most transparent blue water in Nigeria, and it’s surrounded by nature and beauty, cool water and lush greens. Also, the blue river shows a more dangerous and wild side, especially where it touches the majestic rapids. The rapids are the breathtaking view that constitutes its centre of attraction, offering tourists the most incredible opportunity to explore Nigeria’s natural settings in a more urbanised way.
The Azumini Blue River is located in Abia state towards its boundary with Akwa Ibom state. The River has become a resort for Tourist because of the pleasantness it offers. Its attractive features include its crystal clear blue colour; hence it is uniquely called Azumini Blue River. It is often said, and perhaps rightly so that there is no other River in the entire country of Nigeria that is as Blue and clear as the Azumini River. The Azumini Blue River is so clear that gravels and fishes could almost be counted from the river’s bridge.
The river colour appears as sparkling blue aquamarine (like the beautiful Caribbean sea of the Bahamas). One could see to the white sandy bottom of the river several feet deep, even under moonlight. The river is most beautiful, especially when the bright sunlight glistens on it; it’s pure immaculate. One can also see the very colourful stones and its bed from the surface. The stones are so clear and clean that the Aba Glass industry uses them as raw materials for their products.
Along with the crystal blue waters comes canoe rides and comfortable sandy beaches where you can choose to lie for hours on end. There are chairs and tables for picnickers and barbecue grills ready for the preparation of tasty fish meals.
It has a simple but complex description, as its crystal-clear blue colour catches the eyes from afar. Its calm flow will most definitely attract swimmers and all those who love water just to let go and dig in; plus, if you love fishes, you can go ahead and count the fishes you see in the clear blue water wagging away.
Some other relaxation activities that can go on include canoe riding, grilling, picnicking, barbeques, and beach parties.
Also complimenting the river is another site, where one can stand and enjoy a full glare of the beauty of the Azumini River, the Azumini Hill.
The Azumini Hill provides a breathtaking view from the top to look down the beautiful low-lying valley of Azumini. The hill is the only significant hill in Ndoki since Ndoki is known as a fertile low-lying land. Story has it that the forebearers rested on the mountain, from where they saw the golden flowing river, as well as the fertile land. And since they were searching for suitable land, they needed nobody to convince them that they had come upon an exceptional one. They thus went down the hill, crossed the river by foot and settled in their numbers, as far as their eyes could see; therefore, the community by the river (as the name Azumini implies) was born.
This river has become a resort and attraction for tourists because of the beauty, pleasantness of nature that the place offers.
4. Dumi Hills, Bauchi State
Dumi is a village from the Southeast of Bauchi City in Bauchi Local Government Area of Bauchi State. It is an outskirt settlement from the city centre; Dumi is a beautiful settlement with many hills and a lake.
Due to the presence of many different hills, the adventurer or tourist decides which of the mountains to hike at a time. On the average, each mountain takes 50 minutes to walk up to the top and view the beautiful magnificent sunset (evening) and the beautiful sky. Some parts of Bauchi City can also be viewed from the top. The elevation level of the hills is not certain.
Jebba is a little town in Kwara State, on the border with Niger State. It was briefly the first capital of the British protectorate of Northern Nigeria.
Juju Rock, is a massive granite island-hill formation in the River Niger, off Jebba. It’s situated on the island people often refer to as the Ancient Jebba. This same rock formation has a look-alike, just not too far from the same river bank. The Locals regards this as the wife of the Juju Rock.
“Juju”, a word for Voodoo in Nigeria, gives that scary thought, but it’s actually a welcoming sight. Though the rock has been a source of fear to many explorers, among which is the famous Scottish explorer – Mungo Park, whose ship wrecked at its foot on October 7th 1857.
From the foot of the Rock, one could site numerous birds, wild monkeys and a few bush rodents.
6. Agbele Rock Formation, Oyo State
This is a naturally occurring rock formation that resembles a woman with a basket on her head and a child on her back. Legend has it that this rock formation was formed when a woman stole some yam from a rocky part of the village, which was being dried in the sunlight. And like Lot’s wife, she became a permanent fixture there.
