1k001:



So to all entrepreneurs, resist the urge to be everything for everybody. Start small and do things that don't scale.

thanks and noted

eliok:
great post . i love ur path. same path i wil follow. just registrd my company.
kick off 4 biz soon. hope all would be entrepreneur know s it all about knowledge. i was thinking people will assist me until i discovered that i need to know most aspects. the reason is that even if you employ someone, you dont want to be told stories. you want to know exactly what you want and are paying for.

Thanks for reading and commenting. Learning is the most important thing as you've pointed out. When you can display some knowledge and expertise, people will trust and support you more.

I looked at the link in you signature, presumably for your upcoming business. You need to set up a landing page to harvest contact details ASAP. You don't want to lose any potential leads. Will also help you do some customer discovery and value proposition validation.

gurusmac4:
@ OP which site or books will you recommend us to read/visit that will help us in our hustle to success

If you read through my posts, p.articularly the initial ones, i recommend a few books and online resources. You would want to learn generally about business, finance, technology and your own particular sector.

Also learn to ask yourself questions and then go find the answer. These questions often come when you read something and don't understand. Make google your friend.

To get you started i will say go read around the following statement: Free is not a business model, a viable business always has LTV>CAC.

More Setbacks, some positives, looking for staff

The last few weeks has brought with it more twists. In January we started with a team of 3 and an office in Nigeria. As of today we have a team of zero and no office. Basically the team has been shut down thanks to all the disappointment by people. We've also lost quite a bit of cash in the process. I don't understand people. They say things are difficult in Nigeria but yet when they get a golden opportunity they sabotage it. How is it that i'm hungrier for success despite the comfort and success I've already attained while people who haven't gained any success really can't dedicate themselves to providing results.

We have unfortunately incentivized the wrong kind of behaviors in our country. As such people don't know how and don't want to work. This is a disaster trip we're on if we continue like this.

Anyway, the strange thing in all of this is i'm even more excited and determined to become a success. My skin is fully in the game, i've lost personal cash so i'm going all in. Perhaps my determination comes from my strong belief in the need for and potential of what i'm doing. Over the last few weeks, we've seen users grow by an average of over 100% week on week. Also have a few things in the works to improve user acquisition, retention and engagement.

We will likely be recruiting over the next few months so if you know anyone in Lagos or Abuja who is enterprising, self starting and loves learning, send them my way.

1k001:
More Setbacks, some positives, looking for staff

The last few weeks has brought with it more twists. In January we started with a team of 3 and an office in Nigeria. As of today we have a team of zero and no office. Basically the team has been shut down thanks to all the disappointment by people. We've also lost quite a bit of cash in the process. I don't understand people. They say things are difficult in Nigeria but yet when they get a golden opportunity they sabotage it. How is it that i'm hungrier for success despite the comfort and success I've already attained while people who haven't gained any success really can't dedicate themselves to providing results.

We have unfortunately incentivized the wrong kind of behaviors in our country. As such people don't know how and don't want to work. This is a disaster trip we're on if we continue like this.

Anyway, the strange thing in all of this is i'm even more excited and determined to become a success. My skin is fully in the game, i've lost personal cash so i'm going all in. Perhaps my determination comes from my strong belief in the need for and potential of what i'm doing. Over the last few weeks, we've seen users grow by an average of over 100% week on week. Also have a few things in the works to improve user acquisition, retention and engagement.

We will likely be recruiting over the next few months so if you know anyone in Lagos or Abuja who is enterprising, self starting and loves learning, send them my way.

Op, i have been a quiet follower of your thread and am quite impressed. However you have made some errors in your journey so far which i must point out maybe when i return from church. Till then keep faith.

databoy247:

Op, i have been a quiet follower of your thread and am quite impressed. However you have made some errors in your journey so far which i must point out maybe when i return from church. Till then keep faith.

Thanks man. Yes i've made several errors, all part of the learning process. Won't be repeating any of the errors hopefully. Keen to hear what errors you've observed.

1k001:

Thanks man. Yes i've made several errors, all part of the learning process. Won't be repeating any of the errors hopefully. Keen to hear what errors you've observed.

I hope am able to hit the points i observed.

What am going to do is to point out your errors based on my little knowledge and personal experience. I really dont know what product you are selling, but so far you are not making it interesting by not mentioning your product which i believe you are doing on purpose. You have done all necessary legal registration so i believe you should try to announce your stuff on every single avenue you come across (including here).

