Nigerian Tech Start up, challenges. As we all know tech startup in nigeria almost seems to be like an impossible task. We look at the support of the government to provide an enabling environment which seems to be a daunting task. Technlogy in our government owned schools are just like painting a picture without proper staring of paint mixture. In states like Lagos state, the economy of the state alone favours tech startup, if the the federal government of nigeria can emulate the way lagos state run their economy we shall see greather changes. Our national budgets never favours tech even in one bit. so nigerians ready for tech startup face the problem of doing it alone and also face high taxation from government sources.
Tech startups in nigeria face lots of problem which are outlined as follows.
1. Lack of access to capital.
Here in nigeria it is very hard to secure financial support to make your own startup. We all know that even a loan from a bank would require lots of processes before you can get the capital you desired for. Also the federal government has little or no support for tech startups and young entrepreneurs. Even if there exist any government body, it will require a lot of process to obtain the capital needed.
2. Self Centred. The problem we face in nigeria and in africa as whole is the self centred lifestyle. The ”I Can Do It Alone” is major probem. A situatin whereby two or three peolpe join hands together for a startup, the idea from each person will go a long way in pushing every activity forward.
3. Knowledge, Skill and Talent. We live in the 21st century were almost everything has turned techy. In this case, it is required for oneself to keep up to date with the latest trends going in and around his/her focal point. As an individual interested in tech startup, you have use every possible means to study and learn major tech changes around you so that you can keep with any change in your category.
4. Media. The media agencies in nigeria all focus on providing rich broadcast programs for their teaming audience. Majority of these media agencies purchase their equipments and hire experts abroad while there are capable hands in the country. Media organisation should focus on helping tech startups and young entrepreneurs by showcasing their works, progress and even hire them in cases where they are needed. This way many young entrepreneurs aspiring for startup will be encouraged to do so.
Networking And Data Centres.
Nigeria as we all know is a big market for tech if well utilized. The growing number of the nations population surpases the nations growth rate. The provision of data transfer in nigeria is very poor unlike countries ssuch as South Africa, Morocco etc. Data transfer rate must be improved by service providers to help boost the nations tech space. With this slow pace, tech startups are most affected by it.
Tech is all about marketing and marketing plays a major role in the success of any business and startup is not an exemption. startups should be able to provide meaningful marketing ideas to sell their brands. Nigeria’s population is much and for you to succeed you need to develop ideas to meet up with the expectations of the population.
Solution To Tech Startup in Nigeria.
networking is the art of meeting and making direct or indirect contact with other people in a formal or semi formal environment. This way is a useful way that will surely help boost young and apsiring tech startup. It can help them set up and run their business. In this case they have to use their personal skills and experince to tap into their hobbies and interests.
Brainstorming is a creative technique that can be used to solve problems and also can be used to generate ideas. Every tech startup should have a problem which they plan to solve with their own idea. So there should be a problem statement.
The media can also play a major role in promoting startup such as promoting, patronizing etc. Mass media like Newspapers, Tvs, Magazines etc.
Creativity is the ability to make or do something new. Tech startup should more creative in every aspect inorder to achieve greather success. They should have the ability to come up with solutions to different problems and needs.
The government of nigeria should create an enabling environment for startups and possibly provide support to them.
Product Selection For Business
Product Selection For Business And Startup.
In this article we shall outline the various methods used for product selection for business or startup. It is important for every business or startup to identify the focus product of the business, if your business or startup has no defined product, it becomes hard or difficult to succeed.
Now let us explain in detail the term product selection.
¤ We define them as a resulting output which was transformed from selected ipnut or the effort transformed into an output.
¤ Anything that can be produced, manufactured or a service that can be rendered which was altered from its original way and transformed into an advanced state e.g extracted crude refined inorder to get petrol or kerosine.
¤ Anything that can be presented to the public market space for use, acquisition or consumption.
THE NATURE AND CHARACTERISTICS OF PRODUCT
As we all know, a product is the outcome of an input that was transformed into an output. In this case input can be transportation, materials, the methods used, work manpower or workforce, money and machines. These items mentioned above are transformed into an output. Transformation is the process were raw materials are changed into semi finished products which is the output of the final product.
