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  • 1 year ago

How to Hack Your Nigerian Startup – Evans Akanno, CEO of Cregital

So, you’ve been in the startup phase for a number of years, with no significant growth?

You’re not alone. There are hundreds of Nigerian startup looking to scale, and they’ve been on it for years, doing all they can – but it always seem not to work..

In a thread on , an online community where people share their opinions on various topics of interest, Evan Akanno shared tips on how Nigerian entrepreneurs can hack their startups, based on his experience with his less than 3 year old digital agency, Cregital:

  1. You have raised finance does not mean you should burn cash on a super fly office. Save. Save. Save from Day 1.
  2. You are choosing a location for office and you selected Ikoyi / VI because you live there while the bulk of your staff lives on the mainland.
  3. You are looking to hire the best hands which will cost you so much money. What you forget is that most people lie on their CVs.
  4. Be ready to grow your own talent, everyone you hire will not be able to execute the job the way they sell themselves in their resumes.
  5. In the beginning, most have limited finance, so hire for attitude and train for skill. 80% of people with the right skills are very very expensive.
  6. Pair your best hands with interns. These people may move on, the interns will learn and keep things going as they grow… it’s a cycle.
  7. Build a people-first culture. Good culture will keep your people. Make them happy at work and they will be productive.
  8. Your staff grow on the job, so never allow them to ask for a raise. Give them before they ask. That’s how they know you actually care.
  9. Have a profit model for your startup from Day 1. If not cash, users, then cash. Have it in mind and stay woke on that every single day.
  10. Don’t spend crazy on marketing. Try to conserve your cost per acquisition.
  11. It makes no sense to launch a billboard when you are strictly an online business. Think organic methods first, before paid marketing methods.
  12. With 10+ team members, it means 10 shares on Facebook, Twitter, Instagram and Linkedin. Each of them has at least 2,500 friends.
  13. If all your equipment and administrative costs are high, take them step by step. Maybe one air conditioner and then another after some months.
  14. Please run on inverters, if you can. Generators are cheap but Fuel / Diesel is slow death.

 

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How to Hack Your Nigerian Startup – Evans Akanno, CEO of Cregital was last modified: October 19th, 2017 by Obiageli Asika