Your mistakes;
1. I dont seem to remember vividly, so let me assume you reside in the US. Methods of company launch and start-up processes differs between countries. The way it's done in the US and other 1st class countries has a pattern, while the way it's done in Nigeria is another ball game all together. Here, if you take one year or 8 months to plan a start-up and when you think you are all set, by the time you finally launch, everything will not go as planned and you will start wondering "What's going on?". Why am i saying this? Read my story, maybe you will understand why.

After school, i worked with a contracting firm for 3 years+ and started getting the urge to resign and start my own thing. Already, i was developing interests in the tech world. First thing i did, was to learn something. So i learned how to setup websites (with quack html codes....lol), which finally gave me the conviction to resign with the mindset that i wont go hungry. But alas i was wrong. I entered the world of freelancing, though i so badly wanted to start my own company, BUT i started with freelancing. It was tough getting jobs, but i persisted and after two years, i had a client base and was ready to launch my own company or rather go professional (getting incorporated and getting documented). Now my small tech start-up relies on my existing clients base AND referrals.

Let me buttress why i am giving this example: You are starting a company (GOOD), you have a product (GOOD), you have some level of knowledge (GOOD), you have some finance (GOOD), you have done all your legal registration (GOOD), but what you have not done is go into the streets...you don't have a reputation!

When it comes to tech business, Nigerians will be quick to label you "scam". This is because they DON'T know you, and a vast majority, even some of the rich DON'T key into tech. They so believe the traditional methods of doing things and for you to introduce your product to them when they don't know you, if you are not careful they will label you "scam".

If you love the tech business, then do some freelancing first. Test the waters, By so doing, you will understand how Nigerians welcome businesses and patronize businesses. DON'T base your feasibility study on surveys......because it may work well with the civilized world, but it WONT work with Nigerians. Do some freelancing, meet some people, build trust and when you finally decide to launch a product, the trust you have built amongst your existing client base will help you launch the product successfully.

For example, if you come to my office with your product and i have not heard about you before, or no one can vouch for you or recommend you, i will become skeptical...I am a Nigerian and that is how true Nigerians react.

My advice, don't be in a hurry, go into the streets, do some freelancing, gain some trust, understand the system (and the best way to do that is on the streets) and when you have covered some ground, you can launch your product.

Second mistake:
In Nigeria, partnership thing don't work like other countries. The reason is because it is extremely difficult to find someone who will have the kind of passion you possess for your company. If you have an idea and you finally develop it into a product, test drive it yourself. Push it into the market yourself, get stressed out trying to sell your product yourself, and when you have gained some footing, look for helping hands. The idea of getting partner(s) in Nigeria from the onset was a bad idea.

Third Mistake:
You decided to employ too fast. This is Nigeria, 97% of graduates did not graduate as a result of what the know, but how much money they have. So to get a staff to really do what you want after seeing his/her certificates is really a no no. What to do? get a secretary instead (male or female) and with time, the person will learn the trade and perform excellently more than so called graduates.

Fourth Mistake:
Since, it is a software (from what i understand), you should have focused on launching it on the web (ONLY). Let the website be very creative and attractive so it will become both the office and do the magic. Invest more on ads, let it be seen everywhere. Even if you are not making profits, at least your brand is spreading everywhere. So by the time you decide to get physical (get an office and start doing some offline pitching), it will no longer be "who are you?". It will be "i have seen this online somewhere, are you really the owner WOW...please tell me more".

Another example, when Seun started this nairaland, it was strictly web based. He built a reputation, he spread the brand and now he has a physical office with staff and landing deals with big companies like GTBank, First Bank, etc.

I dont know what your product is and i believe no one here knows... i wonder why keeping it a secret. Reps from big companies do come here and might just key into your stuff and you might just land yourself a huge deal (Maybe this is another mistake on your path). But your vision is great and i love it, just go back to the drawing board and you will buy me a bottle of beer.

Research my username here and you will kinda know me more...

databoy247:


I hope am able to hit the points i observed.

What am going to do is to point out your errors based on my little knowledge and personal experience. I really dont know what product you are selling, but so far you are not making it interesting by not mentioning your product which i believe you are doing on purpose. You have done all necessary legal registration so i believe you should try to announce your stuff on every single avenue you come across (including here).

Your mistakes;
1. I dont seem to remember vividly, so let me assume you reside in the US. Methods of company launch and start-up processes differs between countries. The way it's done in the US and other 1st class countries has a pattern, while the way it's done in Nigeria is another ball game all together. Here, if you take one year or 8 months to plan a start-up and when you think you are all set, by the time you finally launch, everything will not go as planned and you will start wondering "What's going on?". Why am i saying this? Read my story, maybe you will understand why.