” Product must provide solution to the user or consumer”
The characteristics of products may be the weight, the operational effectiveness, maintanance and size. The Product must stand for profit or survive the test of competition. It must satisfy the want of the consumer.
THE CRITERIA FOR PRODUCT SELECTION
As a startup or existing business, when selecting a new product to acquire for your business or a product you want to produce, there must be a relevant selection criteria compiled and distributed to the sales force.
Now you can make use of this to compare the various product offerings and also create a shortlist with products selected for further evaluation. During the process of the product selection, you should be able to identify the various products that are expected to meet the requirement of the market.
THE FACTORS THAT ARE ASSOCIATED WITH PRODUCT SELECTION FOR BUSINESS AND STARTUPS.
A business or startup should know these things and work on them properly. The factors include;
¤ The legal aspect of the business. The legal issues that are associated with your business.
¤ The availabilty of raw materials needed or related with the product you’ve choosen to produce.
¤ The use of latest technology for your business. For your business to strive and become successful, you need to make use of latest technology of course your competitors are already using.
¤ The Business infrastructure
¤ The Government policy in your area and its regulation.
As a business or startup, what you should know, the moment you select the product you want to produce, you still have to carry out further research to know the process of production and other government requirement on licenses.
IDEA GENERATION FOR BUSINESS PRODUCT FOR BUSINESS AND STARTUPS
As a business owner, the basic thing you should do is to know the type of product currently offerred in the market. Yeah, this aspect is kind of difficult for businesses to actualize. However it is important to do so, know what is offered already, your potential rivals and competitors. Carrying out research to find new idea for product you can produce is important for the success of your business. There are several ways you can use to identify a new product idea. However if businesses can provide a valuable product idea properly evaluated, executed, it will go a long way in securing the success of the business.
SOURCES OF GENERATING NEW IDEAS.
(A) Mass Media
(F) Being Creative
(G) Business Exhibitions
(I) From your personal skill
(K) Existing companies.
Well, these sources listed can still be difficult for generating new ideas. You can also do things like testing the ideas you’ve generated and see if it will work.
Brainstorming: it is the process or the technique ised to create problem solving as well as generating ideas.
THE STEPS INVOLVED IN STARTING THE PRODUCT SELECTED FOR YOUR BUSINESS.
There are no guarantees that a business venture or idea willl work. You can plan but if the planning is not concrete enough, the venture will fail. Assumptions can be a critical factor in developing your venture. Many startups, entrepreneurs fail as a result of making assumptions that cannot be realized. You should define every aspect of the venture, try to make sure if it can be a relistic venture. Making assumptions that cannot be realized is a total waste of time. inorder to have confidence in the design of a business, you should try to define each level, and other factors necessary to help you reach the next level of the objectives.
Starting your business, you need to have that confidence no matter the obstacles you face , you can still stand to achieve your set objectives. So yo need to examine the factors that are important in helping you achieve your objectives.
THE STEPS INVOLVED IN PREPARING PRE-FEASIBILITY STUDY.
1. The management approach to feasibility study: There is one thing researching about the business you are going into and there is the aspect of ideas you’ve gotten, sometimes you may have gotten the right ideas and procedures but you decide to go the other way round. So inorder for you to achieve the objectives of the business you are about to start, you should;
(i) Try to understand if the business will achieve its set objectives
(ii) How can you improve on it as time goes on or taking it to the next level.
(iii) Wether you can still achieve it if you are low on budget.
(iv) The benefits that will cover the cost.
2. How the business can succeed and how it can be improved: These are questions that are important to business or project. I believe during your research, you also asked these questions, because you need to have an idea of its success and some possible cause of its failures.
If you have an idea of the factors that may cause the business to fail, then you can avert it. Therefore it is important to note this.
3. How to analyze the assumptions you’ve made for the business: Now ensure that you’ve identified all aspects of the business, ask questions and know more factors that could prevent you from reaching the business objectives. You can look at the factors such as;
(A) Managerial Factors
(B) Financial Factors
(C) Cultural Factors
(D) Political Factors
(E) Technical Factors
(F) Market Factors
(G) Cost Factors.
Now let us dig deep into the list above and explain the types of assumptions.
¤ Managerial Factors: You should try to know the type of training you need inorder to run the business smoothly.
