Thread by @CKJapheth

Building a $1bn company(A short story)

Here’s a picture for the ages. 2 companies represented valued at $1bn, only that is @MitchellElegbe @InterswitchGRP story and I’m just the guy showing him around (a story for another day).

I couldn’t help but notice the humility, there are startup founders that have an idea but look like they need police sirens to clear the way for them.
He spoke about what entrepreneurs do when the facts change. Here are 10 things I walked away with.

1. AFRICA is not Silicon Valley. The rules that apply here won’t apply there. Our chaos is different, Porter’s 5 forces won’t work here. You will need to create your ecosystem while taking advantage of others being created.

2. On competition. Once you have a good product, you will attract competition. Learn from them but learn to create activity for your competition. Even if it means giving them opportunities you could take up. Let them do your work for you.

3. On business model. Your business model is your secret. If people know it, then it’s not a business model. This too evolves based on the facts as they change. @InterswitchGRP is not a payments company, it’s a technology company

4. On working with others. Collaborate and don’t be too tied to owning shares in your company. It is better to own a Small part of a big thing, than to own a big part of a small thing

5. On personal growth. Don’t allow your business to evolve and you don’t evolve. Startups really go through 6 stages, the founder is only needed for the first 2. Thereafter, you have to adopt to growth, build systems otherwise you will be thrown out.

6. On brand and positioning. Be known for something. Because we alI trust UBER for something, we can trust them for anything else. What do your customers know and trust you for?

7. On negotiation. Nobody gives you anything that they can keep to themselves. Watch out about being at a negotiation table where 90% of the benefit is going to someone else. Don’t do a deal you can’t get out of.

8. On your team. Don’t sorround yourself with fools. If you are not working with the best, you will do their work. Don’t worry about if you can afford them or not, the best guys buy into the vision, not money.

9. On the market. Sharpen your ability to identify patterns. If you read the market well, you will build a product and own the market for 10+ years before anyone taps into your market.

10. Don’t let anything keep you up at night. Business a game and Chaos is part of that. Learn to enjoy it. Either you can or you can’t. It takes time, the $1bn Valuation is here after 20 years. And oh, have powerful friends like @pkawumi who make things happen @interswitchug