After school, i worked with a contracting firm for 3 years+ and started getting the urge to resign and start my own thing. Already, i was developing interests in the tech world. First thing i did, was to learn something. So i learned how to setup websites (with quack html codes....lol), which finally gave me the conviction to resign with the mindset that i wont go hungry. But alas i was wrong. I entered the world of freelancing, though i so badly wanted to start my own company, BUT i started with freelancing. It was tough getting jobs, but i persisted and after two years, i had a client base and was ready to launch my own company or rather go professional (getting incorporated and getting documented). Now my small tech start-up relies on my existing clients base AND referrals.

Let me buttress why i am giving this example: You are starting a company (GOOD), you have a product (GOOD), you have some level of knowledge (GOOD), you have some finance (GOOD), you have done all your legal registration (GOOD), but what you have not done is go into the streets...you don't have a reputation!

When it comes to tech business, Nigerians will be quick to label you "scam". This is because they DON'T know you, and a vast majority, even some of the rich DON'T key into tech. They so believe the traditional methods of doing things and for you to introduce your product to them when they don't know you, if you are not careful they will label you "scam".

If you love the tech business, then do some freelancing first. Test the waters, By so doing, you will understand how Nigerians welcome businesses and patronize businesses. DON'T base your feasibility study on surveys......because it may work well with the civilized world, but it WONT work with Nigerians. Do some freelancing, meet some people, build trust and when you finally decide to launch a product, the trust you have built amongst your existing client base will help you launch the product successfully.

For example, if you come to my office with your product and i have not heard about you before, or no one can vouch for you or recommend you, i will become skeptical...I am a Nigerian and that is how true Nigerians react.

My advice, don't be in a hurry, go into the streets, do some freelancing, gain some trust, understand the system (and the best way to do that is on the streets) and when you have covered some ground, you can launch your product.

Second mistake:
In Nigeria, partnership thing don't work like other countries. The reason is because it is extremely difficult to find someone who will have the kind of passion you possess for your company. If you have an idea and you finally develop it into a product, test drive it yourself. Push it into the market yourself, get stressed out trying to sell your product yourself, and when you have gained some footing, look for helping hands. The idea of getting partner(s) in Nigeria from the onset was a bad idea.

Third Mistake:
You decided to employ too fast. This is Nigeria, 97% of graduates did not graduate as a result of what the know, but how much money they have. So to get a staff to really do what you want after seeing his/her certificates is really a no no. What to do? get a secretary instead (male or female) and with time, the person will learn the trade and perform excellently more than so called graduates.

Fourth Mistake:
Since, it is a software (from what i understand), you should have focused on launching it on the web (ONLY). Let the website be very creative and attractive so it will become both the office and do the magic. Invest more on ads, let it be seen everywhere. Even if you are not making profits, at least your brand is spreading everywhere. So by the time you decide to get physical (get an office and start doing some offline pitching), it will no longer be "who are you?". It will be "i have seen this online somewhere, are you really the owner WOW...please tell me more".

Another example, when Seun started this nairaland, it was strictly web based. He built a reputation, he spread the brand and now he has a physical office with staff and landing deals with big companies like GTBank, First Bank, etc.

I dont know what your product is and i believe no one here knows... i wonder why keeping it a secret. Reps from big companies do come here and might just key into your stuff and you might just land yourself a huge deal (Maybe this is another mistake on your path). But your vision is great and i love it, just go back to the drawing board and you will buy me a bottle of beer.

Research my username here and you will kinda know me more...

Very smart one. Thanks for posting this. Learnt a lot from it.

databoy247:


I hope am able to hit the points i observed.

What am going to do is to point out your errors based on my little knowledge and personal experience. I really dont know what product you are selling, but so far you are not making it interesting by not mentioning your product which i believe you are doing on purpose. You have done all necessary legal registration so i believe you should try to announce your stuff on every single avenue you come across (including here).

Your mistakes;
1. I dont seem to remember vividly, so let me assume you reside in the US. Methods of company launch and start-up processes differs between countries. The way it's done in the US and other 1st class countries has a pattern, while the way it's done in Nigeria is another ball game all together. Here, if you take one year or 8 months to plan a start-up and when you think you are all set, by the time you finally launch, everything will not go as planned and you will start wondering "What's going on?". Why am i saying this? Read my story, maybe you will understand why.

