Have you ever used a Nokia phone?
Where is Nokia today? Can you go to a phone store today to buy a Nokia phone? What happened to the Nokia Symbian OS?

This was what happened; While Nokia was still enjoying the market and making big sales, Andriod OS and iPhone gradually took over the market?

Nokia failed to innovate and it has never recovered.
Listen, the market is fierce. Innovate or be kicked out is the language of the market.

Customers don't care much about your company, they only care about your product. Once a better product from another company enters the market, they divert their attention from you immediately. Customers don't forgive your sluggishness or unwillingness to evolve.

Yinka Ayefele charges as much as #5 - 6 million per event depending on the location and time of the year. He charges #2.5 million for events in Lagos. And he charges about $10,000 for events abroad. Please, is he coming to sing any newly composed song?

The difference between other music artistes and Yinka Ayefele is INNOVATION. They sing the same song, but in different ways. In fact, other music artistes compose their songs, while Ayefele mostly picks it up from there, gives it a better vibe and sound and make millions from it. Other artistes INVENT, Yinka Ayefele INNOVATES. And this is how Ayefele makes his money.

In Agriculture, it is called value chain. According to recent study, for every $1 (#400) spent on food, a farmer gets less than 12 cents (#60) for the raw product.

Maize is the raw product, Custard is the innovation. Orange is the fruit, 5Alive juice is the innovation. Okada is the invention, Gokada is the innovation. Bottled water companies do not produce water, they produce plastic bottles.

Crude oil is the raw material, but crude oil does NOT bring the value and money. The money is in the refined products (kerosene, petrol, petroleum gas etc.)

So what is INNOVATION? INNOVATION means REFINING an INVENTION. INVENTION means something NEW. INNOVATION means something FRESH. Your job as an entrepreneur is either to create something new or something fresh. Your job as an entrepreneur is either to create a new product for an existing market, or an existing product for a new market.

It takes a innovative entrepreneur with a flexible mind to survive the threat of COVID-19 pandemic. One of the industries mostly affected by this pandemic is Event Industry where my business (NOVEL Nigeria) belongs. Due to the pandemic, most events have been cancelled. Without events, there will be no event planner. However, event planners are now creating packages for "Tele-events" such as online wedding, funerals and birthdays.

"But it already exists" was never spoken by any successful entrepreneur. Open your heart to new ideas.

I have discussed this topic and more extensively in my new book titled; SATURN (The Best Business Book For African Entrepreneurs). Make sure you get your own copy now. Even if you don't have a business yet, your personal life itself is a business. DM (kingsleyndimele95@gmail.com) to pre-order now at a discount price.

© Kingsley Ndimele
#buidlinglivesandbusinesses