What is a Startup?
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7 Reasons Nigeria Start Up fails
[intense_definitions] [intense_definition term=”Unstable economy:” definition=”A startup becoming a success won’t be achievable if the Nigeria economy is not in a balanced state. The healthier the economy, the more feasible startup will be in the long run. Businesses fail because the economy is not yet ripe”][/intense_definition] [intense_definition term=” Not Market Ready:” definition=”Nigeria is still at a stage where we need base infrastructure in various sectors. There are so many problems to be solved. Some idea won’t work out in Nigeria on less some infrastructure are put into place. E.g. You and I know online News App won’t be value in an area without access to Electricity and Internet.”][/intense_definition] [intense_definition term=”Insufficient Funds:” definition=”This is what most startup owners do complain about. Looking at things from the right perspective, this is the number one problem start-up around the globe face. Funds for fuel, Purchasing of data, transportation will be needed at a point.”][/intense_definition] [intense_definition term=”Bad Leadership:” definition=”Startup is not all about having Funded and a great Idea, leadership skill is needed especially if the startup has something to do with the team and relating with people. You can’t achieve it all alone. Do you have the right leadership Skills?”][/intense_definition] [intense_definition term=”Starting too soon:” definition=”Everyone wants to have the CEO title attached to their names and because of this he/she run into the business world without planning things out and having a better understanding of how the system works. You being the first doesn’t work at a time being the best is what matters”][/intense_definition] [intense_definition term=”Not having a Mentor:” definition=”Most Startup owner in Nigeria fail to have a Mentor because they believe they can achieve things on their own and in this Process they lose track”][/intense_definition] [intense_definition term=”Not Conducting Market Research:” definition=”The most common Mistake made by Nigeria Startup founder is that most fail to carry out Research out on their idea. only a few know the important of Market Testing “][/intense_definition] [intense_definition term=”Not Thinking Long Term: ” definition=”A business that wants to survive the test of time should be able to be too relevant after establishment. Am I looking to solving a Problem? How will I adapt to change in demand? Am I to cater for those in rural alone? will these product/services be relevant in five to five years time are the questions they fail to ask themselves?”][/intense_definition] [/intense_definitions]
Solution to Failure of Start-up
Avoid Huge debt: Loans from the bank is among the factors that weaken the owner. it is advisable to seek for a loan from friends and family compare to borrowing from Bank
Study the Competition: To compete against an opponent one must know the standard and weak point of the opponent
Look for mentors: Looking for mentors that are already in the field will help to decrease the failure rate.
Look for a Good Team