it is all about the teething problems of startups and the hardcore nuggets need to navigate this storm. In the word of an investor cum entrepreneur : "Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You will have to sail against storms, unpredictable weather and uncertainty. If your ship sinks, it\'s either you quit or you swim back to shore, build a new ship and sail again. "

1. “CHALLENGES OF NEW BUSINESS START UP, THE UNTOLD STORIES”
In a bid to preview this article, I will share with you my views on what
a start up is, common challenges experienced and my untold story. I
would however start with this quote by Ajaero Tony Martins a
successful entrepreneur and investor:
"Starting a business is like building a ship and embarking on a
voyage,armed with a plan, a map and a team. You will have to sail
against storms, unpredictable weather and uncertainty. If your ship
sinks, it's either you quit or you swim back to shore, build a new ship
and sail again. "
A start up is simply a new venture, an organization or a business.
Startups are often referred to as Small and Medium Enterprises
[SMEs]. There are many definitions of SMEs and these are significantly
country specific. SMEs are the bedrock of most economies and they
are the key source of economic growth hence they constitute the
dominant segment in more countries.
In Africa, particularly in Nigeria, they have more than 95%
dominance when compared to large multinationals or blue chip
companies.
Startupers or entrepreneurs as they are usually referred to [in my
generation] experience similar challenges in their setup, deployment
and continuity. These challenges can be categorized into three [3]
major lines i.e. Planning, Financial, Strategy and Implementation.
COMMON ISSUES AND CHALLENGES
Planning - this is salient in the conceptualization process of a startup
– according to a popular phrase: “failing to plan is a plan in itself to
fail”. Planning is critical in the lifecycle of an entrepreneur. Indeed
this is a recurring decimal.

2. Why is planning germane? It is critical to plan, by articulating the
vision and idea which can be regarded as raw [unrefined]. Most
individuals come up with a buzz, a sensation and immediately want
to hit the road. The reality is such that there is need for adequate
planning. This planning entails, charting a course or direction for an
identified need or needs. This challenge is mainly in the process of
coherently gathering the thoughts and imaginations associated with
an idea to a business plan which needs to be done through a
proper feasibility.
Another area where startupers experience challenge is FINANCE. In
fact for most people this is the most important. Finance is pivotal to
the growth or actualization of any idea; it is critically necessary and
poses a major challenge for entrepreneurs. I would classify this into
two [2] categories i.e.
 Lack of startup capital / initial capital
 Lack of access to finance
The lack of initial capital is when thereisn’t any fund available for the
business particularly a la planning and feasibility which will ultimately
lead to other sources of finance.
The other category is the lack of adequate structures / enabling
systems which make access to finance easy. Thus making most
entrepreneurs stuck in the middle having garnered robust
implementable information.
STRATEGY AND IMPLEMENTATION
Most people assume that this is an easy ride, whereas, strategy and
implementation having gone through the stages of planning and
access to finance is essential. This is where the thoughts on papers
need to be adjusted and appropriated accordingly. This phase
portends the ability to make or break any enterprise. Inadequate

3. and improper strategy and implementation are the bane of most
startups and this is a major topic of discussion amongst business
students and practitioners.
OTHER ISSUES:
 Lack of entrepreneurial infrastructure
 Legislation
 Government regulations
 Social cultural factors and intentions
Having articulated some of the challenges which business people
face, one begins to wonder what the solutions are. Alas! Unlike the
challenges outlined, there are a plethora of solutions which are
unique and exclusive to the individual or group concerned. There
are also various available resources online, discussion groups,
entrepreneurial development schools like the Business School
Netherland etc where guidance and training could be mustered.
MY UNTOLD STORY
My venturing into business started at a very young age i.e. the
moment I could dial a number on the telephone. In one of those
instances, I picked up a phone directory and because of the
incessant power problem which still linger today, I contacted
Sunlight Limited – manufacturers of candles changed my voice
initiated a business call which was eventually sealed up by my
mother.
In that instance, we were appointed area distributor in Festac Town
in Lagos state of Nigeria. However,there was no adequate planning
even though there was a need and obviously it met the social
cultural need – where my mummy would recall the scenario
amongst family members, friends and colleagues. It made me [us]
feel good and I felt I was contributing to the wallet of the family.

