3 tips to increase the chances of growing your micro business

Nigeria is undoubtedly a difficult place to operate a micro-business compared to most countries. Problems such as power outage and insecurity are well documented among others. In spite of these challenges, we hear daily success stories of entrepreneurs that are achieving amazing breaking throughs in the middle of the “chaos”. 

These entrepreneurs are defying all odds and appear to be the  proverbial “rose that grew from a concrete“.  There are examples such as Ladi Delano and Jide Odunsi (who are already successful entrepreneurs) that recently raised USD23m in capital for Moove, a mobility  fintech start-up. One would be correct to wonder how they are doing it? What do they know that others do not know? Is there a “secret sauce” or “magic portion” that can be applied? 

The answer lies more in the habits of the founder(s) than any other Business “secrets”. Below are 3 tips that we can share with you if you wish to grow your micro-business into a successful start up like Moove:

 

 

Tip 1: Make sure your micro-business is solving a large problem

Zig Ziglar, the famous business coach is credited to this quote: “You can have everything in life you want, if you will just help other people get what they want.” This cannot be truer. Ask any legitimately successful entrepreneur how they made it, and you will quickly find that behind their success was a drive to solve a big problem. If you can solve problems that a large number people are WILLING and ABLE to pay for, you will inevitably be successful. Also, make sure that your idea is well suited for your environment and the market is not saturated.

 

Tip 2: Separate your business and your personal bank accounts

Materialism and consumerism is a big BIG problem in the Nigerian society. Most people want what they cannot afford and buy what they do not need simply to appear “Rich”. If you fall into this trap, then your start up is pretty much doomed because you will be diverting money away from your business to fund unproductive liabilities. Separate your personal finance (no matter how “broke” you appear) from your business finance so that you can re-invest and grow your business to success. What’s more, your investors will trust you because you manage funds well and your micro-business will eventually generate enough profits to provide you with a lifestyle that is a dream to many people!

 

Tip 3: Develop yourself constantly in any way that you can

Another problem in the Nigerian society is that we do not practice personal development culturally. The world is constantly in motion and new ideas are developed every second. What you know today will be obsolete soon, and your micro-business could quickly become obsolete too if new ideas are not injected frequently.

 

Which of the 3 tips sticks out for you?