After school, i worked with a contracting firm for 3 years+ and started getting the urge to resign and start my own thing. Already, i was developing interests in the tech world. First thing i did, was to learn something. So i learned how to setup websites (with quack html codes....lol), which finally gave me the conviction to resign with the mindset that i wont go hungry. But alas i was wrong. I entered the world of freelancing, though i so badly wanted to start my own company, BUT i started with freelancing. It was tough getting jobs, but i persisted and after two years, i had a client base and was ready to launch my own company or rather go professional (getting incorporated and getting documented). Now my small tech start-up relies on my existing clients base AND referrals.

Let me buttress why i am giving this example: You are starting a company (GOOD), you have a product (GOOD), you have some level of knowledge (GOOD), you have some finance (GOOD), you have done all your legal registration (GOOD), but what you have not done is go into the streets...you don't have a reputation!

When it comes to tech business, Nigerians will be quick to label you "scam". This is because they DON'T know you, and a vast majority, even some of the rich DON'T key into tech. They so believe the traditional methods of doing things and for you to introduce your product to them when they don't know you, if you are not careful they will label you "scam".

If you love the tech business, then do some freelancing first. Test the waters, By so doing, you will understand how Nigerians welcome businesses and patronize businesses. DON'T base your feasibility study on surveys......because it may work well with the civilized world, but it WONT work with Nigerians. Do some freelancing, meet some people, build trust and when you finally decide to launch a product, the trust you have built amongst your existing client base will help you launch the product successfully.

For example, if you come to my office with your product and i have not heard about you before, or no one can vouch for you or recommend you, i will become skeptical...I am a Nigerian and that is how true Nigerians react.

My advice, don't be in a hurry, go into the streets, do some freelancing, gain some trust, understand the system (and the best way to do that is on the streets) and when you have covered some ground, you can launch your product.

Second mistake:
In Nigeria, partnership thing don't work like other countries. The reason is because it is extremely difficult to find someone who will have the kind of passion you possess for your company. If you have an idea and you finally develop it into a product, test drive it yourself. Push it into the market yourself, get stressed out trying to sell your product yourself, and when you have gained some footing, look for helping hands. The idea of getting partner(s) in Nigeria from the onset was a bad idea.

Third Mistake:
You decided to employ too fast. This is Nigeria, 97% of graduates did not graduate as a result of what the know, but how much money they have. So to get a staff to really do what you want after seeing his/her certificates is really a no no. What to do? get a secretary instead (male or female) and with time, the person will learn the trade and perform excellently more than so called graduates.

Fourth Mistake:
Since, it is a software (from what i understand), you should have focused on launching it on the web (ONLY). Let the website be very creative and attractive so it will become both the office and do the magic. Invest more on ads, let it be seen everywhere. Even if you are not making profits, at least your brand is spreading everywhere. So by the time you decide to get physical (get an office and start doing some offline pitching), it will no longer be "who are you?". It will be "i have seen this online somewhere, are you really the owner WOW...please tell me more".

Another example, when Seun started this nairaland, it was strictly web based. He built a reputation, he spread the brand and now he has a physical office with staff and landing deals with big companies like GTBank, First Bank, etc.

I dont know what your product is and i believe no one here knows... i wonder why keeping it a secret. Reps from big companies do come here and might just key into your stuff and you might just land yourself a huge deal (Maybe this is another mistake on your path). But your vision is great and i love it, just go back to the drawing board and you will buy me a bottle of beer.

Research my username here and you will kinda know me more...

Thanks for your post, for taking the time out, very useful advise. I've read your thread on your experiences. Well done!

You made several valid points that i've learnt myself. Wanted to address a few of them to demonstrate how i think long and hard about my strategy.

The reason i got staff on the ground in Nigeria was because i knew i wouldn't be around till later in the year. Their job was actually to go pitch for sales and manage relationships I'd built. As a result of some of their efforts we have a pipeline of potential clients i will be closing in the next few months when i'm back.

Also note that my first Nigerian partner i'd known for over a decade and he had some domain knowledge. Part of the reason for setting up the office was to test if he'd be capable of delivering. Now i know he isn't. Luckily i found out early when it is not so costly.

You're right that people are skeptical of new businesses. I and my co-founders have domain expertise in my field gained from multiple years in Europe, America and Australasia. I make a good living and have a personal and professional reputation to protect, the people i meet recognize that. In my field, freelancing is a BAD sign. I target the people i sell to so when i speak to them they recognize immediately that this guy is an expert at what he's speaking about.

