One of the greatest difficulties that a new business faces is funding.

In Nigeria, it could even get worse where there is acute dearth of investment capital.

Even when there are willing investors, you need more than idea to convince the investor to commit his money to make your idea a successful business.

Bounce news had a chat with one of Nigeria’s prolific investors, Eghosa Omoigui.

Omoigui is the Founder/Managing Partner of EchoVC Partner, a venture capital firm focused on technology investment in sub-Saharan Africa.

Below are three things he believes will not only get your ideas heard but could also get an investor to write the much-needed cheque.

1. Define Your Hustle:  The first question you should ask yourself before looking for an investor is whether you want to do what you are doing as a main hustle or as a side hustle, started Omoigui.

Also Read: Ghanaian Startup, OMG Digital Closes $1.1 Million Seed Investment

If you want to do it as a side hustle then an investor is probably not for you, you may have to look for money from friends and family.

“But you must decide, what is it you are trying to do. What level of commitment are you willing to give to this. These are softer things but very important,” he said.

2. Define Your Customer: According to Omoigui, defining your customer helps you to understand your market and the prospects of your product/solution.

According to him, such questions as: “Who is your customer? What is his problem? Why are you the one to solve it? How are you going to solve it? What resources would you need to solve it?” would help you to define your customer.  

3. Tell Your Story Yourself: “People say, they want to go and hire a consultant to write a business plan and so on and so forth. But I don’t read those plans,” explained Omoigui, underscoring the importance of telling your story yourself.

The reason, he said, “is because I need to hear the voice of the founder and when a consultant is writing it, that is a consultant’s voice.”

Also Read: 3 Ways To Build A Successful Business

The investors, according to him, need to hear you talk about how you intend to answer those customer and product questions.

“We find consistently that when people come and say they want to raise money, they have not done a lot of that thinking yet. And they don’t have that fidelity understanding yet,” he noted.

Watch video below: