Simple, crisp and pragmatic. These were the reviews from participants of the third session of Cytonn eHub Season 2, following Mr. Edwin Dande’s 2-hour mentorship session on Identifying a business opportunity and developing a business strategy.
Mr. Dande condensed the session by posing 3 crucial questions:
- Why start a business?
- How do you identify a problem?
- How do you compete?
He tasked the participants into coming up with responses to the 3 questions while reflecting on their businesses and whether they had what it takes to ensure the survival of their businesses.
Participants of Cytonn eHub Season 2 pause for a group photo after the training with Cytonn Investments’ Managing Partner & CEO Mr. Edwin Dande (extreme right).
“It is important to understand that 90% of start-ups fail because they venture into business for the money,” he reiterated to a thoughtful audience. “Successful businesses begin either because they are trying to solve a problem in society or because they are trying to fill a gap in the market,” he added.
The participants were challenged to identify what problem their businesses are trying to solve, before developing effective strategies.
Trizah Ngugi shares her key take-outs during the Book Reading session.
While largely utilizing a discussion model of presentation, Mr. Dande stressed the importance of research in identifying existing gaps in the market, then developing a strategy that ensures that products and services offered are able to compete and surpass what is already available in the market.