Another story says the woman who was hungry with her child decided to steal the pieces of yam dried outside in the village’s rocky part, which unknowingly belonged to an Ifa Priest (a Traditional Priest). As she stole the pieces of the yam well kept in her calabash, she turned away to exit the scene when the Priest got to the scene and, knowing what she has done, cursed her. She immediately turned into a rock in her shape (alongside everything she was carrying, including her child).
Legend also has it that she was a goddess (a very powerful one) that suffered from Kleptomania. So, although she was rich and powerful, her only trouble was that she stole whatever her eyes saw and loved, even if she does not need it.
One day while passing by the place where the yams were being laid on the rocky floor to dry, which later would be processed into lafun, she stole the yam pieces and quickly kept them in her calabash. When she turned back to leave, she realised that one of the villagers saw her stealing. In a bid to cover her shame, she decided that it was time to stop living among humans and that she would rather turn into a stone alongside her child than face the mockery that was coming her way, so she turned herself into a rock in anger.
7. Alok Ikom Monoliths, Cross River State
The Ikom Monoliths are over 300 upright, carved stones in the Ikom local government area of Cross River State. Varying in height by one or two meters, most monoliths are grouped in circles facing each other. While the texts and images carved on the monoliths remain undeciphered, linguists and researchers believe that inscriptions may represent a prehistoric form of visual communication and writing.
Oral histories of the region claim the earliest residents made the monoliths of the area.
By the way, the monoliths are faced with some threats. An environmental study of the site has revealed some of the most immediate threats to the stones: exposure to extreme sun and heavy rainfall, theft, damage from falling trees, biological attacks caused by high humidity, and vandalism.
Also, local agricultural practices like bush burning threaten the survival of the stones.
While many local, regional, and federal governments recognise the importance of conserving the monoliths, efforts to preserve them have been thwarted by limited resources.
Marketing is everything you do to move your customers from brand awareness to a point were they are interested in making a buying decision and a final action to buy and actively advocate for your product.
It covers research, branding, sales funnels and sales tunnels. Like this author says, “you grow to survive”.
Business growth is measured vertically and horizontally. I’ll talk about this shortly.
All start ups face have a common struggle with money, as your business grows through marketing, your options improve.
One thing every small business wishes they’d done differently when they start is approach marketing differently.
You see for most startups, growth means sales. However, if you intend to build a brand that lasts, you have to set up both long term and short term goals. Your growth is then measured along the timeline of your goals.
Creating brand awareness is beyond handing out basic information; it’s about the amount of influence you have on your audience’s thought process in comparison to your competitors.
Growing Vertically and Horizontally
Horizontal growth describes increase in sales and customer base by expanding into new markets.
On the other hand vertical growth refers to strategies that allow a company expand services by expanding along existing market chain For example, a shoe company decides to produce its leather rather than out source it.
Most startups push for horizontal growth but ignore growing vertically. But both forms of growth are important to business development.
A company can also grow horizontally through internal development.
Benefits of Marketing to Business Development
Boost sales: There’s no growth without sales. Advertising and branding give your business a competitive edge as well as help bring your product into a new market.
Helps you Maintain reputation: They say no publicity is bad publicity but it’s best to stay on the good side. Marketing covers PR and CSR. PR protects public opinion of your brand. If you ever quit a product because of a negative review then you can understand how a good reputation can help business development.
Tweeps had repeated problems with Bolt and for a while bolt adverts have been in our faces on twitter and Youtube.
Sustained customer relationship: One of the ripple effects of effective sales is that customers become brand promoters. One reason old brands have a nostalgic effect on customers is that they’ve grown with their customers. It’s not enough to generate new sales lead. one sign of growth is in the ability of a brand to retain customers.
Informs decision-making process: Marketing research helps a business make informed decision.
Mistakes are inevitable – in the business world and our everyday lives. But what if you could avoid some mistakes by learning from the mistakes of others?
As you set out to establish a startup or seek to grow one, note that someone somewhere has done something similar to what you want to do. So, you could learn from them one way or the other. That’s why it’s always advisable for entrepreneurs to read all sorts of books.
Based on the experience of others, here are 7 costly mistakes you cannot afford to make with your startup:
1. The “I can do it all alone” mentality
Facebook, Twitter, Instagram, Google, Netflix, Apple, and Microsoft are all household names worldwide. But aside all of them being household names, one other thing they have in common is they are all founded by two or more persons.