I said something similar to what you've said in previous posts: no business plan survives on entering the market. Things will always be learnt. I'm glad things have turned out the way they have because i've learnt tremendously. I'm a big follower of Steve Blank who tells founders to 'get out of the building'. When i was in Nigeria i lived on the 'streets', met and spoke to people daily. I Continue to do so currently.

An example - i was flying from lagos to abuja and noticed a guy sitting in business class. My product is targeted at middle to upper class people so i kept a close watch on him. Soon as the plane landed i rushed to the front and started a conversation. I got his details and I'm hoping to get him on board as a customer in the future. Note that this is despite the difficulty this kind of encounters pose for an introvert like me. This is what i encouraged my team to do but they weren't so driven as i was i guess.

Our problem is actually not getting customers, that will be relatively easy once we're up and running. We have a pipeline of offline prospects already and have seen individual user growth of >100% week on week via online sources. The real problem for us is delivering the solution as it's not only dependent on software but a lot of offline collaboration and several other factors. Hence why i needed a team i could trust to deliver.

The story of partnerships not working in Nigeria is true but there's no way that can continue. I plan to build a billion dollar business, i can't do it alone so partnerships must work! by force! I'll just have to think of ways to make offers they can't refuse. Also a lot Nigerian businesses aren't creative, that's what i intend to bring, creativity. I've recently just convinced a good niche blogger to do a series of targeted posts that will culminate in a published booklet and a media tour. This should hopefully be good for both of our businesses.

As far as employment goes, I take your point, thing is i'm not looking for a secretary. I'm looking for superstars who are smart and not afraid to break things. I employed because there was work to be done and an enterprising person would have excelled. I just couldn't find any in my short foray into the labour market. If you find one please send them my way, i'm still looking to employ albeit more selectively.

As of today I've had invitations to come launch my startup in 3 different countries, but Nigeria is home and where i want to return to. Mine is a big industry where someone will make a big killing in the next few years in Africa. I hope that person is me. I choose not to reveal myself as my anonymity allows me more freedom to speak as i choose. Also i'm quite a personal and unassuming person so i don't want to come across as bragging or 'oversabi' when i post certain things. I do the branding related posts and efforts on linked in, facebook, twitter etc. For all you know you may have met me before

Thanks again for your advice, very helpful. It's constructive criticism like that i was hoping to hear. Hope to hear more from you.

1k001:


Thanks for your post, for taking the time out, very useful advise. I've read your thread on your experiences. Well done!

You made several valid points that i've learnt myself. Wanted to address a few of them to demonstrate how i think long and hard about my strategy.

The reason i got staff on the ground in Nigeria was because i knew i wouldn't be around till later in the year. Their job was actually to go pitch for sales and manage relationships I'd built. As a result of some of their efforts we have a pipeline of potential clients i will be closing in the next few months when i'm back.

Also note that my first Nigerian partner i'd known for over a decade and he had some domain knowledge. Part of the reason for setting up the office was to test if he'd be capable of delivering. Now i know he isn't. Luckily i found out early when it is not so costly.

You're right that people are skeptical of new businesses. I and my co-founders have domain expertise in my field gained from multiple years in Europe, America and Australasia. I make a good living and have a personal and professional reputation to protect, the people i meet recognize that. In my field, freelancing is a BAD sign. I target the people i sell to so when i speak to them they recognize immediately that this guy is an expert at what he's speaking about.

I said something similar to what you've said in previous posts: no business plan survives on entering the market. Things will always be learnt. I'm glad things have turned out the way they have because i've learnt tremendously. I'm a big follower of Steve Blank who tells founders to 'get out of the building'. When i was in Nigeria i lived on the 'streets', met and spoke to people daily. I Continue to do so currently.

An example - i was flying from lagos to abuja and noticed a guy sitting in business class. My product is targeted at middle to upper class people so i kept a close watch on him. Soon as the plane landed i rushed to the front and started a conversation. I got his details and I'm hoping to get him on board as a customer in the future. Note that this is despite the difficulty this kind of encounters pose for an introvert like me. This is what i encouraged my team to do but they weren't so driven as i was i guess.

Our problem is actually not getting customers, that will be relatively easy once we're up and running. We have a pipeline of offline prospects already and have seen individual user growth of >100% week on week via online sources. The real problem for us is delivering the solution as it's not only dependent on software but a lot of offline collaboration and several other factors. Hence why i needed a team i could trust to deliver.

