Contest : New Journey, New Hope for Prosperity ; Outlining strategies adopted by entrepreneurs to boom their businesses

INTRODUCTION

A newly stated business is said to experience some downfalls and pull ups and the fate of this business is greatly determined by the work input of the entrepreneur. An entrepreneur has the ability to uplift a business but some may have an idea but the resources are not available to pursue this goal.

ADVANCEMENT, INOVATION, STRATEGIES OF ENTREPRENEURS IN MY LOCALITY

^{THE SALES OF TIGER NUTS, QUILLI QUILLI E.T.C}

In my town i notice that the number of people doing the same business are numerous, i a lineup of road side seller people selling the same product are numerous, and i wondered, how do this people succeed in this business, how do they make profit?.

Sometimes ago i approached a trader and asked the price for a certain lamp and I was told it was about 3000 naira that is approximately 7 steem, I asked the next trader and i was told the same, i moved further i was told the same, I was so disappointed but it part of the pricing strategy in my country, so i moved back to the previous trader and bargain again with him, so he gave a discount of about 5%.

I later discovered that they had a union in this business, so that one teader wouldn't lose a costumer and the other gain. If the price of the lamp was 3000 naira from the first trader and 2000 naira from the next trader, the first would have lost me completely but they formed a union and agree on the price range the product were to be sold. This is one innovation business in Nigeria have made overtime; the idea of a union.

^{ROAD SIDE SELLERS}

The economy is hard and the price of things has increased, so this being the case non essential commodities then to loss purchase. For example in my country the economy is hard and people tend to purchase food items better than clothings and accessories, so in this note a lot of entrepreneurs now delve into selling food items than clothings.

Another question comes will people not buy clothes, people may also want to buy cloth at some point, so as a good entrepreneur with a business strategies you sell the both but in different section or location, so that the inavailable of costumer to troop in will not make your business collapse.

Another things entrepreneurs embark on is when there is an economic downfall instead of keeping the price of essential commodities high like rice high, it is better to keep it in the same price range and reduce the quantity so that people can still purchase it at the same price range. This singular act can leads to a very booming business venture.

CONCLUSION

If you read to this end you will agree with me that i have summarize the whole point in this contest starting from the processes involved to the the inovation inculcated and the transformation that brings prosperity, i invite my fellow steemians and entrepreneurs @dwings @sancteefai and @mayzapata2010 to join in this contest.

Cc. @f2i5