¤ Geological/Climatic Factors: Identify if the business will in anyway affect the environment you are, would it destroy the ecosystem.
¤ Financial Factors: Know where to find funds to run the business, also how to control the money i.e money management
¤ Cultural Factors: Try to know if the business fit the lifestyle of the people
¤ Political Factors: Try to know wether the head in government in that area supports your business idea, license and inspection needed.
¤ Market Factors: Though you may not be able to predict such scenarios but the period when your product has launched, does the populace in that region have enough income to dispose? And also can you reach your customers and make good profit.
¤ Cost factors: Understand the cost it will take for production, the amount you will spend on your labour force and the total amount of repeated cost are likely to occur.
¤ Technical Factors: The technology use make us of for production, if it can be maintained. Are replacements parts easy to obtain? Try to know these problems, knowing this can help you.
THE TECHNICAL ANALYSIS FOR PRODUCT SELECTION.
In this apect, you should stry to evaluate the facilities for the product selection, the technology for the selected product and how to source for raw materials for the product you’ve selected.
1. Waste Disposal
(i) Provide in detail the quantity your business will dispose.
(ii) The method, place and how much it will cost.
(iii) Waste disposal must comply with environmental protection requirement and should be done legally.
2. Business Location
You should draw out a map of your area showing the location of your business. You can also do it online via google my business or any other business directories available on the internet.
There must be a description of your product such as the materials used, the function and user description.
4. Business size and schedule of production.
Provide a description of the size of the business and the productin schedule.
5. Acquisition of raw materials.
(i) Describing the physical and mechanical properties.
(ii) You should provide an overview of the cost of the raw materials you are using for production including the source of the raw material.
6. The impact of your business on the environment
(i) You should have an insight of the impact of your business on your environment.
(ii) The type of technology you make use of in your business.
7. Equipments and machines
Describe the type of machines you have, the capacity and how you are able to run them on your day to day business activities.
8. Product processing activities
Show a description of the product processing produres, show a comprehensive list of materials and energy required.
9. Labour requirements
(i) Skilled and unskilled labour requirements.
(ii) Managerial and technical staff requirement.
THE EFFECTS OF GOVERNMENT POLICY AND REGULATIONS ON THE BUSIINESS PRODUCT SELECTED FOR PRODUCTION.
What you should understand is every business requires permission to operate in any given area. Your business may require permission, license before you start.
THE ENVIRONMENTAL IMPACTS ANALYSIS OF THE BUSINESS.
Whenever you want to start your business, you should consider and analyze the impact of production process on the environment you’ve choosen for the business. Try to find out the negative effects of the business in that environment and look for ways to either control it or eliminate them.
Take these into account;
(i) The liquid waste from your business
(ii) Any solid waste
(iii) Air pollution
(iv) Chemical Reactions
(v) Hazardous materials
2. Environmental degredation.
3. Health risk.
(i) The health risk of staffs and workers in your business.
(ii) The possibility of increasing already available risk
Tech Startup Ideas and how to launch It
Tech Startup Ideas.
Many people aspiring to make a startup but they do not have the right orientation or an enabling environment to set it up.
This article goes deep into how any one can make a start up in technology. Tech start up is an important aspect a person or group should consider doing.
Tech Start Up Ideas.
1. Personal, business Visioning and focus.
Before you make a move as an aspiring tech start up, you should try and understand the type of startup you are going in for. Try to know how you will be working and also know the consequences, benefits of your venture. Every entrepreneural effort is always guided by a set of rules.
Note this: A startup or an entrepreneur is a person that is able to develop or offer products and services to people. This person or company is able to scan the environment to find workable and marketable ideas. Adding value and time which can result to profit at the end.
2. Defining your vision and focus.
Vision is simply to plan for the future and think about having a great imagination and intelligence. You should have a focus and a direction.
You should focus on your core values and remove all unecessary distractions.
3. Statement of your vision.
Vision statement is a statement that defines your individual or organizational achievement.
4. Visualizing your future.
This shows the possible and specific vision and goal setting. It shows your strategy of realizing dreams and aspirations. Future can be visualized in two ways;
Measureable: a vision that can be measured
Vivid description: a vision that has clear imaginations.
5. Personal Vision
You as a startup, you should have a vision, your values, beliefs and have an understanding of your interest and things you have passion for. With these said already, you and your business should have core values guiding you.
