Running a successful business in most developing countries

[odunybiz]

To be a successful businessman or woman, there is a need for you to equip yourself with the dos and don’ts of running a business. Judging from the rate of unemployment in most developing countries using Nigeria as an example, a lot of people venture into entrepreneurship and business. Every business has its challenges and of course the sweet and smooth running flow. So, you need to work on the following dos and don’ts that can guide you for the success of the business.

Dos of Running a Business
👉Do an In-depth Research
Doing in-depth research is the first thing you should do before starting any form of business. One of the numerous mistakes many people make is starting a business without adequate research. Good research will expose you to the strength, weaknesses, opportunities, and threats (SWOT) of the business.You would know what it requires for you to run it successfully without having to pack up or run into depth.

👉Let your Product Be Pocket Friendly
I understand the end goal for every business is profit, but you should avoid prices that tend to chase your customers away. As a start-up, your first assignment is to drive traffic to your business and store. And to achieve this, you might have to sideline making so much profit at the start of the business. After gaining your customers’ trust and loyalty, you might consider adding up to the price that won’t look outrageous to your clients or customers.

👉Give Discount Prices
Giving discounts during festive periods or at intervals is a good marketing strategy to retain and regain your customers’ loyalty. Everyone wants at least a reduction in price for whatever goods or services they want. So giving a discount price may help in winning and attracting new customers.

👉Have a Good Customer Relationship and Service
The way you relate and interact with customers can help boost your business. Have you ever considered why most companies or businesses employ beautiful and attractive employers to serve as the sales representative or marketer? The aim is to capture the attention of the customers and have them come back for more. A kind and welcoming gesture to customers can make your customers loyal to you.

👉Avoid Sale of Fake Goods
One of the reasons why most Nigerians will go to stores with names is because of the mindset that whatever they buy is original. Well, I won’t say they are not but that doesn’t mean start-up businesses don’t sell quality products. One harm you would cause yourself is to sell fake goods. Once a customer realizes your goods or products are fake and of less quality, you stand the chance of having a bad review. And if you agree with me, bad reviews are quick ways to lose customers and run at a loss.

👉Have a Record of Your Business
Keeping record of your business helps you in giving accurate accounts on how well the business is doing. You have the knowledge of how much is coming in and how much you are spending. It gives you an insight of the goods in high demand and areas that need improvement. Poor record is one of the reasons why most businesses in Nigeria fold up.

👉Advertise Your Business
One cannot neglect the power of Advertisement to publicize your business and make it known to a large audience. Advertising your business is a good way to let your customers know what you have for them. Good advertisement can help in improving your sells in double fold.

👉Plan Ahead
We all know the economy is not stable. So, don’t be caught unaware. Always make plans for unforeseen circumstances or events that might likely happen. Consider having some money aside for the future. Perhaps you want to expand your business or in the case of an economic crash. This will help reduce the effect on your business.

Don’ts of Running a Business
👉Avoid Debt
Running into debt will end your business. Instead of saving your profits and taking out your capital to restock, you will end up paying for debt. To avoid debt, you must avoid taking huge loans to start a business. Especially loan where payment made every week.
Undoubtedly, it is almost natural to ask for financial assistance for the growth of your business but avoid taking a huge loan that could choke you.

👉Don’t Underestimate Professional Advice
You can be a finger in every pie but you can’t know it all. Do yourself the favor by getting a professional business analyst and hands to help your business grow and be on top of your game.

👉Avoid taking Long Break
Taking a business break can either help or distrust the business. Some business owners take a break to re-strategies to get better. But on the contrary, it is a journey to end the business if not well done. One of the disadvantages of taking a long break is, you would lose your customers and it might be difficult getting them back.

👉Don’t Entertain Unhealthy Competition
In business, competition cannot be overridden. This can be in two ways: healthy and unhealthy competition.
Healthy competition: This is a form of disagreement that doesn’t disrespect or disregard the other person’s opinion. It might even be an opinion or discussion from your customers. You should always welcome healthy competition.
Unhealthy competition: This often destroys the business and may cause conflict. Trying to talk down another person’s business down to gain more customers to yourself is a good example of this. Trust me you won’t like the outcome.

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Conclusion
Establishing a business will make you the boss of yourself and will also save you from the risk of unemployment but this doesn't come easy as alot of challenges may surface doing the process. Government policies and some other factors may want to kill the business but with passion, hardworking and keeping the above dos and don’ts can help you in sustaining on your new business.

