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Six Ways to Come up With Your Ultimate Business Idea

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What is better: to copy a ready-made idea or come up with something on your own, completely unique and original? Both options are appropriate. In any case, it is crucial to understand who your target consumer in Nigeria will be, what your competitive strategy is, and how you will promote the product.

Well, remember that if you copy an idea, you still cannot copy absolutely everything. All the same, you will have to bring something original to someone else’s idea. There are cases when an entrepreneur works for some time under a franchise, and then leaves the franchisor and creates one’s own project according to the same patterns. But even in these cases, it is necessary to change and build some things on one’s own.

On the other hand, if you come up with a completely original idea, it will be too hard for you to work out absolutely every element in the price chain yourself. Look at other businesses, think about what projects have a similar audience, a similar market to you, and, if possible, peep the best ideas and practices from them.

Is a Business Idea Really That Essential?

A business idea in the case of a small business is just a specific tool at work, like sales, marketing or manufacturing. It is not the business idea that comes first. Primarily your desire to do your own thing, and not at all where to find an idea for a business. So, if you want to run a business, do not wait for a “perfect” idea, do not hold on to an unrealizable one and polish your ideas to shine.

Coming up with Something Original: Creativity Stimulation Techniques

Well, no matter what stage you are at, whether you choose one idea from several promising ones, or you have no idea what you want to do at all, maybe forex or CFD trading, several techniques will help you make the right decision.

De Bono’s “six hats” method: Pick a business idea from a list

The Six Hats Method is an advanced way to organize a brainstorming session. You alternately try on hats in different colours:

  1. Blue,
  2. White,
  3. Red,
  4. Black,
  5. Yellow, and
  6. Green, including different modes of thinking.

According to the Forextime blog, the six hats method is used in a group, when one of the participants always remains in a blue hat: it is responsible for managing the process. The participant in the blue hat assesses the thought process itself, leads the meeting and discussion, and decides when other participants wear hats of certain colours.

In case you are thinking alone, you wear a blue hat at the beginning and end of the session. With the blue hat on, you set the order of your brainstorming session, the order in which the hats are worn, and the timing. At the end of a brainstorming session in a blue hat, you sum up, see what you have achieved, what you can use next. The order of hats may be as follows:

  • White hat — information and facts. What business models are currently being used in the market? What laws affect the market, are there any objective requirements for entering the market (licenses, authorized capital, etc.)? You are trying to understand what information you have, what is missing, and where you can find additional one.
  • Red hat — emotions and intuition. How do you feel about this business idea? Would you like to tackle it? Do you believe that you can realize your ambitions with this business idea?
  • The black hat is a critical judgement. What are the weak points of this idea? What are your limitations, what are you missing for implementing this idea and being successful in this business? What difficulties will you face? What are the disadvantages of this market? What if things do not go the way you intend?
  • The yellow hat is positive thinking. What are your competitive advantages? Why is this idea right for you? How can you use your strengths in it? What opportunities are open to you? Why is this market good?
  • Green hat — creative thinking and search for unusual thoughts and creative solutions. How can you implement this idea faster? What can you do to achieve payback in half the time? Can you adapt this business model to a different market?

The most important rule is not to mix modes of thinking. As long as you are wearing the green hat, you are not filtering out or evaluating your ideas. Using the six hats method, you can either choose a business idea from a list or work deeply on one specific idea. If you work with a list of ideas, the red hat will help you understand what idea you have more heart for, and the green hat will help to think about how to combine good practices from several business models.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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How to Convert Itunes, Amazon and Steam Cards to Naira

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Gift Card - Investors King

As gift cards keep gaining popularity grounds in Nigeria, Amazon, iTunes, and stream cards continue to lead the race as the most popular gift cards. In this article, a detailed but concise study on these gift card types will be given including the platform on which they can all be converted to naira.

iTunes gift cards

 An iTunes gift card is a prepaid money-value card that is used to purchase software Apple products like music, movies, apps, and lots more. It can be purchased easily on Astro Africa.

Amazon gift cards

Amazon gift cards continue to gain popularity because they are not restricted to only Amazon website but can also be redeemed in stores permitted by Amazon. Amazon is the world’s largest e-commerce company, where consumers are can buy/sell a wide variety of products both online and offline. Its gift card can be used to purchase anything on the Amazon website or traded for cash on Astro Africa.

