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Could You Start Up An Online Business? / Journey: (DAY 20 - $105 so far) Follow Me As I Make Money On Fiverr From Scratch / A New Tech Start-up, Can You Call It A Success After 3 Months? (2) (3) (4)
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Re: My Tech Start-up Journey by unphilaz(m): 12:20pm On Mar 21, 2015 |
1k001: thanks and noted |
Re: My Tech Start-up Journey by 1k001(m): 8:58pm On Mar 21, 2015 |
eliok: 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. |
Re: My Tech Start-up Journey by 1k001(m): 9:04pm On Mar 21, 2015 |
gurusmac4: 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. |
Re: My Tech Start-up Journey by 1k001(m): 8:11am On Mar 22, 2015 |
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. 12 Likes 2 Shares |
Re: My Tech Start-up Journey by databoy247(m): 10:32am On Mar 22, 2015 |
1k001: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. 1 Like |
Re: My Tech Start-up Journey by 1k001(m): 12:59pm On Mar 22, 2015 |
databoy247: 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. |
Re: My Tech Start-up Journey by databoy247(m): 7:14pm On Mar 22, 2015 |
1k001: 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... 26 Likes 2 Shares |
Re: My Tech Start-up Journey by freetowns: 7:50pm On Mar 22, 2015 |
databoy247: Very smart one. Thanks for posting this. Learnt a lot from it. 7 Likes |
Re: My Tech Start-up Journey by 1k001(m): 5:27am On Mar 23, 2015 |
databoy247: 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. 3 Likes 2 Shares |
Re: My Tech Start-up Journey by databoy247(m): 8:17am On Mar 23, 2015 |
1k001: 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 6 Likes 1 Share |
Re: My Tech Start-up Journey by Ibime(m): 8:54am On Mar 23, 2015 |
jostking: Na wetin I dey ask since. OP is on FP, one would think it's a good opportunity to tell us about the website 2 Likes |
Re: My Tech Start-up Journey by remsonik(f): 9:05am On Mar 23, 2015 |
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! 4 Likes |
Re: My Tech Start-up Journey by GIYAZZ(m): 9:06am On Mar 23, 2015 |
Ibime:Spitzo reply my PM na. Why you like to dey snub pesin? |
Re: My Tech Start-up Journey by octopusfreaky(f): 9:15am On Mar 23, 2015 |
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... 1 Like |
Re: My Tech Start-up Journey by mrborntodoit: 9:32am On Mar 23, 2015 |
Best thread ever on Nairaland 3 Likes |
Re: My Tech Start-up Journey by aniagoluaustin(m): 9:35am On Mar 23, 2015 |
Great ideas 1 Like |
Re: My Tech Start-up Journey by Nobody: 9:48am On Mar 23, 2015 |
1k001: 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. 4 Likes |
Re: My Tech Start-up Journey by mrvance(m): 9:59am On Mar 23, 2015 |
1k001: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.. |
Re: My Tech Start-up Journey by Oildichotomy(m): 10:01am On Mar 23, 2015 |
I'm writing this as an employee of two big start-ups, There are some things diaspora owners of Nigerian start-ups don't understand about recruitment and hiring. I started as one of the first set of employees for an online business about three years ago though it has grown so big presently after some investment dollars came in. OP is wrong with the typical usual stereotype of Nigerian graduates and their competence especially when they have some stint overseas, going into recruitment with such mindset will definitely hand you the cheese as expected. Be open to these guys (potential employees) and also be ready to teach and be disappointed in the process. If you get your recruitment right -- Success is sure! I relate with what databoy247 suggested, about being street credible, it will definitely help your push to the streets, the only down-side is that your product is supposedly for the upper-class and middle-class and I just have to chip in this, the so-called Upper Class feed off the lower-class, so none is really unimportant in the circumstance. One of my goals for this year, is to start something for myself and trust me, procrastination has been my companion the whole time, I doff my hat for budding entrepreneurs who threw away the comfort of good paid employment and tackle their dreams headlong, the grass is always greener at the other side. Your post has really succeeded in pushing me to DO ME. 7 Likes |
Re: My Tech Start-up Journey by Nobody: 10:13am On Mar 23, 2015 |
1k001: 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. 1 Like |
Re: My Tech Start-up Journey by Olucheye(m): 10:15am On Mar 23, 2015 |
Ibime: 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! 2 Likes |
Re: My Tech Start-up Journey by mrjojo: 10:16am On Mar 23, 2015 |
Best thread Ever, Following so closely.... |
Re: My Tech Start-up Journey by 400billionman: 10:57am On Mar 23, 2015 |
Sir, how much cash money has your start up earned ? I hate stories.. 3 Likes |
Re: My Tech Start-up Journey by Counle: 11:00am On Mar 23, 2015 |
@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..... 1 Like 1 Share |
Re: My Tech Start-up Journey by ideaz: 11:07am On Mar 23, 2015 |
@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. 7 Likes |
Re: My Tech Start-up Journey by 400billionman: 11:07am On Mar 23, 2015 |
If you are doing tech start up, do it in U.S unless its something like JUMIA or online retailing, then come to Nigeria.. 1 Like |
Re: My Tech Start-up Journey by Nobody: 11:11am On Mar 23, 2015 |
what would you say about hotels.ng, there is a huge potential for start-ups here in naija 400billionman: |
Re: My Tech Start-up Journey by 400billionman: 11:13am On Mar 23, 2015 |
tooltip: Okay.. What of E-book ? |
Re: My Tech Start-up Journey by ideaz: 11:21am On Mar 23, 2015 |
400billionman: 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 9 Likes |
Re: My Tech Start-up Journey by PapaBrowne(m): 11:34am On Mar 23, 2015 |
1k001: 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.. 5 Likes |
Re: My Tech Start-up Journey by noblenadis(m): 11:42am On Mar 23, 2015 |
Great Bro. Keep the ball rolling. 1k001: |
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