4. However for some reason or the other that business failed reasons
which are not different from the problems which linger today. The
company supplying us folded up. I was too young to under the
dynamics.
This first thrust in business fueled something in me and I have since
that moment seen myself as a businessman.
HARDCORE:
I havehad my rough patch of these issues having gone through the
school of hard knocks however lessons learnt are innumerable but
purpose of this article I have narrowed them to the following:
INCURABLY AND UNREPENTANT OPTIMISM
This is the unyielding spirit which endears us to keep on ticking even
when the odds are against us. It is that hope which must drive an
individual or group in addressing threats and weakness which are
easily not discernable in the quest. This trait is intrinsic in any business
endeavour – I often refer to it as a competitive advantage. Some
refer to it as the “WINNERS MINDSET”.
PASSION
According to a popular business trainer “When you choose to open
a business, your chances at success—and satisfaction—are greater if
you love the work you do”.
Business is faced with a lot of hitches and hurdles which must be
sufficiently addressed through optimism however in the course of
moving through this route there is an inner resolve fueled by what
you love. This is best described in the hedgehog concept of Jim
Collins – which is simply simplifying a complex world into a single
unifying idea that underlies and guides everything. He illustrates the
idea with the story of the fox and the hedgehog.

5. The fox is cunning, creative, sleek and able to devise complex
strategies in pursuit of the hedgehog. The hedgehog, on the other
hand, simply defends himself from the repeated attacks by rolling
himself into an impenetrable prickly ball. The hedgehog always wins.
The hedgehog is slow and steady thus coming ahead in his business.
This is possible because he is able to set goals and targets which
maybe far reaching however the spirit: PASSION ensures and
endears it to achieve results.
CONSTANT SELF IMPROVEMENT AND PERSONAL DEVELOPMENT
This is not a title of academic discourse but an essential trait which
should be pursued by individuals and entrepreneurs alike in a bid to
improving our everyday life to achieve our set goals and objectives.
It starts with “SELF” – which is the operational word. This is further
bolstered by the Japanese concept – “KAIZEN” – continuous
improvement.
The KAIZEN philosophy focuses on continuous improvement of every
aspect of our life. When adopted in the corporate setting i.e. startup,
it invariably eliminates wastages, develops effective and efficient
systems and processes of operation and creates an opportunity to
evolve and innovate new ideas and strategies.
LEARNING FROM EVERY MISTAKE:
Drawing from a remark made by Thomas J. Watson, Sr., founder and
former CEO of IBM:
“Would you like me to give you a formula for success? It's quite
simple, really. Double your rate of failure. You are thinking of failure
as the enemy of success. But it isn't as all. You can be discouraged
by failure — or you can learn from it. So go ahead and make
mistakes. Make all you can. Because, remember that'swhere you will
find success.”

6. Successful entrepreneursare proactivelearners who learn constantly
and immediately tweak their businesses to align with the gaps
noticed or experienced.
HARD WORK / SACRIFICE
In my world these two are inseparable and are intrinsically linked –
they remain the bedrock for the continued survivalof any business or
venture.Hard work is grunt work – hitting the road, shoving thespade
into the soil, it require tenacity, persistency and unusual strength. It
takes a lot of this grunt work to make a business survive – people
don’t just become millionaires overnightand even if they do, there is
need for sustenance.
In conclusion, I recently watched a blockbuster movie “Social
Network” which aptly narrates and describes the cycle of startup in
these three cycles as earlier elucidated in my opening remarks and I
must admit – it was like reliving those experience I had faced – the
only difference is that is has turned out to be a billion dollar
company – so I will also again retool myself, imbibe the lessons
discovered in the process of developing this article. One thing is
certain – if you can see it you can achieve it.
Let’s rock our world and start making a difference because – You’ve
Got It In You!!!