5 Things I’d do Differently if I had to Startup Again

What Would I Do Different If I Had To Build My Startup Again From Scratch?

It’s been 4 years, 3 pivots, and thousands of dollars in founder’s capital invested. Somehow, I feel I’ve
just graduated from business school. I actually consider it cheaper and more beneficial learning by being
street-smart. I don’t think there’s any way I could have gotten my experiences from a campus or within
the walls of a lecture hall.

I went into entrepreneurship with the idea of creating scalable impacts in holistic healthcare. Getting to that point, therefore, means being able to learn continuously from the past. And so here are the things I would do differently if I had to start again:

  1.  I would choose to redefine what market needs are. You can try to impress yourself with assumptions
    or you can choose to face market reality. The market will always win anyway. When you are doing
    business in a developing country like Nigeria, you have to understand what ‘a need’ is differently. For
    instance, ‘healthcare’ is not a need, ‘emergency healthcare’ is. A subtle difference like this is what can
    make you survive in the market.
  2. I would design products that mimic consumer behavior. We quip a lot about innovation but I have
    come to realize that scalable innovation is not trying to change the way people do things but improving
    them. (Change, used here as doing something different and improvement, getting better at doing the
    same thing). Human beings are creatures of habit. Ask yourself, “How are my target customers presently
    solving the problem I wish to solve?” And don’t try to change it! Instead, make it better (easier, cheaper,
    and faster) for them to do it the way they are already used to.
  3. I would allocate the least resources to develop the initial product. The common notion is to build
    products fast and push it out to the market. I would build the MVP within a month. Why? 95% of
    products fail to attain market fit even after several product iterations. If you consider the probability
    that what you are building has only a 1 in 20 chance of scaling through, then you would want to exercise
    extreme control over allocating resources, especially time (you’re not getting any younger). Startups fail
    because they spend too many resources initially and have none left when the time comes to pivot. For
    every solution, there are always a thousand others and even better ones you can develop for the same
  4. I would reverse-engineer already existing business (read: revenue) models. Who is already doing
    what you want to do? Study your long-standing competitors on the basis of their approach to the
    market and model after their business in your early stages. There’s a reason why they have been able
    to survive in that sector – the market simply likes it the way they sell. If you want the market to accept you
    too, then copy the revenue channels intelligently!
  5. I would understand that the best feedback is from sales. If you actually have a hope of raising funds
    from investors, then consider feedback from sales very carefully, especially your growth rate. If you are
    not growing fast (at least 5% weekly) within the first year, then you might spend more time scouting for
    investors than building your startup. It is better dropping the product/approach and pivoting after 6 months unless you have the virtue of ‘long-suffering’ or you are not interested in scaling. With sales, valuation is also kept simple and objective using revenue multiples and growth rate.

These are my personal opinion on the things I would do differently. But if there’s anything I would
continue doing, it would be pursuing my personal cum business mission – making healthcare accessible
and affordable. I wouldn’t change that for any reason, not even for the trending love for jollof rice.

Utitofon Ekpenyong,
Medical Doctor & Entrepreneur

1 thought on “5 Things I’d do Differently if I had to Startup Again”

  1. Great Stuff.. I feel it is important we understand what works and what doesn’t irrespective of the value add. Some ideas or concepts may not be right in some markets at the moment but definitely would as people and economy evolve.

    Nice piece Dr.

Leave a Reply