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More often than not, one might even say that the harsher the policies, the more the determination for businesses to bloom. This then brings us to the widely used proverb, ‘If you want to go fast, go alone. If you want to go far, go together’. What this means to the incoming start-up is that they are stronger together. Having established that point, there are many assumptions about the nature of the Nigerian startup community. In no particular order, we would be tackling the Myths of the Nigerian Start-up community.
MYTH 1: You cannot Build a Fintech Start-up until there is Capital
This is a long-held myth that stops many people from entering into the business space. They hold the belief that most of the Nigerian start-ups must have had some sort of capital in millions before they are able to kick start their venture. This article is the legible sledgehammer that debunks this myth. Actually, many of the Nigerian Fintech companies like the Paystack started with little to no funding except for the founder knowledge of coding. When the app has begun to gain traction as a result of the needs it solved, then funding began to come en-mass.MYTH 2: Start-ups Grow Rapidly
It is a start-up, not a mushroom. From the interviews of great businesses, one can clearly tell that the founders view their start-ups as actual babies. What this infers is that it takes time, energy and effort for a start-up to grow. It requires almost the same level of effort as the type you give to a lover. If you are looking for encouragement to force your start-up to bloom in three months, use this article to ‘dead’ that thought.Sign up to the Connect Nigeria daily newsletter
MYTH 3: You must be the CEO of your start-up
Asking if you know the full meaning of a CEO would be a low blow because not many people know the meaning of the CEO they update on their bio. CEO means Chief Executive Officer. What this implies is that you give the executive go-ahead for every single business operation. Being a CEO is a demanding job, and what allows founders of other great companies to go ahead and establish other businesses is their ability to allow others to become CEO’s.MYTH 4: You cannot Sell your Business
If the word ‘founder’ is more than just a title to you, then, the growth of the business is paramount. Even if it happens with or without you. Many great founders have learnt the art of buying and selling businesses. Elon musk, in reality, bought the car company, Tesla, from a founder. In an interview with the actual founder, he admits that while he misses his start-up, he is proud that his baby is in great hands.MYTH 5: There is a Nigerian Start-up Community
The honest truth is that the Nigerians start-up space is a real jungle with young individuals fighting for space and limited opportunities. Finding a co start-up founder who is willing to part with precious information to allow other entrepreneurs to grow is a miracle in the making. This is why there is no Nigerian Silicon Valley. Every man wants to fend for himself. While this is a toxic trait, the excuse is that the brutality of the Nigerian policy makes it hard for entrepreneurs to trust each other. There you have it, the 5 Myths of the Nigerian Start-up Community. Nigerian start-ups would benefit from coming together and forming a united front against unjust decisions from above. Check out our website for more articles just like this. Featured Image Source:Got a suggestion? Contact us:Â editor@connectnigeria.com
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