4 Ways to Get Entrepreneurial Ideas for the Nigerian Market

We know we all won’t get (or stay) employed by big companies, and truth be told, it is wonderful for you to be the boss of you. Following your passion is fine, but your passion has to tie in with a need, if not, it will forever remain a passionate hobby. Below are some ways of getting solid ideas to launch your own business and make good money. 1. Read the literature: Reading the newspapers or random magazines, even novels, can open up a world of opportunities for people. I read about Entertainment Law in a Danielle Steele novel titled The Wedding, and Environmental Law in a novel titled The Kyoto Protocol. I had never been interested in either before, until I read those novels. Simply reading about other people involved in a type of business can make that business attractive enough to you that you try it out, and it just might work. Apart from that, reading Nigerian literature, newspapers included, gives you a feel of what obtains and what is lacking in the country, what areas need attention. For example, health, sports, security, food and transportation are areas with gaping entrepreneurial spaces aching to be filled. 2. Watch and learn: Observing life leads to new ideas; it was from observing people buy canned drinks while complaining that what they really needed was water, that someone got the bright idea to bag it, and it was after then that someone else bottled it. Otunba Gadaffi of the mobile toilet fame saw the need for the toilets and worked on making them available all around the country. A car sharing business, Zipcar, was started by two women when one travelled from America to Germany in 1999 and observed a new method of car sharing, and she came back to her country to initiate it. Interestingly enough, before she started in 2000, two other similar businesses had opened in neighbouring states, doing the same business. What did you see the last time you travelled within or outside Nigeria that made you say; ‘I wish we had that in my town’? Work out a plan to bring it in. 3. Ask questions: Sometimes we need to ask people to get ideas of what to do. Can you imagine a street with salons and not one offering nail fixing and painting? Have you ever wondered why with all the things we just copy and paste from America we have not yet started running hotdog stands? Communities are in need of so many amenities, but they struggle day by day. Find out what is lacking in your community and build on it. Find out what it will take to provide the need or solve their problems in a way that will still generate profit for you. Silverbird Galleria solves a massive entertainment problem for Nigerians, and we might frown when we pay for the tickets, but the minute the opening credits begin to roll, we have forgotten all about the cost, and by the time we rise from the seat, popcorn and sodas all gone, we believe it was money well spent. Once upon a time we had cinemas, they just brought them back. 4. Build on what already exists: Sometimes, the answer comes when you care enough to observe something more that the society needs; some minor adjustment or improvement on an existing model may be the ticket you need. Life coaches came into existence as professionals realised that everybody needs a coach, not just football teams. And before they even gained ground the newcomers found the place ever competitive, and someone coined the phrase life strategist, added a new twist, and a new business had opened up. Research and Development claims a large chunk of investment cash in developing countries. Remember Dragon’s Den and all those angel investor shows? Individuals bring regular ideas and show how they’ve mixed things up a little, and you can see dollar signs in the investors’ eyes. Nigerians need to get more involved in R & D; this is what has caused the unparalleled growth in the telecoms and banking industry. We are waiting for the next industry that will rise to the next level of development.   So, my fellow Nigerians, shine your eyes and open your ears, and get interested in doing something that not just helps the society, but also lines your pocket- that is what we call entrepreneurship.

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This article was first published on 18th December 2012 and updated on July 16th, 2015 at 10:36 am

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