Comparative study of startup and business modeling: Best practices and emerging trends in the US and Nigeria
1 Rome Business School, Estonia.
2 Zenith Bank Plc, Lagos, Nigeria.
3 Independent Researcher, UK.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(03), 338–354
Publication history:
Received on 22 July 2024; revised on 28 August 2024; accepted on 31 August 2024
Abstract:
This paper presents a comprehensive comparative analysis of startup ecosystems and business modeling practices between the United States and Nigeria, exploring the distinct challenges, opportunities, and strategies that shape entrepreneurial success in these diverse environments. The study examines key components of business models, including the Lean Startup methodology prominent in the U.S., and hybrid business models frequently adopted in Nigeria. By leveraging both qualitative and quantitative data, the research identifies best practices, such as the use of digital technologies, customer-centric approaches, and the integration of sustainability in business models. The findings reveal that while U.S. startups benefit from robust infrastructure, access to capital, and a culture that encourages innovation and rapid scaling, Nigerian startups demonstrate resilience and creativity by adopting innovative solutions tailored to local challenges, such as financial inclusion and access to healthcare. The comparative analysis underscores the critical role of cultural, economic, and regulatory factors in shaping business models, highlighting the need for adaptability and contextual sensitivity. The paper concludes by offering actionable insights for startup founders, investors, and policymakers, emphasizing the importance of flexible and scalable business models that can be adapted to different market conditions. Recommendations include fostering strategic partnerships, leveraging emerging technologies, and integrating sustainable practices to enhance the resilience and competitiveness of startups in both developed and developing economies. Future research directions are suggested to explore the impact of digital transformation, sustainability, and cross-country expansion on business model innovation.
Keywords:
Startup Ecosystems; Business Modeling; Comparative Analysis; Lean Startup; Hybrid Business Models; Nigeria.
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0