Features, News, People

4 Burning Questions Every Startup Owner Asks

and how ALAT’s Talk Series is providing answers this Thursday

Building a startup anywhere in the world is difficult, but building a start-up in Nigeria deserves its own Olympic sporting event. It takes more than guts and grim determination to solve a problem. It was reported that the failure rate for start-ups in the country averaged 61% from 2010 – 2018. Yet it is a path that attracts hundreds of aspiring entrepreneurs each year.

But it’s not all doom and gloom – according to the Nigerian Startup Funding Report Q1 2021, Nigerian tech startups raised $219 million in the first quarter of 2021 alone. This is three times the combined amount raised in Q1 2018, Q1 2019, and Q1 2020 (fintech startups accounted for more than 90% of the funding)!

What makes the difference between the startups that succeed and the ones that falter and make the dreaded 60% fail rate? So, here are some questions that the ALAT Talk Series will answer this Thursday, August 26, 2021. This second session of the Series will hold on Zoom and can you guess the topic for the virtual session? Developing and sustaining the startups of the future.

Tomiwa Aladekomo, the CEO of Big Cabal Media (owners of Zikoko and Tech Cabal); Femi Akinfolarin, head, corporate strategy, Wema Bank and Adaora Mbelu, the founder of Lumination Global Network have been confirmed as speakers for this session.

1. How do I find investors and what are they searching for?

Investors are willing to pump obscene amounts of money into startups and businesses that they find interesting. However, it is hard to find investors and even harder to get them interested in what you have to offer.

2. How can I retain good talent?

Hiring talent is relatively easy – the unemployment rate in the country hits 33.3% in the fourth quarter of 2020. There are millions looking for jobs. Retaining good talent is an extremely difficult aspect that many business owners are grappling with. Some are even willing to pay twice the going rate to retain good talent.

3. How can I manage my business better?

Managing a business requires good people and leadership skills which everyone does not possess. You can learn how to manage it or better yet how to spot good managers.

4. How do I position my brand better?

This is very important. Your business idea might be groundbreaking, however, if you don’t position it as such it will get overlooked in a saturated market.

Most fintech companies offer similar services but they set themselves apart by their unique positioning that attracts their target audience. But how do you do that?

At 4:00 pm today, August 26, 2021, the three speakers – Aladekomo, Mbelu and Akinfolarin – will share insights into their experience, the tools that can help with sustaining the ventures that will survive and how to solve some of the niggling questions you have.

To register for the session, click HERE.

Comments

comments

About the Author

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.