Ruth decides to open a restaurant in a certain region of Ife city, her decision is that her food business is mainly to satisfy the lovers of vegetables in that region, but before Ruth started a vegetable business, there was a restaurant with a similar idea in that region that had closed down after one year of doing business. Ruth decided that her business was going to come up with a different idea to keep up the pace and she will not have to close down her business like the one before her.
The first mistake Ruth made was that, she did not analyze the market before going into it, there must have been a reason for the failure of the initial vegetable business but she felt she could easily overlook it and move on with her business, and she only concluded in her mind that a large percentage of Ife city residence were vegetable lovers without conducting any survey. The first and most important thing to do when going into a new market will be to conduct a proper research and be sure that your product is what your market requires.
Secondly, Ruth felt she did not need to extend her marketing idea beyond the regions of Ife city, she was completely comfortable with those she could reach out to in that region and she did not think extension was necessary. More than the people in Ife city, there might be people who might need Ruth’s vegetable recipe and they did not reside in the same region.
After a year of operation, Ruth had to close down her vegetable recipe business which could have been avoided if only she had learnt from the mistake of the first vegetable business owner. Ruth had the option of learning if vegetable recipes will be needed or not, but she decided to give them reasons why they need to like her vegetable recipes instead.
Do you want to create a happy business environment by being successful? Then think of ways to solve the problems of the market.
So many business owners struggle for a position that is obviously tight already, when almost everyone who tries a part you are trying to get into has been failing, then it is time to sit down and carefully analyze. Is there something you can do differently when you get into that line and become successful at it? If your answer is yes, then gladly go into it with all your effort but if your answer is No, then simply look somewhere else.
Some business owners want to get into a field that is already so occupied and at the end of the day, they complain about too much competition.
If you want to start a provision store in a place where there are several provision stores, you better look for a way to sell your provisions differently or get kicked out of the market faster than you can blink your eyes.
