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How can people sucesfully ranch in Nigeria with all the insecurity

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There is no doubt that we increasingly live in a world of rapid change – pandemics, social change, technology, globalization, political change, etc. This is why I think it has become important for business owners to pay attention to the external forces impacting your business. For example, if you have concerns about ranching in Nigeria, you should be networking with other ranchers so that you can collectively share knowledge and deal with uncertainty.

I also think you can be analytical about this when it comes to planning. For example, at least once a year do an environmental scan of the business landscape. Take a hard look at forces impacting the business such as social trends, technology, climate change, etc. You can use certain models such as PEST to help facilitate this process >

https://www.storyboardthat.com/articles/b/pest-analysis

A more extensive and expanded environmental scan model is referred to as SPECTACLES >

Social – Social trends such as demographic shifts

Political – Influence from the political process and structure

Economic – Economic factors such as interest rates, demand, and general economic conditions

Cultural – Interaction of cultural issues and the business

Technology – Impact of technology such as mobile devices, internet, blockchain, and other applications

Aesthetics – Impact of aesthetic issues such as appearances, image, relations with others, and effectiveness of communication

Customer – Customer demands, requirements, trends and behavior.

Legal – Laws, safety, liability, employment regulations and other mandates.

Environmental – Impacts on the natural environment such as land, water, and air which have become more important due to climate change

Sectors – Competitive sectors, market segments, branding, and co-operations with other sectors.

Regardless of how you want to deal with risk and uncertainty, I would encourage all business owners to pay attention to outside forces and do some planning at least once a year. As a minimum, do a SWOT (Strengths Weaknesses Opportunities Threats). SWOT is by far the most popular analytical model for planning and every business owner should go through this exercise once a year for the upcoming year. How to Do a SWOT > https://youtu.be/I_6AVRGLXGA | https://youtu.be/F61jgtEZLsA

Report Matt's answer

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Eric hi. An entrepreneur will always face risks and uncertainties. A good way to manage these factors is to make well-researched decisions. It is also very positive to previously identify risky aspects (internal and external), create prevention plans, seek advice from specialists (tax, legal, business), have a good accounting system, be well informed, practice flexibility, learn from one's own past and from others, accept environments of change, be ready for complex scenarios, trust your intuition, etc. I wish you the best.

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