Are You Starting A Business? These 4 Tips Will Save You Lots Of Headache
So, you have decided to take the plunge and start that business. Well, the entrepreneurial journey is an exciting one, but your success will depend on a number of factors, top on the list would be the quality of advice available to you.
And the best way to really get this sort of advice is through mentorship and getting tips from those who have succeeded, especially in the area you are venturing into.
So, here are 4 tips that you will find invaluable as shared by Chief Executive Officer of Printivo.com when he appeared as a guest on Bounce Masterclass.
1. Revenue Is King: You see, in developed economies, it is possible to run a business with investors’ fund for a couple of years before generating revenue and breaking even.
But here in Africa, the business must make money almost from day one.
“Understand that you are a business. This means that you have to think of revenue from day 1,” said Ojo.
2. Be Flexible and Learn: “There is a thing about the African market. It has its own surprises. So, you have to be willing to discover the surprises that the market is willing to offer you.
“You have to be flexible to learn from the market and unlearn those things that you had actually prepared yourself with when you were entering the market,” he said.
3. Put Premium On Team: “You must understand that the things you are building, they are as important as the team you are building with. Your success or failure as a company depends on the people you are building with.
“These are your co-founders, your first team and the people that will become investors in your company. Whatever happens to your company or whichever direction your company will eventually go, will be determined by the people you are building with,” said Ojo.
4. Build A Business That Customers Love to Pay For: This is not just for startups but for all businesses. “You are in business because you have paying customers. Any day the customers stop coming, then you are no longer in business,” he said.
According to him, “Businesses don’t die just because they run out of money or ideas. They die because they ran out of customers, which could be because of many factors.
“And if you run out of business because you run out of money, it is because you ran out of paying customers.
“So, build a business that customers love to pay for. It is one thing for customers to love a business, it is another thing for customers to love to pay for that business. So, you need to figure that out from day one.”
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