Lisa Chiriseri: Some people get offended at my confidence in reaching goals
When you’re a young, black woman trying to make a change in the world, there will be people who don’t take you seriously. If you’re petite and are blessed with that strong melanin that makes you look ten years younger than you are, chances are you’ll be taken even less seriously. This is a problem Lisa Chiriseri has had to deal with often. Lisa is a Zimbabwean social entrepreneur who has run social initiatives since she was in university. Now back in Zimbabwe, she’s running several projects and a start-up. Here, Lisa tells us about her social initiative program – Street Exit Strategies and her energy project for women. Lisa also lets us know why women need to support each other and why she returned to her country to help in the re-building process. Most young Zimbabweans who study abroad don’t come back because of the issues at the homefront. Why did you come back? I had so many reasons to come back home. In my first year schooling abroad, I started a social initiative in Zimbabwe which I ran from school. But I always came home during the holidays to help the team on ground manage it. Secondly, though Zimbabwe wasn’t out of the woods economically at the time I graduated, there were prospects of improvements since we had just dollarized. The economy seemed to be stabilizing and we had the GNU (Government of National Unity). I was determined to be a part of my country’s rebuilding process and I’ve stuck it out for the past 5 years since I returned. How were you able to manage this social initiative in absentia? I believe in the indisputable synergy of a passionate team. When you have committed team members like I had, things tend to go well. Also, while away, with online communication, a good friend literally ran the initiative. Tell us about this social initiative. What was it about? It was called Street Exit Strategies, which is actually the name of my current registered trust, under which I run lots of other projects. It was basically a soup kitchen and rehabilitation centre. We focused on teens and young adults, especially those who were kicked out of homes and centres once they turned 16. So, we focused on rehabilitating them, reconciling them with their families and helping them continue with their O levels and tertiary education. We’ve got several inspiring stories to tell of our efforts. One of the guys we took off the streets and helped through O levels just completed his secondary education. Another is concluding his Master’s program at the University of Western Cape. And oh, there’s still another who just completed his degree in Political Science at the University of Zimbabwe. Do you still run the soup kitchen? We run it on a case by case basis because, in 2013, organizations running soup kitchens reached a collective decision to stop supporting people on the streets. More people just kept cropping up on the streets. Struggling people who had homes starting showing up on the streets looking for support and we needed to be more accountable. It felt like we were forcing people to go to school, forcing them to attend rehab sessions and peer mentorship programs. However, we continued with referrals to drug and alcohol rehabilitation centres and also providing family planning advice. What other projects are you currently involved with? I’m currently working on a gas-related project called Women in Energy. It’s a known fact that for a resource that’s mainly utilized by women, the energy sector is a rather male-dominated industry. Women need heat to cook, and some walk for kilometers to get firewood. Imagine the energy and time wasted! Exposure to fumes from unsafe firewood and paraffin also have adverse health implications. In the rural areas, you find women with gray films over their eyes, cancer of the lungs and other ailments that could have been avoided. I’m out to change that by providing clean, safe and affordable energy sources to these women. As a young girl, did you always know this was something you’d do? I’ve always been passionate about helping the disadvantaged. I didn’t know it was something I’ll be doing full-time. Actually, it only dawned on me recently, when I tried working a full-time consultancy job and I hated it. I realized it wasn’t for me, I simply couldn’t work at something that benefitted someone I didn’t even know, or whose objectives I knew nothing about. I always knew I wanted to help people and I’ve always had a way of balancing several projects at a time. What would you tell that young woman who’s involved in a career she’s not too keen on, but also afraid to venture out? I would say reach out, it’s really surprising how useful people can be if you tell them about your passion. Ask for pointers and referrals, but be very selective on who you talk to about your ideas. When you get the opportunity, introduce yourself and exactly what it is you want to do. Networking is also very important. Who you know is everything! The world has evolved and people are much more open to helping young women. There are organizations, groups, and activities making access to information and networking easy. Take your time, get as much information as possible then confidently step out. There’ll never be a perfect time so you’ve got to start anyway.
