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Some more #wisdom from Comfort Sakoma @comfortsakoma…..we will never understand why most businesses focus on the luxury market in a developing countries like #Nigeria, when there are so many unmet needs and market gaps of the #massmarket. There are more opportunities, #grants and #funding available in this space as well. Even the likes of the @WorldBank and @Ycombinator are looking for more #Africanstartups which address real market needs. Hoping this resonates with an #entrepreneur or two…. . . . #Luxury #LuxuryBusiness #LuxuryGoods #WealthCreation #BillionDollarBusiness #MoneyGoals #wealthgoals #AfricanStartup #Business #BusinessInAfrica #LuxuryIndustry #Startup #VentureCapital #SeedCapital #SeedMoney #Entrepreneur #EntrepreneurWisdom #Africa #BusinessOwner #NaijaStartups
How to meet unmet needs of the masses. This is what I keep trying to figure out right here. How to scale a business down to where I can get even N1,000 from folks every week or two If I can’t get N100 daily from them. By my estimation Nigeria has many delusional luxury brands but not enough affordable ones.
One thing I balk at is children’s clothing- well made casual wear…Nice ankara dresses, shorts etc. If I buy a pair of shorts for N5k, best believe I am not coming back for a few weeks. But then the question of whether the item can be produced for much cheaper now becomes a question. I am tempted to start making children’s clothes- I have ideas and I am willing to learn to sew. Sorry for my rant but that was just one. Even the export market is brimming with things one can export.
I will just leave you to sit and think.