The other day I was talking to my cousin about a venture he wanted my opinion on. As this cousin reeled off the list of things that the business will be doing, all I could see was a red neon signing flashing before my eyes. STOP!
One thing that I find with business owners in Nigeria is that they want to leverage every bit of opportunity and resource that they have. This is not a bad thing, unless that involves doing everything. It is important for a business to have a focal point. A good business can not serve all people, it is not possible. I learned this lesson the hard way after taking a 20/20 view of my foray into business.
Sometimes, when I look back on the mistake my business partner and I made, I realise one of the biggest ones was losing focus. We started off doing one thing, then we added another, then another. Before knew we were stretched all over the place, unable to define our business to anybody. It is this same way I feel when I go into a supermarket and then I notice that they are selling lingerie in one corner.
I know some people might say "This is Nigeria !" However I say being in Nigeria does not preclude one from running a focused business that knows what it does. As a person that was in the fashion business, I look at the likes of Lisa Folawiyo and admire her singular focus on her business early on. She focused on high-end luxuriously beaded garments. Her client base knew what to expect from her and that served her well as she grew her business.
This everything and the kitchen sink approach to business is mismanagement of business. When I look at overstretched business I want to tell the business owner "Pick one thing and be the best at it". If you want to be a supermarket, be an outstanding one with so many varieties of salt and other necessities, that everyone knows you are the one to go to. By diverting your resources into one too many things, you rob yourself of the opportunity to be a master in any field and the benefits that comes with expertise.
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