Every startup business are looking at how not to fail has a startup but many are predicted to fail within 5 years of lunching in Nigeria. Some even last more than that giving hope they will survive but end up collapsing at the end.
Although, most of this business has the best innovate ideas but fail to follow their implementation process which leads to their failure. A mistake they say has no master but how quickly do this firm bounce back is what keeps them in business. what are steps/guides on how not to fail has a startup business? or why many startups business fail in Nigeria
Building the right product
Few startups struggle to build a perfect product, however, it’s advisable to adopt a very popular methodology that says build – measure – learn. Starting with Minimum Viable Product (MVP), where you push your products to a few users and measure how they respond, from their response, you know what to add to the existing product making it a masterpiece for the market.
A solid marketing plan to sell your product
A finished product with poor marketing plan/strategy is not going to grow your business, as a young startup, its important to lunch with the right product as resources are quite limited.
Nevertheless, proper and well taught-out research needs to be carried out before your product hit the market. The question such as who are market target/audience needs to well known, their respective alternative and how you can bet the price margin between your competitor has to be factored in your product.
You have to consider the design, color, shape, and size of your product as well. these are things that can help you differentiate you from other product out there
Thinking long terms instead of short term
As startups things can get overwhelmed quickly. its a good practice has a startup business to have two types of plans. The long term plans something when you release makes you the millions/billions and the short term plan a product you release to keep the company running without the problem of funds.
Majority of the startup’s businesses focus mainly on the short term it takes less time and you can start seeing results, but to strive as a business you need the long term plan they keep you in business, open doors to partnerships and create a new avenue for creativity.
Few startups understand the importance of managing resources its a skill that needs to be learned very quickly as a business owner. You don’t have to rent a big office space the moment you have funds or buy some gadget you don’t need, you can start with a co-working space and channel the resources to building a selling product.
Employing a new staff is good it shows you are growing but if you can still do there job that is bad employment and costing you resources. Nevertheless, they are freelancing website online who you can reach out if you need to employ at a reasonable price and guaranteed to deliver.
Strong Leadership Team / Mentor
No matter how solid your plan is without a good leader there is a chance it might fail. Having a mentor around guiding you is a very important thing in business they say two heads are better than one. Your mentor is there to motivate and inspire you when the juicy is running low and believe in your business is fading.