THE STRAWBERRY STARTUP by MOSES LIM

Hello people.

Sometime around 2007, there was a major shakeup in the Nigerian banking industry, which saw some founders like Ernest Akingbola [Intercontinental bank] and Cecilia Ibru [Oceanic bank] having to leave the banks they founded.

I often wondered at the time what it would feel like to be forced out of a company one founded; I mean, it is one thing to voluntarily vacate the position of CEO of your company, but it is another thing altogether to be forced to resign and, if care is not taken, be left with nothing.

Not surprisingly, a lot of entrepreneurs both famous and relatively unknown have been forced to leave their company, years after building it, for reasons ranging from the mundane to the utterly ridiculous.

So how is an entrepreneur to protect himself/herself after building a company? That, amongst other things, is one question this week’s book, The Strawberry Startup, seeks to answer.

The Strawberry Startup, written by Moses Lim, is a book for entrepreneurs interested in starting their own business. In the opening chapter of the book, the author dishes out standard advice:  Turn your passion into profit but make sure it can be monetised. He also explains how to find co-founders who will be a good fit for the company.

One point Lim makes, which I’m not sure many African entrepreneurs will agree with, is that start-ups should have an exit strategy right from the start. In other words, entrepreneurs must plan what to do in case the business fails [Did I hear you say ‘God forbid’?]. The average African tends to be optimistic and refuses to see failure as an option, but failure, according to Lim, is not an impossibility, and it is a wise business owner who takes that into consideration when planning the business.

Lim also asserts that it is imperative for business founders to take care of themselves when planning the future of the business as the tide could turn against them in future. He buttresses his point by giving case studies of founders being pushed out by investors or left with nothing years after founding the business.

Other salient tips given by Lim include:

·       Get social proof for your company either before or after launching it.

·       Do not choose a successor similar to yourself.

·      Hire passion and talent, not experience [some people are bristling right now. Go read the book to understand his point].

·       Learn from the blunders of other companies similar to yours.

·       Do not grow too attached to your business plan.

I enjoyed reading the book and I recommend it to all individuals looking to start their own business. The book can be gotten on Amazon and other major bookstores.