General News
How to Overcome the Challenge of Scaling Your Startup
By Adeniyi Ogunfowoke|
The difference between a small business or startup and a successful and profitable company typically boils down to time and experience. But, there are certain factors that play a big part in how those companies grew to be successful — things like timing, having the right people, focus, and intensely hard work. Remember that every big company was a startup at some point.
Even though, statistics and researchers tell you that the odds are stacked against you and the probability of failing is high, there are plenty of opportunities to succeed.
The story of how Jumia started as a startup in Nigeria, conquer the many challenges in the most populous country in the world, expanded to other African countries to the extent that it has been tagged by many as ‘The Alibaba of Africa’ is one that should inspire every entrepreneur.
The eCommerce company has empowered, employed and contributed to the African economy since it birthed in Nigeria.
So, for entrepreneurs who are looking at scaling and taking their business to the next level, here are some of the ways to overcome these challenges.
Keep processes as simple as possible
Complexity slows businesses down and inhibits growth. It requires more meetings, more explanation, more refined communication with the customer, more people in the workflow, and more cogs in the machine. As businesses grow and scale, the key dynamic that slows progress and, at the extreme, impairs a business, is the effect of complexity. Complexity rears its head as products evolve, organisations grow, and business strategies change. Therefore, the bosses in charge of growing companies need to be aware of the impacts of growing complexity and take actions to continuously simplify the operations and strategy of the organization.
Win the love of your customers
While customer acquisition is important in any business, you need to focus on the customers you have so that you can win their love. Customer perceptions can make or break a business. If you deliver quality experiences, products, and service, and you make every effort to delight your customers, then they’ll sing your praises. When you delight your customers, and they share that delight, your business will grow. Winning the love of your customers doesn’t have to be a time-intensive operation and you don’t have to completely restructure your business model. You just need to operate in a way that anticipates their needs and stays with them beyond the point where they make that first purchase.
Stay tuned in to your business
As you grow your business, one of your goals should be hiring smart, talented people to handle various tasks. As a business owner, you can’t be involved in everything, so it’s important to delegate and let other, better-suited people handle the work. But that doesn’t mean you should step back and tune out. Just because it’s being handled, doesn’t mean you’re not involved. When you stay tuned to your business and are aware of your surroundings, you’ll better anticipate the need for change and adjustment and be able to quickly pivot and adapt when the time comes.
There are no shortcuts in scaling
As your business begins to grow, you may be tempted to make cuts and take shortcuts in order to reach your next goal faster. There’s no more surefire way to cripple your business than to cut corners and try to take the easy path to success. Every action you take now has repercussions later. When you take shortcuts, you make compromises. You compromise your ethics, your values, and the integrity of your business — often at the expense of the customer and your employees. The rule of thumb is for you to do the job.
Ask for help
Too often, entrepreneurs view asking for help as a sign of weakness. They think that asking for help means they’re somehow exposing their vulnerability. The most successful entrepreneurs didn’t become effective leaders because they were good at bossing people around or because they had all of the answers all of the time.
Federal government has launched Credit for Laptops, Internet, Connectivity and Knowledge Digital Devices (C.L.I.C.K.D.), a new consumer credit initiative, to provide affordable financing for locally assembled laptops and other digital devices.
L-R: Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, and Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, at the launch
The initiative by the Nigerian Consumer Credit Corporation (CREDICORP) and the Federal Ministry of Communications, Innovation and Digital Economy, is aimed at equipping Nigerians with the tools needed to participate in the country’s growing digital economy.
During the launch, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, described access to credit as critical to improving productivity and driving economic growth.
Dr Tijani said no nation could achieve sustainable development without a strong credit system that enables individuals and businesses to access resources needed to become more productive.
He noted that in today’s digital age, technology has become indispensable for education, innovation and wealth creation.
The minister explained that many talented young Nigerians possess the skills required to succeed in the digital economy but remain constrained by their inability to own computers and other digital tools.
Drawing from his personal experience, Dr Tijani recalled how his first laptop as a student in the university opened doors to international opportunities and eventually inspired him to establish one of Nigeria’s pioneering technology hubs.
He said the new programme would ensure that more young Nigerians are not denied similar opportunities because of financial barriers.
According to him, the initiative aligns with President Bola Tinubu’s vision of building a one-trillion-dollar economy by expanding access to technology, boosting productivity and supporting local manufacturing.
Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, described the programme as a strategic investment in Nigeria’s future workforce and digital transformation.
Mr Nwagba said that while improvements in internet connectivity and digital skills training have positioned Nigeria for the Fourth Industrial Revolution, access to devices remains a major challenge preventing many young people from fully participating in the digital economy.
He explained that C.L.I.C.K.D. would bridge that gap by providing affordable consumer credit that enables beneficiaries to acquire laptops and other internet-enabled devices while they develop in-demand digital skills
Federal Government has announced the disbursement of about N333 billion to eight electricity generation companies (GenCos) as part of measures to resolve outstanding debts in the power sector.