The story of partnerships not working in Nigeria is true but there's no way that can continue. I plan to build a billion dollar business, i can't do it alone so partnerships must work! by force! I'll just have to think of ways to make offers they can't refuse. Also a lot Nigerian businesses aren't creative, that's what i intend to bring, creativity. I've recently just convinced a good niche blogger to do a series of targeted posts that will culminate in a published booklet and a media tour. This should hopefully be good for both of our businesses.

As far as employment goes, I take your point, thing is i'm not looking for a secretary. I'm looking for superstars who are smart and not afraid to break things. I employed because there was work to be done and an enterprising person would have excelled. I just couldn't find any in my short foray into the labour market. If you find one please send them my way, i'm still looking to employ albeit more selectively.

As of today I've had invitations to come launch my startup in 3 different countries, but Nigeria is home and where i want to return to. Mine is a big industry where someone will make a big killing in the next few years in Africa. I hope that person is me. I choose not to reveal myself as my anonymity allows me more freedom to speak as i choose. Also i'm quite a personal and unassuming person so i don't want to come across as bragging or 'oversabi' when i post certain things. I do the branding related posts and efforts on linked in, facebook, twitter etc. For all you know you may have met me before

Thanks again for your advice, very helpful. It's constructive criticism like that i was hoping to hear. Hope to hear more from you.

I appreciate you taking your time to read through my post and i am happy you picked a thing or two.

But i need to still throw more light.....

From your post, i deduced some factors which if you don't address, might still pose as setback blocks.

What you are putting on ground is a start-up! No matter the funds you have on ground you will not want to waste it on recruiting (the wrong person). From my experience, no matter how good and prospect-looking a graduate is, you still have to spend nothing less than six months teaching. If you can handle the time and expenses, then it's all good. Otherwise, you should go for an experienced hire. I know some guys, but i don't think they will come on board cheap. So, if you are ready to pay good, then there are always options.

This is Nigeria, recruiting is always a problem. You see a very bright candidate and by the time you expect the best from him, he ALWAYS disappoints. You just have to get this part right. And one way you can get it right is outsource the recruiting to an agency or a HR professional. But it's either you employ a secretary like i said before (secretaries can be converted to best selling pitchers if you want ) and the truth is that nobody understands a company more than a secretary. That's the way it works here in Nigeria. If you want to get ALL the details of a company, go and ask the secretary. OR you get an experienced hire (and be ready to pay super well and still expect disappointment).

Also, just like you said in your previous posts, partnership should not come on the basis of friendship. I am glad you got this part right. In fact the best partnership is that of when the only glue at the middle of you guys is business. I have run successful partnership with a startup for close to a year now, we are making money, the business is growing and till date we have not seen physically. Currently am also in the process of signing another partnership agreement with another new start-up of which the owner is based somewhere in Europe but wants his start-up to hit home strongly.

I target the people i sell to so when i speak to them they recognize immediately that this guy is an expert at what he's speaking about.

This is good but what happens when you are not there? It shouldn't be about you, it should be about the product. In fact, the product should be able to speak for itself. I have done a presentation for some peeps, i didn't convince them, the presentation did. In short, they were not even ready to listen to me because they were so glued to the presentation. The product should sell itself and not you selling the product. Like i emphasized on my previous post, invest more on online ads. One thing about online ads, is that it makes brands become a household name, and when it becomes a household name, you don't need to pitch for more than 3 minutes before closing a sale.

A good example is OLX. Now am not saying OLX is the best, but EVERYONE here have heard of it, have seen it through various ads. In fact if you open your opera mini on your phone, you will see it, on nairaland you will see it, on Google you will see it, on facebook you will see it, it's everywhere. Now i can bet my beans and roasted plantain that 96% of it's users knows nothing about the owners or people behind it. That is my point, let your product sell itself and this can be achieved via massive online ads. When that is accomplished, you will observe that everything will start falling into place (with proper planning).

What are the incentives for prospective partners? Make una nor mind me, i am a businessman, and one of our traits is dabbling into opportunities at any given space (that's how i got one small contract with Ministry of Education ). I am open to more discussion... nwakstar2020@gmail.com

jostking:
Wats the name of your tech startup or what the business about

Na wetin I dey ask since.

OP is on FP, one would think it's a good opportunity to tell us about the website

Op I read through every post on this thread and sure it's worth it. I am an entrepreneur too and I merchant for some ecommerce online shops here. I am thinking of dropping paid employment by the end of this month,I just got admission for a masters degree. I will further my studies and face my passion squarely.
Thank you for this thread,very insightful. A lot of startups just share their glories and never talk about where they faced difficulties and challenges. Entrepreneurship is good but not for the faint hearted!

