Acidosis:


You can't run a financial outfit anywhere in the developed world without due regulations. We are talking about money here. You just don't wake up and tell people to give you their money because you're "trustworthy".

Have you seen what scammers did in Agritech sector? Give people the chance, and they'll run down the most viable business model.

And btw, this isn't an attack on any of the current fintechs. Startup like Prospa, Kuda, VBank and the likes are certified Microfinance Banks duly registered and regulated by CBN and NDIC. The app is only an intermediary.

And where have I claimed I'm against regulations as such? The question is whether fintech startups need even more regulation than they already have, and the answer to that, for anybody who wants any sector of the Nigerian economy to grow, is a clear "No". Do you really imagine that foreign investors who put $3.8 million US Dollars into this startup haven't bothered to do far more due-diligence than Nigeria's deeply corrupt, eminently bribable public officials are going to? What then is to be gained by giving the same crooked civil servants and politicians even more material with which to stifle innovation in its cradle?

Go back and read my comments from the first one. If you still don't understand it............

omohayek:

It takes real impudence to accuse someone else of poor reading comprehension after prattling the worst kind of economic nonsense in the name of a bogus "self sufficiency" even a JSS economics student would recognise as absurd. Another clearcut case of the Dunning-Kruger syndrome in action.

DissTroyer:


LOL. None of these ideas are entirely new. PayStack and Flutterwave offer the same features and services but at different rate.

I did mention the idea knowing fully well that there are others reading viewing this thread. You can incorporate it into yours.

I'd like to see more businesses scale in EdTech even though I'm neck-deep in the FinTech idea I had mentioned earlier.

Yeah but most people don't know how to incorporate those ideas. That's what Uber did differently.

Well, thanks anyways!

Your points are valid. How long do you intend "to keep clearing out the initials" before opening up? Timing matters. And knowingwhat really would work irrespective of the ownership percentage matters too. For as low as 15% ownership, you could garner enough funding for another idea where your pre-seed is all by you(over 80% contributions). I think one needs to ramp up ideas as these "ideas" are birthed or being nursed by many, so early-to-market with evolving capabilities would always put you ahead of new entrants; the loyaltyand eventual traction is not only procured with money but by being innovative, consistent and adaptive. Yes, I work with one and consulting for another by the side on different idea .

DissTroyer:


I understand. But I think the problem with pre-seed funding is, at the stage the structure is most vulnerable. Investors set an higher margin for exit clause and since profitability of the idea become the main driving force, you could also lose control because your percentage ownership is lower, including the original valuation.

Secondly, there's a tendency to deviate from what birthed the necessity of that idea.

Most financial advisors would tell you to stall pre-seed funding as much as you can. But for FinTech, as with most ideas, funding is important. But what are the terms?

Since I am into web development, graphics, UI and creative writing myself, it's a leverage to quietly work on the idea before opening it up at a later stage. There's the legal framework too which must be clear-cut.

Just out of curiosity, are you working on any or something similar?

PeaceJoyLove:


You are quite right sir. And that chin-chin can make huge profit. But wait! Do not expand so big. The problem with expansion is that you will need more helping hands. Before you go bug, learn how yo manage those helping hands excellently; else, it will be a sad story. This is where growing gradually is wise and not just grow big. A good example is Dangote Tomato. Baba just went to set up 1,200 tons per day capacity plant of tomato paste. Now, he manages 300 tons in some days. His factory says its 300 tons per day they are able to do now, but I know it's a big fat lie. Dangote will be doing around 50 tons max during peak period. And lesser during other periods. However, there may be days they can hit 300 tons. But setting up 1,200 tons? Iits like having 50kva generator at home and one is using it to power just normal household stuff like TV AC etc. That max of 5KVa can carry. Lol. Just imagine the amount of energy wasted daily. This is the thing na. The people who pushed Damgote into that thing are mean. They tricked him into thinking tomato farming is like sugarcane for his sugar production. Lol.

The main requirement for making it in farming for small holders is that the owner must be on ground 24/7. Just go and sleep there and wake up with the farm. This way, I assure anyone that the person will make it. But we dont want to do it. We want to send money to those illiterates. And the tech guys doing agritech too dont go there. They just keep sending money to those "mofos". Na sad story at the end of the day. There is no agritech business that is not having problem.

If you were also the guy who went to stay farmers and workers to make sure the project worked well and you saw the huge profit inside, woukd you still go do the "boy security" job for some investors staying in their houses while you are suffering in ths sun? Of course you would do it for yourself alone.

And there is no competition. Market is full. Nothing like where will I sell. It is an open secret. I tell people....make up your mind. Go and stay there with those guys. If the person gets the right materials, seeds, and materials....he will make it. But even when one shows Nigerians the way, they get there and start listening to illiterates that wants to scam them.. Those yeye farmers there start given them cheaper options. And that is where dem wan chop. For example, there is something called mulch. You buy non light penetrating agri-nylon and spread on the farming area so that weed will not grow. The cost of buy ling the nylon alone on an acre can run to even N3million for good quality. But you get there and they tell you that they will weed for you. AMD you calculate it and see that wow....you will spend N80k max instead of 3 million. And then, you are still calculating sales of 15 million plus You get there and they weed the first time and after you realise that 1/8 of your crops start drying up 3 days after. ...and the remaining are infected with diseases. You start calling which chemicals to use... but you dont realise that those illiterates are dirty and they go to different farms...and they brought infections to your farm. Lol. What you are to do even they work for you on your farm to still curb these things, you dont know. Lol. And you will not even want to tall to the person who took you there again cos you know you are already going against the suggestions he gave you. Later after the whole this collapsed, you start shouting that farming is bad...and bal bl bla...you will not say what went wrong. Some will even start threatening.

Many people I have trained have used farming to pay off their tuition abroad. Some few still come home to farm and make cash to run back.

If God gives anyone the grace of good health, cos someone like me cannot even stay in the bush for long again (health issues must be considered), the person can make millions in the bush. Just go there and stay with the thing. And close your eyes. Do it the right way.

Thanks! I already learned so much from the thread. I am interested in agro business especially buying and selling of food stuff and food storage. But before I venture, I would like to learn the nitty gritty of the business. I wouldn't mind learning from you or getting a recommendation.
Thank you

Starbele:


Thanks! I already learned so much from the thread. I am interested in agro business especially buying and selling of food stuff and food storage. But before I venture, I would like to learn the nitty gritty of the business. I wouldn't mind learning from you or getting a recommendation.
Thank you

I know more about production than trading. But I know that you need storage when you buy and hold for a long period. However, it is risky esp with forex instability. And there are challenges with storages too. So, I do not do it.

Then, there is the option of buying and selling fast. Most buy in wholesale and retail. And some still buy in bulk and sell in bulk also. It depends on what one is doing. It is not that easy, I dont do it cos it involves moving around so much. I do not want to travel to Boko Haram areas. And I dont want to take risks of getting into the hands of bandits while travelling.

So, I am into only production. And I make sure my production site is very close to market. Also, there aren't herdsmen where I go.

Thank you so much for being explicit and for your time.
I'll keep searching for where to learn trading of grains products even though it's quite challenging getting a place to learn.