Yes. Thanks.
41 replies and nobody has said “Nigeria” or “NEPA”. I’m disappointed in you guys
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As it is typical of @Jason_Igwe_Njoku on his blog, the odds is against you dying. 
Here are 9 mistakes that lead startups to early grave. (And they are avoidable too)
Remember the phrase? “It goes without saying”
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It’s being an insightful read!
How can one ensure he/she learns what is needed from a failed venture?
Learn enough to want to continue innovating & not cower back into … God knows where.
This is so hilarious… But in reality, it is the truth.
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This is a topic I did extensive research on some time ago and later capped it this year. The most widely accepted reasons were presented by Bill Gross in this Ted talk in 2015 and he gave the number one reason as “Timing” which others have already alluded to (@Ogunleye_Damilare, @iaboyeji, @Okaychukwu).
@mark, “Team and execution” came in second while the “Idea” came in third. Unless you are not talking about disruption.
However, Bill Gross made it look like “timing” was something beyond the control of the entrepreneur and I wasn’t satisfied. So I probed further. Two months ago, I saw this Harvard Business Review article by Ron Adner: "Disruption: It’s Not the Tech, It’s the Timing " which was actually a review of his book “The Wide Lens” and that was one of the single most insightful reading I had last year. It puts control into the hands of the entrepreneur with regards to what to do if “it’s not the right time.”
When we analysed our startup with his framework, we realized it fell into the “Illusion of Resilience” quadrant given the economic recession we are now and it gave us the understanding on how to commit resources while waiting for a possible “disruptive time” without burning out prematurely (in the context of persistence, @MikeOck).
PS: (If there’s anyone that knows a Book Shop where I can get a hard copy of the book “The Wide Lens”, kindly let me know, I’ll be grateful.)
[quote=“niyi, post:7, topic:8144”]
because you focused on selling a nice-to-have to students, over-squeezed SMEs, IDPs or some other penny-pinching, economically under-attack demographic. and [quote=“niyi, post:7, topic:8144”]
a runway shorter than Bigiano’s career.
Very good points Niyi !
That’s because a start up can die even where there is 24/7 power and there are no Nigeria issues Sir.
Anyone that plans a business in Nigeria and doesn’t plan for electricity challenges or ‘Nigeria’ issues is not serious.This is so obvious. If you can’t address these don’t start.
Thanks, Mark. Great point. I was part of a start up that died because pride wouldn’t let us founders pivot to down market and possibly more lucrative customers and products. We spent all our time chasing government and blue chips who would rather deal with more established consulting brands
My start up died because
1.) We lost our souls and started doing anything to bring revenue.
2.) Trust. One partner cut separate deals with our clients & ran with our money.
3.) Differing life goals. Stuff happens. Life happens. We move on.
My “Philoshophy” on starting up a start up
1.) Start small, run as lean as possible for as long as possible, don’t scale until abso-fucking-lutely necessary. Oh and if you can, run alone.
2.) If the business requires a core skillset you can’t learn (in my case, i am a designer with zero marketing & people skills), get someone who’s got it. (in my case, i partnered with a runner.)
3.) In the event of a partnership, keep the exact number at 2. Anything more than that is pure chaos. You can have stakeholders, shareholders, directors and whatever, but decision making & executive powers must revolve and remain between the two of you.
4.) Stick to your core at all times but when the facts change, be ready to pivot. Pick a singular core value or promise and stick with it. Don’t be a entrepren-ho’.
5.) Be clinically surgical with your detachments. When it’s time to leave, fucking leave. When it’s time to fire someone, fucking fire them. Taking the hardest choices are important for continuity.
That’s it
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issa joke, sir
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“Home Trouble”
“Home Trouble”
I am not trying to be funny. It all starts from the home.
While preparing for my ICAN exams. I realized that most people who slept in the training school and endured hardship failed. Most of those who had cars, good relationships and comfortable homes, passed. They even won most of the ICAN prizes.
I have done a little study in my short life to realize that the most successful people in life go to a great extent to ensure there is stability in their personal lives. Even if it means just using grey t-shirts and nothing else. They simplify this aspect of their life so much so that they don’t get distracted. Very successful startup people do not attend every parapo meeting with family members. They don’t fear that uncle in the village with one eye. They have no time.
I looked once and also found that most of the major founders were either Atheists or Agnostic. They do not see communal religion as an efficient exercise in the allocation of time. Gates actually said that.
Distractions from home can kill your startup. Sometimes is best to marry early or remain unmarried for a very long time. Some like Elon Musk just divorce them and focus.
While we are looking at all those business and tech factors, we forget that startups are fundamentally powered by people. The less emotional distress they are in, the more productive and focused they are. A lot of conflict in the office can even be traced to home tensions. Ask Ben Horowitz about it and he will tell you the hard things about avoiding divorce and staying happy.
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You also more than anything else need to understand yourself. Know your limits and know what can push you beyond them.
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