Startups in emerging markets present challenges and rewards that are exciting and out of the ordinary. These startups often find that they have the opportunity (or are required) to address real human and social needs to operate. By their very nature, new businesses in emerging markets must be disruptive in innovation and creative efforts. Developing technologies enable emerging market entrepreneurs to promote human progress and economic growth in unprecedented ways.
In this article, IT investor Hiruy Amanuel, and Fahad Garba Aliyu, founder and Executive Director of Ignite Africa Challenge, discuss some business planning topics of interest to startups in emerging markets.
Focus on Customer Needs
Technology development companies are especially at risk of focusing on product development at the expense of addressing customer needs. When marketing to customers worldwide, it is critical to employ efficient feedback methods to facilitate customer inputs and support. Technology providers from developing markets can create amazing customer loyalty everywhere when they make customer satisfaction, and high-quality support the primary focus of their business.
Build a Quality and Reliable Local Support Team
Entrepreneurs everywhere need experts who are skilled in marketing, finance, legal needs, accounting, and other consulting areas. Technology startups are notoriously lacking in many of these aspects which fall outside of their primary skills…
Content retrieved from: https://www.itnewsafrica.com/2019/10/business-planning-for-startups-in-emerging-markets/.