[1714720645]

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[DVlog]

👉Let your Product Be Pocket Friendly
I understand the end goal for every business is profit, but you should avoid prices that tend to chase your customers away. As a start-up, your first assignment is to drive traffic to your business and store. And to achieve this, you might have to sideline making so much profit at the start of the business. After gaining your customers’ trust and loyalty, you might consider adding up to the price that won’t look outrageous to your clients or customers.

What do you mean by pocket friendly? If you are making any product that will be used in mass then it will be low in price but the main points here will be in how low you can deliver your product to your customers. This should be equal to or lower than your competitor companies.

If your product will be used for some specific purpose then the price will not matter if you can maintain a high-quality product. There is some product that we use occasionally. For those products, people typically try to find a better quality product at the lowest price available. If your product is far better than your competitors but high in price people will still buy your product.

[Doan9269]

With all the saids been acceptable as an advise, it must not be forgotten that every business that is just starting need time to grow up and during this period you're not expected to be eager for more profits it at all and not until it got established, you're expected to have a continuous flow of money into it so as to help maintain the business for long until it starts generating it's own consistent profits, these are part of the requirements needed as well but most business entrepreneurs don't have a financial backup for incase of emergencies and expect the business to boom at the start, and this is why many ended up into closedown because they went either bankrupt or can't maintain handling the business because of low income or profits realize from the start.

[indah rezqi]

Conclusion
Establishing a business will make you the boss of yourself and will also save you from the risk of unemployment but this doesn't come easy as alot of challenges may surface doing the process. Government policies and some other factors may want to kill the business but with passion, hardworking and keeping the above dos and don’ts can help you in sustaining on your new business.

No matter how small the business I have, then I am the boss, but no matter how big the position I get in other people's companies, then I am their subordinate.

I know that it is not easy to be the boss of our own business without being equipped with the skills, knowledge and capital. It is difficult to get success in a small business without maximum effort and other things that support its progress. Partners are another way to make this business grow, I think it should be in the development plan.

[Fortify]

To be a successful businessman or woman, there is a need for you to equip yourself with the dos and don’ts of running a business. Judging from the rate of unemployment in most developing countries using Nigeria as an example, a lot of people venture into entrepreneurship and business. Every business has its challenges and of course the sweet and smooth running flow. So, you need to work on the following dos and don’ts that can guide you for the success of the business.

Conclusion
Establishing a business will make you the boss of yourself and will also save you from the risk of unemployment but this doesn't come easy as alot of challenges may surface doing the process. Government policies and some other factors may want to kill the business but with passion, hardworking and keeping the above dos and don’ts can help you in sustaining on your new business.

Most of these are true for businesses in any country, not just developing countries. Choosing the right market for your product is also essential because in the current age it is possible to sell via third parties and target all sorts of countries, even if you're just doing it on something like an affiliate commission basis. Knowing how to "play the game" is also rather crucial and will be much more apparently to locals who have grown up in those circumstances, whether that is paying "commission" to the right person, to being able to navigate restrictive customs import rules to being able to hold on to your business after it is established and a local politicians wants your success - these are much more common in developing markets.

[Hydrogen]

For this type of info, I like content published by podcasts, youtubers and blogs in the "side hustle" or "side job" genre.

There are people who own small chains of vending machines and ATMs who don't mind sharing business details of how their operations run. There are people who start a small business cleaning parking lots or cutting lawns. Who go on to become millionaires.

When most think of starting a business they think of being a CEO. Making a big business loan with a bank. Incorporating. Buying expensive and impressive equipment.

But really I think the roots of a successful business begin and end with identifying essential needs of consumers and filling them. The more efficiently and effectively this can be done translates to better overall value and profit.

In the case of developing nations, I think a good business option for most would be retrospective things. One example is evaporation based coolers which can keep food cool using water in the absence of electricity. Archimedes screws as low tech water pumps. Things people need and use might always be a sound foundation for a business plan.

[Darker45]

I'd like to address this idea that having a business is generally better than having a job because with a business you're the boss. It is true, of course, but it doesn't end there. I've known a lot of people who failed or burnt out or simply didn't survive in their business ventures even if they really don't want to work for somebody else.

