Business plans are full of assumptions. Startups are where those assumptions are tested.

At the startup stage, you don’t yet know if your idea can stand in the market. You believe it can, but belief is not validation. Validation only comes when real customers buy, and buy again.

A repeatable and scalable model is what turns assumption into fact. A system where ₦10 brings back ₦20 this year, and when you double it to ₦20, it still gives you ₦40 or more next year. That’s when you know you’ve found your model.

Until then, you’re not a company. You’re a searcher, running experiments, trying to prove your idea. The mistake is to behave like a company before you’ve earned it.

Dr. Smith Ezenagu is the Chairman of Esso Group, a diversified conglomerate shaping real estate, finance, education, and media. Dr. Smith Ezenagu is recognized as a real estate & investment mogul, life coach, and private equity expert. He leads Esso Group and its subsidiaries: Esso Properties (awarded Nigeria’s Most Innovative Real Estate Company in 2024 and recognized as the best real estate company in Nigeria), Esso School of Enterprise (the leading institution equipping entrepreneurs), and Esso Capital (delivering smart, trusted financial solutions across Nigeria).