Research knowledge alone isn't enough to start a business

[adultcrypto]

The truth be say, we no dey take research seriously for Naija rather we learn from experience which is the hard way. No be with us e start, our people always believe say na personal experience be the koko na why continuity no dey for our agenda even for our government them. How you wan take research play? Una really know wetin research mean?

Well like I said before, no be our fault, we were taught to think mechanically,  the reason innovation no dey flourish for Naija. Na research be everything for business, science, technology and what have you. Without research data, wetin you dey do na trial by error.

  Going into a business as a beginner has to be accompanied by some actions. It's not done anywhere that you venture into something you don't have any idea about what you are about to get involve in which is why a number of researches ought to be made. Market Survey, business credibility and its potentials, business space entirely to mention but a few.
   One has to go into a deep look at the business he wants to begin, check the flaws and benefits, check from other people's own and see for errors and proffer the solution to those errors in his blue print for implementation,  check for the siting, it's proximity and accessibility, transportation factors too, and then first before the aforementioned, you have background knowledge of the business space, you can't be a business man being naive and ignorant to and about a lot of things, it'll only cause you to lag behind even more than intended. Certainly business won't just boom immediately, that's why a lot of time should be given and one should expect both losses and profits. Give ample time to studying the business structure to see how best it'd serve you as a beginner, avoid heavy errors, seek guidance and advise too. It's definitely not easy to begin anything, therefore dedication is of essence too.

What you have narrated is exactly what research entails. That was why I asked if the OP actually understand what research is. Feasibility study, market survey, financial projections are all ingredients of a detailed research.

From the academic perspective,  research covers even the literature of any particular area of study, it covers enough data that will enable one draw reasonable conclusion as to the practically of what is being investigated.

Instead of thinking that research knowledge is not enough to start a business, I will rather say lack of it is the reason many young businesses fail.

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[EluguHcman]

You made some convincing point but to a large extent, I disagree with you on some areas. First of all, I will say it depends on the nature of business you intend to run. For example now, you can not expect someone who wants to run a provision business to start looking for who will mentor him/her. Sorry to hear about your experience of fish farming but believe me that was not the reason your business failed. Fish farming is known to be a risk business even for those who are expert in the system for a long time. No matter the nature of the business, you don't expect and hope too much in the first year of establishment and management. Some may fail while some may prosper. Regardless of the outcome, you'll learn the area to improve on to make the business stable. You can still work under the most successful businessman and become the worse businessman when you establish your own business.

By the way, running a business such as fish farming require more than reading and watching online videos. I believe you have learned some lessons during your first experience and you can do better now when you try it again.

OP has made verily unarguable points that I could only reply to the post "Thank you for the update" then I came across your reply @knowngunman.
I will also disagree with you because on no business that the stated OPs advices and reviews are not applicable.
Every nature of businesses needs that one practical learning to be acquainted and obtain better experience knowledges so as to run a smooth business.
Yes every businesses is likely to linger lost but losts in business can be managed, boycotted and can also be avoided to a certain level depending on ones knowledge ability considering a review or experiences.

I don't understand why you think someone who wants to venture into provisional trading doesn't need all that classes to gain such knowledges. Do you think the nature of the business is all about buying and selling as commonly seen by the streets?
Haven't seen a highily equipped and stocks stocke  d in a provisional trading being depreciating gradually til stocks are run down? What's the cause? Of course lake of knowledge to hodl and manage one of that.

Do you know that the settings and proper positioning for easy tracking of items in the provisional stock trading is essential and has to be admitted necessary? How about ordering for restocking the store where as you need to identify the old stocks from the new stocks to avoid stock's expirations? Ain't skillful worth knowledgeable to be acquired?

May I tell you that in a competitive marketing area where businesses like provisional trading are rampad, don't you think it is wiser and safer for one running a unique marketing strategy in the hood such as instance.... A Crete of egg is bought at #10 for be resold at #15 of #5 profit made, maybe as the nature of the current hardship and inflation in the country where demands are being poor/low.
Now one of the provisional traders has insighted and figured out what the marketing challenges could be as a nature of inflation and then decided to lower it costs of stocks in considering to make petty incomes such as buying a Crete of egg with #10 and resales at #13 having a #3 profits.
While the discount is attracting to demands (customers, the trader could sell around 10 cretes of the egg maybe a week while the others who leans on #5 profits struggles to sell out 1 Crete.
At this time, the #3 profit earner could quick and randomly restock the shop while the others of #5 is pinned with older stocks which is capable of running it's stocks out of expiring.

Business is not just seen as as we sees the traders seems booming. Many tends to support their businesses with addictional capitals aside the initial events because they are struggling to stable the business to coverup the depreciations of stocks with no income accounted alone the lines.

[DubemIfedigbo001]

May I tell you that in a competitive marketing area where businesses like provisional trading are rampad, don't you think it is wiser and safer for one running a unique marketing strategy in the hood such as instance.... A Crete of egg is bought at #10 for be resold at #15 of #5 profit made, maybe as the nature of the current hardship and inflation in the country where demands are being poor/low.
Now one of the provisional traders has insighted and figured out what the marketing challenges could be as a nature of inflation and then decided to lower it costs of stocks in considering to make petty incomes such as buying a Crete of egg with #10 and resales at #13 having a #3 profits.
While the discount is attracting to demands (customers, the trader could sell around 10 cretes of the egg maybe a week while the others who leans on #5 profits struggles to sell out 1 Crete.
At this time, the #3 profit earner could quick and randomly restock the shop while the others of #5 is pinned with older stocks which is capable of running it's stocks out of expiring.

Business is not just seen as as we sees the traders seems booming. Many tends to support their businesses with addictional capitals aside the initial events because they are struggling to stable the business to coverup the depreciations of stocks with no income accounted alone the lines.

There is always what is called the business of any chosen business/venture. Your ability to recognize opportunities and turn it to your favor is your unique selling point in that business. Just like you narrated about the create of egg and the ability to make a quick turnover compared to just selling at standard profit margin and getting low turn over which slow the success of a business. Honestly, the success of every business is measured by its turn over,  if you're able to make sales within short period of time and restock your goods, you pride more stability and a higher profit margin.

The knowledge and experience to apply such strategy cannot be got from just researching about the business, its a testimony of your level of practical knowledge in the business. When you startup a business practically sound, your success rate tends to be very high cos you're literally above many trial and error stages, you're ready to apply those practically sound principles that will skyrocket your business and look like magic to your immediate competitors.  Sound practical knowledge is what the common man and illiterate most times attribute as Juju. They'll be like "this guy dey use juju run em business, na why em dey draw all customers to his shop" , but they don't know that the guy it using some information and strategy unknown to them that just started with a random knowledge.

[krista222]

You made some convincing point but to a large extent, I disagree with you on some areas. First of all, I will say it depends on the nature of business you intend to run. For example now, you can not expect someone who wants to run a provision business to start looking for who will mentor him/her. Sorry to hear about your experience of fish farming but believe me that was not the reason your business failed. Fish farming is known to be a risk business even for those who are expert in the system for a long time. No matter the nature of the business, you don't expect and hope too much in the first year of establishment and management. Some may fail while some may prosper. Regardless of the outcome, you'll learn the area to improve on to make the business stable. You can still work under the most successful businessman and become the worse businessman when you establish your own business.

By the way, running a business such as fish farming require more than reading and watching online videos. I believe you have learned some lessons during your first experience and you can do better now when you try it again.

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