Having your own business means a lot of commitment, determinations, passion, responsibilities, and so on. If you're really not into it, don't even start it. If you're not willing to make sacrifices, I don't think you'd last. If you didn't last even for a year with your dream job, you really need to seriously ponder on having a business of your own. You know, if you didn't survive with the kind of job that you thought would make you happy and you thought you could live with for the rest of your life, you need to really discover that ideal business.

[bitgov]

I'd like to address this idea that having a business is generally better than having a job because with a business you're the boss. It is true, of course, but it doesn't end there. I've known a lot of people who failed or burnt out or simply didn't survive in their business ventures even if they really don't want to work for somebody else.

Having your own business means a lot of commitment, determinations, passion, responsibilities, and so on. If you're really not into it, don't even start it. If you're not willing to make sacrifices, I don't think you'd last. If you didn't last even for a year with your dream job, you really need to seriously ponder on having a business of your own. You know, if you didn't survive with the kind of job that you thought would make you happy and you thought you could live with for the rest of your life, you need to really discover that ideal business.

Not always the bookish knowledge works - there are many factors which are also important like how precisely the problem has been addressed - there are a few ideas in my mind and that too are very effective but I am not been able to find how to do it. My small business failed and I am unable to start the new venture

[lovesmayfamilis]

A lot of advice, but I would like to ask the OP, are these the guides that you took out of running your business, or is this a collection of someone's successful or not quite successful people? The link you linked to doesn't lead me anywhere. 
But speaking on the topic, you can find a bunch of such guides on the Internet, but another point is important: everyone who opens their own business will have a unique experience. It's hard to fit it into one pattern. We all have different countries, different laws, different taxation, and different financial opportunities. That is why I would like to hear advice from the business owner and not copy-paste or paraphrase other people's advice.

[Smack That Ace]

A lot of advice, but I would like to ask the OP, are these the guides that you took out of running your business, or is this a collection of someone's successful or not quite successful people? The link you linked to doesn't lead me anywhere.
But speaking on the topic, you can find a bunch of such guides on the Internet, but another point is important: everyone who opens their own business will have a unique experience. It's hard to fit it into one pattern. We all have different countries, different laws, different taxation, and different financial opportunities. That is why I would like to hear advice from the business owner and not copy-paste or paraphrase other people's advice.

These are useful tips for those who are planning to open a business or are the owner of a business but you are right, these tips are very general and we can find them on the internet nowadays a lot. This is not advice or a confidant of an experienced person. I have never run a business but once opened a small restaurant and failed. Honestly, these tips don't stand out to me, I believe anyone can know about them once they decide to open a business.

[odunybiz]

A lot of advice, but I would like to ask the OP, are these the guides that you took out of running your business, or is this a collection of someone's successful or not quite successful people? The link you linked to doesn't lead me anywhere. 
But speaking on the topic, you can find a bunch of such guides on the Internet, but another point is important: everyone who opens their own business will have a unique experience. It's hard to fit it into one pattern. We all have different countries, different laws, different taxation, and different financial opportunities.

I'm a businessman and I also use some of this as a guide to run my business. I'm a vegetative farmer. Most of this tip are useful in running my business and that is why I always try to post them here to guide others who can't easily search for them online.

That is why I would like to hear advice from the business owner and not copy-paste or paraphrase other people's advice.

I'm not only copy- paste there but I use this as a guide for my business and it has been helpful.

[ethereumhunter]

Conclusion
Establishing a business will make you the boss of yourself and will also save you from the risk of unemployment but this doesn't come easy as alot of challenges may surface doing the process. Government policies and some other factors may want to kill the business but with passion, hardworking and keeping the above dos and don’ts can help you in sustaining on your new business.

Don't forget about business competition among business owners because nowadays, when all business owners have difficulty getting back up, they tend to use all means to get their customers back, including attacking their business rivals. Working hard and always innovating will help a business venture grow rapidly and even beat its competitors. In terms of taste or quality, let the users decide and if they like our product, they will look for it.

I'm a businessman and I also use some of this as a guide to run my business. I'm a vegetative farmer. Most of this tip are useful in running my business and that is why I always try to post them here to guide others who can't easily search for them online.

If you can make your business grow better now, you've done well and need to move on to the next plan while seeing what the market needs. By seeing what the market needs and you can fulfill it, even if you can provide quality goods, your users will definitely like it and will always use your products. It is not easy to grow a business that we start but it is a challenge for every business owner, including you.

