Iyinoluwa Aboyeji is a Nigerian entrepreneur in the public who is passionate about partnering with missionary talent and capital to build an African future. He spent the last few years as the CEO of Flutterwave, a business building payments technology and infrastructure to connect Africa to the global economy. He is currently the co-founder of Andela.
Iyinoluwa has outlined “The tips for building a successful unicorn company in Nigeria.
Here are the tips;
1) Experiment and Identify the brilliant 10%: The aim of experimenting on 10% brilliance Idea very quickly and putting resources behind it is to know that 70% of a business startup that started with a new Product failed, 20% will be mediocre, while 10 % attain success, therefore identify the 10% with a brilliant Idea.
2) Don’t waste too much building your first product
It is essential to start small and grow to test. “It’s paramount to launch as lean as possible and then test. it is crucial to building a startup that provides services to other startups. It is more profitable when your startup helps other businesses win. Like a candle, you are giving light to other candles
3) Set your priorities straight
Pointing out the secret of building a unicorn startup requires you to solve and meet the essential pressing needs of the market. It is not just meeting it, but providing affordable and quick service.
This is one of the reasons to focus on real, sustainable businesses that have the potential to make a decent profit, and so on. Without that, business startups should be more focused on products and building their business.
4. Get your first 100 customers
As an entrepreneur, before you even begin to speak to investors about raising money you must find product market fit. The road to building a unicorn has to start with clear goals. The most important thing is to be super pragmatic and results-oriented. An Entrepreneur must be very clear that the most important thing is to build their first product and acquire their first 100 customers. Anything else is a distraction and they can live without it.
5) Get your infrastructure right to help your customers buy
Building any product requires you to invest some (or a lot) of time into your infrastructure. From a simple website, or to a large-scale hardware project, getting the right tools is imperative to your business, also know that infrastructure helps build a better customer experience. Building a strong backbone for infrastructure to host a website (e-commerce)depending on the business, managing logistics, managing the supply chain, data analytics, and insights to optimize business operations and digital marketing approaches. This, in turn, delivers a consistent and seamless brand experience to encourage customers to convert to purchasers and advocate the brand online and offline.