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5 Must-Haves For Entrepreneurs And Their Startups To Be Successful

Emmanuel Nnaemeka
There are uncompromising must-haves for every entrepreneur and startup that wants to be successful. Observing leading entrepreneurs within and outside Nigeria, I discovered that there is a similar pattern in their lifestyles and business models. Although they might be in different industries, their approach to business is somewhat the same, despite their personality differences. Just like Napoleon Hill who interviewed over 500 successful businessmen in America, he observed a similar pattern in their lives and work style that made them successful. A successful startup is anchored on its founder and what he or she does daily. In this article, I am going to highlight five must-haves for every entrepreneur and startup who wants to be successful.  
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  1. Every Entrepreneur And Startup Must Have The Talent
Talent, skills, and dexterities are vital for any progressive entrepreneur who wants to grow a prosperous startup. If you want to be a successful entrepreneur with a successful startup, having the right talent is a must-have. You and your founding members must have the needed skills that complement each other.  There are different talents needed at each phase: the starting stage, growth stage, consolidation stage, expansion stage, and sustainability stage. The truth is that at each stage, there will be a need to pivot as there might be cases where those who began with you at the starting stage might not be the talents you need at the growth stage and it goes on.
  1. Every Entrepreneur And Startup Must Have The Right Technology.
Having the right technology gives you an edge. Daily you must ask yourself, what can give you an edge above your competitors? Do you have the technology that can help you upscale in an unlimited way? Do you have the technology that can boost profitability? Do you have time-saving technology? These are the questions you must answer and the answer lies in seeking new technologies to stay ahead. Comprehending these aspects enables you to communicate your offering to investors and customers and formulate your marketing strategy. For technology to be efficient, it should be hard to imitate by competitors. Investors don’t want to back you without understanding your competitive topography and your technology’s advantages. 
  1. Every Entrepreneur And Startup Must Have The Timing.
Timing is very crucial to your entrepreneurial journey. One of the biggest questions is if your idea is an idea whose time has come. It was Victor Hugo (1802 – 1885) who said “There is nothing more powerful than an idea whose time has come!” This is very true. One of the reasons why Jumia failed in its e-commerce venture in Nigeria was that it came too early in 2011 when there was little technology and internet coverage that could facilitate the free flow of its operations. However, today the story is different. There are many e-commerce companies in Nigeria, especially in the post-pandemic era. Therefore, there is a need to observe the trends. Your goal should be to start when you notice that the opportunity is ripe. For example, it will be self-sabotaging to launch your e-commerce business in a territory where there is little or poor internet coverage. Ensure that there is the available technology and general orientation that can help your startup grow. Look elsewhere where there’s alignment between potential and opportunity.
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  1. Every Entrepreneur And Startup Must Have The Right Team culture
As Peter Drucker says, “Culture eats strategy for breakfast.” You need intelligent, and dedicated people who perform on the same path and contribute to a healthy culture. Your business strategy might be robust, but you need to build a team that must be aligned with your strategy. Successful entrepreneurs build their companies on the pillars of their core values. For example, a successful entrepreneur who is interested in building a successful startup must follow the following core values: a.) Collaboration: Your team culture must be that you only succeed together. b.) Winners: Team culture must be able to motivate teammates to collectively achieve their goals. c.) The joy of creation: Team culture must have the capacity to make everyone enjoy what they are doing even in the face of difficulties. Impress your values into your employees every day, however, ensure that their values match with yours.
  1. Every Entrepreneur And Startup Must Have A Market Whose Needs They Are Addressing.
Leading entrepreneurs and startups are solving a large scale problem. They see a market problem and they are addressing it by providing a solution. Providing solutions to existing problems is what makes a successful entrepreneur and startup. To be a successful entrepreneur, you must address the following questions: How big is your market? What impact can you make? Entrepreneurs make their careers about building something big and meaningful.  Estimating the market cap of your industry can tell you if you can reach unicorn status in the next five years. For example, the educational industry in Africa is $100 billion, hence, your EdTech startup can reach its unicorn status in the next five years.  Featured image source: Toppr
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