Source: http://news.bounce.ng/Content/bounceexclusive-3-ways-to-build-a-successful-business-20170721

At every stage of your business, you should be evaluating if the people on the team are ready and capable of going into the next phase – including yourself
Every day all over the world, budding entrepreneurs start businesses.

But more than 90% of these businesses fail in their first year.

But it is still possible to start a business that will succeed if you get the basics right.

At the recent Techplus 2017 conference held in Lagos, Founder and CEO of Pagatech, Tayo Oviosu spoke on how to build a successful business.

From his presentation, Bounce News brings you 3 ways to build a sustainable business.

1. Define The Change You’re Bringing: What are you trying to change? It is not just enough to want to start a business. Even if you have all the resources to succeed, you must ask yourself ‘why’. This will help you to do proper evaluation of your idea, business model and the market you intend to penetrate.

“It is not enough to want to change something, you have to be clear on why you are passionate about that change and be able to tell the story of why,” said Mr Oviosu.

“You must seek to make change happen…if not, stop! You have to be very clear on the change you are trying to make and why?” added Seth Godin, an American entrepreneur.

2. Build A Reliable Team: [/b]There is no business that succeeds without a strong, reliable team. So, if you really want to build a successful business, you need to start from day one to choose people who are productive and willing to learn. Not people with university degrees that cannot apply simple principles.


“Can I enjoy having a beer with this person,” you may consider such a question trivial but it is crucial in deciding who joins your team.

The success of your business depends on it.

According to Oviosu, “In the early days, do not worry about titles but bring on people who will be willing to take on different roles as needed.

He said:“Building a team is a continuous work, involving training, coaching, an developing individuals. At every stage of your business, you should be evaluating if the people on the team are ready and capable of going into the next phase of the business – including yourself.”

[b]3. Seek Investment Partners: There is no gainsaying the fact that you need some level of financing to start the business and remain in it.

Fundraising is a major challenge in Nigeria but investors are members of your team, said Oviosu.

He noted that entrepreneurship is a lonely road and so it is necessary to bring others along from the start of the journey.

He, however, warned that “it is important to get the investor-entrepreneur relationship right” by understanding that your roles complement each other.

Investors, he noted, bring money, corporate governance, connections and guidance, while entrepreneurs bring time, passion and energy.

These elements make the business succeed with significant profit to show.

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