MSME DIGEST With Kola Owolabi
Market Need as the True Gateway
In Part One, we established that capital alone does not guarantee success. The real question is: how do you create room in the market for your product or service?. The answer lies in identifying and meeting an established need.
The Power of Need
Room in the marketplace is not carved out by money but by demand. When people genuinely need or desire a product or service, they are willing to pay for it, even upfront. This is why some businesses thrive with modest beginnings, while others with massive funding collapse.
Think of Uber. The company didn’t invent cars or drivers; it simply tapped into a pressing need; convenient, affordable, and reliable transport at the tap of a button. The market was already yearning for this solution, and Uber filled that gap. Similarly, in Nigeria, Paystack identified the pain point of seamless online payments. By solving this problem, they created undeniable room in the market, eventually attracting global recognition and acquisition by Stripe.
Contemporary Examples
ZOOM: Before 2020, video conferencing was useful but not essential. The pandemic transformed it into a necessity. Zoom’s ability to meet that urgent need skyrocketed its growth.
FLUTTERWAVE: Another Nigerian fintech giant, Flutterwave, thrives because it addresses the critical need for cross-border payments in Africa.
AIRBNB: Travelers wanted affordable, authentic lodging experiences. Airbnb met that need, creating a new category in hospitality.
JUMIA: Africa’s e-commerce pioneer succeeded by recognizing the growing desire for online shopping convenience across the continent.
These examples prove that need precedes success. Entrepreneurs who identify and serve genuine demand create their own space in the market, regardless of how crowded it seems.
The Numero Uno: Business Plan Around Need
A business plan is not just a document, it is the blueprint of survival. But a plan without anchoring on an established need is like building a house on sand. When your plan is woven around solving a real problem, it becomes the Numero Uno; the most critical factor in creating market room.
For instance, Tesla didn’t just plan to sell cars; it planned to meet the rising global need for sustainable energy and eco-friendly transport. That alignment between need and plan is what propelled it into the mainstream. Conclusion
Capital is a tool, but need is the foundation. Entrepreneurs who succeed are those who identify strong desires in the marketplace and build a business plan around them. That plan, rooted in solving real problems, is the Numero Uno; the ultimate determinant of whether there is room for your product or service.
Kola Owolabi is a Fellow of the Nigerian Institute of Management Consultants (FIMC.CMC) and Chief Executive Officer of David Solomon Consulting Limited, based in Igbesa, a suburb of metropolitan Lagos, in the vicinity of Crawford University. The company can be reached via phone or WhatsApp at 08023203198