Steam gift cards

Steam is a platform through which video games can be distributed digitally and it was created by Valve. Steam gift cards are usually converted into Steam credit so that players can use those credits to purchase game content. Buy/sell Steam gift cards for cash on Astro Africa at the best rate.

Trade your iTunes, Amazon and steam gift cards on Astro Africa

The best decision you can make with your gift cards now is to convert them to cash on Astro Africa. Astro Africa is not one of those gift cards platforms that offers low exchange rates to its customer.

Better still, Astro Africa makes sure that by the time customers are done trading, they are all smiling home because of the huge amount of profits that they’ve acquired. This is as a result of the fact that Astro Africa sells above 80% of the gift card’s original value when it’s converted to naira. To calculate the current rate of all your gift cards check out Astro Africa gift card rates calculator.

Making a huge profit from trading your gift cards is a tip of the iceberg of what you stand to gain from trading with Astro Africa.

Other features of Astro Africa are listed below.

Instant payment: Trade your iTunes, Amazon, and Steam gift cards on Astro Africa and get paid instantly. No delay in payment at all except in cases of network issues.

Referral bonuses: Immediately you open an account with Astro Africa, you’re given a unique referral code that consists of 10 alphanumeric digits. With the referral code, you can invite your friends and family to come trade with Astro Africa. When they do, you’re given a reward of 500 naira for each referral that trades. Interesting right? Just another way to make money off Astro Africa if you ask me.

To ensure that you’re paid your referral bonuses, make sure whoever you refer fills in your referral code in the referral code column when signing up.

Security: Cybersecurity is a very important feature of any digital platform and Astro Africa understands this. That is why they invested so much in ensuring the website and app is well secured and immune to the wiles of internet hackers. Even more, your card details are 100% protected from rippers.

24/7 customer service: It is through a responsive network of customer support that Astro Africa have been able to build the trust of its customers. Any issue relating to using the platform can be reported via Whatsapp, web, or the app, and a solution is provided immediately by customer service.

User-friendly: Both tech-savvy and non-tech savvy individuals can easily navigate the Astro Africa platform. It is user-friendly and intuitive in its entirety.

The android mobile app can be downloaded from Google PlayStore or visit www.astroafrica.site.

If you want to convert your iTunes, Amazon, and Steam gift cards to naira on Astro Africa, these are the steps to follow.

  1. Log on to www.astroafrica.com or download the android mobile app here.
  2. For existing users, click on log in and fill in your details. For new users, click on sign in and fill in all necessary information.
  3. Click on sell gift cards.
  4. Select the type of card you want to sell.
  5. Select card wallet to credit as NGN and preferred card category.
  6. Input card amount, upload the image of the card and enter image remark.
  7. Click on submit. Immediately your transaction is confirmed, your local currency account will be credited.

Frequently asked questions

Does Astro Africa charge for P2P transfers?

The answer is a straight NO! There are no hidden charges with Astro Africa, only seamless transactions.

What other way can I earn on Astro Africa?

Another way to earn from Astro Africa is through referral bonuses. All you have to do is refer your friends and voila! Astro Africa will pay (500 naira person) you for the number of people you refer. Just imagine referring 10 persons, that is earning 5,000 naira without any hard labor. Amazing right? Login to www.astroafrica.site to get started.

How do I add my bank account on Astro Africa?

  1. Kindly visit the website www.astroafrica.com or download the mobile app here.
  2. Login to your account.
  3. Click on add account/Momo
  4. Scroll down to select the account type.
  5. Fill in bank details and then click on save.

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Should You Consider Alternative Investments?

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Foreign investment inflow

 There’s no doubt that the coronavirus caused a seismic shock to the world’s financial markets, with the stock markets experiencing several peaks and troughs through 2020 and the first half of this year.

Even fixed-income bonds saw their value decline over the course of the last 18 months or so, creating a rising demand for so-called “alternative investments” across a wide range of asset classes.

But what are the most common types of alternative assets, and which options are right for you? Let’s find out!

  1. Private Equity

We’ll start with private equity, which is a relatively diverse and broad category that refers to a capital investment made into privately listed commercial entities.

Similarly, it may include businesses that aren’t currently listed on a public exchange like the FTSE 100 or the New York Stock Exchange, while there are several subsets included within this category.

Venture capital focuses on startup, small cap and early stage ventures, for example, while growth capital investments enables more mature companies to expand and restructure over time.

Often, the viability of this investment vehicle is determined by the relationship between the investor firm and the recipient of capital, while it’s important to select a subset that suits your risk profile and existing capital holdings.

