‘Find your niche and study it’, Johnny Enagwolor, co-founder of PlentyWaka, advises entrepreneurs

Date:

Share post:

As regulations and policy changes keep putting many business out of operation, the co-founder of bus-hailing platform, PlentyWaka, Johnny Enagwolor, has advised entrepreneurs to investigate their market closely before investing further.

Johnny Enagwolor, Co-founder PlentyWaka

Enagwolor, who spoke to Tech Africa, cited the disruption caused by the introduction of new regulation to curb okada operations in Lagos as one of the instances of losses that may arise from going into a market that one has no sufficient grasp of its future possibilities.

He said, “My advice is to find your niche and study it”.

“You need to understand your niche and study how government regulation affects your space. It is only when you go blindly into a space that you begin to see what you’re not supposed to see and your business gets disrupted halfway. But if you understand the regulation that plays around that space, then you’re safe from all government disruption as regard stopping the business in the future”, he added.

The insight confirmed what Warren Buffet, the Chairman of US investment firm, Berkshire Hathaway, once taught entrepreneurs. Buffet emphasized that entrepreneurs should invest in a market where the external forces or future projections will work to their favour – see link

Warren Buffet

Entrepreneurs must read widely to understand the underlying patterns that will determine future events in their selected market. This kind of reading is investigative. It should cover past and present realities in similar market elsewhere on the globe.

This information will arm the entrepreneurs with knowledge of what to expect from government, consumers and competitors in the chosen market.

Toyin Afilaka
Toyin Afilaka
Toyin Afilaka writes with simplicity and insight. He aims to enrich the Nigerian small business landscape. Through Hustle24 he connects entrepreneurs with information about new policies, enterprise solutions and opportunities that will aid their 'hustle'. He has written extensively for CobraReview, a product review portal, and served as a lead project manager for MarketingMix where he consulted as PR consultant for MTN Project Fame and Business Next Titan etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Related articles

VR 1820 Brandy Joins Lagos Government to Empower Youth

Lagos, May 23, 2024 – Top Italian brandy, Vecchia Romagna (VR) 1820, has sponsored Governor Olusola Sanwo-Olu’s empowerment...

Five (5) Steps to Discover, Sift Fake News – Culled from BBC

Written by Amanda Ruggeri Pioneered by digital literacy experts, the "Sift" strategy is a technique for spotting fake news...

Food Production Segment: Pasta Segment Thriving

Do you seek a segment to invest your food production funds? Here is an opportunity lever. Market consumption dynamics...

Business Opportunities: 70% Growth in Current Food Production Level Required in 2050

A report collated by the World Economic Forum (WEF) has emphasised that the current global food production level...