adebukola Johnson
by on March 16, 2019
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Popular Nigerian realtor and human rights activist, Mr Segun Awosanya, has explained why many Nigerian startups fail.
Sharing his thoughts on the matter via Twitter, yesterday, Mr Awosanya asserted that his commentary is based on the trajectory he has observed overtime.
Speaking from experience – According to him, he has built some businesses and handed it to their respective owners, only for said businesses to collapse few months afterwards. And the reason boils down to the major problem he identified.
Why startups fail
The loss of focus is the major reason – He argued that most startups lack direction and are easily carried away upon recording the smallest amount of success. He explained that in a bid to show off their success to the world, startups end up making bad decisions, which ultimately fast-track the collapse of their business.
No need to flaunt your little success –According to him, all the unnecessary flaunting of success distracts startups from focusing on the importation business of running their companies and driving growth. It also gives false impression to existing and potential stakeholders.
But you can avoid all these troubles
Further in the Twitter thread, Mr Awosanya proffered possible solutions to the problems. According to him, knowing what works best for your company might help you make better decisions, letting the crowd determine how best things could work out.
Do not bite off more than you can chew- First, just because your company is booming doesn’t necessarily mean it needs more hands. In other words, understanding when to hire and when not to, helps in the smooth management of a company.
Not all angel investors are “angels” –Secondly, Mr Awosanya added that it is important for startups to be careful about and selective of whom they allow to invest I their businesses. In other words, not all investment offers should be welcomed, no matter how tempting it might be.Be patient and follow the process – Further more, Segun Awosanya advised every startup to be patient in running their business, not to get carried away just because they want to prove a point to the public, urging them to invest wisely.
He also added that they should stop increasing liabilities just to appeal to people seeking distractions, as they should focus on their paths and be mindful of their society.
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