Entrepreneurship
My 7 Investor Commandments For Startups
By Jan Okonji
Oh, ye Startup founder! You have a great idea, a ghost of a product haunting the recess of your mind. A beautiful concept that will undoubtedly set the World on fire with its sheer genius... and yet, and yet you just can ' t seem to get this idea moving.
Fear, resources, time, imposter syndrome, networks? Whatever the stumbling block is, it still does not help you understand how everyone out there seems to be ' making it ', how all these young startup founders are seemingly having millions of dollars thrown at them in all directions.
• Kenya ' s Pariti raises $ 2.85 Mln Capital!
• Seven African start-ups shaking up the global tech ecosystem!
• Sendy startup seeks to raise over $ 100 Mln for African Growth!
• Kenyan start-ups Copia, Poa Internet raise a total of $ 78 Mln!
• Kenyan Foodtech Startup Kune raises $ 1 Mln in pre-seed funding!
How in the $% ^ &* @&* World are they doing it?
The numbers are mind-boggling, and you would be excused as an ambitious startup founder for wondering how your novel business idea could also get in on the action. You are, after all, a genius with a genius idea that the world needs, right?
I feel your pain dear reader. I have heard many theories( some more conspiratorial than most) about the ' KEY ' to having a successful start-up: have a white cofounder, know a white financier, have an ivy league university background, have great political connections, be lucky to have been born to HNW( high net worth) parents. On and on, from the possibly logical to the monotonously mundane- all the ingredients to significant startup success seem to be out there. Or are they?
In this particular article, we will attempt to debunk what precisely you need to do to get your idea, your startup business out of your mind, off that comfortable couch, and out into this beautiful world, and no, you do not have to be a member of the lucky sperm club( rich parents) to attain this feat. If you follow the steps I will outline in this article, you will have more than a worthy chance at startup success because you will be at the very least communicating to your audience( customer, co-founder, shareholder, financier, or media) the magic words that open that door to the opportunity for business success you seek.
# 1: Thou Shalt Be Compliant
It seems basic, almost obvious- but you will be surprised how many startups kick off without the right documentation, paperwork, patenting, or tax compliance in place. I will tell you for free that a non-compliant business will have trouble gaining significant startup success since startup success is predicated almost always on repeatability, scalability, and growth and for you to grow your business meaningfully, it pays to have the inception documents in order.
Dare to be different: understand the pain out here, really do. Make it your mission to resolve this pain. Then create a product, not to dazzle but to speak directly to solving this pain like yesterday. Push your solution, because that is what we need. A solution.
Plus, compliance will save you money and heartache in future penalties, fines, or lost business opportunities.
# 2. Selleth A Solution, Not Thy Product
My product, my app, my design, my team, my company. My, my, My, mine. Seems in the marketplace( or during business pitches) a lot of people tend to seek personal validation over giving actual value. Please do not make this be the story of your startup, ok?
Dare to be different: understand the pain
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