By Damilola Faustino
The world is a stage and everyone has the opportunity to act whatever play he or she likes. Being a founder or an entrepreneur is not a day’s job. More importantly, managing your startup to become a billion naira is painstaking. Regardless, these secrets will help you become an Apple or Amazon of Nigeria or Africa and perhaps the world.
The biggest thing you’re investing in is the entrepreneur. It turns out early stage, middle stage, late stage — you’re investing in the entrepreneur. So you’re looking for someone who is passionate, can tell a story and, most of all is persistent. And brave and courageous. Because the one constant in a start-up is things go wrong all the time, and you need someone who can power through them.
Dependable, hardworking team
The quality of people working on the problem. You quickly figure out you cannot make every decision. Then, as the business scales, you quickly figure out how you can make very few of the decisions. So the execution of the company is dependent on who your team is, how well they’re organised, do they understand the vision, the North Star of decision making, and it’s all about the team.
This is crucial to a start-up’s success. The underlying technology needs to be accessible and affordable. And now the explosion of mobile technology is enabling all sorts of previously impossible business models. The most interesting thing to happen in the consumer space in the last half decade is the smartphone because it just opened up all kinds of new use cases and actually threatened a bunch of web incumbents with mobile upstarts. So, know the right time to innovate and adopt new technologies so that you won’t fizzle out.
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