Establishing a startup is no easy task, so it often requires more than one pair of hands. Aside the fact that a co-founder will provide moral, technical and/or financial support, they also provide helping hands to handle tasks.
You may have the technical know-how, but do you know how to drive sales? Maybe you have the mental picture and vision for the business, but do you know the practical steps to make all of it a reality? “Everybody needs somebody”, but some startup founders overlook this vital point and later come back to blame themselves.
2. Money management issues
Money is an essential factor when running a startup. You know, marketing, salary and other expenses never stop.
Now, one of the most common mistakes startup founders make is yielding to the urge to overspend. This, sometimes, occur in the form of hiring more staff than the business needs or can afford. It’s an urge that many startup founders, usually due to peer pressure or the need to impress (*clears throat* we have a team over 100 staff!)
Other issues associated with mismanagement of funds, especially in the African startup ecosystem, was addressed in this article on why African businesses fail.
3. Starting without a Business Plan
Having a solid business plan plays a crucial role in determining the success of a startup. But what’s even the function of a business plan? It serves as a guide to the startup and helps to navigate the business in the right direction. Hence, establishing a startup without a business plan is as good as embarking on a journey to a new place without a compass (or Google map).
Here are some critical questions a good business plan must answer:
What is the purpose of the startup? Who are the target customers? What are the values and mission? What direction is the startup headed? Who are the startup’s competitors? What metrics would be used to measure success?
Pivoting does not make you a failure. Instead, it shows mental agility and flexibility.
Some of your favourite companies started with different ideas from what they have become today. For instance, you’ve probably never heard of Odeo, but you know Twitter. Odeo was initially launched to be a podcasting platform, but the platform has somehow metamorphosed into what we know as Twitter today.
You see, pivoting is part of the game and should be embraced whenever the need arises.
5. Thinking too small
In his book titled 18 Mistakes That Kill Startups, the founder of Y Combinator, Paul Graham, said some entrepreneurs, it’s safer to focus on small market size to avoid stiff competition. However, he pointed out that “if you make anything good, you’re going to have competitors, so you may as well face that”. Therefore, the only way to avoid competition is to come up with terrible business ideas.
6. Excess external influence
Criticism or advice, getting feedback from external sources is usually a good idea. Some startups are thriving today because of input from a friend, family member or an early adopter.
However, when this feedback comes from multiple sources at an alarming rate and unsolicited, it may become detrimental. The founder would just wake up one day to find themselves in a startup they have no clue what it does. That’s because, over time, they have allowed diverse opinions to distract them from the original vision of the business.
No, this is not the same as pivoting. And well, the difference is – pivoting is an intentional decision. Instead, what we have here is different opinions unconsciously take you away from your original goals and vision.
7. The hiring process
The importance of having the right team cannot be overemphasised. The two significant areas where entrepreneurs tend to get it wrong with recruitment are the timing and hiring the wrong people.
Bringing in too many people at the early stage of the business, as mentioned earlier, may drain the company pulse. Similarly, hiring people who don’t share the same vision as you for the company will negatively affect the business success.
Whether you’re launching a new small business or looking for new opportunities for an existing business, it’s always important to carry out proper analysis before delving in. You have to do a thorough investigation, analysing the risks, threats and benefits of this new business opportunity.
When analysing new business opportunities, there are best practices that guarantee the right results. This involves the analysis of the product, financial, and human resources. Hence, you’re able to tell the pitfalls and potentials of the business opportunity so that you can make an informed decision. Let’s go!
Self-Analysis
Arkansas Small Business Development Center posits that the number one reason small businesses fail is the founder’s inability to manage resources and general poor management.
Therefore, it begins with you. Hence, before you carry out any other research, try to evaluate your talent, goals, desires, and capabilities. Ask yourself difficult questions such as “how much of a risk-taker am I? Do I have energy and time to go after this? among others.
Also, review your personnel, financial, and marketing skills to ensure you have the necessary background to succeed in the new business opportunity.
After knowing the cost of starting and running this new business, the next step is to ask yourself if you are up to the task financially. This begins with assessing how much you have in savings to add to the initial investment capital.