6. Goal setting
Setting a goal can be characterized as follows;
A goal should be something you really whant: Ensure that the goal you are working or planning to work on is something worth while and not just some thing you’v seen as a good idea.
Write out a positive goal: writing out your goals create an instruction for your subconcious mind to carry out. Your subconcious mind is an important tool for your success. Your subconcious mind cannot determine when you make the right or wrong decision, it only carry instruction given to it. If you give it more positive instructions you get better outcomes at the end.
Write your goal in detail: It is important to write out your goals in complete details so that your final outcomes will be clear.
Develop your life in 6 areas of life
(i) Family and home
(ii) Financial and career
(iii) Spiritual and ethical
(iv) Physical and health
(v) Social and cultural
(vi)Mental and education
Write down your goals: it is very important that you write down your goals, your goals are like a roadmap leading you to success. You should write them down and constantly review them.
7. Business vision
This describes the thoughts or the imagination of the business. Business vision starts as an idea and it is important to align your business vision alongside your personal vision. Having a good vision motivates you and your business. Aligning your business and your personal vision can be done by
.Harvesting a gift
.Pursuing your own passion
.Following a mission
.Capitalizing on your assets.
THE POSSIBLE BUSINESS PATHS
.Harvesting a gift
.Following your heart
.Discovering what you do very well and what others need and ready to pay for.
The Concept of Start Up
There are lots of reasons that aspiring individuals would want to make a tech start up.
The main reason that most people start up their own business is to make profit. If you are running your own business you will be making more money than working for a company or a person.
It is the essence of making profit that leads people to start up their own business.
Another reason that will prompt you to make your own start up is to secure a long term commitment or a job for yourself. Working for a company or a person, you may get fired at any time. Working for yourself keeps you in control over the business.
PLANNING FOR SUCCESS FOR START UPS
It is a common saying that, if you fail to plan a business you will definitely fail on that business. You dont have to wait for when you secure a financial support before you make a business plan. Planning is an important apect for launching and growing your business.
For you to prepare a business plan, you have to make a research to know the factors that are required to make your start up successful. If you have a business plan as a tech start up, you can spot weakness and threats that may derail your business. At the same time, with your business plan you can also spot areas that will make your business successful.
Planning for success for a start up, you should consider these four main points which include;
1. Your current location and your tech start up idea or the project.
2. Your start up or business focus (what you wish to do).
3. How yo want to go about it.
4. The worth, impact or importance of your business and the problem it will solve.
IMPORTANCE OF HAVING YOUR BUSINESS PLAN AS A START UP.
1. Preparing a business plan aids in starting and financing a business.
2. It is a way of keeping record of your intentions, the basis of your business, your reason and its development.
3. It is a way of informing investors success achieved.
4. It can aid the funding of your business from banks.
5. It shows you steps or guidlines to achieve the goals of your start up.
6. A roadmap to owning and operating your business.
7. Describes your business to financial agencies and prospective investors.
8. It shows in detail action which outlines every aspect of the business start up.
The Components Of Ideas And Plan For Start Ups
1. Financial plan: Every business requires finance in order to grow. The question lies, how do i source for funds for my business and how do i pay back those loans i have secured. Having a financial plan, you should consider these;
The cost of your business.
How to acquire a land for building your office or renting an office complex.
The structure and organization of your business
Capital: Every penny spent or about to be spent should be noted.
Furniture: Furnitures to buy and beautify the office rooms.
Communication and equipments.
2. Competition: As a startup you should try to know how many competitors you have in your location or the number of organizations running similar business.
3. Market plan: As a tech start up you should try to know who your customers are and the size of the market. And you should consider the size of the market in your location, region and abroad. Knowing the size of the market give’s you an insight about your business growth and the business share in the market and also enable’s you know the current and new competition.
4. Mission statement: Mission statement gives a clear description of your business aim/objectives and their principles. It shows the focal point of your business.
5. Description of your business: Business description shows the specification of the products, services, structure and organization of your business.
The description of your start up should provide a reasonable and valuable idea of what your business or the company sells. It is also shows to potential investors and customers the reason your business is better than other businesses or your competitors.
6. Machineries: This is your tech start up organization and structure. It shows in detail, infornation about the owner of the company, the company’s profile and members of the management.
