Being the most populous black Nation in the world has put us in an advantaged position. With our human capital, the possibilities for us are endless. Technology has made life very easy but it has also made it challenging in the sense that businesses now have a level playing ground for success. Startups however, have made it more interesting, everyday people innovate new ways of solving problems and create new technologies. We as a nation need to be part of this global revolution; we need as many entrepreneurs out there providing turnkey solutions to the benefit of humanity and the environment. I have compiled some of the best ways all aspiring entrepreneurs can use as a guide in starting a startup in this country.
Choose an Idea that is important
The best startup ideas are those that solve problems. Ask yourself what is missing in your environment, your community or state. After you’ve brainstorm and come up with the perfect idea, build it. The feeling of doing something important will drive you to incredible heights in realizing your idea. When you have something you can spend a decade or a lifetime doing, you know you’re on the right track. There is no better form of motivation than having a sense that you are investing your blood, sweat, and toil into something important, and that even if you fail at least you failed doing something that was important.
Choose the right people
Many companies fail because the founders are not careful and selective in choosing the people they associate or partner with. In building a successful and reputable company you need people but not everybody. From your co-founder to your investors, you must work with those who understand and believe in the same things you do. Having the right people surround you will ultimately translate into building a successful business. On the contrary, people who don’t share the same values with you and don’t understand vision of your venture will end up sabotaging your efforts. You must choose wisely in order to avoid unnecessary setbacks and conflicts.
What customers want
In nearly most failed startups, the actual problem was that customers didn’t like the product. While many failed startups listed running out of funds as a major cause. It is in fact only the immediate cause. Why couldn’t they get more funding? Probably because they had a bad product, or the idea never really seemed likely to be successful, or both. It is imperative that your product is useful and meaningful to the end user. That way, you make him keep coming back to you. The only way businesses survive is through patronage, make it a target to increase your patronage. You can only do that by giving out a very good product or service.
Raising the capital
Unlike other businesses, startups have a very different method of financing. Although most startups begin with the owners investment. A lot of others look to investors to accelerate their growth. Startup investment comes in different stages. First is the seed capital mostly used for development and research. Second is Angel investment which usually acquired from wealthy people who could be family or friends. Then there is the venture capital financing which is a series or rounds of funding that a new venture gets in order to assist the overall mission and objective of the company. The best way to get funding quickly and easily is to have a written and constructed business plan, as no investor will simply take the word of mouth. If you already have a product in the market, you are more likely to get venture capitalists that are willing to negotiate with you over the ownership or return on investments in exchange for their money.
This article was originally posted on www.thenortherner.com.ng
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