3 Tips for New Entrepreneurs from Esusu Co-CEO Wemimo Abbey

As a new entrepreneur, navigating the complex world of business can be both exciting and daunting. With the right guidance and mindset, however, you can turn your ideas into reality and make a significant impact. In this article, we'll explore three valuable tips from Esusu co-CEO Wemimo Abbey, who has built a successful fintech company focused on bridging the racial wealth gap.



1. Understand your target audience and address their needs

Wemimo Abbey's personal experiences growing up in Lagos, Nigeria, and immigrating to the United States have shaped his commitment to understanding the needs of low-to-moderate-income households. By focusing on the challenges faced by this demographic, Abbey and his co-founder Samir Goel created Esusu, a platform that helps renters build credit and access financial opportunities.

To apply this tip to your own venture, consider the following:

* Identify your target audience and their specific needs or pain points.
* Conduct thorough market research to understand their preferences, behaviors, and challenges.
* Develop a product or service that addresses these needs and provides genuine value.
2. Create value for customers and stakeholders

Esusu's mission is to empower renters and improve property performance by leveraging data solutions like rent reporting. By focusing on creating value for both renters and property owners, Abbey and Goel have built a successful business that benefits all parties involved.



To create value for your customers and stakeholders, consider the following:

* Identify the key benefits your product or service offers to your target audience.
* Communicate these benefits clearly and effectively to attract and retain customers.
* Build strong relationships with your stakeholders, such as investors, partners, and employees, by addressing their needs and concerns.
3. Persevere in the face of adversity

Abbey's journey to co-founding Esusu was not without its challenges. His mother struggled to secure a loan without a credit score, and he and Goel faced numerous obstacles in raising funds and building their company. However, Abbey's perseverance and resilience have been crucial to Esusu's success.

To persevere in the face of adversity, consider the following:

* Develop a growth mindset and embrace challenges as opportunities for learning and improvement.
* Stay focused on your long-term goals and maintain a positive outlook, even in the face of setbacks.
* Build a strong support network, including mentors, peers, and friends, who can offer guidance and encouragement.

By following these three tips from Esusu co-CEO Wemimo Abbey, new entrepreneurs can build sustainable, impactful businesses that create value for customers, stakeholders, and society as a whole.