Like the police, entrepreneurs ought to be tough investigators

Magazines

Murori Kiunga. 

By MURORI KIUNGA

In Summary

• Real marketing starts before the product is produced and not after.

A top police officer was asked by a doctor why they often take time to answer a distress call.

He said: “Daktari, your profession is different from ours. When a patient is wheeled to you writhing in pain, it is quite fine to quickly spring into action with painkiller to relieve pain first then later investigate the cause of illness and treat it. This is not so for us.”

He went on to explain that while the call may be urgent, gathering information is more important than springing into action without adequate information and preparation.

Whether it is rescuing a woman from rapists, carjackers or thugs, saving a suspect from an angry mob or busting criminals from their hideout, the officer explained that any trained officer knows the importance of researching before taking action. Otherwise they risk being victims, too.

They have to know who the enemy is, how many they are, where exactly they are, the kind of weapons they have, whether they are armed, their line of defence, and so on.

This strategy works perfectly in reducing mortality rates among policemen who go to offer help and helping those in distress as well.

This same approach also works well in projects or ventures where the stakes are high and risk is involved like entrepreneurship.

Unfortunately, most people when venturing into business or nice-looking deals behave like doctors and not police officers.

When they are told or learn that money is being made in certain ventures, whether it is rearing quails, greenhouse farming, buying shares or importing certain items from China, they spring into action with all their life savings or what they have borrowed.

Like a well trained police officer, if you want to succeed in business don’t be in a hurry to put your money in an investment or business you don’t understand well.

The risk of you becoming a victim is simply too high. Take time to study the offer or the opportunity.

Ask yourself: Who is the target customer? Who is the supplier and how sustainable are they? Who are major players in the sector and how will they react to your entry to their zone? What are profit margins and, most important, what are the major risks and how will you overcome them?

The fact that other people are making or purporting to be making money in a certain line of business is not a guarantee that you too will do well.

The business may seem smooth and sweet from the outside but it has its agonies and challenges that those who are in it have to counter every day to stay in it.

When it comes to success of a business, nothing is more important than preparation, mostly in form of market research. Doing your market research well before a launch is more important than anything else.