Tips from The 33000

Thursday, 3 July 2008

Concept Business

Adegbe Ogbeh sent a message to the members of The 33000.

Subject: TIP OF THE WEEK!!!

In February 2005, three friends named Steven Chen, Chad Hurley and Jawed Karim started a small video sharing site called You tube. In October 2006 they sold the site to internet giant Google for 1.65 BILLION DOLLARS (YES I HAD TO HIGHLIGHT THAT!!) In less than two years they went from nothing to everything. Could this happen in Nigeria? Not likely. Apart from banks recently acquiring smaller banks and Visafone’s acquisition of existing smaller networks you WILL hardly hear of stories like this. The point here is these three guys took a CONCEPT BUSINESS and ran with it. They took a great idea and made it work. So can you

CONCEPT BUSINESS; More than any other time in our history, people are choosing to go it alone. Either by adding a Nigerian twist to ideas that have worked in other countries or providing a service and learning how to charge for it. The real question here is whether or not a concept business can pay your bills and keep you afloat or take you under and leave you wishing you’d taken a job!

CHOOSING; one of the most difficult choices the entrepreneur is faced with is a ‘good idea’. The idea becomes a problem because you are left with the tough decision to stay at your job and work your idea from inside or quit your job and face it head on. The honest truth is that either decision will hurt; the only question is ‘how long will it hurt?’ My advice? Keep your job and deploy your idea until the pull is so strong that you have to choose. It may sound strange but the daily bread that comes in each month will often act as a safety net to allow your CONCEPT BUSINESS grow until it can stand on its own two feet.

CUT AND PASTE; everything can work everywhere…. Or so it seems, so why don’t Americans like soccer that much? Would you able to build and manage a drive through restaurant in Nigeria? Could you launch playboy magazine in Ghana and not have problems? Understanding that when we cut and past concepts we must have a firm grasp of the intricacies of that particular environment is crucial to deploying a concept business. Take for instance my idea of a television that can help you find its remote control when it goes missing.. Just press a button and the remote starts beeping. Sounds simple right? So how come no one’s done it!!!!!

PRESSURE; Concept businesses are very likely to fail. Why? Cause if they were so obvious then everyone else would be into it. The rewards are great if you break through but the likelihood of failure is great. Should that scare you? ABSOLUTELY. But more that it should tell you that every concept business must be supported by a regular one. In our economy, new ideas take a long time and that time may often be too long for your you. So don’t give up. Instead think of a way to do both and lets see if your concept doesn’t become our reality. Don’t cave in to the pressure, Understand and face it.

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QUOTE OF THE WEEK; The Concept is well formed and interesting but in order to earn better than a C, the idea must be feasible….Yale University professor on Fred Smiths Idea for FED EX delivery service.

Looking for PHONE NUMBERS, WEBSITES and ADDRESSES of companies in Nigeria? Text THE COMPANY NAME to 33000.E.g. Text VIRGIN NIGERIA to 33000.

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