How to make money as an artist in Nigeria
You must be familiar with the image of the starving artist in Nigeria who doesn’t get recognition until she dies. Were you discouraged from studying the arts because it was believed to be an unlucrative industry? Or maybe because you were a girl? Well, what if I told you they were wrong? You don’t agree? Here’s my argument – if you’re artistically inclined, why settle for broke when this image below could just be you? In many countries across the world, artists make their living from selling art. However in Nigeria, it is often difficult for artists to break into commercial success. If you are still not sure how this article can help, stay with me. I’ll show you how to start making that money while holding on to your creativity. Create a unique brand Your brand needs to have a selling factor that is personal to you as an artist, be it your style, your market, your subject. Check out Francis Sule for example, who uses a highly illustrative style in his work. Have a day job A lot of artists hole themselves up in their studios expecting their ‘dope’ work to speak for itself. You see girl, your work isn’t going to speak without you doing some talking. A day job that lets you meet people and maintain a flexible schedule is a good idea. I work as a graphics designer in a sports entertainment company and that helps me meet a lot of people. Another case in point is Stacey Okparevvo who works as a yoga instructor. Hire a talent manager/art agent. Most artists are not really business savvy, they’re just not very good at marketing their own work! Think about it, if they were to be left on their own, galleries would probably be making far less money. We hear of veteran artists with agents and managers taking care of business, but most new artists don’t care for such ‘luxuries’. The truth is it is not so difficult getting people do to do these things for you. David Oamen is one of the few people who does something along those lines in Nigeria. Sell affordable art There is actually nothing wrong with selling affordable art. A number of artists are creating and selling affordable stuff. For example, Art of ajet, Mode, and lawyartist are examples of artists who sell art, phone cases and so on, online. You can do phone cases, T-shirts, logos, mugs, book covers, snap backs, the possibilities are endless. Network network network Ah, yes, artists network. Are you serious about making commercial hits? Then you surely have to go out and meet people. Ayoola has a huge network across the world and is a friendly chap. AAF and ArtContemporary also artists who organise networking events for other artists. Collaborate outside your field Again this may feel a little too tasking, but you need to go outside your comfort zone to sell your art. Collaborating with fashion designers and musicians is a great way to make collaboration work for you and bring in constant work. Set up a store at Jakande Yes, I said Jakande! What were you expecting though? A lot of foreigners and Nigerians visit Jakande with the intention to buy art. And if your art is affordable and your brand amazing, you’re sure to find great customers there. If I were you, I’d get someone to handle sales, and may even sell my work myself. Contact galleries across the world Galleries worldwide are usually looking for new artists. Don’t rest on your oars girl, contact them, be at the top of your game. Art21, Omenka, and Rele are some of the galleries in Lagos. Finally, the arts business might be a tricky one. I’m not sure what the defining factors of a ‘good’ art piece are but I do know that for every work you create, you’ll need to be authentic and true to who you are. Strive to create pieces that you actually love. And make lots of money along the way.
What do stakeholders look for in an investment?
