Few weeks ago, our attention was drawn towards one of the activities of the immediate past governor of Lagos State, Mr. Babatunde Fashola, the case of a N78 million website upgrade among other things while he was in office.
Let’s bear in mind that this post isn’t meant to justify that amount of public fund for a website upgrade, we just want to look at the possible lessons for entrepreneurs and startups, not from the website of course, nor on the basis of Mr. Fashola’s response.
Separating personal life from business
The URL of the said website is www.tundefashola.com, which makes it a personal property for the ex-governor, hence not justifiable for public funds. If the URL of the website was www.lagosstategovernor.com, there definitely won’t be the need for this post in the first place, except if we are to analyse the cost.
That you work 18 hours a day on your company doesn’t make it part of your personal life – since the stakeholders or potential investors definitely don’t ask that you show them your personal bank account statement.
Know your own business needs
I attended an event last year where one of the participants said her company developed mobile apps for business and companies, and the question that came to my mind is – does every business or company actually need a mobile application?
Apparently, BRF Mobile is available on iTunes, Google Play, Windows Store and BlackBerry App world. As at the time of this post, the app has recorded just a hundred downloads on the Google Play store.
Know the business need of your company or startup, the needs that would have an impact on both the company as well as the customers, users and clients alike.
Mind your RoI
Public funds and accountability are of no priority here as majority of the public care less. But as an entrepreneur, accountability is key, so also is Return on Investment (RoI). If you are making a 7-digit investment on publicity, then the question would be – what do you plan to do with the publicity you will gain?
An investment without a clear strategy for returns is a no-go area. Have a clear cut out plan to get return on your investment in the first place.
Kindly share any other business lesson that entrepreneurs can get from the website Saga.