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    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

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    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

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    10 Distinctive Things To Note About eNaira

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    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    How Blockchain can Transform the Financial Ecosystem in Nigeria

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    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

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    The Status of Real Estate Tokenization in Nigeria

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    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

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    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

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    Flutterwave Launches New Products at Flutterwave 3.0

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    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

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    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

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    Egyptian Fitness App, Welnes Secures $300,000 funds to Expand Team

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Home StartUps

HOW TO CHOOSE A STARTUP IDEA TO WORK ON.

by Johnpaul Nwobodo
October 31, 2018
in StartUps
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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