Even if you hope to get some kind of loan from the bank, most of these financial institutions will insist that you present a portion of the required capital to show willingness and good faith to take the risk with the lender.
Assess the financing available through the investors, sellers, and lenders when analysing your chances of success.
To truly understand what you’re getting into, carry out a detailed market analysis to know the business feasibility.
Besides focusing on current customer buying patterns and trends, you need to figure out who your customers are, their location, and the type of competition in the market. In other words, know the current market leaders and other major market shareholders.
See market analysis as your first step in analysing the opportunity the new market presents. This knowledge will help you know how to sell your products and services to a market.
There is no way you would be analysing a new business opportunity without carrying out a risk assessment. Every business opportunity comes with its risks, just as it comes with its benefits. You have to fully understand the risks and know if it’s worth taking or not. And if you decide the business is worth the risk, knowing the dangers ahead will prepare for anything, as you’d have prepared a plan towards tackling such threats.
Some of the areas to focus on in a risk assessment process include the overall state of the economy, nature or natural disaster, competitor, government policy, etc.
And for internal risk assessment, your health, credit availability and workforce needed should take top priority.
Conclude your analysis by evaluating the amount of support you hope to get from family, friends, and the community. Are you married? What does your spouse think of this? Oh, you are single – are the closest people to you supportive and encouraging?
This may seem not so important until you realise that running a new business will take a lot of your time, affecting your relationships. This will ultimately come back to hurt your mental health.
Also, you need to find and join the different communities associated with this new business. Sign up to the newsletter of small business blogs, among others. The help and support you’d get from there would come in handy.
In Conclusion
Here is an attempt at summarising the 5-point best practice for analysing new business opportunities using questions
1. It begins with you – are you up to the task?
2. Funds – Do you have the money or know somewhere you can get it?
3. Market – What is the current state of the things in the market you are going into?
4. Risks – What are the risks, and does the benefit outweigh the risks?
Reading Books for Business Development is a must for anyone who plans on succeeding in business. Statistics have it that most successful people read; leaning on the shoulders of those who have been successful before them, by connecting to their thoughts and experience through books.
In my pursuit to learn without permission, I’m inviting you on a journey to explore these titles on business development.
Challenge yourself to grow. Check out these seven must-read books on business development, carefully selected this for you.
I trust you’d enjoy reading them.
Leave a comment if you read any, I’ll love to hear your view.
1. What Customers Crave – One of my must read Books for Business Development
Are you seeking a competitive edge against competition? Do you know your customers?
From co-creating to personalised styles, consumer expectations are changing. Knowing your customers allow you to create products that become a great part of your customer’s life experience.
If you which to grow your business then you should read this book. You’d gain insights into what customer’s expect from you in this economy as well as learn to connect across the five touch-points.
If you want to design something that’s going to succeed, it needs to deliver value to customers across each and every touchpoint.
– What Customers Crave: How to Create Relevant and Memorable Experiences at Every Touchpoint by Nicholas J. Webb
2. Rethinking Competitive Advantage
Need advice on Business development, talk to Ram Charan the author of Execution. His book on Rethinking competition is one of the very few books for Business Development that I read and still consult regularly.
If the customer is king, then one must be able to re-imagine customer experience in line with machine learning in other to compete with modern businesses.
It’s dangerous to do business as usual in a digital era when brands are springing up daily, spinning the wheels and creating new rules through constant innovation.
Every business owner seeking to thrive in this ever changing economy should read this book.
3. Run to Win
Like the cover states, this book is a baton to women. Stephanie Schriock gives some really good lessons in leadership for women changing the world. The book is generally focused on running for political office but the lessons can apply in corporate and business world.
4. The Introverts Edge
Introverts can close sales just as well as any bulldog. When armed with a plan, anyone can sell.
If you struggle with sales and have had to soldier through sales techniques that force you into uncomfortable situations, then read this book.
At the end of this book you’ll be able to overcome your fear of selling and also enjoy the process. Pollard shares his seven step guide to out selling extroverted salespersons. It is one of the very few books for Business Development out there that really talks about sales from the point of an introvert, with specifics on emotional intelligence for sales.
