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  • NEWS
    Nigeria Bets Big on Digital Economy to Drive Youth Employment and Innovation

    Nigeria Bets Big on Digital Economy to Drive Youth Employment and Innovation

    InnovateAI 2025 Brings Global AI Conversation to Jos, Driving Tech Growth in Plateau

    InnovateAI 2025 Brings Global AI Conversation to Jos, Driving Tech Growth in Plateau

    Polaris, Keystone Exploring Mergers Amid CBN’s Capitalization Push

    Polaris, Keystone Exploring Mergers Amid CBN’s Capitalization Push

    SeamlessHR Expands into Nigeria’s $720M Public Sector Market

    SeamlessHR Expands into Nigeria’s $720M Public Sector Market

    Dr. Cletus Shurkur Appointed Commissioner for Science & Tech as Governor Mutfwang Reshuffles Cabinet

    Dr. Cletus Shurkur Appointed Commissioner for Science & Tech as Governor Mutfwang Reshuffles Cabinet

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

  • FEATURED
    How Gonana Farm is Revolutionizing Agriculture with Blockchain and Strategic Partnerships

    How Gonana Farm is Revolutionizing Agriculture with Blockchain and Strategic Partnerships

    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    Tukshopp’s Bold Move: How a New Platform is Reshaping Shopping and Logistics in Jos

    Kingsley Onyeagusi: The Visionary Powering Technoomni’s Global EdTech Revolution

    Kingsley Onyeagusi: The Visionary Powering Technoomni’s Global EdTech Revolution

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

    PLATEC’s New Chairman Charts a Bold Course for Plateau’s Tech Future

    Jos Residents Share Their Temu Experience: 90% Got What They Ordered, But Is It Worth It?

    Jos Residents Share Their Temu Experience: 90% Got What They Ordered, But Is It Worth It?

    Northern Nigeria’s Blockchain Revolution: A Vision for 2025 by Dinfa Dashe, Cofounder of Web3.0 Alliance LTD

    Northern Nigeria’s Blockchain Revolution: A Vision for 2025 by Dinfa Dashe, Cofounder of Web3.0 Alliance LTD

  • BLOCKCHAIN
    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Popular Cryptocurrency Coins in the Blockchain space in Nigeria

    Popular Cryptocurrency Coins in the Blockchain space in Nigeria

    Egon Blockchain Sponsors Maiden Edition of Webfest 3.0 2023.

    Egon Blockchain Sponsors Maiden Edition of Webfest 3.0 2023.

    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

  • FINANCE
    Union Bank Increases Salaries by 40% to Cushion Employees Against Inflation

    Union Bank Increases Salaries by 40% to Cushion Employees Against Inflation

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Naira Weakens as Banks Experience Sharp Decline in Dollar Sales.

    Naira Weakens as Banks Experience Sharp Decline in Dollar Sales.

    New Years resolution: Opay Underlines 2023 Successes and Reveals Plans for 2024

    New Years resolution: Opay Underlines 2023 Successes and Reveals Plans for 2024

    Canza Acquires $2.3 Million to Obtain License Across Africa

    Canza Acquires $2.3 Million to Obtain License Across Africa

    Nigerian Exchange Soars: A Detailed Look at the Recent Surge in Trading and Investor Confidence.

    Nigerian Exchange Soars: A Detailed Look at the Recent Surge in Trading and Investor Confidence.

  • START UPS
    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    Why 49% of Nigerian Startups Earn Less Than ₦10 Million Annually

    Why 49% of Nigerian Startups Earn Less Than ₦10 Million Annually

    ICIDAT technology sets to Launch Innovative Tech Project in IDP Camps; Orphanages come 2025

    ICIDAT technology sets to Launch Innovative Tech Project in IDP Camps; Orphanages come 2025

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Co-working Spaces: The Future of Jos’ Growing Tech Ecosystem – A Deeper Insight with Axia Hub

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Top 5 Nigerian Edtech Startups

    Top 5 Nigerian Edtech Startups

  • PODCAST
CRESTHUB
  • NEWS
    Nigeria Bets Big on Digital Economy to Drive Youth Employment and Innovation

    Nigeria Bets Big on Digital Economy to Drive Youth Employment and Innovation

    InnovateAI 2025 Brings Global AI Conversation to Jos, Driving Tech Growth in Plateau

    InnovateAI 2025 Brings Global AI Conversation to Jos, Driving Tech Growth in Plateau

    Polaris, Keystone Exploring Mergers Amid CBN’s Capitalization Push

    Polaris, Keystone Exploring Mergers Amid CBN’s Capitalization Push

    SeamlessHR Expands into Nigeria’s $720M Public Sector Market

    SeamlessHR Expands into Nigeria’s $720M Public Sector Market

    Dr. Cletus Shurkur Appointed Commissioner for Science & Tech as Governor Mutfwang Reshuffles Cabinet

    Dr. Cletus Shurkur Appointed Commissioner for Science & Tech as Governor Mutfwang Reshuffles Cabinet

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

  • FEATURED
    How Gonana Farm is Revolutionizing Agriculture with Blockchain and Strategic Partnerships

    How Gonana Farm is Revolutionizing Agriculture with Blockchain and Strategic Partnerships

    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    Tukshopp’s Bold Move: How a New Platform is Reshaping Shopping and Logistics in Jos

    Kingsley Onyeagusi: The Visionary Powering Technoomni’s Global EdTech Revolution

    Kingsley Onyeagusi: The Visionary Powering Technoomni’s Global EdTech Revolution

    Stephen Sunday Becomes PLATEC Chairman, Set to Drive Tech Growth in Plateau State

    PLATEC’s New Chairman Charts a Bold Course for Plateau’s Tech Future

    Jos Residents Share Their Temu Experience: 90% Got What They Ordered, But Is It Worth It?

