Every industry has a cycle, emerging, advancing, and declining. If you don’t study the cycle of your industry before entering, you set yourself up for failure.

You can make money in the first year, but if you’re in a declining sector, your success will not last. Strategy, energy, and even massive funding won’t save you.

Think of print newspapers. Imagine you had an uncle as Vice President of America, and with his influence, you secured $20 billion to build a newspaper empire. You would still fail. Why? Because the industry has already declined. Readers have moved online.

This is why industry awareness is more important than capital. You don’t just ask, “Can I start?” You ask, “What season is this industry in?”

Dr. Smith Ezenagu is the Chairman of Esso Group, a diversified conglomerate shaping real estate, finance, education, and media. Dr. Smith Ezenagu is recognized as a real estate & investment mogul, life coach, and private equity expert. He leads Esso Group and its subsidiaries: Esso Properties (awarded Nigeria’s Most Innovative Real Estate Company in 2024 and recognized as the best real estate company in Nigeria), Esso School of Enterprise (the leading institution equipping entrepreneurs), and Esso Capital (delivering smart, trusted financial solutions across Nigeria).