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Segment:- Price It Right or Lose: Why 90% of African Businesses Fail at Pricing Strategy.
The pricing strategy that's killing African businesses - and the 100% markup rule that could save yours. In this game-changing episode of Konnected Minds, we expose the brutal truth about why businesses fail: they're afraid to charge what they're worth. Our hosts reveal how fear-based pricing is creating a death spiral where entrepreneurs work harder for less money, while those who understand value-based pricing are quietly building empires. The conversation starts with a sobering reality check - most business owners are so terrified of losing customers that they price themselves into poverty. But here's the paradox: you don't have enough customers anyway, so why not price right and use those margins to attract the clients you actually want? We break down the critical difference between low prices and competitive prices, using real-world examples from Glaminate, a premium hair business that commands higher prices by creating an ecosystem of value - from exclusive "glam cards" to personalized tutorials and community belonging.
Essential frameworks revealed:
• The Excel sheet system for calculating true cost with multiple vendors
• Why you must value your time like an hourly employee - then add profit on top
• The end-to-beginning pricing strategy vs. the failing beginning-to-end approach
• How to avoid becoming a commodity by ignoring competitor pricing
• The 100% markup rule that ensures profitability from day one
• Why "impact without profit is frustration" - and how to optimize for both We challenge the commodity trap where businesses look at competitors' prices and automatically go lower, creating a race to the bottom nobody wins. Instead, we demonstrate how working backwards from your desired profit - say 100,000 cedis per month - forces you to price strategically rather than hopefully.
The episode reaches its crescendo with practical advice for the 50,000+ young Ghanaians finishing national service. Forget the job search - leverage your greatest asset: time. We reveal how volunteering, personal branding, and online content creation (even sharing simple recipes) can generate income while others queue for interviews.
The hosts emphasize that entrepreneurship isn't just about brick-and-mortar shops anymore - it's a different board game with different rules. This isn't another lecture about believing in yourself - it's a tactical breakdown of how to price for profit, not survival, in markets where most businesses are one bad month away from closure.
Published on 11 hours ago