Digital marketing expert, Dr. Kobby Mensah has stated that, entrepreneurs need to maximize their finances and avoid excesses, especially online business owners least they set themselves up for failure.
“Avoid excesses; you have to operate as efficiently as possible because do not forget, you do not have the deep pocket as the existing competitors. Because you are an entrepreneur, a new starter, you have a very slim budget and everything has to be modeled.”
With the impact of the COVID-19 pandemic and the need for products to be delivered to homes, Ghana has seen a significant rise in online market services. The General E-commerce Statistics Experts predict that retail eCommerce sales will reach $4.13 trillion in 2020.
In this light, Dr. Mensah who spoke on the Campus Exclusive show on Tuesday, 6th October 2020, said entrepreneurs need to be innovative and explore to know what the market needs. However, he urged entrepreneurs to tread cautiously.
“You have checked and make sure everything has to work. Of course, entrepreneurship is about taking the bold step, actually been adventurous but it doesn’t mean you have to be adventurously careless in order that you would exhaust all your resources and burn hard the operating capital. You have to be mindful of that” he added
Advice from Dr. Mensah to entrepreneurs
1. Avoid duplicating other people’s ideas “me too” products do not make a big bend because it is already there and you want to do everything the same. You can always be a “me too” but you will always be a second in the thought process. Nobody would actually see you as the market leader unless of course, you are able to scale in terms of price. Even then you may not be top of their mind (customers) in terms of brand recognition.
2. Offer something new: it is not just about the product itself. There are four Ps (the product, the price, the promotion, and the distribution (the place). Any of these ones can think about offering something new, so, yes you may have the same product but how is your pricing different from your competitors in order that your pricing can offer value in itself?