Given a choice, most people will love to own their own business. However, as appealing and exciting starting a business, it is equally risky and full of mines fields which if not properly navigated, could lead to disappointments and regrets.

In this article, we have explained five of the most important things you must know as an entrepreneur:

Your business needs to solve a problem
Every business that wants to succeed has to either solve a problem or create a better solution to an already existing solution to a particular problem. Individuals will search for better and quicker option to solve their daily tasks or need.

Generally, it is advisable to venture into a business that meets a need rather than a want. This is because; humans MUST satisfy their needs as against their wants that are naturally lower in their scale of preference.

Of course, we are not saying you cannot build a business around “wants”. You can but you have a higher chance of business success if your business meets a pressing need

Identify your target audience
Identifying your target audience helps you to sell your product to the right people that need your product. Some businesses in Nigeria have failed because of the failure to identify the right target audience.

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