The government also disclosed the issuance of a second bond valued at N729 billion to settle verified legacy obligations and improve liquidity within the Nigerian Electricity Supply Industry (NESI).
The disclosures were made on Tuesday at an investors’ forum organised by the Nigerian Bulk Electricity Trading (NBET) Plc in Abuja.
Government representatives said the latest bond issuance marked the completion of the initial phase of the Presidential Power Sector Debt Reduction Programme, which was designed to address verified liabilities and attract private sector investment across the electricity value chain.
The Special Adviser to the President on Energy, Mrs Olu Verheijen, said the implementation of the first series of the programme demonstrated the administration’s commitment to meeting its financial obligations and improving investor confidence.
Verheijen disclosed that the Federal Government in February 2026 allocated about N501 billion under the first tranche of the programme, comprising N300 billion in cash and N201 billion in non-cash bond instruments to offset verified debts owed to power producers.
She said N333 billion had so far been disbursed to eight participating GenCos operating 17 power plants.
According to her, the government also paid the first coupon of about N63.5 billion on the seven-year bond in full on July 14, 2026.
She explained that the payments had enabled generation companies to meet critical obligations to gas suppliers, lenders and operations and maintenance contractors, thereby improving their operational capacity.
“Markets do not reward promises; they reward performance. Capital follows credibility,” Verheijen said.
She added that the second bond series would further strengthen liquidity in the electricity market and create a more stable financial environment capable of attracting long-term private investment.
The Presidential Power Sector Debt Reduction Programme is part of broader Federal Government efforts to address challenges affecting electricity generation, distribution and investment in Nigeria’s power sector.
Federal government has launched a N482.4 million investment fund to support 12 tech-enabled Nigerian startups.
The initiative under the federal government of Nigeria’s Investment in Digital and Creative Enterprises (iDICE) Programme was implemented by the Bank of Industry (BoI).
The initiative in a statement said applications have been opened for Growth Lab, a 12-week acceleration programme that will select the 12 tech-enabled Nigerian startups, from the six geopolitical zones, for intensive growth support, investment readiness training, and access to up to $350,000 in funding.
According to Ife Adebayo, national coordinator of the Programme, growth lab was designed to support startups that have achieved early traction and are seeking the expertise, networks, and investment required to scale following the implementation of Founders Lab.
“Growth Lab is the Startup Bridge accelerator programme, designed for startups that have developed an MVP and require structured support to scale. The programme focuses on strengthening venture fundamentals and preparing companies for external investment.
“The programme targets startup founders who are seeking the support, networks, expertise, and investment readiness required to accelerate growth and strengthen their position within the Nigerian innovation ecosystem,” he said.
He added that selected founders will gain access to structured growth support, investment readiness preparation, access to industry experts, market expansion pathways, a $100,000 cash investment (or Naira equivalent) for 7.5% equity upon entering the programme (terms and conditions apply), and up to $250,000 in potential follow-on investment should certain growth conditions be met.
“Eligible startups must be at the post-MVP stage, demonstrate evidence of market validation through users, customers, pilots, partnerships, waitlists or any other demand signals, and be willing to participate fully in the hybrid programme,” he said.
The programme will run as an intensive 12-week hybrid experience, including virtual engagements and two physical weeks in Lagos focused on collaboration, learning, and business growth.
The statement said applications opened on July 15, 2026, and will close on August 19, 2026.
According to him, female founders are strongly encouraged to apply. Selection will be conducted through a clearly defined, merit-based evaluation process aligned with published criteria.
iDICE is a $618 million federal government initiative backed by international lenders to boost the technology and creative sectors.
It provides young entrepreneurs with business skills training, mentorship, and access to capital through funds and accelerator programs like the iDICE Startup Bridge.
NPC Opens Nationwide Digital Birth, Death Registration Platform
FG Launches C.L.I.C.K.D., Consumer Credit Scheme for Tech Devices
Airtel Nigeria Expands Retail Footprint to Strengthen Customer Access Nationwide
Ovaloop Technologies Unveils Digital Tools to Formalize SMEs Operations Across Africa
Kaspersky Survey Highlights the Need for Smartphone Security
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
News3 days agoAdebutu, PDP Chieftain Accuses Nigerian Governors of Embezzling LG Allocations
E-Financial3 days agoNDIC Urges Youths to Shun Ponzi Schemes, Embrace Savings
E-Financial3 days agoAccess Holdings Sells 7.44% Stake in Ghana Unit
E-Business3 days agoSERAP to Sue NASS over Bill Empowering NDPC to Regulate Social Media
News3 days agoNIMASA Unveils Accelerator Scheme to Drive Innovation, Sustainable Growth
E-Financial3 days agoNRS Issues July 31 Deadline for e-Invoicing Compliance
News3 days agoICPC Secures Final Forfeiture of N941m Linked to IPPIS Fraud
News3 days agoeBusinessLife Advocates Greater Support for Girls in ICT as Students Showcase AI Innovations