ENTREPRENEURSHIP

Their Weaknesses, My Gain

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Every business, irrespective of how developed it is has a weakness. If there were no weaknesses, there would be no need for improvements.

“Their weaknesses, my gain”

There is no market without competition. If such market ever existed, I wouldn’t advise anybody to take a peep.

It’s the place of every smart entrepreneur to find out and leverage on his or her rival’s weaknesses.

Weaknesses in business are those internal factors within ones control, that have the tendencies of limiting the success of the business.

Examples:

🔹Under-trained employee

🔹Poor market image

🔹Higher production cost

🔹High service charge

🔹Poor time response

🔹Improper hygiene

🔹Dirty business environment

I once did a brief photography, “Digital Passport Services”, though as an amateur. There was a temporary passport boom that lasted for 7 weeks, this was as a result of some documentations which enabled many small farm holders to secure loans. You see; while the so-called professional photographers were relaxed, waiting for clients to come to their studios, my friend I, seeing the opportunity quickly swung into the business. We actually used personal Sony cameras. We did not wait for the clients to come to us, after all we never had a studio, we took our services to their door steps.

By the time the so-called professionals saw that they were no longer getting clients, they began to wonder what happened. Finally, when they realized that some two opportunists were the ones cutting off their supply, they were all full of rage, but by then we had already made much money, and had established a strong customer base. There is no serious law in Nigeria that regulates photography, though one is expected to belong to a union as a professional. We weren’t professionals, but opportunists. Lol!

We had fun, and made some quick cash, while it lasted.

The idea is this: While the professional photographers were so relaxed waiting for clients to come and patronize them in their various studios, my friend and I were busy taking our services to the clients door steps, making it more convenient for clients.

We, the amateur photographers only leveraged on the weakness of the professionals.

Their weakness, our gain!

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