before you start your startup in kenya - moses kemibaro
Post on 17-Oct-2014
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This is a presentation I made to budding entrepreneurs at the Growth Hub In Nairobi, Kenya, on the evening of the 26th September 2013. Its basically a startup primer with pointers on what to expect and other ideas from my own experiences.TRANSCRIPT
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Before You Start Your Startup
A Primer For Aspiring Entrepreneurs In
Kenya
Moses Kemibaro 26th September 2013
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A li7le bit about me… • Award winning TechBlogger @ MosesKemibaro.com
• Founder & Strategic Advisor at Dotsavvy, an Award-‐winning Digital Agency established in Kenya 10 years ago
• Producer of PIVOT East 2013 – East Africa’s Premiere Mobile Startups CompeSSon
• Sales Director for Africa at InMobi, a leading global mobile ad network in 2012
• Founding Regional Manager at Dealfish East Africa (Now OLX Kenya) for online classifieds in 2010 & 2011
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Ideas are nothing without execuSon
Everyone has good ideas, the difference is those who get them
done and those who don’t.
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Learn to earn
Then, make the leap
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There is no such thing as a mature market
Just ask Safaricom to share some ideas on how this works – everything is up for
disrupSon, EVERYTHING, even Safaricom themselves!
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Your idea(s) are NOT unique
Do your homework. Scope out the compeSSon in Kenya and beyond. There is almost always nothing new
under the stars!
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Don’t burn your bridges
You could need them later on
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Don’t fall in love with your first business idea
The more business ideas you have the be7er they get
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Nothing succeeds like the look of success
Fake it Sll you make it(?)
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Field test before placing the big bet(s)
Its low cost and low risk
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Fish where the fish are
Use market segmentaSon and the 80/20 rule, always!
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Seek co-‐founders who complement you
Spread the skill base as your startup needs it
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Leaders are not born, they are made
Acquire skills beyond your comfort zone(s)
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If you fail to plan, you plan to fail
Think business plans and the lean canvas
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Investors in Kenya tend to invest at the NSE and buy real estate
Therefore, think it through, why your startup instead?
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Investors invest in businesses and NOT business concepts
Build a working business that needs investment to grow and not just to
start, ideally
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Don’t. Get. Screwed. By. Investors!
They are “in it to win it”, just like you, remember that – nothing personal,
just business as usual
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Is your startup idea globally scalable?
Think Global, Start Local (HINT: Its worth it!)
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Winning a startup compeSSon does NOT mean your startup is viable as a
business This is the biggest wake up call for you. CompeSSons do NOT make a business, Bub! Real paying customers do! J
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Barriers to entry are incredibly low. Really low. Just do it! Never in the history of Kenya has it
been easier to start a startup. Everything you could need is available.
Seriously!
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The world is your talent pool
Outsource globally if you can’t get things done locally to world-‐class
standards – its like being in the global champions league, mate!
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The very best talent tends to be very shy
It could be right under your nose so look really hard as it could mean success or failure for your startup
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Prepare to work really really hard!
Its a lot harder to execute than you think! FOCUS is key…
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Thinking out of the box is very cliché
More importantly, BE unconvenSonal and ACT out of the box!
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Tenacity is the fuel to make your startup succeed
Startups are NOT for everyone. Be prepared to fail even when you did all you could to make it succeed
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Blog what you love, love what you blog
Blogging is one of the most inexpensive ways of building brand visibility for your
startup. Just ask 37Signals.
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Build A Brain Trust
Experienced and Inexperienced Entrepreneurs will help you know what to do when you need it most
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Murphys Law Happens
What can go wrong will go wrong – trust me on this one!
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Miracles do happen in startups – honest to God
When they do happen, be very very thankful!
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Delegate or go mad
Running a 2 startup oupit not same as running a 20 person business
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Business is Personal
Friends and Family will give you liq-‐off. Referrals will keep the business
coming in
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Ya go7a hustle some…
Sell like your life depends on it. True story!
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The fishing is best where few dare to go
Learn to be daring – you may actually win. Nothing ventured, nothing
gained.
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Your Health and Wellbeing is more important than your startup
Your family, your life, etc is EVERYTHING!