Nigerian entrepreneur Ndidi Nunley delivered some powerful and insightful pieces on this topic yesterday.How to launch a successful startup?.
He was a speaker at the Future Forward 2.0 Technology Expo organized by Zenith Bank in Lagos, Nigeria.
According to him, below are important things you should know and questions you should ask yourself before starting that business:
Your business plan
- What is your “why” for doing this business?
- Is your business model unique?
- What is your plan A, B and C?
- What business are you starting?
- It’s easy to get started, but think about scaling once you get started.
- Business should be demand oriented. It’s not about what you want, it’s about what people are willing to pay for.
- It should use technology, data and innovation and it should shape the ecosystem
- What policies affect it? For example, Gokada was affected by the Okada ban.
- Is it affordable?
- Are your products or services expensive and can you justify the cost?
- How does it adapt to change?
- An example is Twiga in Kenya, which raised almost $90 million, and their business model was simple – connect those who sell bananas, apples, etc. to farmers. They are now planning to expand to the rest of Africa.
- You must be ready for a redesign.
your team
- Beyond the team you put on the ground, you need real partners you can trust, have integrity, and share your vision.
- The skills of your team members should complement each other
- When it comes to leadership, you have to demonstrate your credibility. It is also very important to have a board because no one pays for a one man team.
- Invest in governance – have an advisory board or board of directors.
Your brand name
How do you tell your brand story and how is it reflected in your business name, logo, tagline, marketing strategy, etc.?
One example is HelloTractor, which the founders call the “Uber of tractors”. The business has an impressive marketing strategy and is now present in India, Rest of Africa, Asia etc.
Business continuity
- How is your land money spent?
- Do you have a good credit history?
- Are you a presence on the scene and not just some numbers on paper, for example 500 million users, views, subscribers, etc.?
- What is your exit strategy?
- Do you know the policy governing your business?
- How do you shape the policies governing your business?
- Who are your opponents and heroes?
- How do you turn your opponents into champions?
- How do you build financial resilience?
- Be prepared to roll up your sleeves and get the job done.
- Have a six-month buffer for your business. That is, if your business is not yet profitable, do you have anything to live on then?
- Make a scenario plan and emergency plan.
- Avoid ads because it is not stable.
- Invest in impact, not story
- Commit to building your startup.
Finally, he noted that running a startup can be lonely. But having a support system can be helpful. Also, it is important to stay humble in order to rise. Finally, we have to build a country that will survive in the future.
About Ndidi Nwuneli
Ndidi is the CEO of Sahel Agriculture and Nutrition Consultancy, founder of Leap Africa, Sahel Capita and other entrepreneurial ventures.
He is an expert in African agriculture and nutrition, philanthropy and social innovation and has over 25 years of international development experience. He is also a well-known serial entrepreneur, author, public speaker and consultant.