Company structure and management: This section shows at least strong members with higher level in the company or those with higher position in the company
Workers or human resource management: This part shows the size of the payment to your workers on a monthly basis and the capital your company operates on. This includes everybody working in the company.
7. Business summary
In business summary, various sections are outlined which are stated as follows;
(i) The money required and details of funding and your business working capital.
(ii) The cost of production
(iii) The process of production
(iv) The financial statement of the business which includes profit and loss.
(v) Office premises
(vi) Trading forecast
(vii) Risk assessment which includes profit ratio.
THE STEPS REQUIRED TO CREATE A BUSINESS PLAN FOR TECH START UPS.
1. Ensure that you gather all your plans you have made. When preparing for a business plan, you need to have a knowledge about the business you are about entering into.
This requires you to carry out a lot of research about the business.
Note: Research is the product of the process of investigation and the discovery of facts in order to solve a problem. Research comes in two forms which include;
(i) Reading: The process of reading facts about the business you are about to venture into.
(ii) Learning: This involves learning the basics of the business and the industry.
2. Every startup requires an expert for additional information. You have to decide wether there is a need to consult any expert in your business field. However it is recommended that you consult an expert for further information that will guide you. In cases were you finance your business yourself, all efforts are driven towards the benefits that will come out of the business.
3. Write out a draft for your business. For you to attract investors to your business you have to build a system that will attract them to invest their money on your business. Investors may invest through giving you a loan, buying a share in your business or company or either way. You as a business owner, you need to find out what the investors want from your business.
No matter the interest they have on your start up, always no these things which include;
(ii) Having an understanding of the business
(iii) Financial confidence
(iv) The possibility of having a profit after investing on your business.
4. Start compiling figures and fill in your money in flow and clearly forecast the risk of investing in your business. Try to show investors the way, whether your venture fails or succeeds.
5. As a business owner you should try and improve on the plan and money inflow forecast.
6. Conclude on your business plan
Google Announces 10 Startups For Demo Day Asia 2018
Googles involvement in Asia has since gone a long run, the companies desire on investing in asia has grown my stronger. The company made an open call inviting startup companies to apply for its demo pitch an event set to be held in the chineese city of Shangai in september. The Demo Day Asia will bring to gether startup companies to top global investors. In response to the open call by google, several startup companies applied to be part of the demo day asia event. According to Google’s official blog, the startup companies that made the application include startup companies from the Asia Pacific region, companies from different diverse industries including health care, agriculture and entertainment. The application, google recieved over 300 application from startup companies aiming to be part of the event. Eventually the team and organizers of the event after much delibration and selection of application of companies deemed fit and qualified, the 10 startup companies where eventually selected. The startup companies expected to take part in the Demo Day Asia event in September this year in Shangai includes;
1. Sky Magic. A singaporean startup company that produces drone swarming for live tech and traffic management systems.
2. GITAI. A japaneese startup company whoose focus is on developing robots that can assist scientist in space missions.
3. SigTuple. A startup company from India whoose primary focus in on creating Artificial Intelligence (AI) based solution to automate health care screening.
4. Freight Exchange. A startup company from Australia which specialises on freight carries based online selling unused space shippers.
5. DycodeX. A startup company from Indonesia whoose primary focus in on the development of IoT solutions for livestock farming.
6. Marham. A Pakistani startup company focusing on health care helping people to search, book appointments and consult doctors through online.
7. OneStockHome. OneStockHome is a startup from the Thai nation offering e-comerce platfrorm for various construction materials.
8. Miotech. Another chineese Fintech startup developing AI based softwares for financial institutions.
9. Origami Labs. A Hong Kong based startup whoose focus is on developing rings that has the ability to send text messages. If people wear the ring, they can send text messsages without taking out their phones.
9. Swingvy. A korean human resource startup providing solutions for businesses.
These 10 companies are part of the Google for Entrepreneur Network, a community constituting over 35 members accross the globe with programs supporting startups. These 10 startup companies will be among the distinguiged panel of Google Entrepreneurs. The Demo Day Asia event will be held in Shangai September 20th 2018. During the event, startups with oustanding performance will be funded with over $100,000 in Google Cloud Platform credits.
(Photo: Google Blog)