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Part 1: Start Your Own Business No Matter The Circumstances

 









Written by Fred Farai Nyakudanga


I. Introduction


Business is a mechanism you use to make a living. Business is not driven by unfamiliar traits but the passion of prevalent environment. Serving and satisfaction of other people for a gain is indeed business. Moreover, businesses play a vital role in providing essential goods and services to the general population, contributing to the overall economic growth and development of a community.


II. Identify Your Passion and Purpose


A business idea should align with your values and passions. For instance, if you're a creative person, you might consider starting a business in the arts, such as painting, photography, or graphic design. On the other hand, if you have a passion for working with your hands, you might consider starting a manufacturing business, such as woodworking, sewing, or crafting.


Tips on how to discover your strengths and interests:


- Pay attention to the comments and feedback you receive from others, as well as any criticism that can help you identify areas for improvement.

- Reflect on your academic experiences, including your favorite subjects and courses. What did you enjoy about them? What skills did you develop?

- Consider your extracurricular activities, such as sports, clubs, or volunteer work. What did you enjoy about these activities? What skills did you develop?

- Take career assessments and personality tests, such as the Myers-Briggs Type Indicator (MBTI) or the Strong Interest Inventory.

- Explore different fields and industries through job shadowing, internships, or informational interviews.

- Identify what you do in your free time, what activities you enjoy, and what problems you're passionate about solving.


III. Conduct Market Research


Conducting market research is a crucial step in understanding the needs and preferences of your target audience. In the case of a village with 60 households, you might conduct door-to-door surveys or interviews to gather information about their demand for chickens.


Research can be conducted using traditional methods, such as:


- Surveys and questionnaires

- Focus groups and interviews

- Observational studies


Or, you can use more casual methods, such as:


- Informal conversations with potential customers

- Social media listening and online forums

- Gathering feedback from friends, family, and acquaintances


IV. Understanding Target Audiences


Understanding your target audience is crucial in developing a successful business strategy. In the case of the 60 households, you've identified that 20 households demand chickens, but you need to dig deeper to understand their specific needs and preferences.


To understand your target audience, consider the following factors:


- Demographics: age, income level, occupation, education level

- Psychographics: values, attitudes, interests, lifestyle

- Pain points: challenges or problems they face when buying chickens

- Buying behavior: how they make purchasing decisions, what influences their choices


V. Execution of Research Results


Now that you've gathered valuable insights from your market research, it's time to execute on those findings. In the case of the 20 households, you've identified specific needs and preferences.


Execution of research results involves:


- Developing a tailored marketing strategy to target each audience segment

- Creating product offerings that meet the specific needs and preferences of each segment

- Adjusting pricing and packaging to align with the value proposition of each segment

- Implementing operational changes to improve customer service and overall experience


For example, you might decide to:


- Offer a loyalty program for the young families with children

- Provide discounts for bulk purchases for the retired couples

- Offer flexible payment plans for the busy professionals


By executing on your research results, you can create a tailored approach that meets the unique needs of each target audience segment, ultimately driving business growth and customer satisfaction.



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