Sampson Malachy Sheds Light on Understanding Timing As A Recipe for Running Successful Businesses
The clock is one of the most important inventions that has happened on planet earth, whenever you look at your clock it gives you instant direction on whether to sleep or wake up. For an individual working 9-5 in Lagos and probably scuffling from the Mainland to the Island, 4AM means get up and be ready to go to work. You have to be on the road by 5AM before you get trapped by the heated traffic of Lagos (particularly when the 3rd mainland is closed for maintenance). Time is always moving and you have to move ahead of it and most importantly work in tandem with it to deploy your skills, ideas and projects.
As entrepreneurs we are always paying attention to the timing of launch, diversification, and rebranding. When we hit a certain level of success there is always a strong desire to diversify into different investment portfolios or industries. Which isn’t wrong at all, but you have to make sure the time is right. To understand if the timing is right you’ll need to answer the questions; do you have the right structure, team and capacity for it? Do you understand the nitty-gritty and politics of that industry?
Sampson Malachy explains that in your quest to understanding timing and mastering it to make great decisions that are profitable to you and your venture, you should consider the following,
Understand Trends as they will always come and go but you need to build with it in mind. Blackberry phones still remain one of the biggest disruptions that has happened in the mobile phone industry. It paved the way for androids and iPhone to win. According to Satista, internet penetration in Nigeria is currently at 55.5 percent in 2023 and it was around 16 percent in 2010. Imagine investing all your money to create Netflix in Nigeria in 2008 or 2010? Great idea but wrong timing.
Conduct Market Research before venturing into a new business or expanding your existing one, it’s crucial to conduct thorough market research to understand the current demand and trends. This understanding can help you make informed decisions about the right timing for your endeavors. Take the Nigerian food delivery industry, for example. In recent years, with the growth of digital technology and changing consumer preferences, online food delivery services have gained significant popularity. Companies like Jumia Food and UberEats have capitalized on this trend. But a decade ago, this market was not as ripe due to limited internet penetration and consumer behavior. By conducting in-depth market research and recognizing the shift in consumer habits, these companies seized the right timing to thrive.
Economic conditions and government policies play a substantial role in determining the right timing for business expansion. Take the real estate market in Nigeria as an example. the Nigerian government has shown interest in boosting the housing sector, offering incentives and favorable policies to developers and investors. This has created a conducive environment for real estate investments. Venturing into real estate during a period of unfavorable policies and economic instability might have been challenging. Understanding the economic climate and government regulations is essential for making well-timed investment decisions.
The early adoption of technology can greatly impact the timing of your business ventures and possiblity of extending into new verticals. Consider the rise of fintech companies in Nigeria. With the introduction of mobile payment systems and digital banking, these companies have transformed the financial landscape. It would be a struggle to launch a traditional brick-and-mortar bank without embracing the latest technological innovations. A comprehensive knowledge of the role of technology and being adaptable to emerging trends is crucial in determining the right timing for your business endeavors.
Adapt to Cultural and Social Shifts as people are constantly changing their attitudes and behavior, and if you pay attention to these shifts it can unveil opportunities for your business. An excellent illustration of this is the growing interest in fitness and wellness in Nigeria. With an increasing awareness of health and well-being, the demand for fitness centers, organic food, and wellness products has surged. If you had recognized this cultural shift and established a health and wellness business several years ago, you would have positioned yourself ahead of the curve. However, ignoring or failing to adapt to these shifts could result in poor timing for your business plans.
Understanding timing is beyond just about having great ideas; it’s about aligning those ideas with the current conditions, trends, and opportunities in your chosen industry. Timing is the essence of success, and it requires a keen sense of observation, research, and adaptability. By considering these factors, you can increase your chances of making the right decisions and achieving success in the ever-evolving business landscape of Nigeria.
