Turn Your Idea Into a Profitable Startup

There are many looking at getting into launching their startups but they do not know what factors need to go into putting together—especially one that thrives in the market. There is the need for preparedness and resources, and for those that had begun and had to shut down their businesses, it can be quite devasting.

There is no guidance that runs these entrepreneurs through what it takes to own an SME and what the ecosystem is like. They lack the guidance and resources to get started or improve on what they have that leads them to sustainable operations. 

The startup failure rate in Nigeria is about 61.07% and 54.02% of startups manage to go beyond their initial years of operation, according to The Better Africa report by Weetracker that tracked startup shutdown rate from the year 2010 to 2018. Let's talk about Tobechukwu who launched his agro-processing startup without running intensive market research into distribution channels and assess the most sold products in the market. He had invested into heavy machinery and raw materials, and due to this miscalculation, was unable to sell off the goods he had produced six months after launch. He did not factor in the compliance for the business he started up, hence falling into debts from legal fines and ended up shutting down his business. Tobechukwu’s story is one that Startup Academy is out to eradicate from the picture, setting entrepreneurs on a successful foundation to thrive in the market. 

Tobechukwu’s story is one of many other startup entrepreneurs in Nigeria who launch their startups without knowing the rudimentary pre- and post-launch to keep their business afloat for a long term eligibility for scalability