Ibime:


Na wetin I dey ask since.

OP is on FP, one would think it's a good opportunity to tell us about the website

Spitzo reply my PM na. Why you like to dey snub pesin?

That guy saying women are atm or asm or bfff,,,i wish i could squeeze and wrap u in a cellophane bag and fling u across the fence like shortput. Women motivates men and push them to greater heights,,it's beta u go find yourself a lady of substance...

Best thread ever on Nairaland

Great ideas

1k001:



I'll tell you the story of Hernan Cortes to finish of. Cortes conquered much of America. The story is told of him arrivng by boat to the new world with a small army. In front of him was the large aztec army. You know what cortes did? He got his army off that then proceeded to set it on fire. Guess who won that battle?

Having options make us humans not try hard enough, our sub-conscious always knows there's a way out. When you get the courage to burn your 'boat', then things get real and boy do you fight for your life. That determination to keep going in the face of tremendous opposition is what will get you through this tough start-up life. Yet to be seen if i'll get there, watch this space!

Nice story. But did they also tell you how he tricked the Aztecs? How he deceived them? How he stole their history? How his obsession with their gold made him see them as less of a people? How his army infected them with foreign diseases?

I'm not trying to punch a hole in your efforts. Good efforts by the way. Just trying to let you know that not all these grand western stories are as lofty as they appear.

1k001:
Funding

This is the factor many cite as the greatest hindrance. Personally, i've been fortunate to have had a reasonably good paying job. Having a wife and a little girl on one income however meant that in order to fund my start-up the whole family had to make sacrifices. Again i'm thankful for my wonderful wife who saw my passion and bought into my dream. In fact she's now working for us part time ( story for another time).
So we went without luxuries, lived on the necessities, denied ourselves all the good things we know we can afford. All for our end goal of building a great company that creates value for its users and staff.

A start-up is indeed expensive, particularly where we are based. Things cost twice as much and take twice as long. Our office space costs a ridiculous amount. It was necessary however as people wouldn't do any business with us without an office. Forget all that garage story from America. Doesn't work in Nigeria, people too suspicious!

We have a budget, haven't really been able to stick to it due to the unpredictability of the start-up phase, but there's still hope. We use a free cloud accounting service - 'waveapps'. I highly recommend it. I was able to electronically integrate my bank and paypal accounts. I'm in the process of contracting a cloud accountant to look after the books. It's important a business starts as it means to continue, plan and record all your expenditure. Keep good books and budget for and use professional services. We haven't been great at keeping track of all the finances for various reasons but it is something we will be 100% good at once some more things solidify for us.

The advantage of being an African entrepreneur at this time is there are several grant funding options. We've applied for a number of them and are hoping for some success, they include:

Etisalat prize for innovation
Airtel catapult a startup
Tonny Elumelu entrepreneurship programme
YouWin 4
Gist-I
Anisha prize
USAID development innovation ventures
African prize for innovation
Hello tomorrow challenge
Lumia startup promo

Always be on the lookout for these competitions. Google alerts and startup blogs should be your friend as an entrepreneur.

They are also several incubators and accelerators that abound, they are a reasonably cost effective way of covering initial costs. Mark essien however seems to think they're flawed : https://medium.com/mark-essien/startup-incubators-in-africa-and-why-they-don-t-work-e44e8c80d2b0

I don't really have an opinion either way at the moment.

My overall strategy is to bootstrap for as long as possible on my funds or hopefully some grant funding. This is key for us so when it's time to raise some investment cash, we can do so on our terms. You read of founders who slave away for years and only end up with 3% equity at IPO. Methinks that is rather unfair, but hey, that's the world we live in. Cash is king, whoever has plenty of it wins.

On a final note, not having money is a good thing. Makes you very creative which is what you need as a start-up. When this creativity is in your DNA and the cash comes you can explode, before that, it will likely sink you.

you applied for airtel's catapult a startup?? I applied too...didn't win tho cos our presentation was bad but out idea is great. We presented the emergency app...nice having u here..

1k001:
I've recently founded a tech start-up and it's been quite a whirlwind.

I've had to try figure out so many things on my own so thought it would be useful to relate some of the things i experience to help me reflect and perhaps help others who may be looking at something similar.

Feel free to jump in and comment or ask questions

I love your posts.. Well articulated and inspiring. I have being in a similar journey for over a year now. Can we connect? Maybe via email or something.