5. Working Backwards
Two top Executives takes us through Amazon’s approach to business development through culture and leadership.
Learn the fourteen leadership principles that informs decision making at all levels within Amazon.
“At last we realized that all this cross-team communication didn’t really need refinement at all—it needed elimination. Where was it written in stone that every project had to involve so many separate entities? It wasn’t just that we had had the wrong solution in mind; rather, we’d been trying to solve the wrong problem altogether.
We didn’t yet have the new solution, but we finally grasped the true identity of our problem: the ever-expanding cost of coordination among teams. This change in our thinking was of course nudged along by Jeff. In my tenure at Amazon I heard him say many times that if we wanted Amazon to be a place where builders can build, we needed to eliminate communication, not encourage it. When you view effective communication across groups as a “defect,” the solutions to your problems start to look quite different from traditional” – ― Colin Bryar,
6. The Art of Selling Your Business
There are people who build a business to sell off and make a profit. The recent tech acquisition of the Nigerian e-payments startup, Paystack, by the US fintech giant, Stripe, in a deal reportedly worth over $200 million opened the eyes of many to new possibilities within the Nigerian market.
What is the secret known to Paystack and other businesses that suceed at selling, how were they able to harvest the full value when it’s time to sell?
The Art of Selling Your Business answers the common questions that plague founders. Surely, it is one of the top books for business development that one must have to succeed at selling a business.
7. The 10 X Rule: The Only Difference Between Success and Failure
There are three degrees to action – normal action, no action, and retreat. If you wish to attain fits that are beyond the ordinary, then you must strive for the fourth degree. This is what The 10X Rule is about – It’s the difference between success and failure.
“Never take the position that things just happen to you; rather, they happen because of something you did or did not do.” – Grant Cardone.
Are you a guest or a regular? Whichever the case, I am delighted to be a part of your personal and business growth. Thanks for stopping by. Check out a similar post on 5 Must-Read Books on Marketing.
You would agree with me that books for business development are essential tools that every business owner must have in their library.
Marketing research is relevant when starting a new business or launching a new product. Infact the importance of Market research to business growth cannot be overemphasized.
It enables you to gather information about your target market.
There’s a school of thought that believes that understanding consumers’ needs and preferences may help guide the design of a product and save a company from losses.
Although there are other schools of thought like Apple Inc that believe that customers do not know what they want until it is shown to them.
No school of thought is absolute in itself. Each approach to market research has its advantage to business growth.
Apple Inc may not believe in traditional market research, but hardly any product gets sent to the market without going through Alpha and Beta testing.
Don’t take my word for it. I reaped it off this tweet.
Marketing research is a coordinated effort aimed and collecting data that would be applied to better the product.
Steve Jobs believed in making a product that he was excited about using. In other words, he was his primary market, which brings me to my point on the types of marketing research.
Primary Market Research
First, we have the primary research that uses direct surveys to determine if there is a demand for your product and ascertain the ideal price range of the product.
Other primary research techniques include the use of focus groups, interviews and general observation.
Secondary Research
On the other hand, secondary research refers to secondary data from old surveys.
Instead of conducting a new survey, you could use previously collected data on public platforms and survey sites.
Importance of Market Research To Business Growth
Whether you chose to apply primary or secondary market research techniques, here are some ways it could benefit your business.
Creative Insight
The outturn of the market research may inspire new possibilities for your product. Rather than create a product with a limited market, you may find new sales possibilities in serving a diverse group.
Saves cost
When you undertake market research before product launch, it saves cost by preventing careless risk. Companies have had to abandon an entire production line and risk employment because a product failed.
Saves time
Rather than stay hung on a product that will flop, research prevents you from such colossal waste of time that could have been put to better use.
Insight into product
Secondary research allows you to see why similar products failed or succeeded in the past. You may learn something valuable from the mistakes of others.
Insight into competition
Through market research, you can learn why consumers favour the competition. You can also learn the gaps in the competitor’s product and use it as an edge when creating your product.
Finally, When opting for secondary market research, ensure the source of the data is credible. Also, if you wish to conduct primary market research, but lack the funding, try using influencer marketing to collect polls.
Be careful when putting out information about a new product. Get a design patent.
