“What exactly is a business plan?” a startup says to me. Life in Nigeria’s booming startup scene is not like any other. “We don’t really take on a lot of risk,” he says to me, but the business he is running will probably hang on risks that he will have to start taking soon.
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A business plan is not really a fully formed idea for some of the startups I have met. I ask about business models and revenue projections — “I don’t know” is the standard response. This ecosystem is not actually an ecosystem, I am told.
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