Serial entrepreneurs who spoke at the June Edition of CFA’s Startups Hangout (CSH) believe that the application of digital technology will sucessfully drive business operations and make positive impact of Return on Investment.
“There are tons of softwares and digital tools you can use to simplify your business operations,” says Deepankar Rustagi, the Co-Founder of VConnect while speaking at the June 2017 Edition of CFA’s Startups Hangout.
He explained that with digital tools, it would be easy for businesses to track and measure their marketing goals, while also seeing the results.
“We live in an age where technology thrives and for businesses to cope with that pressure, businesses must start using digital tools, the VConnect boss said.
As businesses continue to spring up, with only about 3% scaling past the fifth year, according to studies, non-accessibility and inadequate online presence are amongst the challenges contributing to failure.
“97% of businesses do not exceed the fifth year in operations and that’s an issue of concern,” he says.
He charged entrepreneurs to have an accessible online presence, build a realistic digital strategy to beef up operations, connect with customers and prospects.
“When you build strong visibility and make your business accessible, you are making entry for new customers to patronise you.
Added to that, is product or service differentiation, he said. ” You need to make your product or service positively different from what is conventionally obtainable.
He said there should always be a reason for a customer to patronise any business, adding that a positive difference in what a particular business offers will be of value.
Continuing: he explained that lead generation and proper targeting of prospects are essential for any business that needs to survive.
He tasked Startups to identify their target market properly and use digital tools to target them, at the same time generate leads for nurturing.
“The Nigerian market is big enough to accommodate every player, and it is imperative to understand that each business has it own target market. It is not necessary to target all the market,” he said.
According to Dr. Nadu Denloye, Co-Founder, Telnet, the current technology disruption has changed business model today and those who are keeping up with the pace by adopting digital technology will be afloat.
She gave a chronological account of her journey in entrepreneurship and charged Startups to borrow a leaf from what she did right and jettison the things she did wrong.
Nadu explained that one of the lessons she learnt is that, individuals or people are critical factors to running a successful business.
“When you have people around you, discuss and be open to ideas from them, they are the ones to help you move your business forward.
The Telnet boss mentioned that, self awareness was critical during her days of running the business.
“I wasn’t a creative person in my early days of running business, I understood my weaknesses and strength. When you discover yourself it becomes easier for you in business.
Nadu charged Startups not to underestimate the early days in business, although the early days may have its obstacles.
She explained that it’s not going to be an easy road for entrepreneurs that are starting up.
“We didn’t start up in high brow areas but, we had a good location. We didn’t have plenty of cars, we started with one and it was branded. At that point we were continually investing, instead of relocating and paying dividends.” she added.
In her concluding remarks, she said continuous learning, acquisition of skills, and looking out for opportunities are also important.
Watch out for the details of the July 2017 edition of the CFA’S Startups Hangout on https://startups.cfatech.ng/
