Module 5
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This document provides tips and guidance for starting a successful business in Nigeria from an experienced entrepreneur named Mr. Salvation Alibor. It outlines the objectives of starting a business properly, providing resources for startups, and guiding entrepreneurs. Alibor details his experience with 8 startups over 15 years, including both successes and failures. The document then provides advice on various aspects of starting a business like becoming product ready, building a team, understanding the market, financial modeling, funding, marketing, and taking the first steps to launch.
Module 5
- 1. 1 | P a g e MODULE 5: TIPS FOR BUSINESS COMMUNICATION By Mr. Salvation Alibor
- 2. 2 | P a g e Startup Clinic A step-by-step guide to starting a successful business in Nigeria. Objectives Get your business properly profiled Get your goals in the right perspective Provide you resources to get started Start you up right away Provide you with adequate resources & information for a successful startup operations You can trust me to guide you I’ve been involved with 8 startups in the past 15 years 2 social enterprises. 1 sub-national, 1 has gone international 6 corporate businesses. 1 failed I took a startup from conception to expansion stage in 7 years, winning 3 industry awards along the way My biggest win: I revived a dead business within 4 months and it became profitable in the 6th month My biggest goof: I lost N6 million in 3 months My dream: to be responsible for Africa’s biggest success stories Presently: I am involved with 1 startup at expansion stage I have successfully midwifed the starting up of a Software Solution Startup. We successfully raised the startup capital required
- 3. 3 | P a g e I am co-founding a new e-Commerce Startup at its pre-operational stage. I am sitting on the board of 2 other startups already in their 2nd years. One already broke even In this workshop Becoming product ready Building a convincing team Knowing your market Building a workable financial model Funding your start-up Going to the market What product / service are you bringing to the market? Why are you developing the product or service? You must carry out a feasibility study of your market There must be a market gap it should be filling There must be a clear way of commercializing your product Your product must be commercially viable Your product must be able to kill…………….or get killed Learn from my mistakes No matter how much you believe in your product, it is as good as the market says it is - My C-band vs Ku-Band story in 2006
- 4. 4 | P a g e No matter how great your product is, if there is no market need for it, it’s a still birth - My SchoolManager story in 2008 Your team will make a clear difference Select managers that can turn the tables The managers must have complementary skills Ensure that the managers have the right chemistry to work together Learn from my success An enterprise is already half way to success when each section of it is manned by an experienced person(s) with equally high network in the particular field - My VITE story in 2004/05 If you don’t have a market, you don’t have a business Come up with a marketing strategy Determine how much you will sell your product vis-a-viz your strategy Know your target market Create a projected revenue model for at least 3 years Learn from my mistake Never target a market you have no access to nor have capacity to serve or can neither access nor serve. It’s a black-hole! - My iJAMB story of 2009 Financial modeling: your most inspiring tool Outline the cost of managing the business for 3 years
- 5. 5 | P a g e Prepare a P and L for 3 years Your most inspiring tool can also be your suicide shot if wrongly modeled Learn from my mistakes Never start a business without a clearly articulated and well written business plan, you will never know it when you are derailing, neither would you know what to do with your success if it comes. - My VSAT Industry Success story of 2008 How much would you need to get started? Bootstrap in year 1 and 2 Consider carefully: Equipment cost Stocking cost Rent Marketing & logistics cost Base salaries for the startup team Contingency budget Learn from my success story Start as small as you possibly can! You will start faster and learn the ropes more. - My VSAT Business vs My SMARTCARD Business experiences Where would your funds come from? Different strokes for different sources Personal funds? - savings, liquidation of personal property
- 6. 6 | P a g e Someone that loves you too much? Some real investor? - equity Debt?- loan, PO financing… Or some kind of combinations of 2 or more sources above? Learn from my mistakes Keep records. Play by the book. It’s all for your good. - My fund raising experience for Syscomptech in 2014/15 Ready?...GO! Start with a feasibility study Register the company name Get an operational base Get the basic team Get tax registrations Get a bank account and cheque book Get your product or service fully ready Go tell the market what you’ve got (this might come before getting your products ready) Remember the game is about he who makes the loudest noise! You have already succeeded in this business! You only need guts to start and a business plan to guide you! START NOW! I am here and always ready to help you get there!
- 7. 7 | P a g e Salvation Alibor65, Allen Avenue, Ikeja, Lagos, Nigeria. +2348060002562 (whatsapp) +2348122251555 salvation.alibor@syscomptech.ng Facebook: salvyalibor, Twitter: @salvyalibor, Skype: salvyalibor,LinkedIn: Salvation Alibor