ENJOY IT WHILE IT LASTS BUT THINK BIGGER/GLOBAL

Some businesses will soon or in the long run, become either extinct or unprofitable. If you have such a business, enjoy it now while it lasts but think and go bigger/global before it will be too late. It is a phenomenon now that some new lines of business are emerging while some once-booming ones are fast dying.

The two factors below are some of those things that are responsible for this current phenomenon:

1. Technological/Digital Advancement & Dynamism: Some businesses are currently not thriving like before because technology has overtaken them. If you have a business that is likely to be overtaken by digital advancement soon, enjoy it while it lasts but swiftly go digital too before it will be too late.

If there is any software/hardware you need to incorporate into your business process, please do on time. You should learn from the ugly experience of Nokia.

Manufacturers of DVD players do not enjoy bumper profit again like before because content creators have moved online. Also, distributors and retailers of movies and music in DVDs will soon have to close their stores or use them for other purposes because of low sales. I personally cannot remember the last time I watched a video via a DVD player. I watch my videos digitally. Enjoy it while it lasts but be wise.

2. Urban Growth and Development: Some businesses are thriving in some areas because the areas have not physically grown or developed. There is a difference between urban growth and urban development. For instance, a block factory will not sell much in an area that has no fresh land to build new houses again. Good examples are Ketu, Ikeja, Ojota, Yaba, Surulere, Mushin and some other places in Lagos that have fully grown physically.

Also, a typing, printing and photocopying business center may not sell significantly in a developed area like Victoria Island or Ikoyi because almost every family or office you see there has those machines.

During my Youth Service in Nasarawa State, I learnt Chalk Production from a neighbour, forgetting I was coming back to Lagos. The woman was selling largely all because she was in Nasarawa and not Lagos. The year I came back to Lagos was when most Lagos schools were switching from chalkboards to Marker boards and electronic boards. I practised the chalk production for just about six months when I had to quit. I quit because it's a joke to continue to produce chalk in a highly developed state like Lagos.

So, if you are in less developed areas where some businesses still strive, enjoy them while they last but think beyond now.

I am not used to writing too long articles again. Let me stop here for now.

Enjoy it while it lasts but be wise!

Writer: Oluwafemi Owoeye

Good observation, a stitch in time saves nine they said.

You are right.

We should be flexible enough to switch to a more relevant business when the circumstance warrants.