Ndidi Nonelli talks to startup founders about how to launch a successful startup

Yesterday, Nigerian entrepreneur Ndidi Nunelli spilled some powerful and insightful nuggets on the subject.”How to launch a successful startup.

She was a speaker at the Future Forward 2.0 Techfair organized by Zenith Bank in Lagos, Nigeria.

According to them, some important things that you need to know and questions that you should ask yourself before starting this business are highlighted:

Your business plan

  • What is your “why” for doing this work?
  • Is your business model unique?
  • What is your Plan A, B, and C?
  • What business do you start with?
  • It’s easy to get started but consider expanding after you get started.
  • Business must be demand driven. It’s not about what you want but what people are willing to pay for.
  • It must leverage technology, data and innovation and it must shape the ecosystem
  • What policies will affect it? Gokada, for example, was affected by the ban on Okada.
  • Is it cost effective?
  • Are your products or services expensive, and can you justify the cost?
  • How do you adapt to change?
  • An example of this is Twiga in Kenya which has raised close to $90 million. Their business model was simple – connect those selling bananas, apples, etc. to farmers. They are now planning to expand to the rest of Africa.
  • You should be ready to redesign.

your team

  • In addition to the team you bring to your bid, you need real partners you can trust, have integrity and share your vision.
  • Your team members’ skills should complement each other
  • In terms of leadership, you need to show credibility. It is also important to have a board of directors because no one is going to give money to a one-man team.
  • Investing in governance – to have an advisory board or board of directors.

your brand

How do you tell your brand story, and how is it reflected in your company name, slogan, slogan, marketing strategy, etc.?

An example is HelloTractor, which the founders considered “the Uber of tractors.” The company has an impressive marketing strategy and now has presence in India, rest of Africa, Asia etc.

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Business continuity

  • How is your show money being spent?
  • Do you have credibility and a good track record?
  • Do you have a presence on the ground and not just some huge numbers on paper, say 500 million users, views, subscribers, etc.?
  • What is your exit strategy?
  • Know the policy that governs your business?
  • How do you shape the policies that govern your business?
  • Who are your opponents and heroes?
  • How do you turn your opponents into heroes?
  • How do you build financial resilience?
  • Be ready to roll up your sleeves and get to work.
  • You have six months buffer for your job. That is, if your business is still profitable, do you have something to live on during that time?
  • Create a scenario and contingency plan.
  • Avoid hype because it is not sustainable.
  • Invest in impact, not fantasy
  • Commit to building your startup.

Finally, she points out that running a startup can be lonely. But having a support system can be helpful. Also, it is important to remain humble and steady until you get up. In the end, we have to create a country that lives in the future.

About Ndidi Nonelli

Ndidi is the CEO of Sahel Consulting Agriculture & Nutrition Ltd, founder of Leap Africa, Sahel Capita and other entrepreneurial ventures.

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She is an expert in African agriculture and nutrition, philanthropy, and social innovation with over 25 years of experience in international development. She is also an acknowledged serial entrepreneur, author, public speaker, and consultant.

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