November 25, 2013
I got a lift to the airport on Sunday afternoon which saved me about five thousand naira in taxi fare. My benefactor and I talked a bit and dabbled into the business value of farming. I have the personal belief that there are three areas of business that are more likely to last long than most others: agriculture, clothing and real estate. These areas meet some basic needs of man which will never change. My benefactor raised the issue of expertise and risk as a concern in starting such a business. For example, one outbreak of an infection can wipe out a poultry farm over-night. Well, I am of the opinion that such would typically happen if no one in the business knows what to do. This brings me to the second key word in the heading of this blog: Mastery.
Someone in the business needs to know what to do; the technical details of the business area, the operational requirements. Mastery makes the difference between companies in terms of delivery and value offering. It can even make significant differences in operational costs. Employers go for the best-skilled staff because they want to be different internally. This will reflect in the end product or service. An employer who is not interested in paying for skill may not really understand the difference skill makes internally. Many people make clothes but you pay more for Hawes and Curtis than you do for Okrika. Skill makes the difference because skill creates a sound brand.
The Market often determines how much the product will sell. The circles where your products are being sold determine the price you can quote. 100×60 feet may be the same in terms of the metric systems of measurement but the value of 100×60 in Maitama means something different from the same in Okitipupa. The market’s environment determines the value. The Mind is the driver. He knows the relationship between the market outside and the masters inside. He knows when to start, how to start; when to stop, how to stop. He does not know the technical details but he knows the business details.
If you are seriously thinking of starting out, you do not need to be all three. If you are a Master, find a Mind and find the Market that understands the value of you product. If you are a Mind, find Masters that understand your vision. Start looking today, they are all over the place. Wishing you all the best.