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Diaspora Matters

How to Identify Business Opportunities

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This is a general guide to help you identify business opportunities in your area and not just Harare. As ZBIN we believe that everyone should be skilled in business opportunity identification.

Opportunity recognition means to look at the same situation that everyone else does yet anticipate and predict something different. It is the ability to see new angles, new opportunities, and new ways of doing things, it is about exceeding the limits and go outside the box and think in non-traditional way.

I will try and use Zimbabwe specific guidance and hopefully at the end of the day you will grasp 1 or 2 tips for your own benefit.

Compare and Contrast: Did you read my post about business opportunities at High Glen Shopping Centre? The simple task that I was using is common sense comparing and contrasting using High Glen versus other shopping malls such as Westgate, Long Chen, Sam Levy, Bulawayo Centre and shopping malls from other countries. So one can easily do an analysis and ask why certain activities do not exist at a particular place. Read my article about a music shop at Harare International Airport and see my simple analysis.

Break the monopoly: In every business sector, there is room for more players. You must use your imagination to find how you can break monopolies. Take for instance ZESA; you can enter the Electricity market by introducing solar products, by introducing wind energy.

Knowledge gaps: Are people in an area knowledgeable? Is there a gap in terms of knowledge? Take for example ZBIN, we realised that there was no Zimbabwean Facebook page that promotes business discussions. Most if not all pages on Facebook cater for adverts and not business discussions. We therefore opened a page that helped to promote business idea sharing and discussions. You may have seen us championing the investment by Zimbabweans in Mozambique-reason? No one is talking about Mozambique in terms of business. The current knowledge of Mozambique by Zimbabweans is that it is a war ravaged and poor country where no opportunities exist. As a group we toured the country and discovered opportunities that exist in the country that are being grabbed by other foreign nationals. So the gap in knowledge has enabled us to create opportunities in Mozambique for Zimbabweans.

New Developments: Perhaps the simplest business identification skill. Kungonzwa kuti kune zvinhu zvirikuuya then you should shout Opportunity! New policies,new strategies, new measures etc. Take for example the SI 64 instrument on banning specific imports into the country; whilst the rest of the country was country was seeing gloom and doom, some were busy strategizing on how best to benefit. OK Stores recently showed a 90% jump in profits in their recent financial statements and this is largely due to factors such as SI 64 and even the liquidity challenges. So a new suburb, a new school, a new church, a new currency, a new website like ZBIN, a new manager at your company-they all represent opportunities. Be careful though in the use of this strategy because it is extremely risky

Common Problems: What are people complaining about? Is it customer service? A good example is the current air pollution in Harare caused by burning at Pomona Dumpsite. We already have companies that are advertising face masks to Hararians…Aaah ichi chakanyanya ichi lol. So just list problems that people are facing and in trying to solve them ndipo unowana opportunities. Water problems in Harare has resulted in new companies being formed to help ease the problem. The shortage of Government Schools has opened new avenues for some to open private colleges.

Automate It: This needs a whole page to explain; maybe I should cover it as a separate post. If a process is in manual form, then automate it. If you are a lawyer and you file client files manually, you are not able to access client files when out of time. To solve your problem-automate your filing system and in so doing develop new innovative systems that you can sell to others. At this school where my kid goes we no longer receive newsletters. Last week they introduced an App where you get all updates about school activities, updates about what your kid is doing-homework,sports and online feedback from teachers and other school authorities. Allow me to write a detailed post about disruptive technology next week.

Lifestyle Trend Analysis: Closely related to ‘new developments’ this allows you to have a closer look at any community and finding out latest lifestyle trends. For instance Hararians love to flock to Pentecostal Churches, Hararians love to braai meat, Hararians are now mobile with a lot of cars in the city. The youth love social media. You can even compare and contrast with neighbouring countries and in so doing, identify business opportunities.

Franchising: Here is one for the lazy types, just look at franchising websites and find out the list of business for franchise, look at all categories and new ones. Have a look at businesses for sale and find out why? Easy way to identify business opportunities.

Move a gear up: So you tell your workmates that you want to invest in baking cakes-what are they going to say? Iwe woda kunyura manje,zvawandirwa izvi-hazvisisina mari izvi. What should be your response? Well I will be baking cakes yes, but iam thinking of moving a gear up. I have realised that no one is teaching folks who are into baking the business side of baking. I have realised that there are few networks of baking professionals? I have realised that there are no Apps on baking in Harare?

So if you start teaching others how to bake then you have moved a gear up, you have entered new territory, if you form a network of baking professionals, then watosimuka. If its Kombi business and you start managing kombis on behalf of others then you have moved a gear up. Allow me to reproduce an article on moving to the next level next week.

So enough for now. I will refine the guidance and give it to the group that will be touring Mozambique in December.

 

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Diaspora Matters

Online Forex Trading Fraudsters in Zim

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Our group is the first to champion Online Forex Trading in Zimbabwe. We provided the platform for free sharing of information and resources on Online Forex Trading in from October 2015. In June 2016 we created a Watsapp Platform for the group where we added more than 200 members.

During the year we later on established  that we had added a lot of people who were not really interested in Online Forex Trading but members who were only interested in hoodwinking unsuspecting members. We had members who were advertising Binary Trading and other Ponzi Schemes. We tried our best to weed out these unscrupulous elements and warning group members of the dangers of working with them.

How Online Forex Trading Fraudsters Work.

Just  like the now defunct MMM, Some so called Online Forex Traders open Whatsapp Groups where they recruit unsuspecting members of the public. They will promise to invest money on behalf of members with the promise of high returns. In the initial stages they usually deliver on these promises with interest rates as high as 100%. After investing several times,   the scheme will collapse with members losing thousands of dollars. Members usually realise that they have been conned when they try to contact the Online Forex Trader but not successful in contacting or locating them.

Our Advice to Group Members

Stop investing in any new activities that you are not sure of. Avoid schemes operated by people you do not know. With the collapse of the MMM scheme other new dodgy schemes are cropping up every day. We therefore urge our members to be wary of any new schemes.

For the purpose of this update I will concentrate on these 2 areas only;

  1. Binary Trading: At face value Binary Trading is fine. The only problem comes when one promises members of the public to be an expert trader and takes funds from members for investment.
  2. Online Forex Trading: Jut like Binary Trading it looks good on paper-a complex financial trading scheme where millions of profits are made every trading second, millions also being lost every trading second in this high risk high return industry.
  3. Bitcoin Trading: Little is known by most Zimbabweans of this new form of currency and Bitcoin Traders are promising high returns to anyone joining their schemes. You pay joining fees and get paid for every member that you recruit.

There are other emerging schemes where members of the public are invited promised unrealistic high returns. Our advice is that you should never ever join these schemes. Never wire any money to anyone promising high returns.

If you remember well, sometime in October 2015 we gave members a warning about MMM and in less than 8 months later, the scheme collapsed. As for our ZBIN Online Forex Trading Group Policy, our message is clear. Just learn the basics on dummy account. Our Administrator Lorraine Lembacharu will provide you with free resources, free website links, free videos but we will never allow anyone to take funds from members and invest.

If anyone is taking funds from members of the public and promising  high returns on investment then do Zimbabwe a favour-quickly get contact details of the person and approach the Police. Report to the Police anyone promising unrealistic high returns on funds invested! If you would like to try your hand at Online Forex Trading then do a lot of dummy account practice before going live-never ever give funds to anyone to trade on your behalf!

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