Tips from Joel Lessem, CEO of Firmex from his talk for @STEMHub_ and @africa_hacks titled: Start up and scale up
- Buy a business plan software. It makes your proposition look professional and enable your planning
- Failure is not an option. If you fail, pick lessons, continue
- Buy a business plan software. It makes your proposition look professional and enable your planning
- Failure is not an option. If you fail, pick lessons, continue
Key factors for success
- Product/Market Fit: critical
- People / execution: important
- Capital: desired
Must go hand in hand
- Product/Market Fit: critical
- People / execution: important
- Capital: desired
Must go hand in hand
Commercial proof: Are there successful businesses emerging in this category? If there are no successes; the market is may be not ready or the product isn’t that useful
Market size & competition: size of target customers? Is the market fragmented or there is one dominant player?
Market size & competition: size of target customers? Is the market fragmented or there is one dominant player?
If the market is fragmented, you have a higher chance of success as you may be able to take a piece of that pie
Timing: find out when the category started. You don’t want to jump in too early as tons of money is needed to educate audience. Jumping in late will not lead anywhere
Timing: find out when the category started. You don’t want to jump in too early as tons of money is needed to educate audience. Jumping in late will not lead anywhere
Competition: are your competitor growing? If yes, this is a sign that the market want the product. Please pray for your competitor to keep growing 😂. Please think about how you want to win against the competitor in a sale process?
Raising capital is not a guaranteed path to success.
Funds can come from
- Venture Capital
- Angel Investors
You will need to understand and speak the investor language.
Funds can come from
- Venture Capital
- Angel Investors
You will need to understand and speak the investor language.
Pick your co-founder carefully!!! Founder conflict can lead to a failed business. It’s a long term relationship.
Don’t tie your identity with the business. If it fails, you will be psychologically devastated
If successful, it won’t be your business! Add employees! Delegate!
Don’t tie your identity with the business. If it fails, you will be psychologically devastated
If successful, it won’t be your business! Add employees! Delegate!
You can’t hire who you can’t fire. Be careful with mixing business with family.
You need the best team to win. Avoid the emotional connection that lead to partial judgement
You need the best team to win. Avoid the emotional connection that lead to partial judgement
• • •
Missing some Tweet in this thread? You can try to
force a refresh