“If you invest nothing, the reward is worth little.” – Richelle E. Goodrich Presenting your idea to stakeholders and asking them to make an investment in your business is not an easy task. Good news is, the answer to this is being prepared. The first step to preparation is trying to see things from your stakeholders’ perspective. There’s more and we’ve got you covered. Here are the five most important things that any stakeholder wants to know before making the decision to invest in your idea. Is your idea profitable? Stakeholders’ main concern will be whether or not they can get back their investment with a profit. You need to approach investors with a sound financial plan that proves that your idea has excellent financial prospects. What are your potential sources of revenue? What other investors have shown interest in your idea? Do you have the numbers to back you up when you say that your business can generate the kind of returns you are proposing? If you can convince stakeholders that you have done your homework and present an airtight financial plan, they will be more willing to invest in your idea. Do you have the right background and experience? Personally, I would feel much more comfortable entrusting my money to someone who has shown me their expertise. Stakeholders think the same. You should be able to prove to stakeholders that your odds of success are high because you have the right background and necessary experience. Have you overcome many obstacles and challenges to get to where you are today? Has overcoming those challenges made you a better leader and entrepreneur? These are the kind of stories you need to be prepared to share with potential investors. When pitching your idea, your passion and commitment should be evident. This inspires confidence that you have what it takes to breathe life into your ideas and stay on track even when things get tough. Is your idea unique? You’re part of a stream of people trying to convince stakeholders to buy into your ideas and invest in your business. Every one of these entrepreneurs believes that their idea is worth the investment. To really capture the attention of stakeholders you must come to them with an idea that they have not encountered before. Even if the idea itself isn’t unique, your approach to it must be. Think about Uber and Airbnb. Their ideas aren’t so unique, people have always needed taxi and hotel services, but they turned the market upside down by coming up with innovative strategies. By being unique, you can prove to your stakeholders that your idea or business strategy will make their investment worthwhile. Do you have a sound business model? Your business will start to display its strategic value as soon as it begins to generate profit. When engaging with your stakeholders you must be able to present an innovative business model. This is what will guide you towards making your business profitable. To design a sound business model, think about what it is that you bring to the market and how you can do it in a way that is unique and will set you apart from the competition. Think about what kind of model you should employ to ensure that your business remains sustainable. It is important to note that different stakeholders will be drawn to different attributes of your business plan. So, do your homework first. Study your stakeholders and then customise your business plan to show how you plan to address the issues that are most important to them. Is there a sizeable market for your idea? At the end of the day, whatever your idea is, you must be able to prove to your stakeholders that there are people on the other end that are willing to pay for it. Your market research should show your stakeholders that the customer base for your business is not only significant but will remain stable or grow, over time. Stability and potential for growth are two key characteristics that stakeholders look for when deciding on what ideas to invest in. Show your investors that you know who your customers are, and that you know how to engage with them consistently and effectively. We really hope that with this information helps you prepare a successful pitch for potential investors. Are there any other tips you would like to share with your fellow Motherland Moguls? We would be happy to receive and share your feedback and comments on this article.
The art of dusting yourself off
What’s the difference between successful business people, and those who are less so? I’ve always wondered about this and for a while, I thought it boiled down to factors such as innovation, technical know-how and networks. I have since found that while these factors play a large role, a lot depends on your ability to self-motivate during the down times. It is easy to be focused when things are going your way, but this is not always the case when the reverse occurs. This partly explains why a majority of small, medium and micro-sized enterprises (SMMEs) do not get to year two of their existence. Running your own business means you are forgoing a predictable source of income for something that you have no guarantee will work. Yes, you go into it having done your homework and armed with a clear projection of your revenue. But, we know what they say about the best-laid plans. The reality is that business is tough. It is not for the faint of heart. I have come across a lot more ‘depressed’ business people than happy fulfilled ones. Hell, I have had more down moments in the space of a year and a half than I’d ever had in my entire professional career. When you are in the services business like some of us, the going can get a lot tougher than most. So, if the harshness of the entrepreneurship path is so prevalent, how come we hear very little about it? Human nature prohibits people from admitting that things aren’t what they thought they would be. It’s as if doing so makes you less human, better yet, less ‘entrepreneurial’. We walk around pretending the world of business is fine and all of us are making money and not spending sleepless nights wondering where payroll money will come from. You end up feeling discouraged and exhausted, sometimes even considering the attractiveness of a predictable income. When this moment hits, it’s easy to forget all the good things that attracted you into your business industry in the first place. You forget all about the well-laid strategies that you have developed over time and the urgency to generate cash becomes a dominant factor in your mind. At this point in the journey, it’s time to dig deep into your internal resources. No, I’m not talking about spirituality. Accessing your inner resources takes a clear understanding of the following: You are not unique Everyone goes through dips in every area of their lives. You are not unique. Don’t worry, you won’t die from it either. Understand that even the ones you admire today went through the struggles you are going through. It passes and it comes back again, get used to the cycle. If it comes easy, you’ll take it for granted I have learnt that when things are handed on a silver platter the amount of care we place on them is different to when you work for it yourself. Make sure success is important to you, that way you give things you work on all you’ve got. Dusting yourself off is a skill you learn Mental fitness does not just happen overnight, it is a skill that gets better with exercise. The more you use this skill, the better it becomes. All it takes is knowing what you want to achieve and knowing and believing that you have all you need to realise it. In addition, remembering that obstacles are part of the game and a chance sometimes to recalibrate. Get used to downtime We all go through down moments in every area of our lives, it’s even worse in the world of business. There are many businesses offering similar goods and services and it is always about reinventing yourself. Sometimes it goes your way, other times it doesn’t. Failure is also part of the journey and that is normal. How you move from the dips is what determines the level of impact you and your business will have for the next generation.
