Startups, what do you understand of this term. What runs through your mind when this terminology lands in your ears. Well a startup is a company finding solutions to a particular problem and whose success is not 100%. There have been several Startups and millions of them in the world. To be specific there are Startups which have started and collapsed just before take off. Some of them received finding from companies but still they failed materials.
Startups are about finding the quickest solution to a problem so fast and making sure that execution is done to the brim. Most startups fail because of mishaps in execution of their idea. In this article, we are going to take a look at challenges and why it is hard to found a successful startup in Kenya and Africa as a whole.
Table of Contents for Why it is hard to found a successful startup in Kenya and Africa
1. Identification of the Problem
In order to build a unique product solution, you will need a determinant factor as to why. Startups come in to provide possible solutions to these problems. If you cannot identify the problem then you’re simply copying. And how unique do you want your product to be? A well laid out question or problem will in a big way aid in laying out a foundation of the possible solution.
Many startup founders in Kenya, Africa and maybe the whole world don’t do the much needed research. How do you start something without knowing anything about it? I have had people, close friends start or builds apps, not because they want to be unique but to be like some app somewhere. There dreams did not mature, they died before any results could be realized. This happened due to poor research. Find out your competitors and devise a unique way that will make you distinct.
Extensive research is essential to gauge competitors, build a work base, find like minded individuals.
3. Finance or Capital
This has also been the worst and it has hit most youth who found Startups. This is the main constraint to most people an this is why they found startups that go nowhere. Resources to invest in production of the solution are missing or completely not there. How do you compete with a well established company with the same idea and you with your little finances. Others end up giving up their Startups because well, they have nothing to invest in.
Some startup founders don’t focus on building a returning customer list. If you get a good number of returning customers chances of succeeding are high. Having 10 returning customers and getting additional new (10) you will realize that your startup will build.
Founders should be much concerned of the customers, their needs, what they want and how best to serve them. A good customer service will make customers return over and over again. You can’t quit with a good returning customers list.
5. Human Resource
Sometimes, it is hard to get human capital. Having a good number of people who are willing to help your startup grow is very hard. Some founders also think they can do it on their own. This is a wrong notion. Realizing a successful startup you need a dedicated team.
6. Execution of the Solution
Yes you have the idea, you want to build something. You have the ideas, sketches and everything. The only think that if done to completion will realize a successful startup is execution. Most Startups fail because of failed or incomplete execution process.
These are not all the challenges. These are just bit a tip of the iceberg. Have others challenges on how to found a successful startup in Kenya and Africa. The comments are welcome.
All images are courtesy of 88mph