How Startups Can Manage Beginner Uncertainties:- A Pathway to Success
The first steps are always the biggest and most challenging– but you’re not alone.
You are on the right track
There has never been a better time to be an entrepreneur, especially in Africa. According to Stanford University research, this continent already boasts the highest percentage of entrepreneurs among working-age adults in the world, and with one of the youngest and fastest-growing populations on Earth, Africa is fertile ground for the kind of innovation that can change the world.
At Adaverse, we believe that blockchain has a major role to play in this future, and Cardano is a significant player in the coming crypto revolution. As explained by Charles Hoskinson, the founder of the Cardano blockchain, the purpose of this technology is not to fight banks or take on the stock market — the real aim is to give everyone, even those in developing economies, access to the tools and frameworks they need to not just survive, but to thrive.
Starting can be challenging
African startups emerging today are already on the right track of decentralisation. But as anyone who has tried knows, starting a business is tough. More than funding, team building, or product development, the biggest hurdle facing budding entrepreneurs is themselves — uncertainty in the challenge of creating a startup deters many from ever trying.
And while creating a startup does come with risks and is by no means an easy thing to do, there are ways to manage the uncertainty and make success achievable.
In this article, we take a look at the three things every startup should do to help manage beginner uncertainties and put them squarely on the path to success.
1. Ask for help
From the get-go, the most common mistake entrepreneurs make is believing they’re self-sufficient. Everyone who starts a business begins at the same point, and those who succeed frequently credit their advisors, mentors, and peers for their success. These are people who have stood where you’re standing and persevered. They possess an incredible wealth of knowledge that can only be learnt by having a conversation — no book or lecture will ever fully capture the nuance of personal experience.
Accelerators like Adaverse help take the doubt out of asking for help by connecting startups with networks of advisors chosen specifically for their expertise in certain fields. Additionally, we help you build entrepreneurial networks by connecting you with other startup founders and teams in order to develop both formal and informal relationships. The accelerator serves as a sort of advice aggregator, assisting startups to identify the core questions they might not know they need to ask, and pairing them with the right people to get them answered.
The moral of the story is simple: never be afraid to ask for help.
2. Set feasible and viable targets
This advice is echoed in every self-help book and entrepreneurship article, but it’s much more than a cliché
Setting goals and planning achievable milestones is an essential part of success planning. When confronted with a mammoth task (such as starting a business), breaking it down into manageable steps simplifies the process of embarking on something monumental.
Properly planning and setting achievable goals before you launch also helps with maintaining milestones as you develop. As much as 82% of new businesses tend to slow down or stop development due to a lack of cash flow — a problem that would be avoided by proper planning. Setting goals and marking achievable milestones not only helps you organize yourself and your time, but it’s also a key part of creating an effective budget.
If you’re new to the world of business this can sometimes be a challenge, but with the guidance of an expert advisor, you can be sure that the tasks you set for yourself are achievable and contribute towards your end goal.
3. Know your target market
Uncertainty is the fear of the unknown.
Therefore, It makes sense that if you know something inside-out, you’re less likely to feel uncertain. Ensuring that you have thoroughly researched and understood the market you want to enter is a critical step in ensuring success. Around 42% of founders fail because they have developed a product that the market didn’t need — another problem that could have been avoided if they had gained a better understanding of the market they were targeting.
While this intuitively makes sense, figuring out what to research can be a challenge in itself. As a founder, you should have a firm grasp on your market and how your desired product fits into it. Because markets are dynamic with different varieties, knowing where to begin can be tough. Here the guidance of an accelerator like Adaverse is invaluable — we can assist you in defining and better identifying your target market, streamline your research and guide you through the learning process.
A global network for Africa
Whether it’s expert advice, financial support, or simply a connection with other like-minded entrepreneurs, Adaverse accelerator program offers everything a young startup needs. If you’ve recently started a business and need support for growth, fundraising for expansion, or are considering tokenisation as a model for diversification, Adaverse is the right place for you.
We are a Cardano ecosystem accelerator providing funding and investment support to impact-driven crypto startups with game-changing projects across Africa. We’re helping to grow DeFi in Africa through the Adaverse Accelerator program — where you get all the support you need for a globally successful tech solution.
We are open to applications from African-based startups with a crypto-native edge and a proven concept. Apply here
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