Money Goals: The Diabolics Of Competition
I have a cousin whose business was encountering huge challenges. He felt the Money wasn't there anymore, a lot of people are into the same business selling for even cheaper rates, and secondly, he found it difficult to buy raw materials because they're now so expensive it would be futile to make any reasonable profits without increasing the price.
The major problem he experienced was that that particular sector has experienced a surge in competition, for five years, inexperienced people have brought stiff competition.
One of the reasons why this was so is that, people find it difficult to discover what works and because of this everyone ends up in the same sector because the chances of success have been tested and trusted to be lucrative by those that are there.
Paying The Price For Quality
Nigeria is a country where most of the people don't care if they're buying quality or not, provided it's cheap. So it's easier for other producers of these same finished goods to flood the market with fewer quality products, making it difficult for people who are selling quality to maintain their price.
This is the diabolics of competition. We have people who are pioneers of a specific niche, overtime when these niches have been tested, you'll see others come into that industry and find ways to do more for a lesser price.
Now necessarily doing more doesn't mean doing better. There's nothing quality that's completely cheap.
The "First" Person Syndrome
Anything cheap would have a tricky way of making back that money, however, it's difficult to understand some of these diabolics to competition and marketing if you don't pay attention.
So reckless competition ruined the business of my cousin because he was making good money, he had his friends providing direct competition because they wanted to make the same money he was making. I wouldn't fault these guys, everyone is scared of the "first person" syndrome.
This syndrome means people do not want to go into unchartered waters especially if they're not sure if they'll fail or succeed, so what they do is copy the already proven concept of others, investing their money there and overpopulating the industry.
The Million-Dollar Concept
Another thing is that a lot of people are uncreative, they find it difficult to come up with that million-dollar concept that could change their lives and the major reason for this is that some others fail to tap into the things they can effortlessly offer with or without them even getting paid for it.
Simply because they don't know how to take advantage of these things and they're not willing to learn. This same cousin of mine is contemplating leaving the business and starting to shoot comic skits online.
While I do not have a problem with this, I feel that when we're driven by money or the futuristic prospects of achieving outrageous goals, it'll be difficult to muster continuity in the face of failure. Another thing is, that people tend to overestimate their abilities.
The Best Way To Beat Competition
In reality, standing out is what makes people good at what they do. But the truth is, it's difficult to beat competition if you cannot stand out. Standing out means being effortlessly innovative and creative, which many people aren't like I mentioned in the first place.
This comes from not understanding our strengths and weaknesses. One of the reasons why I think people should follow their passion, work on their abilities is easy. When you look at the world at the moment some people are effortlessly good at some things, so much that we begin to imagine why they haven't begun to monetize them.
In reality, when these people choose to do so and face obstacles it'll be easier for them to continue. This is why I think the internet and its impact in the lives of people would become even more dominant and profitable in years to come.
Interested in some more of my works?
Keying Into Sophistication & Exposure To Forestall Economic Revolution
Money: The Learning Curve & Translational Process
What Makes A Job Opportunity Lucrative?
Shopping Online & The Illusion Of Buying Cheap Things
The Humanistic Approach Towards Scarcity & Competition
Spending & Accumulating: The Low & High Point Of The Crypto Seasons.
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One thing that makes one stand out is the creativity he or she introduces to whatever he or she does.
Creativity help in so many ways
Makes one stand out, no matter the competition.
This is helpful.
Thank you champ.
Creativity is essential in all venture. True.
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Maybe life teaches a lesson to your cousin to find something more lucrative or change the course of his business.
Well the world is hard out there, we're all trying to establish change to move us forward aren't we?
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Maybe you are right.
Yay! 🤗
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You have said it all in the last paragraph.
Uniqueness should be the aim or should I say knowing your worth.
This is also happening amongst doctor.
For example, the hourly rate for doctors in Ibadan is 1200/hr but there are some new guys running as low as 800/hr making the profession look useless.
The key here is to not fret.
Instead, work on your abilities and become really good.
Then change your target audience.
For example, the same shoe that goes for 5k in Ikorodu can go for 10k in ikoyi.
Advertising to a better audience might solve the problem of your cousin's business tho.
I suggest he tries Instagram or Facebook ads
Yeah bro, you're spot on. I think sometimes, hastiness and lack of opportunities makes people reduce their worth, it comes with a situation of helplessness and unemployment for the system to naturally manipulate a person. However, if everyone raises their standards, the system will inevitably adjust. But then, we'd still have some who would go lower than we expected for even peanuts, this is Nigeria.
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The funny thing is these people don't even matter to me. Most people who lower their standards don't know their worth or are solely dependent on that particular source of income.
This is the more reason why an extra source of income will always be a necessity in Nigeria and anywhere.
An extra source of income nontheless, I think this is the real deal. This is why working oversea is really good, over here, I see people spend so much time on jobs that aren't even paying well enough. It's crazy. How's the job coming at Ibadan?
Ibadan is fairly better as a doctor compared to other locations.
But I am focusing on exams that can take me out of the country as soon as possible
So that's my major aim right now.
I have been declining jobs for now as the exams are really expensive and I don't need any distraction whatsoever.
He's not really an internet guy and he's paying the price, I've advised him a lot.
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I don't think people should lean on the saying that they are not internet people.
There over 2 billion users on Facebook.
Getting your product in the face of a lot people will foster more sales.
Imagine if 100,000 people see your product and 1% buy?
Well, even if he is not, I think he can get someone to do it for him
Well there are people who wouldn't spend money it the results aren't guaranteed. One thing with having to explain how the internet works is that some people wants you to assure them that whatever money they'll pay will yield dividends, it's like when anything happens you'll need to pay them for a worse case scenario.
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A tough situation for your cousin there having to deal with Justin Sun(s) out there, he does stand a chance of beating them by consistently innovating ways to please customers but also these days when the time put food on the table and pay bills is limited it puts one under pressure to look for things that works with quick results.
Crazy times!
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I think he's definitely having to deal with the "Justin Sun's" Out there hahaha oh my! It's such a competitive world and sometimes it's difficult to stand out, he's run at out of innovation at the moment, and he even tried moving oversea, spent a lot of money and his efforts were still futile.
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It sucks when that happens, losing money these days can be demotivating and difficult to pick up oneself to start all over again.
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It's tough with all those copycats around and the markets are messed up right now. So people have no choice but to adapt. I think it also depends on the place on whether or not creativity will be rewarded. For example, I know the quality of a Mr. Beast video and there is a market for that by itself.
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Well, you mentioned Mr Beast, I just think that in times to come we'd have more copycats, but then he's established himself already and he isn't losing that brand anytime soon. I think keeping up with creativity can be very difficult, but it's necessary to keep going
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Wowww, so true, the reason why some people cannot continue in the face of failure is what drove them into it in the first place, if it's money then they tend to loose interest but if it's passion, what they love to do, even when it's not going well they will still stand and continue.they won't loose hope.
Yeah, I guess, we'd always be passionate about the things we love even when we're failing, because it's what we're passionate about, it gives us that extra energy to continue.
The problems with copycats are that they don't care about other than their profit, competition brings the best out of us the most time and we must be able to live it but Nigeria doesn't encourage competition because is not about quality or value, it is about the one with the lower price
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Hahaha you've mentioned it all, we just want to buy the lower price, not minding weather we'd achieve quality or not. This country is something else.
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Exactly, our people do not want to hear this. Although we can not blame them entirely..you know poverty is real!
No one wants to be the first but when that first succeeds, thousands become the second! And yes! being unique is what makes one really successful in your niche despite competition all around. This is because when people have tasted what you have to offer, those who want it will do anything to find you.