Building Successful Startups in Africa! Top 3 things you should know!
First things first, Africa is not Silicon Valley. Granted, there aren’t any hard and fast rules in terms of starting a tech business, but it’s easy to compare yourself with million dollar funded startups in Silicon Valley. Now before you get overwhelmed or lose motivation, know that it is possible to succeed anywhere-especially in Africa.
We understand that there are a vast majority of people who may feel that given the excessive bureaucracies present in many African governments, as well as the standard of technological advancement in Africa may pose huge problems in starting a software/tech company. We address these concerns by simply citing an article written by Iyinoluwa Aboyeji, a Nigerian entrepreneur and co founder of Andela. Read it here .
Today we bring you the top 5 elements that are essential for the growth and success of African tech startup.
1. Have a Clear Idea and Execute it
Every thriving business you see now initially began at some point in time with no customers and no sales! However, the origin of successful startups always begins with an idea and implementation. It may seem obvious to many readers, but having a clear idea about how your business is going to run, what product or service you will be providing and how to implement it is a critical success factor for any business. Evaluate your idea extensively and simply implement it. You will observe that the implementation phase is actually more difficult, because you have to transform your idea by putting in the work.
Here at Velocity Ghana, we experience daily challenges that give us deeper insights with regard to the tech landscape in Africa. We’ learn rapidly to overcome setbacks and grow together.
2.”Teamwork makes the dream work”
Picture any business as a sum of it’s constituent parts. Remove the non-human components and you’re left with people. Your team is essentially the fuel that drives the company vision. Each member plays a specific role that aids in the running of the business. If you’re a startup, that means usually a small group of people. Many tech companies began this way. Common examples like Facebook, Microsoft and Apple started out with two people and grew in number as their companies expanded. You can’t do everything alone.
3. Persistence and Consistency
These virtues represent the true grit of the business. Yes it’s important to know your stuff, yes it’s important to have a good business plan and marketing strategy, but how you succeed in Africa boils down to these two virtues. You will have to be persistent in promoting your product or service, closing deals and making sales to customers. We get up everyday to do this. Consistency eventually establishes brand trust, after all you’re a startup. You need to let people know that you’re in business for the long haul.
What are you waiting for? We remember best when we put knowledge into practice. Start your business today on Velocity!