5 Things Entrepreneurs Can Learn From Linda Ikeji
All I ever did was supply a demand that was very popular – Al Capone
Today, I will be profiling another blogger. What has that got to do with business or entrepreneurship you ask? A lot, just wait till I bring this round. One of the most popular bloggers in the world today is Linda Ikeji; a Nigerian wordsmith who has scaled all kinds of frontiers. Depending on the source, Linda Ikeji’s net worth is anywhere between $10 – $16 Million and lives in a $6 Million mansion; not bad for a blogger huh? Linda Ikeji blogs mostly about the Nigerian/African entertainment scene with an infusion of political and social commentary. If there is anything Linda loves more than anything else, it is controversy and she courts it at every single turn, consciously or subconsciously.
Now, for all my Non-Nigerian readers, you may be forgiven if you don’t know her or if anything I’ve said about her does not interest you a bit; stick with me though. Linda Ikeji’s business success is one to be envied; trust me, SHE’S A BIG DEAL.
There is a theory in economics about the interaction between the supply of a resource and the demand for that resource – it’s called the law of supply and demand. Basically, the way it works is – if there is low supply and high demand, price will be high. In contrast if there is high supply and low demand, price will be low. Got it? If you think about it deeply, to have a successful business, you just have to either create demand or be ready to supply to demand whenever there is one. The more supply you offer the demand, the more successful (and wealthy) you will be. It’s a simple business principle!
The reason I have brought Linda Ikeji into this is simply because she is incredibly smart with supplying to the demand of her niche market. She is so good at it that for an entertainment blogger, she is arguably one of the most successful ones out there, and I mean globally. As I mentioned earlier, she courts controversy and has been in the spotlight recently, but thinking about it now, this is a master stroke from a master entrepreneur. Like Madonna (who I profiled last week) you need to look beyond the controversies and see the genius of this lady.
Like all true entrepreneurs, she spotted a gap in the market (she has been blogging since 2006) and filled that gap cleverly. She has as many followers as critics but love her or hate her she smiles to the bank EVERYDAY with a bag full of cash just by integrating solid business principles into what she knows how to do best; blogging. With a million twitter followers,she was once listed by Forbes Africa as one of the 20 most influential women in Africa, a feat I believe she didn’t attain by being ‘just a blogger’. So what are her strategies? What can we all learn from Linda Ikeji? Here are 5 things we can all learn from Linda Ikeji:
Tenacity – no point saying too much about this, to succeed as an entrepreneur, you need this; loads of it.
Know your market – and cater to their needs. Lets face it, what is the point of going into business if you can’t supply the needs of your customers.
Know the environment – and adapt to it. Today people might want entertainment news, tomorrow they might want political news. Today they might want white scarves, tomorrow they might want red shirts. You must be ready to respond to the ever-changing environment.
Diversify – you don’t have to stick to one line of business. Use your expertise to break into new markets. Today we have musicians who have turned actors, footballers who have turned real estate agents and even an actor who became President (and Governor) Do yourself a favour, if you have the opportunity to ever try out a different business, DO IT!
Use Social Media – as you can see, Linda Ikeji’s business model is based exclusively around social media. It is a powerful tool that can be used to your advantage. It is not just for catching up with old class mates and following trends, social media can complement your business very effectively. Use it!
From one blogger to another, I give this woman a lot of respect for all she has done in blogging. As an entrepreneur, I am in awe of her business acumen. People like this remain relevant for a very long time, because they just get it.