STRATEGIC APPROACH TO MANAGING NEW START- UPS IN AN UNSTABLE ECOMONIC ENVIRONMENT: A STUDY OF STARTUPS IN NIGERIA

Abstract

The dynamic spark that propels innovation, social progress, and economic change is the startup eco-system. Because they create scalable businesses and pursue audacious ideas and tactics, startups play a significant role in the global economy. But starting a firm is not easy, particularly in an unstable environment with variables like volatility, unpredictability, and complicated rules. This article, which focuses on the Nigerian context, looks at the strategic actions that startups need to take to survive tough times. Nigeria has emerged as a hub for innovative and enterprising endeavors, driven by its youthful populace, extensive internet connectivity, and growing investor attention. While there are many successful Nigerian entrepreneurs, they also confront many obstacles, such as inadequate infrastructure, scarce capital, and legal constraints. Using concepts from strategic management practice and actual experience, the essay illustrates techniques for navigating uncertainty for startup resilience and crisis success. Among the tactics are automating processes to increase productivity and reduce costs, diversifying currencies to hedge against exchange rate swings, and carefully handling finances to guarantee sound financial standing. An examination of the Nigerian fintech startup Flutterwave demonstrates how businesses can thrive during uncertain economic times by proactively planning and putting the needs of their clients first. The unique way that Flutterwave processed payments, its astute alliances with important parties, and its unwavering dedication to providing clients with value were the things that provided it a competitive advantage.