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    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

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    Nigeria’s Cash Swap Policy: Goals versus Results

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    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

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    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

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    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

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    Binance now accepts Naira Deposits and Withdrawals

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

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    Is Africa Ready to Operate a Digital Monetary Policy?

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    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

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    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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    Lagos Startup Expo Commences Application for 2023 Annual Event

    Lagos Startup Expo Commences Application for 2023 Annual Event

    PICTDA opens Application  for Code Plateau 6.0

    PICTDA opens Application for Code Plateau 6.0

    PICTDA Holds Stakeholders’ Engagement Event on Adoption of the Nigerian Startup Act in Plateau State

    PICTDA Holds Stakeholders’ Engagement Event on Adoption of the Nigerian Startup Act in Plateau State

    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    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?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Home StartUps

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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