We believe that you have already identified the solution to a problem you want to solve and that is why you are going into a startup in the first place.
We are saying this because it is the one thing that can fuel your passion and keep your vision in check when the hurdles are up.
According to Wikipedia, Startups refer to a new business that intends to grow large beyond the solo founder, that is, you intend to become a conglomerate.
As you might already know, there is hardly anything one does, that challenges do not arise. It is the duration and dimension of such problems that differ.
Giving you hope that irrespective of the ‘starting a business is not for the faint-hearted’ you have seen countless times, these challenges can be overcome, all one needs is resilience and a positive approach.
One of the startup challenges one is bound to face here in Nigeria is power supply. The need for constant power supply is not limited to companies that deal with production alone, tech companies, customer support, all these require a steady power supply.
The solution most time is to opt for a generator or a solar plant. One can also move to locations where the power supply is constant, places and magodo, and certain places in ogba.
Though, they pay heavily for it, comparing cost after research will enable you to pick a better option.
Funds: There is a general saying with the ‘aspire to acquire’ quotes, ‘Start small’. This is entirely true as becoming a conglomerate is a process. Starting small requires funds as well. Minimizing the cost will reduce the amount of loan that will be needed.
Minimizing cost is to have laid down infrastructure, located in an area with steady power supply, raw materials in order to reduce cost on logistics, being close to your target market.
Monopoly: “Innovation is just about disrupting the inside and becoming part of the game”, said Emmanuel Macron. Liberalizing Monopoly on certain products that have gained ground in the market.
Basically, a good market strategy to get your product out there. As people continuous lookout for new, quality and less expensive products and services.
Fake products: Limitation of a lot of goods is the new normal in the Nigeria market. Wines, body creams, you name it. Having a direct relationship with these clients will curb this but with an increase in demand, comes the need to expand.
Affiliation with trusted third parties who can distribute these products to customers. Again this requires awareness so that the customers can know the closest third party to access in their location.
A dedicated team: Guys as suggested by Dr Tayo Oyedeji on his social media page. Read ‘The first 90 days’ by Watkins. It is a good read guy.
The research does not stop, read, keep learning, stop, analyze implement and the cycle goes on. If a change in government policy does not favour the growth of your company, a move to a more favourable environment should be considered.
In between, do rest. We need you alive and well to make this space a happier and prosperous place to live in.
What was your start-up challenge(s) and how were you able to solve it?