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Building a powerful FinTech startup requires structures and systems. Without structures and systems, your FinTech startup will end up like a junk office where there is a lack of organisation and focus. 
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There are countless cases where startups die within the first three years of their existence. Some of them simply lost their bearing and phased away like a footprint on the sand beach. While others despite the availability of funds went out of operation simply because one or more of these pillars were missing.  Building and running a FinTech startup is different from other enterprises. Successful entrepreneurs and founders have attributed the success of their startups to systems building. Traditionally, a good FinTech startup is built on four pillars that guarantee its growth and sustainability. If you get these systems right, you may have a large startup on your hands.

  • Team

Some ventures aren’t too emphatic on the kind of team they have in their workforce. But this is not the case with building and running a FinTech startup. A FinTech startup requires a group of individuals who are talented and are interested in the dream of the founder. This is very important because building a startup requires a lot of sacrifices from both the founder and his team. A FinTech startup is a back-breaking venture. The HR department of any FinTech startup must hire talented hands, but beyond talents, it must look out for passionate individuals who are practically the engine that powers the company, hence must be filled with people with the right mental and physical attitude.

  • Culture

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Company culture is how the company chooses to run its course. Company culture is how you do what you do in the workplace. It’s the sum of your formal and informal systems and behaviours and values, all of which create an experience for your employees and customers. At its core, company culture is how things get done around the workplace. Building and growing a FinTech startup requires a strong company culture that empowers employees. Company culture is the compass that directs or navigates the ship of the company. According to Julian Lute, you’ll hear some people describe a company culture with statements like “people are willing to talk to each other, share what they know and take the proactive step to get you in touch with the right person,” or “people always come first”. Therefore, ideal company culture should be about people. 

  • Product

Product is the essence of your startup. It is the reason why you have assembled a team of visionary people that will help solve people’s problems. However, your product must be able to solve the problem of people. You must invest your all in your product to ensure that users have a happy ending. Whatever the product may be, it must be easy to use, and as well have the capacity to create a good customer experience. According to Sloan Review, these are the features of a good product:
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  • Performance,
  • Features,
  • Reliability,
  • Conformance,
  • Durability,
  • Serviceability,
  • Aesthetics,
  • Perceived Quality.

  • Market

Having a ready and running market that will always patronize and get your product is very ideal for growing your startup. Therefore, it is very important to identify a ready market before launching a startup. One of the ways to find a market is to identify a large-scale problem or challenge affecting people. When this has been done, you can build a custom-made product that is tailored to meet their needs. Finally, keep building and growing a market that will always need your product.  Featured Image Source: Alto Nivel
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This article was first published on 11th May 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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