Entrepreneurng reports on Ndidi Nwuneli’s session at the recently concluded Future Forward 2.0 Techfair organized by Zenith Bank, which was held on Wednesday, November 23rd, 2022, where she dropped powerful and insightful nuggets on the topic: How to Launch a Successful Startup, as the event just concluded a pitch session with startup founders.
Ndidi is the founder of Leap Africa, Sahel Capita, and other entrepreneurial ventures, as well as the executive chair of Sahel Consulting Agriculture & Nutrition Ltd.
She has over 25 years of international development experience and is an African agriculture and nutrition, philanthropy, and social innovation expert. In addition, she is a well-known serial entrepreneur, author, public speaker, and consultant.
Here are some important things to know and questions to ask yourself before starting that business, according to her:
Business plan 
- What is your ‘Why’, that is, why are you doing this business?
- Is your business model unique?
- What is your plan for A, B and C?
- What business are you starting with?
- It’s easy to start but think about scaling up after you have started.
- The business must be demand-driven. It’s not about what you want but what people are willing to pay for.
- It has to leverage on technology, data and innovation and should shape the ecosystem.
- What policies will affect it? Gokada, for example, was affected by the ban on okadas.
- Is it cost-efficient?
- Are your products or services expensive, and can you justify the cost?
- How does it adapt to change?
- An example is Twiga in Kenya which raised almost 90 million dollars, and their business model was simple- Connect those who sell bananas, apples etc., to farmers. They are now planning to expand to the rest of Africa.
- You have to be ready to re-design.
Team 
- Beyond the team you put up in your pitch, you need real partners who you can trust, have integrity, and share your vision.
- The skills of your team members should complement each other
- Concerning leadership, you need to demonstrate credibility. Having a board of directors is also important because nobody would give money to a one-man squad.
- Invest in governance- have an advisory board or board of directors.
Brand 
How do you tell your brand story, and how does it reflect in the business name, logo, tagline, marketing strategy, etc.?
An example is HelloTractor, which the founders consider as ‘The Uber of tractors’. The business has an impressive marketing strategy and now has a presence in India, the rest of Africa, Asia, etc.
Business Continuity
- How is your pitch money spent?
- Have you got credibility and a good track record?
- Have you got a presence on the ground and not just some pumped-up figures on paper, e.g 500 million users, views, subscribers, etc.?
- What is your exit strategy?
- Know the policy governing your business?
- How are you shaping the policies governing your business?
- Who are your opponents and your champions?
- How do you convert your opponents into champions?
- How do you build financial resilience?
- Be ready to roll up your sleeves and do the work.
- Have a 6 month-buffer for your business. That is, if your business is yet to be profitable, have you got something to live by within that time?
- Do a scenario plan and contingency plan
- Avoid ‘hype’ because it is not sustainable
- Invest in impact, not fiction
- Commit to build
Finally, running a startup can be lonely, but having a support system will be beneficial. It is also critical to remain humble and grounded to rise. We must eventually build a country that will survive in the future.
