Advising startups at the 4th edition of Enterprise Bureau’s Connect Series as the guest, Dr Dumanya helped participants to differentiate a developed market from an emerging market. He noted that a developed market has varied growth opportunities whiles emerging markets have higher growth potentials. The event was held under the topic; “Market Access Strategies Into Emerging Markets”
In emerging markets, there are inputs and outputs in every business then transformation processes. Inputs determine your needs and want. He identified a developed market and an emerging market as two separate entities, as a developing market is considered an established market while an emerging market is regarded as a new market transitioning into a developed market. The question often asked is how does one differentiate their products in emerging and developing markets so they meet the needs of that market?
One can quantify their market by knowing the number of people who can access their products and services. The target market is the number of people you can focus on and convince to purchase your goods or service. The penetrated market is the number of people one can reach.
Most challenges faced by entrepreneurs are due to a lack of resources and market knowledge. They also fail to give customers the right information. How clear you are about your product or service makes the customer accept your product.
He noted that every business has four phases; the startup phase, the survival phase, the growth phase, and the succession phase.
Also, as a business person, there is the need to look at your personality, professionalism, and enterprise. There is a need for an entrepreneur to be able to pitch their business in a minute. If one lacks data or information it can lead to stunt growth in their business.
All we do in life requires planning, market access understanding would help you know which market to follow, and how to compete depending on the product, place, and time.
He ended by saying there is no overnight success in life. Planning based on resources and competition brings the best out in us, understands changing trends, and adapt to any eventualities.
Enterprise Bureau holds a Connect Series every two weeks to bring together stakeholders of the Startup Ecosystem In Africa to discuss topics of interest and growth and connect participants to opportunities that help their businesses to thrive. Look out for the subsequent editions and be part of it.
Visit our social media pages @Enterprise Bureau on Youtube, LinkedIn & Facebook, and @entbureau_gh on Twitter and Instagram.