4 business lessons I learned from my mother (and aunties)
No one works as hard as an African mother. I should know because I was raised by one. You see them everywhere, trying to build new businesses from the farm, to the market place, to distributing companies and high-rise malls, to boardrooms and to the top of multi-national companies. Mothers are the epitome of perseverance, the backbone of our society, really. Mom aside, I was also brought up by more than five aunties! I know there are some entrepreneurial tips that we all need to follow from these marvelous older women. These are age-old tips that work anywhere, and have seen our mothers and their mothers through tides of disasters and of plenty. Reputation In business, your reputation is everything. Without a good reputation, your future businesses are worthless really. This is greater than branding, dear ladies. A reputation speaks to your character, and is bound to outshine all however much you brand yourself or your company. It is the core of who you are. Get a good reputation and guard it with everything you have. Be a woman of your word, conduct your affairs with dignity, have good products and services. You know…reputation. Appeal to self-interest in business This is where most aspiring #MotherlandMoguls go wrong. I get that we are emotional beings but when making a deal, never play to mercy or pity. A Motherland Mogul never grovels, not when you know you can bring something to the table. And it does not matter whether it is the centerpiece or the whole darn table. If you always find a way to ensure the other party can benefit, the deal is yours. That is how barter trade worked for years. If it was good enough for our ancestors, it should serve the purpose well for us. Afterall, we are here due to them. Keep people guessing The easiest way to fall in a rut is being predictable in business. While there is some good in being consistent, predictability points more to actions than products or services. It encourages you to get out of your comfort zone and actually be out there. It means partnering up with people that are not like you and learning new things. Why else do you think women form small funding groups that bring together people of various professions and backgrounds? If it works for your personal life, why can’t it do so in business? Always keep an air of unpredictability. That way, no one ever sees you coming and the traps are definitely fewer. Never retreat, never surrender Our mothers run the household. No matter how big it is, no matter how much work is, you are sure that your mother will leave everything at the door and be your mother. If there is punishment to be delivered, it will be delivered. And she never lets her children see her overwhelmed or tired. Why is it then, that when some of us go to work, we carry unnecessary baggage that distracts us the whole time? Then we actually end up doing nothing at work. We end up frustrated and are grumpy to our families when we go back home. Some household issues like worrying when laundry will be done or planning the meal for the next day calls for some serious time management. And when you’re at work, let it be no retreat, no surrender for things that are worth it. We often look for business strategies elsewhere while in truth, they are right in front of us. Staring right into our faces, like our mothers often do. And yes, the pun was very much intended.
