Here are various objectives startups entrepreneurs have in their heart

There is no business without objectives. Even if its just a single one. Objectives are core to all businesses. So is it with a technology startup. The tech startups you see sprouting and growing are made with variety objectives in mind. Mark Essein, a figure, in hotels and bookings established is business with many objective in mind and probably he may have achieve more than 80 percent of it right now.

Before I proceed with the various theoretical objectives a tech startup can incorporate, let me give a brief definition of the term “objective”.

What is an objective? An objective generally can be seen as ends which a tech startup is willing to achieve. It can be seen as “want” in economics. If you study a bit of economics, you should know that “want” is the desire to own goods and services. So, a what your business desire to achieve is regarded as want or objective.

So, if you agree with me, we can conclude that objectives are wants a tech startup is eager to achieve. Well, that is from my end. This is what other writers have to say regarding the term objective.

objectives are wants a tech startup is willing to achieve.

A business objective is “the results you hope to achieve and maintain as you run and grow your business,” by smallbusinesschronicles.

“An objective is a specific, measurable activity you will take to work towards a broader goal.” Thebalance.

“A specific result that a person or system aims to achieve within a time frame and with available resources.” Business dictionary.

From the above definitions, business objective is streamline to a time frame. Business objective which any startup entreprenuer has in mind is within a short period of time, usually for a year.

objective which any startup has is within a short period of time, usually for a year

Objectives are very vital for a business, most expecially for a technology startup. The importance of having objectives is not farfetched. Here are some of them:

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1. Objectives justify the reasons why a business is established in the first instance.

2. It shows the various purposes for establishing a business.

3. A business needs direction, just as a ship needs a compass to direct it. Therefore, objectives are compasses that help direct a business towards achieving a goal.

4. It is used to set standards for control of the business activities.

5. It assists in co-ordinate decisions made by managers.

v. Finally, objectives are used to evaluates the performance of staffs as well as the organisation.

There are primarily two major goals of a tech startup via primary objective and secondary objectives.

Primary Objective.
The primary objective of every business is to make profit. And that is true. If not, why would someone wake up one day, claim he/she has an idea, put the idea into a business and decides to run it for free! That is totally impossible. Even the businessman or woman on the street is out there to make profit.

Establishing a technology business? Then profit should be a major reason for establishing it.

Most tech startups out there are there to make profit. And most of them are making it big time. Establishing a technology business? Then profit should be a major reason for establishing it.

Secondary Objectives.
Startups also have various secondary objectives they intend to achieve. Let’s give a summary of these objectives.

Large Market Share. Many tech startups you see today are in a mission of having the largest market share whether in Nigeria or in Africa as a whole. Take for example, Mark Essein, mentioned on the onset. He set up a hospitality tech startup with the aim of having a large market share in Nigeria. Yes, he has achieved that and right now he is aiming at Africa. This is why he recently launch a new website with the aim of reaching all Africa.

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Customers Satisfaction. Another secondary objective for most tech startups is customers satisfaction. In business, customers are seen as the king, so satisfying their needs are what most startups don’t joke with. This is the reason why they have feedback plugin on their website, have a social media channels for customers to reach them. So, if any customers got complains, they are always ready to resolve it.

In business, customers are seen as the king, so satisfying their needs are what most startups don’t joke with.

Good Public Image. Also called goodwill, is a vital secondary objective, I won’t let go easily. Public image is very important. How the local and international community see a technology business is very necessary and may affect the growth and future prospect of the business. Existing technology businesses on a regular basis alert the world on what they have done, what they intend doing now and what they will do in the furture.

Most times, they engage the media. In other times, they use their social media channels to alert the world on what they are made of.

Existing technology businesses on a regular basis alert the world on what they have done, what they intend doing now and what they will do in the furture.

Increase Capital Base. Yes, last year at least $167.7 million were invested on many tech startups in Africa. In Nigeria alone, $24.1 million were used to fund tech startups by seed investors, angel investors and capital venturers. So, these has become, very important objective, many emerging tech businesses are striving to achieve.

Improve Productivity. Efficiency always leads to more profit for a business. And techprenuers are aware of it. Reducing cost while maintaining the same level of customer satisfaction is one thing that businesses work hard to achieve and any staff that help a business reduced cost are usually glorified by the business owner(s).

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Innovation. What! You may believe that a tech startup is an innovative business. But such innovation needs continues improvements. And the only way to achieve this is through innovation.

Flutterwave, a Nigeria Fintech company has a payment infrastructure, it refers to as Rave. Rave itself is an innovation. But a recent tweet by the founder of the organisation show that the company intend to achieve zero failure rate while merchants used their product (Rave) as a means to receive payments from customers. This itself is an innovation and proves that innovation should remain one of the core objectives your tech business should put in place.

Staffs Welfare. Staffs are core to any business. Let’s look at it this way. Compass is used to direct a ship towards its destination. I have said earlier that a compass is a business objective. But the compass cannot direct the ship. It needs human intervention. So, is a business. Startup entrepreneur do not horseplay this. They see their staffs as what they cannot do without. Or let me put it this way, techprenuers see their staff as their weakness. So, they provide staff welfare, so that such weaknesses become their strength.

So far, I do explained what objectives are, why they are vital and the primary objective of a business as well as the various secondary objectives. Meditating on these are vital as a techprenuer or a potential one.