Getting started with your new business venture is something that takes into account several factors. This includes the environment of doing business, legal regulatory requirements, your commitment and determination to excel without having to spend a lot. It is not all about money but rather pushing your idea through. If you want to succeed in your lean startup in Kenya, here are important tips to follow!
Be driven by passion and not money
In most cases, startups tend to get longer in their establishment and therefore, you should not be driven by money. The only thing that can stand the test of time is the passion you got for your business.
Be patient and don’t fear to spend more
It will take a longer time to get established with your startup in Kenya and therefore, you need to be patient. Along with that, don’t shy away from spending more than you had earlier planned.
Understand why you are in this kind of business. Don’t just begin a business because you have money. Startups are usually driven through clear-cut objectives and goals that must be met for it to be successful.
Put in place all the legal framework
For your startup to be fully successful, you need to register it according to the stipulated laws of doing business. It will cost you less than if you would be caught on the wrong side of the law has failed to meet certain requirements.
Be lean but just make sure you have sufficient capital
Well, it is all about the idea you got in your mind. For this reason, don’t put all your money into it but your effort. However, you should be willing to chip in with more capital should the need arise.
You can succeed without failing in your first trial
As you get started, don’t have the notion of failing several times before you get up. It doesn’t have to be that way. While it may talk long at times, you can break even in no time. It all depends on your commitment.
Do due diligence on interested parties
You business will attract all sorts of people but always remember you are in charge. Don’t allow them to take over your idea. Every investor coming along should be well vetted and investigated.
Understand your market instead of competing with other startups
owners make the mistake of focusing on other businesses for competition rather than looking at the market for their products. Therefore, understand your market well.
Grow a large customer base and define your revenue path
This is the winning strategy for startups in Kenya. Work at attracting a lot of numbers and working with the best minds in the industry. This approach will soon pay off.
Be in charge for some time
Exercise control over your startup at the beginning and for some time after it has established. When you lose control to other investors in the business too soon, things may get out of hand.