Five Factors That Determine The Success of Your Startup

Startups are springing up every day with different ideas on how to solve one problem or the other which will, in turn, make our society a better place.

                                                 
source from techmoran.com
There is no doubt that the entrepreneurial bug has caught up with Nigerian youth especially those with a vision to develop technology-enabled businesses, African youth are not left behind in this digital revolution. Many smart minds like Mark  Essien, Aminu bakori and the Andela guys are showing what Africa can do.

Just like what Mark once said, 'the feature of African technology is not in us trying to play catch up but to look within the gap for a solution we can develop that will call our own'.

It's good as a young mind to have a startup mind as the labour market is already oversaturated, look
around you for solutions, you can provide using your skill set.

Today am going to share with you some factor that determines the success of any startup, this factors
have work for so many startups and it is my outright believe that this will work for you when you diligently position your startup on the right line.

Today we are going to discuss some factors that determine the success of technology startup.

*IDEA
Many entrepreneurs got this AHA! moments, when that fresh idea comes up from their head from nowhere, that is new in the market and has no competition.
The truth is some ideas work while others are just like pouring water in a basket. let's take  Nigeria as a case study, we have a lot of problems which entrepreneurs see it as an opportunity such as lack of access to the market to our local farmers, low-quality education, unstable electricity and social amenities,
in the mixes of all these problems that yet to be solved.
Am not sure if futuristic ideas will work because this is not what the market wants right now
until we are able to solve the basic need of men such as food, shelter, clothing and education,
there is very little chance of any futuristic ideas scaling in this part of the continent.

This is not to say you cannot try it, you can try and go for it, and see how the reaction of the market, possibly you might uncover some opportunities around it.

"You lose every action you did not take."

* TIMING
Have you have wonder why some startups fail immediately they come into the market despite having the right product and the right team, well time is the number one factor that determines whether your product will have market acceptance or not.

This does not have to do with use of the product but sometimes the technology behind it is not
just right, take an instance if the big e-commerce site has come before the telecom revolution in Nigeria, I am very sure they will die because the internet penetration was very low at that time.

Am very sure so many have tried to develop a hotel booking service before the coming of hotels.ng
but they fail because the timing was wrong and they are some many other startups like that.
the solution to time is a bit confusing as they are no clear-cut foresight as to whether it is the right time to lunch a product or not.
the best time to pivot to market demand base on the data you get from your previous launch.

* Team
You cannot win the world cup without the best players in your team, like in a startup you must have the right team members who believes in what the company is doing.

Getting team members in an ecosystem where everyone is trying to build his own thing can be challenging and considering the fact that the talent gap is huge, many founders want to be careful not to hire the wrong person.

In the mixes of all this, you can navigate your way and find the right team.

This can be done by properly understanding your vision for what you are building and communicate to the individual you want them to join the team.

Some individual are very keen on the team cultures where others are only there for the pay.  Been able to balance thngs this will really tell how your team is able to feel in the long run.


                                       

* Execution
They said an idea is worth nothing until we roll up our slip and get done with the execution of the ideas, executing your ideas allow you to test whether your target user really want what you are producing, without proper execution and getting your minimum viable product to your users, you cannot validate your idea.
 Follow the lean startup model, learning quick and putting what you learn and further iteration of your product until you are able to achieve product-market fit.

Sometimes technical founder gets carried away by focussing too much on building all the feature of the product before launch, it can be good if eventually, you are building what your user love and are will to part with their resource at their disposal, in order to have the value you are offering.

overall strive to get your execution right because without it your idea is worth nothing.

*Funding
with specific to this part of the world where access to funding is very hard, unlike other parts, if you starting a technology company that is building a product that required huge capital to produce, then you will struggle in the sense that not many investors will want put their money.
This does mean you will not get funding because there are some investors that always put their money where everyone is running away.
As a tech founder be ready to bootstrap your startup for as long as it takes before investors come knocking on the door.
This is why focusing on the customer from the get-go is very important as it allows you to stay in business while you are growing you traction level.
                                          
                                       


So there you have, if you aim to build a successful startup in no distance time, then you must get
these things right.
Let continue this conversation in the comment box below
Five Factors That Determine The Success of Your Startup Five Factors That Determine The Success of Your Startup Reviewed by mubarak aminu on 21:16:00 Rating: 5

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