Failed in one, succeeded in the other
Sometimes business can be a just ‘try something out’. It is something I have an experience about. When I started business there were not too many certainties. Out of zeal and nervousness, I decided to TRY something out. I won't say it worked out as planned but it in the process helped in a gradual revolution.
Experience was gathered, a customer base was built and NOW comes the time to differentiate between wants and needs in a business. Wanting to do business is one thing, it may end up in ‘busyness’ but with time right questions like, am I profitable, what can I switch or blend into to stand becomes a very relevant question.
You can take such outcomes from Warren Buffett and how he transformed a textile company I guess into a big investments hub. I am talking of a multi-billion dollars Berkshire Hathaway brand. It has been one of those things I am currently working on with my growing brand. What are we missing and how can we get it in, never be too satisfied, the next step may be the real business.
source
It is about throwing the dice well. There are many of such business lines in our environment and I always feel there should be that unique difference in my mode of operation. As I earlier said, there is a customer base to build from. One of such was how we can shift focus from individual services to a bulk production brand. Ok, let me stop there, I was going to focus on the growth of a particular company in our nation, it failed in one but succeeded in the other.
I could remember some years ago when Opay (an easy ride app) was launched. It was indeed amazing, people could book a vehicle at a convenient and less expensive price. In short, many did not really believe it was that real. I never even used it for once because I was working and from home to workplace was just a straight road and at most a ten minutes drive.
On the other hand, ordering for such services really made sense if you were about to go somewhere far or a destination that needed some navigations. Adding to that, you could move at your own convenience to and fro if you wished. The company gradually declined in service, competition came in and added to that in the long run, the cost of transportation skyrocketed and it seems it was unprofitable to continue cheaply.
I saw the company gradually fading away. So it seemed because they had one thing; ‘customer base or as I should, data’. To use their service one needed to log into their portal, something that was connected to the financial system. payment was involved and it was the next leveraged industry. Why not focus on becoming an easy banking app.
source
It was one big and indeed a good move. First, the traditional banking systems were siloed. Poor customer relationships, high transaction fees, delayed transactions and so on. Adding to that, they were giving out a good ROI to invest annually.
It was that range of 15 to 20% for locking away your money. Our old time banks were still hanging to 3 to 5% claiming their reputation.
Many started a gradual move to these new waves. I could remember one of my friends who came to my office still at that early phase talking about an expected profit he was waiting for. Where?, he said he locked away some funds on the Opay banking App. It was a crossed finger to him anyway as he was wishing they don't vanish overnight.
To conclude, let me add, many years have passed and they are still running. It has become my go-to banking app to do business. We are talking of flexibility and daily profit if you have some substantial amount in your account. Bonus on airtime and data purchase are still part of those.
While the formers are waiting for debits upon debit for this and that. This company has indeed leveraged the FinTech industry. One thing failed yet it opened the door to something even bigger. As an entrepreneur, don't fail to think broadly..