Mike Amoh

Entrepreneurship and conscious thoughts.

Starting a startup or business; what you should know.

5 months ago
21

image source: Unsplash.com

Starting a small business in developing countries comes with the higher level challenges compared to developed ones. In Ghana, one has to decide critically with some level of conscienciousness what they are preparing to start. From the stand point of experience and not optimum success, and also in a niche field of tech startups. One should take into consideration; time, competition and funding. This is not the limit of factors but they are highly important.

Starting from a reverse order; funding, take into consideration if your idea or business has the potention of 10X of any money put in today and you have to show a roadmap to believing in any of that. Investors are picky and have seen all sorts of losses in their investment which never returned anything. Whiles your business will need funding to grow in future at rapid rate, the need to consider how to attract funding is very important. Nevertheless, you can also bootstrap which is quite slower to growth and very audacious in certain business or startups.

Another factor is taking a look at the competition, you have to be aware of the field in which your business or startup falls. This will help you to know the market terrain in terms of competition. Knowing the number of competitors, learning from or observing them is critical, this will give you a keen interest in whether you can win against the competition easily or a tough one. After you know the competition, you are in a pole position to either know how to implement you business or startup.

Time, this is one of the most important if you are in the tech space, whiles it is very much harder to attract talent into an idea which is new and has auspicious start, there are also investors ready to test the idea and be the first to make good returns. This is because, as you know, the more time elapse on specific ideas, the earnings and returns have already be exhausted by those who started, a lot of interest might have weign down. In this context, the idea will not fail per se, needless to say, but it will take much effort to implement and get off the ground. If you have the startup which is catching on with a new idea then the time is perfectly right, however, if the idea and businesses have started your type of startup for a while, let say 5years or more, then strategies, garner all the energy and expertise because, it will be a difficult one.

These are the few tips I can offer concerning succeeding with your busines or startup if you are starting up and I am of full conviction that if you prune thorugh these key factors and take into consideration the tough lane you have chosen, then success if guaranteed. However, starting a business or startup is a learning process and not an end in itself. Keep building.

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Mike Amoh
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