Are You Considering Expanding Your Business in Energy Market in Tanzania? Support Your Decisions With Data.
When you expand your business in the energy sector, you invest time, energy, and money. You make that investment with an expectation that you will achieve specific desired results. More revenues, bigger profits, and new customers. For example
Shareholders of the company want to expand their business by starting a profitable wholesale petroleum distribution in Tanzania.
An entrepreneur operating a profitable and popular petrol station opens a second location, expecting it will also be popular and profitable.
Entrepreneurs are operating a successful oil and gas service company in a foreign country and expanding in Tanzania, expecting to win a bid and attract many clients.
A successful training company in Egypt open a training center in Tanzania, expecting to get many participants for their training programs.
So when actual results from an investment are less or opposite of the expected results, that is what we call project failure.
The simple truth is that most entrepreneurs expanding in the industry make major business decisions based on their thought and opinion of others or insufficient data. Only to find out they have fallen in to trap of spending time, money, and effort in developing opportunities where they have little chance of success.
Data Beat Opinion
The oil and gas energy industry operates in precisions, so data are key to success. If you want to expand your business in the energy industry, support your business decisions with data.
Collect Your Own Data
Never make business decisions based on an internal perspective.Don’t rely on experts’ opinions. If you take expert thoughts, ensure his opinion is supported with sufficient and reliable data. Collecting your data on market size, future demand for products, regulatory requirements, and how much money you expect to earn per month to ensure successful operation. And these data must be fresh, reliable, and trustworthy.
