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Before Quitting Your Job For Startup in Nigeria

Olaniyan Toni 0

Many people upon attending business seminar watched motivational videos or read business books get fired up and conclude they want to quit their job and give startup a short. While this is encouraging and I did recommend startup, yet, there are few things you should know and do before handing over that resignation letter.

Decide 

If you really want to do this. Business at the startup level is crude and full of chaos and having your own business means you need to be a generalist to stand a chance of refining the crude and fixing the chaos. It also means a whole lot of sleepless nights. And there are occasion that after paying everyone, there will be nothing left to pay yourself. But if none of these discourages you then it’s time to…

Write

A brief summary of your business detailing what your ultimate vision is, the problem you are solving, who the targeted market are and where you see the business in 3 years. Even if you ignored the rest advice on this post, by all means make sure you did not start a business without defining the problem you are solving, your solution and projection. When hard time come and they will come, your why is the only thing that will keep you in the game.

Validate

The market as quickly as possible. That is find out very quickly whether your solution is of interest to the targeted market and how much the market is willing to pay for the solution. It’s imperative to know the size of the market, a situation where the only people who have showed interest in your idea are your parents, friends and wife may not be worthy of your resignation at least not yet.

When hard time come and they will come, your why is the only thing that will keep you in the game.

Know

Your cost of production. Upon validating the market, you want to know how much it will cost you to produce your solution. Nothing is worse than spending 2 dollars on a product that the market is only willing to pay 1 dollar for. As a rule, to remain in business your total revenue must be more than total expense.

Money

As you will discover is very essential in day to day running of startups in Nigeria. Also, money gives options, with money; you can make mistakes, correct them and move on. It’s important to determine what its source will be before submitting the resignation letter. And finally..

Accept

That failure is part of every successful business. You are going to fail more than you succeed, but that is fine. All the business genius you admired today fails all the time. Your greatness lies in how quickly you can correct the previous business failure and make new one.

What next?

All businesses in Nigeria are by law required to registered with Corporate Affairs Commission. But what should you register a business or a company. The next article explain the difference and offer some advice. When you are ready click here to access it.

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