I had a long conversation over the phone with a family friend this afternoon. It was all about a new business the man want to venture into, he needed my assistance and so the long call. I spent good 4 hours today discussing this new business. I had other plans I wanted to achieve today in the hive but here we are, the day is approaching to end and I feel a bit unsatisfied for not achieving my daily goal today, but on other hand, I am happy to succeed in giving little words of wisdom to a man who found a new business but has no or little knowledge about it.
Money is good, and I guess we can't say that we are tired of making money. Every man is always brainstorming ways to double the cash at hand to live a more comfortable life and that's great. We also show up here daily to learn, earn and increase our earnings and it's also fine. In the quest for more money, some people are tempted to take uncalculated risks in business. Yes, business is all about risk, you either looser gain but it's wise if you have adequate product Knowledge in any business you are venturing into.
About the conversation this afternoon, this man was exploring the online market and stumbled upon some items that looked nice to him. He bargained the price immediately with the Chinese man and wanted to pay immediately. Goods worth a million naira without knowing much about it, no plans on how to sell, no idea of the price of the product here in Nigeria, and another no(s). Having money at hand does not mean that whatever you see, you just buy and expect magic. Now, I ask myself a question, why do people go into learning a particular business for months before starting the business? They want to know more about the details of the business, the risks involved, their target audience, and the rest. You don't just jump into buying materials without putting so many things into consideration. Now during my conversation with him, I found out that he did a similar thing some years ago and ran into losses. In fact, many of the items he bought then are still in his house, and now a second mistake? Well, glad that he called me. So what I did was to pick up my phone and called 4 different vendors in the Lagos market here who are in the same business. After my conversation with them, they all gave the same advice which was to hold on, seat down and put a lot of things into consideration, and learn more about this product before purchasing it.
Upon analyzing the whole info I gathered today from those vendors, I advised the man to hold on, take his time and learn more about the pros and cons before taking his final decision perhaps he might even see other business opportunities better than the one we are investigating.
Product Knowledge is very important, one needs to have an answer to the product he is selling. When you are equipped with knowledge about a product, you will even be bold enough to convince your client to buy from you. Having shallow knowledge about your product might even limit your sales. Be informed, and be equipped with adequate knowledge before diving into that business 👌
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I think the most important thing is what the man did by asking for your advice before going into such a business which could later be something he would be regretting over. Also, the knowledge of the product you want to engage in is very important so as not to lose on the long run.
Yes my dear, it's unlike him...I really that he asked this time around. There is no point jumping into business without having adequate knowledge on it. Thank you so much for engaging
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The man made a wise decision by seeking help from you. Goods worth millions and he was ready to pay immediately? He could have been scammed!
My dear...I am happy for him this time unlike the last time he did such and lost money
Since morning today..we have been on the matter again
.we now have a concrete arrangements and he is so happy
I really hope he gets booming sales and profit.
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