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EXPLAINED: The reasons why many Nigerian startups fail

Popular Nigerian realtor and human rights activist, Mr Segun Awosanya, has explained why many Nigerian startups fail. 

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EXPLAINED: The reasons why many Nigerian startups fail

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.

READ: Nigerian retail industry can’t grow without proper franchise system – CIG boss

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.

READ: How to overcome your fears and finally take action as an entrepreneur or business person (1)

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.

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READ: Cryptos that will likely earn you money in 2021

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.

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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.

READ: Here’s the formula for successful customer service for your business

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.

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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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    Appointments

    Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

    Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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    Stanbic IBTC declares N10.4 billion interim dividend

    The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

    This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

    His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

    He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

    What you should know

    • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
    • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
    • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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    Corporate Press Releases

    P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

    The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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    Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

    Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

    The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

    Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

    Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

    “We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

    Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

    “This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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    According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

    Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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    Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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