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Who Is  A Consumer And Why Does A Consumer Need Protection?

Who Is A Consumer And Why Does A Consumer Need Protection?

What is a market? A market is where buyers and sellers come together to engage in business. Sellers seek money from sales, consumers wish to buy something they want or need. The situation suits both parties, as long as they both gain from the exchange.

Buyers want to buy products at the best price possible. However, in order to stay in business, retailers must ensure that they make a profit by selling products at a price which covers all costs and provides a profit for risk taking and future development. Costs include the price at which the product was purchased, staff costs, store operation costs, delivery and other overheads. Buyers have a right to expect that the goods are safe, properly described, priced correctly and will continue to work for a reasonable period of time.

Who is a consumer? A consumer is defined as someone who acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing.

Consumer interests can also be protected by promoting competition in the markets which directly and indirectly serve consumers, consistent with economic efficiency.

Who Is A Consumer And Why Does A Consumer Need Protection?Consumer protection is a group of laws and organizations designed to ensure the rights of consumers as well as fair trade, competition and accurate information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors. They may also provide additional protection for those most vulnerable in society. Consumer protection laws are a form of government regulation, which aim to protect the rights of consumers. For example, a government may require businesses to disclose detailed information about products—particularly in areas where safety or public health is an issue, such as food. Consumer protection is linked to the idea of consumer rights, and to the formation of consumer organizations, which help consumers make better choices in the marketplace and get help with consumer complaints.
Various countries have agencies created by an act of law to protect the consumers. 
The consumers protection body set up by the Federal Government of Nigeria by law is the Nigerians’s Consumers Protection Council and the head of this body is Mrs Dupe Atoki.
In order to control the market, the government has introduced a number of laws giving customers rights about the quality of the goods they buy. It has created criminal offences if sellers mis-describe, charge the wrong price or sell unsafe products. It is therefore important that customers know their rights and feel free to make necessary complaints to the right body if any of these rights is violated.
Finding Good Mentors While Starting A Business

Finding Good Mentors While Starting A Business

An important question that remains impressively unanswered is ‘How Do You Find A Mentor?’  Some believe that the relationship and guidance that a mentor provides is paramount to one’s success in all activities. Therefore, the first place to look for a Mentor is your area, So, what happens if all the mentors in one’s area are not worthy to be tagged mentor, hence this leads to the question.

Question: How Do You Go About Finding A Mentor In Your Area When They Are not Any Available In Your Area?

Karthic Gurnani 

Answer: I find it hard to believe that mentors aren’t available in your area — they are everywhere. There may not be a specific organization for mentor matching in your area, so you may need to do a little poking around.

Take a look at friends and family. My father ran a successful small business after a career in corporate America. When I decided to leave my job at Dell to be an entrepreneur, I started having a lot of business conversations with my dad. I also turned to friends and bounced ideas off of them on a regular basis. It was great to get their feedback, as they are successful in their own right, know me well and give great advice.

Good mentors are not paid. If you have to compensate mentors then they are not mentors, they are consultants.

Mentors do it for one of the following reasons
1) They know you and want to help.
2) They like helping startups because they have gone through this before.
3) They like the problem you are trying to solve

If you can find such a mentor, you are well on your way to find a good mentor.

When the startup is doing well, you as founder may choose to compensate the mentor in some form. However the mentor never expects nor demands any compensation.

Do you agree with Gurnani?


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