Nigerian startups should not mistake investment funding for profitability.
The more money you start off with, the farther your breakeven point.
Jumia and Konga are two of Nigeria's biggest ecommerce sites today, partly due to the huge funding backup they have since they launched. They both have enjoyed over $400m in investments. However, both are yet to become profitable. Infact Jumia just lost 61m dollars in the last 6 months.
Many small business owners and startups dread banks and have little to no relationship with bankers. They either see bankers as enemies, fraudsters, the group that does not want SME’s to be great or all of the above. The truth is while there is a lot of room for Bankers to improve their value proposition to SMEs, there is a lot SMEs can do to extract value from Nigerian Banks – especially in the area of funding.
One satisfied customer can give you more advertising than money can buy.
The first three months in Pukena, we made no sales, except for the Free Cleaning Tour we used to promote our services. We spent the bulk of that time on boarding service providers across all our service categories. It was a very rigorous exercise. It's the main foundation of Pukena. Our stock in trade are these top rated professionals.We even set up Pukena Academy to prepare them to stand befor the King!
The CEO of Pukena.ng, Emmanuel Udeagha, was a guest on “Amazons on Radio”, an interactive radio program on Classic FM 97.3 that showcases emtrepreneurs who are making a difference in the society using their innovation. Mr Emmanuel shares his thoughts on "Artisans and their Antics" and how Pukena is fast positioning itself as the last hope of an average Nigerian in finding reliable artisans for their everyday service needs.
Starting Pukena has since stretched my knowledge capacity. I have studied over 100 successful startups in Nigeria to find out what they are doing right.I noticed a trend, there seems to be a band of successful startups that keep coming up in the media, raising funds and hiring the best talents while others fizzle out with time. In 2018 alone I have counted 5 major startups that failed.I tried to find out what those that succeed are doing right and what the others that fail ain't.
In Africa, up to 70 percent of people who regard themselves as ‘entrepreneurs’ do not own a registered business.
How can anyone say they own a business when it doesn’t really and legally exist?
For some of these people, it’s just plain ignorance; they don’t know or understand the importance of a getting a business registered. The others, who aren’t totally ignorant, just choose to avoid the upfront cost of registration when they start their business.
The TOEFL test seeks to test your understanding of English language in three quarters- Listening, Reading, Writing and then speaking. It is similar to IELTS. They are both English language tests but run by two different agencies. TOEFL is mainly used in the US while IELTS is mainly used in the UK, Canada and even the US. It’s a major requirement if you are seeking to work or school in any English country.
Pukena was launched in August 2107. As we begin a full year in 2018, we want to share a bit of the foundation laying stage of our business journey to encourage few startup founders who feel discouraged for lack of funds.
People in need of services hardly get excellent service provided by service experts. Most service providers are not trustworthy, excellent in their service delivery, professional and structured in their operational procedures.
Excellence service is lacking to these users who are willing to pay more if they can just have what they ask for.