- Tip: Today’s digital technology has opened a broad spectrum of avenues for marketing in the form of electronic, print, online, mobile, and video advertising. Startups more than ever need to be adept at creating innovative marketing plans, placing advertisements, and letting people know the worth of their products or services. To put it simply, a good marketing strategy has vision, mission, and business goals. It should be able to explain the position and role of a business’s products or services in the market.
- Tip: Using targeted products entails efficiency with which customers are approached and encouraged their future loyalty towards the product or service. Technology giant Apple Inc. is successful because of its unique marketing strategy that makes its products user friendly and highly intuitive. Steve Jobs had the vision that people will not use Apple’s products, they will experience them.
It doesn’t matter how much cash you raise, without revenue generation you will eventually run dry. A typical Nigerian startup founder believes raising money is a key determinant of success. Even though raising money can provide you with a much longer runway for your business, mismanagement of this funds is the key reason why major startups fail in Nigerian.
- Tip: As a rule of thumb, startups should always find ways of minimizing their costs. Invoice factoring is another way of speeding up the account receivable processes in startups. In this digital age when invoice payments are made through mobile phones, there is no harm to request immediate payments from clients. It is also very important to secure credit before any business needs it as they can easily find out how much cash they will likely need to survive. Finally, using accounting software to keep tab on money coming in and out of the business is also a good idea.
- Been titled as a CEO.
- Make quick money within a short period.
- Escape working under a difficult boss.
- Tip: Almost many founders face such slap at first, all it need is focus and patient. You can once succeed without getting some challenges, and keep in mind startup is not a quick money scheme.
Another common business killer is a not having a great team or the leadership experience to assemble one. A typical example of a poor leader is one who cannot recruit and motivate the most talented people for the jobs on which the startup’s success depends.
- Tip: A dedicated team with a diverse skill set is very important for the startups to grow and succeed. There should be a proper synergy, coordination, and communication among the members of a team. Any team is formed by the individuals who have different range of capabilities with identical focus. This arrangement allows the members to help each other, learn from each other, and put a concerted effort in order to achieve success. Diversity and dedication of a team drives innovation.