January In Review

As the month of January rolls away, it is clear that some of the stories on the blog have made more of an impression than others. Our most read story in January has definitely been  What I learned about Negotiating Buying Food in Ibadan. This post on understanding the value of your product when negotiating terms with your clients has been a run-away hit since it was published late in the month. Below is a run-down of the most popular posts in the month of January. If you missed anything, it is worth taking a moment or two to read it.

• If you are wondering if a business plan is a good idea, I have definitely had the same dilemma. Here is where I stand on The Business Plan Dilemma!

What I learned about Negotiating Buying Food in Ibadan.

I am currently completing NYSC service in Ibadan and I must tell you that watching the small business owners in the market has been an excursion in entrepreneurial training. One of the things that I notice in Ibadan market is that the traders are proud of their products. As a result, when negotiating, they are unafraid to say 'No' when they terms are unfavourable. Granted, as a buyer, there are many times I have been frustrated by their inability to see "reason". However, as an entrepreneur reflecting on their behaviour makes me realise that they are on to something that I perhaps missed in my previous stint as a business owner.

Five Things I Learned About Negotiating:

• Be clear on the value of your products. If you are certain on the value of your product, you are less likely to undersell. Every mango seller will tell you how rare the mango from their corner of the village is. They will tell you cannot go buy it yourself. They are right because the convenience of it being in front of you is part of the value they are selling.