• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Opinions Blurb

3 things you need to do if you want your tech business in Nigeria to be successful

Charles Effiom EtimbyCharles Effiom Etim
5 years ago
in Blurb
Start-ups Funding Rounds
Share on FacebookShare on TwitterShare on Linkedin

Everyday we hear of new startups in Silicon Valley raising money for their businesses, Series A, B, C, etc.

However, not much is heard of Nigerian tech startups raising money and even when the money is raised, it is usually by VC firms outside the country.

This has led many to wonder how to successfully start a tech business and profit from it in a place like Nigeria.

Don’t do tech

Does it come as a surprise? No, it shouldn’t, and don’t take it in its literal sense.

For the business climate in Nigeria presently, startups that leverage on tech tend to have a higher success rate than those that are fully tech. This has partly been because of the high rate of cybercrime prevalent in the country.

Most people are still very skeptical about paying for businesses online except they are very trusted. That doesn’t mean you shouldn’t go fully into tech but at least you should know the level of risk you are taking.

Do not focus on instant profitability but growth

Even after raising money from friends, family or even PE firms, don’t think profits will come in the twinkling of an eye. Light-asset businesses like those involving tech usually take longer periods to break even, compared to the heavy-asset model.

However, if you focus on growing your customer base by measuring metrics that determine it and in the process, create strategic intents, at a certain point in time, profit will start coming in like there is no tomorrow, as some will say.

Leverage

Leverage is an aspect of business that helps to ensure ultimate success. Try as much as possible to get the best hands on deck. Facebook CEO and Co-Founder, Mark Zuckerberg said earlier that ideas do not come fully formed but that does not mean you should start very small.

A business must be built on solid foundation. As a matter of fact, Facebook hired a Harvard graduate, Sheryl Sandberg to be their Chief Operating Officer (COO) during the early years of Facebook. Hence, this factor must not be overlooked.

Tags: startupsTech AnalysisTech business

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

hfm
UBA
Mega Millions
Mega Millions
fidelity banner
HFM







NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal
  • JUST IN: Third Mainland Bridge pile caps were not vandalized – FG
  • Israel, Nigeria to collaborate to generate one million jobs in tech 

Follow us on social media:

Recent News

RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal

RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal

June 9, 2023
JUST IN: Third Mainland Bridge pile caps were not vandalized – FG

JUST IN: Third Mainland Bridge pile caps were not vandalized – FG

June 9, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In