Ibime:

Na wetin I dey ask since.
OP is on FP, one would think it's a good opportunity to tell us about the website

I wonder how some folks see things....
You see it as an opportunity to advertise, while this clearly, is an opportunity to teach, learn and get inspired.


Btw, Kudos 1k001!

Best thread Ever, Following so closely....

Sir, how much cash money has your start up earned ?

I hate stories..

@op read all the post on this thread and i must confess it has really made my day and i have realize that i still have alot of learning and reading to do(as the only steve blank i have read is Startup Owners Manual). i hardly comment on nairaland as i just always come around to read and educate myself, but i just had to comment on this. i have always had the drive to start something of my own from a very young age but my environment and limited knowledge has always been an Achilles heel, but i have finally start work on something of my own while also studying to get a degree infact i also applied for TEEP and awaiting the announcement. however i am a strong resource person due to years of bootstrapping and surviving and i think i can be of immense help to you and your start up in area of sales, marketing and business development as you are looking for partners in Nigeria. i believe in synergy and helping other achieve their dream.. you can email me @ olowu4real@yahoo.com.... Keep the good work and you will achieve success in no time.....

@OP,

You have embarked on a tough but a fulfilling journey. I am confident you will succeed seeing you have burnt all bridges already unlike me but even if you failed in this one, you would have learned loads of lessons that no motivational books in the world can impact to anyone no matter how many times you read each.

Experience is such a bad teacher who reveals the answer after failure however, the least of an experience is still much better than any books out there. In essence, we need experience most at times to really understand what we thought we had learned in those wonderful books.

Thanks a million for sharing!

Cheers.

If you are doing tech start up, do it in U.S
unless its something like JUMIA or online retailing, then come to Nigeria..

what would you say about hotels.ng, there is a huge potential for start-ups here in naija

400billionman:
If you are doing tech start up, do it in U.S
unless its something like JUMIA or online retailing, then come to Nigeria..

tooltip:
what would you say about hotels.ng, there is a huge potential for start-ups here in naija

Okay..

What of E-book ?

400billionman:
If you are doing tech start up, do it in U.S
unless its something like JUMIA or online retailing, then come to Nigeria..

Its no use replicating JUMIA in my personal opinion as we already have many of it. I have lived long enough in Nigeria to understand the trend of innovations and business. New things do not easily succeed in Nigeria but when you are able to push through, not even America will match your ROI.

Growth rate in Nigeria never follows the books when they happen. @OP, keep your eye on the 200 million man possibilities and as I always say who rules Nigeria rules Africa as far as business is concerned.


Cheers

1k001:


I prefer not to reveal it for now. We have only just started operating and remains to be seen whether we will be successful or not.

You are missing out on one important rule!! Tell it to the whole world.

Now, as at the time of writing, your article has garnered 5301 views. A percentage of these people could easily have become a market base or at least could have introduced the company to one or two people are better still could have served as a sampling of whatever tweaking the product would have needed.

I'm like that. I hardly speak about my company. My younger brother, who is my co founder speaks about it everywhere. He spoke to his professors in the University, to his friends, to everybody he has met and today those speeches have produced some really fine deals.

Speak about it wherever possible. Forget the shame if it fails, that's the nature of start ups, they either succeed or fail. Every opportunity is a free advert.

So please lets know the business except of course its still in developmental stages..

Great Bro. Keep the ball rolling.

1k001:
The idea

The idea i came up with was quite simple at first but as i dug deeper i realized that for it to endure it must be sustainable. It must provide sufficient value that people want to pay for it. That payment should at a level that it is able to sustain those that work on creating the value.

I thus iterated my idea to a point where it would create some value people will be willing to pay for. It dawned on me at this point that i had to set up a business to have any hope of capturing this value. Setting up a business meant writing a business plan.

Furthermore, my idea iteration also created a solution that needed a lot of technical input from a programmer.

I'd at this point reached the edge of my knowledge in a lot of ways so i went out and gained more knowledge. I visited my local library and took out 2 books:

'The lean startup' by Eric Ries

'Starting a tech business' by Alex Cowan

Both turned out to be excellent reads! I recommend them highly.

The lesson i learnt here was to read, read and read some more. You can never hope to make it as an entrepreneur if you don't read constantly.

It also around this time I bought a domain name. This was significant for me because while it was only a small amount, i'd spent some cash so i was committed and had to see this idea through.

I would say from this try and commit yourself to an idea and run with it. I'd had several ideas before but never really pursued them. Settle on one idea as soon as you can and make some type of financial commitment towards it. This will start to focus your mind and get you acting!