By Lovemore Chazingwa
The business focus must be premised on a sustainable market through a deliberate and organized market research mechanism.
This was said by a renowned market research consultant, Sandra Sithole when she was the chief guest speaker on the second edition of Entrepreneurship Conversations under the auspices of Transformational Mindset Institute (TMI).
The Conversations are beamed live every Wednesday on Zoom digital media platform from 13:00hrs to 15:00hrs.
“For every business to survive in this modern age, there is a need not to overlook market research which is the cornerstone of any business strategy. Without a market, no matter how good a product can be it will not sustain a business because the market is the lifeblood of the entrepreneurship,” advised the world-leading consultant during the high voltage discussion.
Her topic of focus ‘Importance of market research in entrepreneurship is normally overshadowed by entrepreneurs around the globe as a result of laxity and/complacency in that area taking the baton for granted.
It is such astute research and worthwhile investment that sails businesses through and makes successful entrepreneurs.
The likes of Jack Ma of Alibaba fame and Windows sensation Bill Gates have done their market research homework before getting onto the fold to launch and run high-riding products.
During the same edition of these Conversations, TMI founder and Premium Business Network International (PBNI) executive president Kudzanai Vere weighed in on design, launch, risk, running, and profit (DLRRP) of entrepreneurship when he chips in with coaching on doing the things right.
Co-organizer of these popular Zoom menu, Olouwatosin Ekundayo anchored his engagement on creating a sustainable business idea which also talks to the importance of market research thereby complementing Sithole’s input.
Himself an entrepreneur, Ekundayo was fervent on the need not to waste resources on propagating tests that come to naught.
“There is a need for one to bring out an idea that will easily convince the market and win its share in the fast-paced market arena with ease. A great and sustainable business idea is one that is carefully thought out of innovative minds that seeks to serve a purpose which may be lacking or fits into a field failing to satisfy demand.”
The lecturer at Synergy University in the United Arab Emirates (UAE) articulates the task at hand with unparalleled acumen much to the satisfaction of most contributors who were engaged during the Conversation installment.
Ekundayo, who founded TEK Entrepreneur, is not only an office chair analyst of issues entrepreneurship but a hands-on proponent of the field that sustains the world today and into the future.
The learned lecturer also founded and is a chief executive officer (CEO) at Bimtrac.
His counterpart Vere is a hands-on entrepreneur in his own right.
From the onset, the avid entrepreneur, Vere, has come onto the scene with touching products in the mould of PBNI and Kufort Wholesalers.
Both products feed into chartered but unsatisfied waters. The former is a platform for instilling business ethics on a networking model for potential and practicing entrepreneurs while the latter serves the market reeling from unavailable products or exorbitantly charged goods and services.