Entrepreneurs 

Some more #wisdom from Comfort Sakoma @comfortsakoma…..we will never understand why most businesses focus on the luxury market in a developing countries like #Nigeria, when there are so many unmet needs and market gaps of the #massmarket. There are more opportunities, #grants and #funding available in this space as well. Even the likes of the @WorldBank and @Ycombinator are looking for more #Africanstartups which address real market needs. Hoping this resonates with an #entrepreneur or two…. . . . #Luxury #LuxuryBusiness #LuxuryGoods #WealthCreation #BillionDollarBusiness #MoneyGoals #wealthgoals #AfricanStartup #Business #BusinessInAfrica #LuxuryIndustry #Startup #VentureCapital #SeedCapital #SeedMoney #Entrepreneur #EntrepreneurWisdom #Africa #BusinessOwner #NaijaStartups

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How to meet unmet needs of the masses. This is what I keep trying to figure out right here. How to scale a business down to where I can get even N1,000 from folks every week or two If I can’t get N100 daily from them. By my estimation Nigeria has many delusional luxury brands but not enough affordable ones. 

One thing I balk at is children’s clothing- well made casual wear…Nice ankara dresses, shorts etc. If I buy a pair of shorts for N5k, best believe I am not coming back for a few weeks. But then the question of whether the item can be produced for much cheaper now becomes a question.  I am tempted to start making children’s clothes- I have ideas and I am willing to learn to sew. Sorry for my rant but that was just one. Even the export market is brimming with things one can export.

I will just leave you to sit and think.

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3 Comments on Entrepreneurs 

  1. chrisyinks // July 14, 2017 at 15:48 // Reply

    Simply put, the majority of the real market doesn’t care so much about quality, standards and reliability – concerns that are usually important to a ‘long-term entrepreneur.’ Purchase decisions are hinged on cost, and competing with providers of a similar service or good who cut on quality would just spell doom for one’s business. #mytwocents

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    • Maybe I haven’t understood you, but I think it’s not always true to believe that cheap or better out more affordable items mean poor quality. Also, don’t forget that high turnover from selling more quantities of affordable items can cover up for production cost of making quality goods.

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  2. I think the challenge in Nigeria is how to reduce the cost of production…this will further reduce the cost of the item and make it affordable to the masses.
    The issue of unstable electricity, petrol costs, we import a lot of our raw materials…I won’t be surprised if ordinary thread we use for sewing is imported…with the unstable dollar rates etc. It’s not difficult to see why producing goods in Nigeria is a nightmare. Some people just give up and manufacture in China or Ghana and import the goods into Nigeria. Sad.

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