    Jos Residents Share Their Temu Experience: 90% Got What They Ordered, But Is It Worth It?

    Northern Nigeria’s Blockchain Revolution: A Vision for 2025 by Dinfa Dashe, Cofounder of Web3.0 Alliance LTD

    Northern Nigeria’s Blockchain Revolution: A Vision for 2025 by Dinfa Dashe, Cofounder of Web3.0 Alliance LTD

  • BLOCKCHAIN
    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Popular Cryptocurrency Coins in the Blockchain space in Nigeria

    Popular Cryptocurrency Coins in the Blockchain space in Nigeria

    Egon Blockchain Sponsors Maiden Edition of Webfest 3.0 2023.

    Egon Blockchain Sponsors Maiden Edition of Webfest 3.0 2023.

    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

  • FINANCE
    Union Bank Increases Salaries by 40% to Cushion Employees Against Inflation

    Union Bank Increases Salaries by 40% to Cushion Employees Against Inflation

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Ncc Restricts Binance, Other Crypto Exchange Companies in Nigeria

    Naira Weakens as Banks Experience Sharp Decline in Dollar Sales.

    Naira Weakens as Banks Experience Sharp Decline in Dollar Sales.

    New Years resolution: Opay Underlines 2023 Successes and Reveals Plans for 2024

    New Years resolution: Opay Underlines 2023 Successes and Reveals Plans for 2024

    Canza Acquires $2.3 Million to Obtain License Across Africa

    Canza Acquires $2.3 Million to Obtain License Across Africa

    Nigerian Exchange Soars: A Detailed Look at the Recent Surge in Trading and Investor Confidence.

    Nigerian Exchange Soars: A Detailed Look at the Recent Surge in Trading and Investor Confidence.

  • START UPS
    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    This Platform Wants to Ease Logistics and Shopping for Jos Residents

    Why 49% of Nigerian Startups Earn Less Than ₦10 Million Annually

    Why 49% of Nigerian Startups Earn Less Than ₦10 Million Annually

    ICIDAT technology sets to Launch Innovative Tech Project in IDP Camps; Orphanages come 2025

    ICIDAT technology sets to Launch Innovative Tech Project in IDP Camps; Orphanages come 2025

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Co-working Spaces: The Future of Jos’ Growing Tech Ecosystem – A Deeper Insight with Axia Hub

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Axia Hub Launches New Co-Working Space to Boost Tech Ecosystem in Jos

    Top 5 Nigerian Edtech Startups

    Top 5 Nigerian Edtech Startups

  • PODCAST
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HOW TO CHOOSE A STARTUP IDEA TO WORK ON.

by Johnpaul Nwobodo
October 31, 2018
in StartUps
Reading Time: 3 mins read
0
image of startup idea

Image Credit: Pixabay.com

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Each year, about Tens of millions of people startup businesses, however only a handful of them succeed. Statistically, 80% of entrepreneurs starting a business fail within the first 18 months –Forbes, 50% of startups fail after operating for four years. –Statistic Brain.

While the above statistics maybe scary, a whole lot of startups have defined the odds, creating success where many have found failure. One thing that these successful startups have in common is that they both possess the startup idea that works; – I do not want to say that they have the best startup idea, because we have seen cases where the best ideas flop. If you are looking out for a startup idea to work on as an entrepreneur/ wantrepreneur, you may want to start from dotting the‘I’s to crossing the‘t’s stated below.

DO YOU HAVE A SMALLER MARKET SEGMENT YOU CAN FOCUS ON?

Your ability to answer the above stated question can help you identify your market audience. While some mentors will usually advise you to start out big or focus on a larger audience, this advise may be good but it won’t come in handy when the big companies notice that a new company is about to drag a market share with them. They wouldn’t think twice before crushing you. In order to conceal your presence while making an impact, focus on a small market that has potential of streaming big.

IS THERE AN UNDER SERVED MARKET SEGMENT OF A BIG COMPANY?

One good thing I like about the type of ideas generated from this question, is that the ideas have already been proven successful, just that the big companies are ignorantly under serving the market segment.

A typical example of a startup idea generated from this question is the story of Zappos, The founders instead of starting a general online commerce company that would compete with Amazon, they choose to focus on the retails of Shoes only. Today, Zappos is the largest online shoe retailer. In 2009, Amazon acquired Zappos for the sum of $928 Million. A typical example of a startup idea that works!

DO YOU NOTICE AN AWKWARD BEHAVIOR?

I believe Elon Musk and Peter Thiel must have asked themselves why people have to go to the bank, stand in a long queue in order to make payment, when an alternative method could be provided? Boom! That’s Paypal. Another startup idea that works!

 

While the principle root of entrepreneurship teaches that one has to look out for a need and provide its solution in order to run a successful business, Failed companies have also shown that it doesn’t just end in providing solution to an identified problem. Does your targeted audience want this solution that you are providing? If the answer is yes, then you are the right track.

Good Luck on your entrepreneurial journey.

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