Conducting a strong market research would help you understand your strengths and weaknesses and thus the position of your business in the market and the potential market share that it can have and how best to pursue and strengthen your position.
Use market research to gain a better perspective and insight to your market or target audience and ensure that your business stays ahead of her competition.
I wrote something about why African businesses fail; you should check it out. However, let’s move away from failure this time and talk about successful businesses in Africa.
It’s no longer news that running a successful business in Africa is not for everybody. This is due to all the challenges to be overcome while running a business on the continent. Hence, when we see businesses thriving against all odds in this part of the world, it’s always a good idea to give them the accolades they deserve.
Dividing the list into four, based on the four regions in Africa, here is the list of the current most successful businesses in Africa
A.North Africa
1. Maroc Telecom
Country: Morocco
Industry: Telecommunication
Net Income: $266 million
Market Cap: $11,082 million
2. Attijariwafa Bank
Country: Morocco
Industry: Finance
Net Income: $568 million
Market Cap: $6,993 million
3. Commercial International Bank
Country: Egypt
Industry: Finance
Net Income: $747 million
Market Cap: $6,061 million
4. Banque Centrale Populaire
Country: Morocco
Industry: Finance
Net Income: $293 million
Market Cap: $4,067 million
5. LafargeHolcim Maroc
Country: Morocco
Industry: Construction Materials
Net Income: $155 million
Market Cap: $2,810 million
6. Qatar National Bank Alahli
Country: Egypt
Industry: Finance
Net Income: $456 million
Market Cap: $2,474 million
7. Vodafone Egypt
Country: Egypt
Industry: Telecommunication
Net Income: $158 million
Market Cap: $2,391 million
8. Orange Egypt
Country: Egypt
Industry: Telecommunication
Net Income: $-104 million
Market Cap: $1,995 million
9. Taqa Morocco
Country: Morocco
Industry: Energy
Net Income: $103 million
Market Cap: $1,959 million
10. Eastern Tobacco
Country: Egypt
Industry: Tobacco
Net Income: $236 million
Market Cap: $1,791 million
Morocco and Egypt share the region equally as each country produce 50% of the top 10 businesses in the region.
Despite the global pandemic and insecurity issues in Nigeria, the country maintains its position as the Giant of (West) Africa, producing 70% of the companies on this list.
Kenya and Tanzania go on a loggerhead for this one, but Kenya comes out with a narrow win, claiming 60% of the positions while Tanzania settles for the remaining 40%.
What comes to mind when you think of business growth? If you say money, you’re wrong. The first requirement for business growth is collaboration.
Getting people to work together and collaborate for business growth is an immense pain for business managers.
A business thrives in a healthy environment. The first sign that a business is healthy is that it benefits from collaboration, which is why collaboration for business growth is vital to the success of any business.
So let’s talk about this thing called collaboration for business growth, or would you rather say business collaboration?
Types of Collaboration
A company can benefit from external and internal collaboration. While internal collaboration is about team bonding through clear communication, external collaboration deals with all interactions outside the business. For example, customers, clients, and social media followers; any audience that interacts with your company is regarded as an external influence.
In other to benefit from these interactions, a business must be open to listening to these people’s views.
Remember, the end goal of team collaboration is business growth.
First let’s take a look at the importance of internal collaboration.
Problem-solving
A business exists to create a solution. If there’s a challenge, team members should be able to come together to resolve the problem. Irrespective of departments, anyone can have an idea that works. Top companies often throw complex problems to employees in other to get varying opinions.
Inspires Creativity
When people interact, they exchange ideas and introduce new angles to old problems, ultimately inspiring creativity amongst team members.
Connects Teams
One of the challenges of big businesses is the disconnection between teams. The physical structure of the company may prevent certain groups from interacting. However, when teams collaborate on projects, it opens up the channel of communication.
Promotes Learning and Skill-sharing
When people interact, they share mutually beneficial ideas. This is why collaboration promotes learning and skill sharing. One department may cut back on unnecessary tasks if it teaches the other unit to do simple tasks and reduce tension between the departments. Through team collaboration, I’ve picked up skills that were of great benefit to my work culture. I’ve received and given countless tips that have helped me ad my colleagues grow individually and professionally.