Top tips on human resources from two Sierra Leonean experts
The Sierra Leonean economy is in dire need of a streamlined and engaging workforce. Edleen B. Elba and Fullah Musu Conteh are two professionals in the Human Resource field helping to develop, recruit and retain talent in various sectors for the Sierra Leonean workforce. Edleen is a Chartered Human Resources Analyst who owns JobSearch, a human resources management company while Fullah is co-founder and managing human capital consultant at human capital solutions firm TV-PG. In this article by Moiyattu Banya caught up with both ladies and got them to share some tips on building human capital for any business. It is a known but sad fact that the average job seeker in Africa is a young person. Add to this the African Development Bank’s prediction of a youth bulge on the continent. This just begs the question, how will African countries cope with the increase of young people who will far outweigh available opportunities? In post-conflict countries like Sierra Leone, that rate is even higher. According to the 2013 Status of Youth Report released in Sierra Leone, over 70 percent of young people live under a dollar a day. The country’s unemployment rate is at 60 percent and is one of the highest in West Africa. Ladies, how important is setting up an efficient team? What key attributes should young women possess for business? Edleen: Your team is critical. Hire employees with the right attitude. They may not be the most qualified or experienced but you can always train them. People with integrity and those who care about their personal development and business growth are likely to be more committed and therefore, more productive. Fullah: Be professional at all times with your team. When it comes to your team and standards, be professional. Culturally in Sierra Leone, the lines tend to blur between professional and personal relationships. This situation, if not well-handled, can diminish one’s image as a leader. Case in point, as a start-up, you may have set systems in place and your policies may be top-notch. However, consistent adherence can be a challenge when clear-cut boundaries are not set. Evaluate your leadership style, and ensure your team is in agreement with your expectations. Always check for non-compliance to policies and structures, address the culprits and help them improve on compliance. However, if they still don’t fit in, let them go, irrespective of who they are. What would you consider critical for a young woman setting up a business? Fullah : Understand your business market. Understand your competitors, know what the market needs, lacks or has in abundance – then strategically come in. To this end, you can create a niche that caters to your passion and also the market. Use that knowledge to find mentors who can help you reach your goals and potential customers/clients. Know when to take a step back and when to aggressively push with a service or product. While at it, align with international best practices and contribute to Africa’s consistent growth. It’s best to do away with the standard TIA aka “This is Africa’s way” by ensuring that you adapt to best business practices for your clients’ sake and personal prestige. The bar should be raised, always. Let’s talk about the dream team. How can one effectively manage a team without breaking it? Edleen: Share your vision! I would say, share your vision with your employees and give them responsibilities. If they are actively involved in the decision-making process, they are more likely to believe they are a vital part of the business. Also, it is important to have open communication channels. This is essential to any relationship. Be fair, give regular and effective feedback. How do we maintain personal control in the face of business expansion? Fullah: Know and understand your strengths and weakness. Once you do, find ways or people who can help close that gap. For example, I am a transformational person and monotony bores me to distraction. Owing to this, I do not consider myself a sales person as I am terrible at selling my organization’s new products and services. To address this weakness, I have a strong team consisting of a competent operations person and a passionate business development individual. I design products and services while the operations person follows through with implementation. The role of the business development individual is to get clients while I work quietly behind the scenes to make us all happy. Want to see women you know featured on SLA? Tell us what amazing things women are doing in your communities here.
Change: What businesses need to remain relevant
The story is told of the CEO who calls his CFO to authorise the travel and associated costs of an expensive training programme for some core members of his team. Aghast at the high cost for the programme, the CFO remarks, “We are spending all this money to train them. What if they leave our company even after we have spent all this money?” The CEO was calm and responded, “Ah, but what if we don’t train them and they stay?” Adaptive thinking, compelling yet versatile leadership, and the notion of a learning organisation are all concepts that are becoming critical in operating and growing a business. A business is an entity that provides a particular solution to the needs of a category of people within a society. How a business chooses to provide that solution can be what distinguishes and especially, profits the business. From the expertise and competencies of your team, to the detail of service delivery, to the form and content of leadership of a business. These should be adaptive. You need to be dynamic Businesses must be adaptive because societies are dynamic. The people that form societies, that is your clients, evolve. Thinking, wants and needs all adapt and as all of these adapt, businesses need to also adapt. Businesses need to make themselves relevant to the needs of that society. The what, why and how of your business needs to be constantly examined because of this dynamism. The biggest challenge is that whilst most businesses believe they understand this, they often fail to practice and actualise it. This is not surprising. Change is difficult and yet change is needed. To change what, how and why your business does what it does is first of all a lesson in humility. Secondly, it is a tremendous