The world is now, no doubt a tiny room
With the advent and gradual development of Information and Communication Technologies, the world continues to shrink from its generally accepted status of a global village to that of tiny room. This is due to the undeniable fact that the entire human, commercial and economic endeavors be it small, medium or large scale being digital, the ease with which affairs are now conducted is very much astounding.
From the general look of things, one of the surest and fastest ways that one can leverage one’s business – be it in the area of manufacture or services – is to extend operations to other communities or countries and this can be simply defined as services export - an opportunity yet to be tapped not only by Nigerian entrepreneurs but also by their counterparts in the majority of the countries in Africa and in deed the developing nations of Asia and Latin America.
Services export can be likened to the sale and delivery of an intangible product, called a service between producers and their consumers that are based in different countries or if one likes, can be called international trade in services. It goes without saying that services, although invisible, play a very credible role to facilitate all aspects of entrepreneurial endeavor. Infrastructural services like transportation, communication and finance lend the necessary support for any type of business to flourish. In the same regard as well, educational, health and recreational services can influence the quality of labor available to corporate organizations. In the same vein, professional services offer their specialized expertise to heighten firms competition in the market place.
A very interesting point is that services make up a the major part of world economies including the developing countries ranging from 39% of gross domestic production in Nigeria to 89% in Hong Kong. It is also noteworthy that services industries now increase in importance in the developing countries as can proved by the records of the International Trade Centre that by 2050, 80% of the workforce worldwide will be working through this process.
For one to succeed as a service exporter, the entrepreneur must have a niche for products or services that differentiate the individual or business from others . Since services cannot be inspected before purchase, clients have to depend on referrals and endorsements from the suppliers. The most important key in this regard is to create credibility for the growth and development of the effort. Service firms can secure international repute through membership of international professional bodies or enlistment in international directories.
For one to be successful in service export, the target market must be seriously evaluated , carry out the necessary feasibility studies with the assurance for adequate demand for the effort. There is also the need to identify one’s strengths and challenges and then consider to adapt to the local environment. After setting up the necessary information. communication and technology facilities, service firms should be able to operate with a dispersed telecommuting workforce to allow for jobs to be created and sustained in the remote areas and by this, pressure on the urban areas will be reduced . After all said and done, high quality services should make goods and services exports not only more competitive but also quite challenging.