The key to Startup Success in Nigeria

Every businesses in Nigeria require a lot of detemination and focus because the road to success in not always smooth. Here are a few things to keep in mind that might help:

Don't go broke
Businesses fail when you run out of money. Watch your burn rate and make sure you are spending your cash wisely. Make sure every naira you spend will generate a positive return for the business. Many venture capitalists are looking to fund businesses with sustainable growth that have a clear path to profitability.

Reinvest
Often times we rest on our laurels when the business starts yielding. Reinvestment in of utmost importance for the business to survive and grow. Many promising startups in Nigeria have collapsed due to the failure to save part of the profits made, every penny should be accounted for. Give your business time to grow.

Continue to innovate
The only constant thing in life is change. The market for your product will also experience change at one point or the other. During this time, the market you’re focused on will change, and it may be completely out of your control. Be aware of these market changes and be reactive to them. If customers are demanding X, listen to them and consider adding it to your product. Continue to add features that are useful for your customers and disrupt yourself with innovative ideas before your competitors disrupt you.

Focus on your customers
Customer retention is key for businesses that have recurring revenue. Even if you are adding a lot of new customers, it is difficult to grow the business if customers are churning out. Spend time with your customers. Listen to them and make sure you’re building a valuable product that fits their needs. It’s a good idea to create a customer advisory board to collect feedback and exchange ideas with your customers. Happy customers also make the best marketers. If they love the product, they will advocate for you and help put you on the path to success in a capital-efficient way.

Stay humble
Finally, stay humble. Every great business has gone through multiple rough periods. Remember to stay humble, get help, and make changes to the company. You will be able to overcome these challenges and put your company back on the path to success.