Aspiring Nigerian entrepreneurs often feel overwhelmed by the seemingly endless list of requirements to start a business: funding, degrees, deep networks, detailed plans, and the perfect pitch deck.
But according to some successful business owners from around the world—and based on our experiences advising startups at McBrain & Company—many of these “requirements” are not as essential as you think.
In fact, some can even delay your journey unnecessarily.
Here are 15 surprising things you might not necessarily need to launch your business in Nigeria, and what you might want to focus on instead:
1. An MBA or Business Degree
While formal education is valuable, many entrepreneurs thrive without an MBA, just ask Cosmas Maduka. The key thus lies in learning by doing, seeking out mentorship, and collaborating with professionals who complement your skills. You don’t need to be a walking textbook of knowledge to build something that works.
2. Tons of Cash
Many successful businesses started on a shoestring. What’s more important is a clear value proposition, scrappy resourcefulness, and proof of concept. Because of our own experience, at McBrain & Company, we’ve been repeatedly able to advise founders on shoestring budgets.
3. A Polished Logo or Fancy Branding
You don’t need a professionally designed logo or sleek website from day one. Focus instead on the quality of your offering and word-of-mouth traction.
4. A Secret Idea
Hiding your idea for fear of it being stolen can be counterproductive. Share it with people you trust and gather feedback. Market fit matters more than secrecy.
5. A Long-Winded Business Plan
This one’s very important. Yes, you need direction. But no, you don’t need a 100-page document. At McBrain & Company, we’ve learned to guide clients through lean startup frameworks—one-pagers that clarify purpose, audience, and cost structure. It’s about clarity, not bulk.
6. Outside Investors
Some of the best startups bootstrap initially, refining their business model and choosing to growing steadily instead of too rapidly. Capital can amplify a good business, but it doesn’t make a weak one any stronger. A bad idea is a bad idea no matter how much money you throw at it, and a good one will track even on a budget.
7. The “Perfect” Idea
Execution trumps ideation. Your initial idea will likely evolve. Failure is never necessarily a bad thing. So, it’s more important to get started and iterate than wait for that golden concept that may never arrive until something precedes it.
8. A Massive Business Network
Start with who you know. Build from there. You don’t need hundreds of LinkedIn connections—you need five good contacts who can help move the needle forward, even a little bit.
9. Nonstop Grind Mindset
I can tell you from personal experience, burnout is real! Avoid it as best as you can. It saps you of energy, clear thinking, and eventually a clear purpose. Sustainable businesses are built with balance. Nigerian founders, especially, should be mindful of their mental health and that of those around them, especially given the systemic challenges and pressure to succeed fast.
10. Perfection
Launch your Minimum Viable Product (MVP). Get feedback. Adjust. Move Forward. Repeat. Many Nigerian founders get stuck in planning mode, but the real lessons come once your product hits the market. Remember, perfection is the enemy of good.
11. A Co-Founder
While having partners is good, remember that solo founders can still. What matters is a support system, mentors, freelancers, and astute business advisors, that complements your strengths and fills the gaps.
12. Hyper–growth Expectations
Not every business needs to “blow” on impact for it to be successful. Sustainable growth, especially in Nigeria’s volatile market, is often more rewarding than chasing explosive numbers that can’t be maintained or with the next recessionary wind.
13. Everything Lined Up
Timing will not always be perfect. The economy won’t always wait for you to feel ready. Start where you are, with what you have, and then iterate as you go along.
14. A Finished Look
Whether you’re selling jollof rice from a small stall or launching an e-commerce store with basic UX, your product’s impact matters more than its sheen. Let your customers be your best marketers and advisers when looking for answers.
15. A Fancy, Finished Pitch Deck
While having a pitch deck is undoubtedly useful—especially when seeking funding or partnerships—it doesn’t have to be a glossy, fully-loaded presentation from day one. What matters most is clarity of purpose and tailoring the content to your target audience.
Many successful founders started with lean, evolving decks that grew as their business matured and hit milestones. The key is to ensure the pitch communicates your value, problem-solution fit, and traction effectively. At McBrain & Company, we often support entrepreneurs by helping them develop decks that convey their message with simplicity and focus, without the need for overwhelming detail. Think of your deck as a living document—strong on form and even stronger on intent.
What you actually do need
While you can drop the fluff, you can’t ignore the essentials. You need:
- A real problem worth solving,
- A clear understanding of your target audience and their needs, thus, in–depth marketing research, which provides clear actionable insight, which we’re great at offering, is always a handy back-pocket tool to have when starting out.
- A sustainable financial plan with clear forward projections (we help Nigerian SMEs build this all the time at McBrain & Company),
- The humility to learn, take advice, and the courage to start regardless of the challenges you are sure to face ahead,
Starting a business, especially in Nigeria, is tough, but it’s not reserved for the rich, the highly educated, or the perfectly prepared. In Nigeria, resourcefulness is currency. If you’ve got that, consider yourself halfway there.
So, ditch the myths. Take the leap. And if you need a hand clarifying your vision or mapping your next steps, we are always glad to help.