  1. Real Estate

Real estate represents a long-term and tangible investment option, and one that can be leveraged in numerous ways in the current marketplace.

From a broader perspective, there are multiple assets that may be included within this investment subset, including land, farmland and even intellectual property such as artwork.

This creates a diverse range of investment options, with real estate arguably serving as one of the most lucrative and generative entities within this subset.

Not only is real estate one of the largest alternative investments by the measure of value, but it’s also similar to fixed-income products like bonds. This is because property owners can leverage their assets to secure currency cash flow in the form of rental yields, rather than simply buying homes and preparing them for resale.

  1. Commodities

Commodities remain the most popular and well-known type of alternative investment, and one that’s often leveraged by traders when they receive a free trading bonus as part of their new account.

Commodities are certainly a diverse and accessible asset class, which includes options such as natural resources (like gas, coal and oil), precious metals, iron ore and agricultural produce.

Commodities can either be held as tangible assets or as derivatives, while they’re widely utilised by experienced investors as a viable hedge against inflation. This is because they’re not that sensitive to public equity markets, making them a key component of any truly diversified portfolio.

However, commodities are slightly volatile and at the mercy of the basic principles of supply and demand, leading to higher potential profits and losses depending on how the market in question performs.

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The Rise of Smartphones in Nigeria

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Social media - Investors King

Nigeria is the country with the largest economy and population in Africa. Its population is primarily young and as is repeated the world over, it is that demographic which drives forward the uptake of technology. Mobile phone user numbers are around some 170 million people. Yet, when we talk about smartphones, the numbers drop to about a third to some 56 million.

However, those numbers are expected to improve in the near future. Some specialists and commentators expect there to be some 76 million users by 2023 if the uptake continues its upward curve. By 2025, projected numbers will in all probability reach some 140 million. What could be the impact of such growth, allied with the deployment of 5G technology?

Doors Opened by Technology

A smartphone never comes alone – it has a ‘symbiotic’ relationship with the tech which enables connectivity to the outside world. With the rise of mobile devices also comes the increase in mobile internet usage. According to recent research, mobile broadband penetration directly impacts the country’s economy. A mere 10% increase in internet coverage can increase a country’s GDP up to 2.8%. Between users placing a bet online to e-commerce, online shopping and streaming series as well as using mobile devices for work, many people now spend most of their time online via their mobile devices.

Nigeria is a perfect place for internet entrepreneurship, primarily as a result of its young demographics and rising smartphone ownership. The device is often used for job search, researching supply chains and putting new businesses online. Mobile gambling is also very popular in the country. Nigerians can bet on online casinos and sportsbooks quite legally, either on platforms based in the country or abroad. In fact, Nigerians spend over 730 billion annually.

Political Impacts

Smartphones and mobile internet have been playing a vital role in demonstrations worldwide. Protestors, armed with their phones, could live stream the events. There are abundant records of police brutality and vandalism. The Arab Spring or Euro Maidan are recent examples of this usage.

In Nigeria, movements like #ENDSARS, #occupynigeria, and #Stoprobbingus were made possible via mobile internet. During the 2019 elections, message apps like WhatsApp were used as means to spread political agenda.

5G Deployment5G - Investors King

Nigeria was the first country to start the trials for the implementation of 5G technology. Still, it wasn’t the first to put it in place: South Africa and Kenya came first. The 5G internet has enormous potential. Indeed, many experts believe it will start another industrial revolution. A much faster internet can provide the basis for developing Artificial Intelligence (AI) and the Internet of Things (IoT).

4G was already an impressive improvement over the previous version. Still, 5G connection can be about 100 times faster than 4G. Additionally, 5G has a low latency rate, which means that information travels much faster between devices. Smartphones will play a vital role in the 5G penetration too. Many devices still aren’t ready to support it. Besides, 4G only now took dominance in the country.

Political Roadblocks

5G had to be approved by the Nigerian Senate. The approval came in 2019 after trials conducted by Ericsson and MTN. Yet, a Joint Commission had to be created to dispel fake news and abstruse conspiracy theories. The legal battle was won. The Nigerian Communication Satellite is already relocating one of its satellites.

Conclusion

The growth of smartphone ownership in Nigeria is set to change people’s lives. Better devices and better connectivity impact society not only economically but also politically. The popularization of 5G depends on the popularization of compatible mobile phones.

 

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