Here Are 5 Tips To Help You Get Your Startup Off The Ground By Dele Ogunmekan

It has been one of 2020’s most inspiring stories- the successful acquisition of Nigerian FinTech startup, Paystack by American FinTech giant, stripe for #76b [seventy-six billion dollars] caused celebrations throughout the country.
The news trended on social media for several days. The company’s founders became instant celebrities.
Paystack’s success was not just a financial win for its young founders. It was a mental win for Nigeria’s youth. Maligned as lazy and cowardly by prominent elder statesmen, Paystack’s success served as a rebuttal to criticism of this generation.
The timing of the announcement was also significant. It came at a time when youth around the country were fighting for their rights. The right to own a laptop, the right to own a smart phone, the he right to wear their hair however they like and not be harassed over it.
Therefore, it served as validation when a laptop-owning, smart phone-using, dreadlock-wearing young person became the poster child for creativity and ingenuity in Nigeria and indeed Africa as a whole.
The youth are not only celebrating Paystack’s success, they want to replicate it. If you are the founder of a startup or in the process of floating one, these 5 tips are for you.

Identify A Need And How To Figure Out How Monetize It
Have you heard about the company that manufactures waving gloves for people who like to wave hello?
Of course, you haven’t because no one needs gloves to wave. A waving glove is a terrible idea because it does not satisfy a need.
Your startup should be established to satisfy a need in society that you have identified and figured out how to monetize.

Create A Solid Business Plan
If you fail to plan, then your business will surely fail- and fairly quickly too.
90% of startups fail and 10% of them fail within their first year of operation. Therefore, your first action should be creating a solid business planning that covers marketing and sales strategies, market analysis, funding plans as well as multiyear financial projections.

Stay Current and Anticipate the Future
What you do not know will kill your business. It is especially important for you to know the direction in which your industry is going.
This will help you to make the right financial, staffing strategic decisions.
Therefore, it would behoove you to not only stay abreast of current trends, but to also learn how to spot future trends.

Understand Your Financial Realities
82% of businesses fail due to cash-flow problems. This is because a lot of entrepreneurs go into business not fully appreciating the realities of it- especially the financial realities.
Do not start your business without first securing a source of mid to long-term funding. You might need a financier and while you might not find someone who is as passionate about your business as you are, you should find someone who believes in your ideas and understands your vision. Last, but not least, your financier must be someone you can trust.
If finance is not your strong point, seek the services of a financial consultant or employ a qualified CFO or accountant.

Seek Out Sponsorship Opportunities
Somewhere out there, there is a scholarship or grant or sponsorship that can take your startup to the next level.
This year, Nigerian startups will be represented at the Gulf Gulf Information Technology Exhibition (GITEX) taking place at the Dubai World Trade Centre from the 6th to the 10th of December, under the aegis of the National Information Technology Development Agency (NITDA)
GITEX is one of the world’s biggest technology trade shows and offers participants the chance to learn from and network with international players in the tech sector.
Over 40 Nigerian startups have visited GITEX over the last 5 years, thanks to NITDA.
Click the link below learn more about NITDA sponsorships and scholarships.
www.nitda.gov.ng


Dele Ogunmekan is a Lagos-based media and tech entrepreneur..