A survey carried out on small and large scale businesses in Port Harcourt indicates that most entrepreneurs simply venture into certain businesses because they see others venturing into them and then automatically assume they would make profit by joining the queue.
When one goes to certain areas in Port Harcourt, one will discover that there are similar businesses in such areas. For example, in Rumuola axis of Port Harcourt, there are so many clothing and accessories shops along the road. One will wonder, is it that these people did not survey the area before venturing into similar business?
Likewise the number of schools in Rivers state, there are so many schools in Port Harcourt and this is why the Rivers state government is working tirelessly to close down some of the private schools particularly those operating without licence and in
locations that are not conducive for children.
An entrepreneurship expert, Dr.Gift Worlu said: Nigeria as a whole is a capitalist economy and as a result, there are so many buyers and sellers trying to get their commodities out there but the major challenge of operating in a location that is competitive for your business, is your inability to sell your commodities at a higher price than others and when this happens, so many sellers find it difficult to make profit and survive over time.
This can have serious negative effect not just on the businesses but also on the economy as a whole. For you to be able to get sellers into your business, you must first look into your price, your product quality and your target market.
Do not sell what every other person out there is selling, come up with ideas and plans that can keep your business rooted for a long time. A business analyst once said” your ability to last in your business depends on your ability to think outside the box. Always ask yourself before you venture into any business” what can i do differently” Do not always satisfy your customers but also do things that can excite and exceed their expectations as well. This is because customers taste are feeble and can change over time.
Also,entrepreneurs must not focus mainly on purchasing goods and services but they also need to think about what the preferences of their customers are and focus on them in order to keep up and maintain a healthy competition.
