It is not yet a lost cause!

Ever had a scalable idea you believed could change the world? I am guessing your response is positive but a more daunting question is; how far were you able to run with such idea? The truth is most ideas never pass the litmus test of the idea stage owing to these key reasons.

Funding: A lot of people tend to believe that you need money to actualize an idea. So they tend to be too quick to pen down a business plan in order to source for funding. That is why it comes as no surprise that most often, startups that secure early funding fail and those who couldn’t secure one just get frustrated and drop the idea. Rather than to go after money to fund that lovely idea of yours, it is recommended that you understand the ecosystem of the industry you are trying to penetrate and most importantly, your intending customers need. Do they need the solution you are trying to proffer? Are they willing to pay for it? How much are they willing to pay for it? Once you are convinced of the answers to these questions, you can then proceed to creating a “minimum viable product” to confirm your assumptions before heading out to seek for funding.

Team: So Mr. Voltron believes he is an island of knowledge because his idea is so special that he fears someone smarter will run with his idea once shared! You are tolling the wrong part sir, the truth is that someone somewhere has conceptualize your idea before but perhaps felt your idea was not worth the effort at the time, so he just dropped it. The reality is that you cannot make it work alone; your brilliant idea will not cause the magic to happen. You need dedicated team mates who are knowledgeable in required fields to take up strategic positions in that startup. So start thinking equity because you will burn out too quickly running the race all alone.


Timing: So you have this great idea that has worked in other parts of the world and you believe you could just set it on autopilot where you are. It will become an epic failure if you do not do your due diligence on the ecosystem you are trying to introduce the idea. There are other factors such as beliefs, religion, culture and economic growth which play an important role in the success of any idea. Little wonder we have so many cases of such failures in Nigeria today. I am a living testimony myself.

Business model: Passion can only get you started; cash flow will keep you going. An idea without a way of generating revenue is bound to fail, so before you get started, validate that your idea has a way of generating income that is sufficient to run your project and pay you and your team a reasonable income before starting out. Many have gone through this route, gained traction and ended up crashing because they failed to monetize their product or service.

In conclusion, there is a lot of work to do before starting your entrepreneurial journey. Consider the listed points above and if you are not convinced that you quite make the cut, drop your ego! Change your strategy or drop the idea completely. I wish you luck in your adventurous journey.

Good article. Thanks for sharing Op.

Thank you

post=62820755:
Good article.
Thanks for sharing Op.