How To Solve The Nigerian Startup Growth Problem: The Way Forward
In the Nigeria startup ecosystem, quality and progressive startup growth have really posed a big problem and it doesn’t mean well for young Nigerian entrepreneurs. As a young and rising entrepreneur in Nigeria, your startup growth will always be the number one priority. I must tell you that the aforementioned problem is not peculiar to only the Nigerian system. Globally, it is not easy for anyone to become an entrepreneur.
You need to let it sink deep in your head so that it will be motivation rather than a discouragement. There are many innovative startups in Nigeria, but the challenge has always been how to gain progressive startup growth. It is very important that you understand your environment very well before starting your startup venture.
Also read: How to source fund for your startup in Nigeria
With good knowledge of the Nigerian environment, you will be in a better position to understand the Nigeria startup ecosystem. This article is written specifically to guide you on the best approach towards enjoying a great startup growth in Nigeria.
There are salient and important issues you must never ignore if you want to scale up your startup efficiently and effectively. Let us consider these important tips on how you can solve the Nigerian startup problem.
How To Solve The Nigerian Startup Growth Problem
To effectively tackle startup growth issues in your business, you need to strictly adhere to the points highlighted below.
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You Must Have A Specified Roadmap
Any business venture that you as the originator cannot see the end from the very beginning is a sign that there is no good plan on the ground. By having a roadmap, you already know where your business is going and how you intend to get there. Before starting your startup here in Nigeria, it is imperative that you conduct quality research.
It is a universal truth that the Nigerian economy is in shambles; you don’t have to compound your problem by working without a roadmap. Believe me; you wouldn’t want to venture into starting a business venture in Nigeria without quality research. Without background knowledge on the Nigeria startup ecosystem, it will be highly improbable for you to have a good startup growth.
When I talk about research, I mean you going out of your contact zone to bring in those who understand the Nigerian market. I am not saying you should spend money on people to get your research done, however, you can do that if you have the financial capacity. In a situation where you cannot afford such, there are lots of Nigerian market reviews online that will be of great help to you.
In any emerging market, the key to success is knowledge and timely execution.
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Raise Adequate Startup Capital
Whether you like it or not, adequate seed equity and debt capital are important criteria for having a quality startup growth in Nigeria. It is always the best for you to avoid venture capitalist and angel investors at this stage in your business. In a situation where you have no alternative, these two (venture capitalists and angel investors) becomes the necessary evil.
Also see: See why your startup will fail after succeeding
You must know that not all money is good money when it comes to scaling your startup. It is important that you ensure the vision of the potential investor in your business aligns completely with yours. Don’t make the mistake of accepting an investment simply because you need the money. If you do that, you will surely sacrifice your startup growth in the future.
The truth is that you need capital, but in excess, it can send your startup in the opposite direction. It is advisable that you bootstrap to survive in the early months to the first year of business. At this time, you must have had a good experience with a better understanding of the Nigeria startup ecosystem.
The truth is that debt capital is very expensive but demands great discipline to manage. Socrates the great Greek philosopher said, “Man know thyself”. If you know you lack the discipline to manage capital dept, please don’t take it.
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Build A Business You Would Want To Use
To have a good and progressive startup growth, you need to be very innovative and enticing as well. Would you use the platform you have built? If your answer is no, then you have got a big problem in your hand. When you can’t make use of your own startup, how do you expect your customers to patronize your business?
There is practically no way you can have a good startup growth with a mediocre product or service to customers. The innovative startups in Nigeria are the ones enjoying quality growth on the average. So, to enjoy good startup growth in your business, you need to be very innovative and carter for the basic needs of your customers.
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Have A Good And Effective Team
Nothing compares to effective teamwork in the business community. For you to enjoy a great startup growth, your team members have a lot to contribute in that regard. Napoleon Hill calls it “the mater mind”. Without capable hands in your team, your business already has a crack; just a matter of time before it all comes crashing down like a pack of cards. In your quest to scale up your startup in Nigeria, it is essential and highly imperative that you get a good team to support your vision.
Also read: How to overcome the challenges of scaling your startup in Nigeria
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Enter Into Strategic Partnership
It is a fact that strong partnerships have the capacity to grow your business in Nigeria. Remember that a bad partnership is worse than no partnership at all. Never get into any partnership that the terms and conditions are shrouded and unclear. In as much as a strategic partnership is indeed needful and helpful, ensure you don’t get into bed with sharks that would swallow up your startup in its infant stage.
Conclusion
Solving the Nigerian startup growth problem can be a real and tough nut to crack, but applying the aforementioned point will greatly improve your chances and scaling your startup to a great height. The Nigeria startup ecosystem is growing on a daily basis, don’t enter into the fray without a well laid out plan because if you do the odd will definitely be against you.
