Home Entrepreneurs Ndidi Nwuneli speaks to startup founders on how to launch a successful startup 

Ndidi Nwuneli speaks to startup founders on how to launch a successful startup 

by Ozva Admin

Nigerian businessman Ndidi Nwuneli, yesterday, dropped some powerful and insightful nuggets on the subject’How to launch a successful startup”.

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

According to her, here are some important things to know and questions to ask yourself before launching that business:

your business plan

  • What is your ‘Why’ for doing this business?
  • Is your business model unique?
  • What is your plan A, B and C?
  • What business are you going to start?
  • It’s easy to get started, but think about expanding once you’ve started.
  • The business must be demand driven. It’s not about what you want, it’s about what people are willing to pay for.
  • You have to harness technology, data and innovation and you have to shape the ecosystem.
  • What policies will affect you? Gokada, for example, was affected by the ban on okadas.
  • It is profitable?
  • Are your products or services expensive and can you justify the cost?
  • How do you adapt to change?
  • One example is Twiga in Kenya, which raised nearly $90 million and its business model was simple: connect those who sell bananas, apples, etc., with farmers. Now they are planning to expand to the rest of Africa.
  • You have to be ready to redesign.

Your team

  • Beyond the team you feature in your pitch, you need real partners you can trust, have integrity, and share your vision.
  • The skills of your team members should complement each other.
  • As for leadership, it is necessary to demonstrate credibility. It is also very important to have a board of directors because no one would give money to a one man team.
  • Invest in governance: have an advisory board or a board of directors.

Your brand

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

One example is HelloTractor, which the founders consider ‘The Uber of Tractors’. The company has an impressive marketing strategy and now has a presence in India, the rest of Africa, Asia, etc.

The news continues after this announcement.

business continuity

  • How do you spend your launch money?
  • Do you have credibility and a good track record?
  • Do you have a presence on the ground and not just some inflated numbers on paper, eg 500 million users, views, subscribers, etc.?
  • What is your exit strategy?
  • Do you know the policy that governs your business?
  • How are you shaping the policies that govern your business?
  • Who are your opponents and your champions?
  • How do you turn your opponents into champions?
  • How is financial resilience built?
  • Be ready to roll up your sleeves and get the job done.
  • Have a six month buffer for your business. That is, if your business is still not profitable, do you have something to live for within that time?
  • Make a scenario plan and a contingency plan.
  • Avoid the hype because it is not sustainable.
  • Invest in impact, not fiction
  • Commit to building your startup.

Lastly, he noted that running a startup can be lonely. But having a support system can be helpful. Also, it’s important to stay humble and grounded so you can pick yourself up. Eventually, we have to create a country that will survive into the future.

About Ndidi Nwuneli

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

The news continues after this announcement.

She is an expert in African agriculture and nutrition, philanthropy and social innovation, and has more than 25 years of experience in international development. She is also a renowned serial entrepreneur, author, public speaker, and consultant.

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