What You Can Learn from the Most Successful Tech Startups

Starting a business has never been more difficult, even though small businesses make up a solid part of the Nigerian economy. Every month, millions of businesses all over Nigeria surface, but many of them do not last for up to three years.

Previously, people were fine just having a “brick and mortar” office, with a few employers, steady above-average income, and maybe sustainability that becomes a family asset. However, with the rise of technology, the business industry has been greatly affected and business perceptions are shifting to make room for what is now known as “tech startups”.

It is important to keep in mind that not all small businesses are startups – this is because both have different intents. For a small business, the point is simply to be profitable for the entrepreneur. With a startup, it is much more than this – it involves an intention to grow quickly exponentially via scale, and then either become a unicorn or be acquired by a larger company.  Whichever way, the point is to gain massive returns both for the founders and the investors.

What Can We Learn from Successful Nigerian Tech Startups?

Feedback is Important

Sometimes you can get so caught up in your own brilliance that it does not occur to you to run the business idea by others. Many startups run the idea by others in a similar field to get feedback, especially from those who have successfully built a business from the scratch. You should listen to them, get them to critique, weigh their thoughts and use their opinions to strengthen your business idea.

Analyze Market

This is an important factor for profitability. You should understand the market landscape, study your competitors or find out if there are any. It’s not a bad thing if there are already people doing what you intend to do, as long as you can refine the idea, make it better, try to stand out, and have a proper market reading.

Customer-first Approach is the way to success

If you didn’t already notice, the market seems to favour startups that put their customers first and deal harshly with startups that do not do this. With tech, customer experience has revolutionized to become even more excellent and you should make sure you’re a part of it.

Knowledge is Never Overrated

If you watch startup founder interviews, one of the things you quickly notice is how these founders put their blood and sweat into learning everything they need to learn. If you plan to start a business, learning cannot be overemphasized. As a result, podcasts, books, and mentors should be part and parcel of your journey.

A Culture of Freedom Will Pay Off

One of the most important characteristics of big tech companies is the culture of freedom gifted to the employees. This does not mean that there are no boundaries, but the environment is engineered such that employees know that they can think or function outside the box. This culture will keep attracting the best talents.

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