Increase Employee Satisfaction
Team collaboration ensures employee satisfaction as a result of increased participation.
Opens up Channels of Communication
Communication is so important. Once people understand themselves, the atmosphere is ultimately better, and the business can thrive. Without clear communication, employees start talking and grumbling and ultimately, growth is deterred. Teams can’t meet their goals in time; the company records losses due to inter-team rivalry.
Employee Retention or Loyalty
Imagine having to hire a new staff every month. It’s time-consuming. Any company where employee loyalty is low it often points to issue with collaboration. People want to be needed. They want their opinions to count for something. If they feel like excess wait, they try to cut themselves off before they get cut off.
Collaboration among teams promotes positive reinforcements as teammates give feedback to each other.
Employee Wellness and Participation
Once during a meeting, a colleague had a meltdown and went on a rant. She felt underappreciated even when she put in so much effort, sometimes way more than anyone else. With team collaboration, an employee’s mental and physical health can significantly improve as they don’t have to carry tedious tasks all by themselves. Eliminates hierarchy
Meetings Become Efficient
Collaboration increase group participation, and ultimatey general meetings become more engaging as more people are willing to participate in a relaxed atmosphere.
Importance of External Collaboration
One significant advantage of external collaboration is that it enables a business to increase its reach. External collaboration is that it gets people talking about the brand.
Here is a list of top trending productivity Apps that entrepreneurs are using to make the most of their time, develop skills and sell their talent and product.
Microsoft To Do
When you think of success, you think of all the goals you need to accomplish in other to feel productive. This cloud-based task management application allows you manage your tasks from a smartphone, tablet and computer.
You can keep a bunch of Apps and still feel overwhelmed with task and end up procrastinating or doing things at the last minute.
Here’s a tip for using task management Apps. Write ten things you need to do for the day in order of relevance. Cross off every item leaving the top three. Begin with the first and then move on to the next.
If you found this helpful, leave a comment or share your task management tip in the comments below.
Google Tasks
Second on our list of productivity apps for Entrepreneurs is Google Task. Accordingly Reddit user favour Microsoft To Do over Google Tasks but it’s a good alternative. However if you prefer a complex task manager based on your work requirement, then try Google Tasks. A friend of mine uses both and recommends it, so why not.
Pages
Surprisingly one of my least used productivity apps and I use an iPhone but still use Google Docs for my word based documents. For the life of me, I don’t know why and after this post, I’ll be giving pages a try. Expect and update on this post when I do. What word processor do you use and why? Let’s talk.
Glassdoor
Glassdoor is a website where current and former employees anonymously review companies. Before working with any brand or taking on a new role, you might want to look them up on Glassdoor. Leaving an anonymous review on companies could save someone else from making a poor decision.
Vocabulary Builder by Magoosh
This interactive productivity App includes a vocabulary game that builds your vocabulary no matter your competence level. You can also invite others to play.
In a world where communication leads speaking better never hurts.
Skillshare
This subscription based App, is great for visual learning. The courses are however unaccredited but it is interactive and is designed to help you gain and improve on new skills. Name a better way to get productive, I’ll wait.
One way to increase productivity is by gaining a new skill because learning challenges your mind.
Can I distract you for a moment?
Keep scrolling if you are super focused.
For the honest entrepreneurs who struggle with distractions I have something for you here.
Blind
Blind is were professionals meet to talk about there work. Through its community style approach, hierarchy is broken, allowing for easy communication. 4.1M+ professionals worldwide talk salary, company reviews, and interview experiences anonymously.
Udemy
Udemy is a great place for professional learning. If you’re making a switch in fields, Udemy affords you that opportunity through its dozens of free and paid courses. Get new skills and get accredited on several topics for way less than a college degree.
LinkedIn Learning
Entrepprenues know that when you stop learning, you start dying. If you are looking industry experts in software, creative, and business skills then try this App. LinkedIn Learning is more professional and the courses are streamlined to a limited category.
Gebeya Talent
Finally, on my list of productivity App is Gebeya talent. Get listed on Africa’s top tech talent market.
This list of trending productivity Apps that entrepreneurs are using to make the most of their time was compiled to keep you up to date on current tech trends and also inspire productivity.
