By Abosede Ajala

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How can an entrepreneur improve on his/her market strength

Improving market strength as an entrepreneur involves a combination of strategic planning, market research, and proactive execution.   In this tough pecuniary dispensation, an entrepreneur can adopt the following steps:

Understand Your Market

Conduct Market Research: Gather data on industry trends, customer needs, and competitors’ activities. Use surveys, focus groups, and market analysis tools. Also identify your targeted audience by clearly defining who your ideal customers are, understand their preferences, behaviors, and pain points.

-Develop a Strong Value Proposition

Unique Selling Proposition (USP): Clearly articulate what makes your product or service unique and why customers should choose you over competitors, make brand positioning and establish a strong brand identity that resonates with your target audience,consistently communicate your brand’s values and benefits.

-Enhance Product/Service Quality

Continuous Improvement: Regularly solicit customer feedback and use it to make improvements on your product or service, there is need for innovation, stay ahead of the competition by innovation. Always, introduce new features, services, or products that address unmet needs.

-Strengthen Customer Relationships

Maintain Excellence Customer Service: Provide exceptional customer service to build loyalty and train your staff how to handle customer inquiries and issues effectively.

In the light of this, in an extensive discussion with Engr. Balogun James Ajala, there is an area not known to many people, this area is known as Electrical/Electronic Entrepreneurship, you may think this is all about selling electrical/electronics materials, like wires, cables, switches etc.,…..this is not true,  the new area is Repairing Presumed Dead Transformers (PDT), although the said center for the repairs of presumed dead transformers exist in some states with the permission of DISCOS – Electricity Distribution Companies in Nigeria, for example BEDC, PHEDC, IKEDC, IBEDC and others,to manyout there,you maythink this type of entrepreneurship is for large organisation’s or industriesand government, you could be right, either an individual or government agency duly registered can establish this money spinning business.  

Hence, weimplore our listening Governor His Excellency Hon. Lucky Orimisan Ayedatiwa who has great passion for entrepreneurship to look into this area and change the status of our Electrical Engineers to become practical oriented and more productive Engineers, and to contribute their quota in creating and increasing the IGR of the Stateby creating an Agency/MDA that can repair the transformer to light up Ondo State, and engaged the services of both registered EngineeringPractionersand trainees.  We have seen the Solar power being approved and erected to light up Ondo State by His Excellency, more to this, is the establishment of the Agency/MDAthat will be responsible for the repairs of Presumed Dead Transformers, and this will also bring back to life all the Tertiary Institutions, Technical Colleges in the State, and help our youth to be relevant in the society.   To be continued.

‘Always think of entrepreneurship as it is the right solution now to our economic development’.