5 Lessons You Can Learn from Entrepreneur Chinedu Echeruo, Founder of HopStop | Online City Transit Guide recently acquired by Apple

It’s one of the buzz tech stories of the week! Popular Online City Transit Guide/App HopStop has been snapped up by Apple. While technology giant Apple has confirmed the purchase, the company has declined to reveal any additional details including the transaction price.

One man who is smiling this week is HopStop Founder and Chairman – Nigerian Entrepreneur Chinedu Echeruo.
Chinedu has been on our BN radar for the past few years starting with a CNN feature after he launched HopStop in 2004. As we celebrate with Chinedu, we have come up with 5 lessons you can learn from this inspiring entrepreneur!

1. Attempt to Fix a Problem…
When Chinedu first moved to New York City in 1995, it was pretty difficult for him to navigate the busy city with ease. This “problem” sparked the creation of HopStop a few years later. It’s a national pasttime to list Nigeria’s problems, consider creating something to fix one of them! It could be your million dollar ticket.

2. Evolve with Your Customers
Chinedu emphasized this as a key point in his recent interview with Black Enterprise online. Since it launched in 2004, HopStop has evolved as customers needs have changed. It’s comprehensive mobile application is one clear illustration of that.

3. Focus on What’s Best for the Business, Not You
Chinedu stepped down as CEO of HopStop in 2009 to make way for someone who was better suited to lead the company towards its goals and objectives. As entrepreneurs, it is easy to keep clinging on to “power”, know when to step aside. Our “long-serving” African presidents can certainly learn from this example. In his own words, “I Had to Check My Ego at the Door” {Source – Inc Magazine}

4. Don’t be afraid to be a Serial Entrepreneur
Tripology.com is another company founded by Chinedu. Even if your last business was not successful, pick yourself up and try again.

5. Do Not Underestimate the value of a Good Education & Experience
Granted we cannot all graduate from Harvard Business School or work for major investment banks. However, the value of a solid education and experience will only enhance your entrepreneurial pursuits. “Before his entrepreneurial career, Mr. Echeruo was with AM Investment Partners, a USD $500 million volatility-driven convertible bond arbitrage hedge fund. Prior to completing his M.B.A., he spent several years in the Mergers and Acquisitions and Leveraged Finance groups of J.P Morgan Chase where he was involved in a broad range of M&A, financing and private equity transactions. He holds an M.B.A. from the Harvard Business School and B.S in Finance and Accounting (Honors) from Syracuse University.” {Source – WSJ}

Today, Chinedu Echeruo is a Partner/Head, Principal Investing at Constant Capital in Ghana.

Want to find out more about Chinedu? Watch this recent interview with Black Enterprise Online