Hacks for Nigerian startups in an ever-changing business environment.

Startups are new companies, organizations, and business ventures designed for rapid growth.

They play a crucial role in Nigeria's economy.

With a population of approximately 218.5 million, Nigeria has one of Africa's most prominent startup ecosystems.

Statista reported that the number of startups in Nigeria surpassed 3,360 in 2022. Overall, startups in Nigeria are concentrated in Lagos. Examples of prominent startups that have exceeded $1 billion in valuation and currently operate in Africa are Flutterwave, founded in 2016 by Iyinoluwa Aboyeji and Olugbenga Agboola, Jumia group whose origin is Lagos, Nigeria, and Fawry, a fintech startup founded in 2008 with roots in Egypt. Some others, which are not as big as those, have their own set of challenges and intricacies that need to be understood and navigated.

Being growing organizations, they are faced with diverse obstacles that they must learn to navigate through if they want to attain maximum success.

It is important to first understand the country's economy and business climate before establishing a business venture.

It is also expedient for startups to develop a comprehensive business plan that outlines goals, target markets, competition, and financial projections. Furthermore, creating a realistic budget and accounting for both fixed and variable expenses are instrumental in aiding the growth of startups.

Researching market trends and identifying the target audience will help the organization produce and provide products that will meet the needs of the people.

Researching market trends and identifying the target audience entails conducting a market survey, understanding the competitors around you, and making samples (if possible) to get the opinions of the market.

Startups are boosters of economic growth in any country, like Nigeria. Much more than that, they are solution providers to the problems of the local communities. This innovation is driven by global digitalization trends and the creative minds of Nigerians.

However, many startups fail or grow at a very slow pace because of inadequate planning for sustainability.

Hence, there is a need for practical steps to ensure the longevity of startups in Nigeria.