Emerging Middle East and Africa Business Award Finalist at the Google Online Marketing Challenge bolstered our confidence at launching Laurels Enterprise. My team had partnered with a leading transport company and successfully created AdWords marketing campaign for their online-booking, charter and cargo services.
This achievement moved Dayo and me to consider deploying the skills we had developed to help businesses improve on their reach on the internet via search engine optimization, graphic and video ads. The next roadblock as with every budding entrepreneur was getting funds to run this enterprise till we could gather sufficient customer base to cater for our running costs. Only a grant/loan would serve as a safety net.
Our first application, however, revealed our preparation for this endeavor. We applied to be sponsored by a host of business leaders and philanthropists who were passionate about supporting start-ups in Africa to fund their businesses relating to agriculture, power, energy, technology and other sectors.
The feedback from that competition revealed that while we possessed the skill, we did not have the preparation to turn it into a business. Our target customer were small businesses who would want to make their goods and services promoted on the internet, especially entrepreneurs who are wary of every dollar spent except it has the potential to uplift their businesses.
Our excitement began to fade because we became aware of the realities of starting a business which was beyond marketable skills. Our enterprise added to the list of failed businesses, as stated by Alberto Savoia, former Googler in Law of Market Failure, that “most new products will fail in the market, even if they are competently executed"
This experience has left me with a lesson reminiscent of the words of Abraham Lincoln - "If I had eight hours to chop down a tree, I'd spend six hours sharpening my axe". Many entrepreneurs are usually caught up in the excitement of launching a new product, website or other services with very little preparation for floating a lasting business.
How is your product differentiated from other products in the market? What is your competitive edge? That is, how do you plan to knock off other products for a big chunk of the market share? User experience; how user-friendly, simple and accessible is the product? Do you know anything about finance and accounting? These and many more are the questions that need to be well thought out before launching a product.
I find the quote above also applicable to other aspect of life. Do not join the rush to do anything. Take your time to put up a strategic plan before you launch out. Review enough literatures before your write that research paper, engage consumers in that market you are about to enter.
Sharpen your axe so much so that your first attempt at chopping the wood yields nothing but success.
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