[AicecreaME]

👉Let your Product Be Pocket Friendly
I understand the end goal for every business is profit, but you should avoid prices that tend to chase your customers away. As a start-up, your first assignment is to drive traffic to your business and store. And to achieve this, you might have to sideline making so much profit at the start of the business. After gaining your customers’ trust and loyalty, you might consider adding up to the price that won’t look outrageous to your clients or customers.

What do you mean by pocket friendly? If you are making any product that will be used in mass then it will be low in price but the main points here will be in how low you can deliver your product to your customers. This should be equal to or lower than your competitor companies.

If your product will be used for some specific purpose then the price will not matter if you can maintain a high-quality product. There is some product that we use occasionally. For those products, people typically try to find a better quality product at the lowest price available. If your product is far better than your competitors but high in price people will still buy your product.

I definitely agree.

There's no expensive product to the right customer, if they say it's expensive, it is because it doesn't have any value to them or they don't see the worth of the product. But it varies I think, like if it's in a food industry, as much as possible you need to make it affordable since food is one of our needs, but if it's in the technology industry like laptops, smartphones, of course the higher the price the high quality you could get.

[so98nn]

That’s far complicated when you “practically” enter into the market. There are dozens of challenges up above these assumptions. Practically it could challenge you way differently and some gets better experience while some gets horrifying experiences. You have to start with proper fundings and skeleton of the whole project. Many times you may not have proper backings from banks, you may not get good schemes to kick start your business. These things are important in the initial stages because that’s the weakest point where you can loose your patience before one can even get into the market penetrations. It’s big topic to discuss really and everyone could have versatile experiences really.

[adzino]

You missed some points. Always learn from the mistakes. The more mistakes you make, the better you will be running the business in the future. There are people that ends up quitting because of some small errors they made. Instead of learning from those and trying to fix it, the end up leaving everything which results in waste of money and time. Another thing, if you think a business model you are trying to run isn't sustainable, then different different models. If those fail too, then yes, you should quit and try doing a different business.

[Davidvictorson]

Dos of Running a Business
👉Do an In-depth Research
Doing in-depth research is the first thing you should do before starting any form of business. One of the numerous mistakes many people make is starting a business without adequate research. Good research will expose you to the strength, weaknesses, opportunities, and threats (SWOT) of the business. You would know what it requires for you to run it successfully without having to pack up or run into depth.

One thing I should add to the dos of running a business in a developing country is - Be friends with top government officials but be non-partisan because when the chips are down you and your business may be the scapegoat taken to the slaughter. One of the advantages of being close with these type of people is that you can easily lobby them to enact favourable business laws that could shape the economic landscape for the country and other businesses too.

[DudeAtWork420]

You can know how to swim and its advantages and disadvantages by reading books but it won't make you a swimmer. Reading about establishment of business won't make you a successful entrepreneur. All these points can be invalid in different country and different circumstance.

Though you make some efforts to write this post but all this can be found in internet already. So try to add something new that you have already experienced and not talk about often.

[dothebeats]

My printing services didn't offer the cheapest out there but people back then choose us over our competition. We offered fast and high-quality prints that other shops cannot replicate. We only had 4 computers and 4 printers running 12 hours a day, with regular maintenance every other day to make sure that the ink level on the printers, plus the dust build-up on the units is well taken cared for. I didn't spend a fortune opening up that business, but it gave me a lot of experience (and money) for 2 years straight, before we had to close shop due to the pandemic. If that shop is still up today, I'm pretty sure it will do well because we just did everything well, even if our prices our quite higher than the competition. Why waste a lot in promotion if your product/service couldn't live up to its claimed standard anyway?

[Findingnemo]

With the word you mentioned Running a successful business in developing countries I want to talk about the reality, with the developing nations you can only be successful when the business is on a small scale even if you are doing everything at your best that is why people who wants to run business are moving out of their country to a place where there is better system for them.

As for the small scale I agree with those points but due to the corruption and monopoly the transition of small business into big happens rarely.

[gantez]

It is good to have a business of your own but not everyone can do it believe that. Some people have capital but they can't venture into it for so many reasons like:

1. No passion : This is because some people can not manage anything given to them . If you have no passion for to do a thing you can't have magic done on that for it to succeed. Starting a business need passion because the beginning stage to higher people is not solution, you need your personal effort for it.

2. Capital : This is important area for business. Many business go away very fast because of no money to continue. It is challenge to grow business now with the high inflation.