exercise in self-examination, and third it will mean an uncertain transition period. I think this is why there is so much resistance to change, it requires all of us to do things in ways that we are not familiar with. And we all know that unfamiliar territories are as daunting as they are risky. But nothing that will grow will do so without a transition period. Metamorphoses: the constant cycle of change Maybe what we need to do as businesses in seeking to apply change, is to simply view change as a growth path. Without change we run the risk of not growing. Even when we change and do not grow, it’s still important to try. We are more likely to grow if we do change because the status-quo is not giving us the result that we want. The problems of today are caused by the solutions of yesterday. And what many businesses continue to do is to provide the solutions of yesterday to today’s more advanced, stickier problems. To be relevant in business, we need to be more open to change, we need to be responsive to change, and we need to actually seek and want to change. This often requires new learning. It often requires bringing in a third party to support you in identifying and then structuring the business change that you need along your value chain. It will then require instituting new work processes, new ways and means –and ultimately it will begin a process of individual and organisational learning. Create your future It is this new learning that actually has the power and the potential to exponentially grow a business. The future is not a place we are going, it is a place we are creating. When a business takes a decision to really change and be more acutely responsive to the needs of their clients and stakeholders, that business has started a process of creating a new future. You don’t create new futures by doing the same thing the same old way. You create a new future from new learning out of an observation and real understanding of what society and our clientele needs from us. This goes further by taking a decision to work with that new learning through the development of better and more responsive products and/or services, ways of working, and systems and processes. The success of that change process is implicitly linked to the core leadership and management team understanding the need for change. Your team needs to desire and buy into change. You cannot play lip-service to change and expect to grow. This speaks to the wider notion of the ability of a leader to inspire her team to see the need for change, to want change, and to execute new change processes, thinking and doing as they daily execute their tasks. This ability to inspire, to motivate, and to support your team to see the positive externalities of the change you need is what stands you out a leader. The power to take people to a place they have not yet being, and getting them excited about arriving there.
The why and how to being an inspirational leader
Let me start by telling you about Julia. After eight years of operations and more than 25 members of staff, Julia was frustrated and exasperation. She deemed that the business was just not viable and decided it was finally time to shut things down. Dwindling revenues and consistently spiraling costs were largely to blame. But it was all supposed to have been so easy. After graduating from University with a LLB, Julia decided that, having studied Law to please her parents, she could now start living her own dream. Julia got qualified and set up her own Montessori kindergarten. Soon enough through word of mouth and referrals, pupils came in. But year in and year out, pupil numbers were not growing as Julia had expected. Teachers too were not as inspired and motivated in their work as she needed them to be. Julia herself needed inspiration. Now, imagine a world where people wake up inspired to go to work. A world where your employees genuinely look forward to the start of business day. Where they look forward to interacting with their colleagues and leader daily. In this world, your employees are constantly and authentically excited about interacting with clients. They see themselves as relevant and are ready to offer premium solutions to the needs of clients with a listening ear and attentive heart. Imagine that. Wouldn’t it be really amazing? In my point of view, this would be seriously valuable. I think we should all seek to make our businesses and workplaces like that imagined one above. I am convinced that one of the ways you can do that is to lead with purpose and direction. You need to know your why of your business, live the why of your business in your operations, and inspire with the why of your business. The Why Let’s start with ‘why’. Why exactly are you in business? What is so distinctive about your business and your organization that it would potentially draw clients and employees to your door step? There are some organizations that people just fantasize working with. There are others that are the preferred service providers of many. There is a reason for this both employee and client deem these organisations to be especial service providers. They are seen as having a unique way of doing and serving. There is something distinctive about their brand and therefore their business. This isn’t something left to chance. The most sought after brands are relentless in their efforts to be responsive to client and employee needs and wants. They clearly understand why they are in business and who they are in business to serve. They are also equally obsessive about serving clientele effectively and efficiently according to their brand values, and doing so consistently and constantly. The How I wonder if Julia, the head of the school above, had thought deeply about the ‘why’ of her business. I also wonder if she had thought deeply about how she would have to operate her business to satisfy that why. Julia probably hadn’t thought deeply about what it takes to create the kind of school that she wanted. This list is lenghty, from organizational values and culture, to parent/school engagement, to away days for teachers, to school administrative policies, to continuous learning for herself and her teachers so that they become authorities in their field, to developing an executive presence for herself. In any business, there are vital peripherals which we must pay attention to. These are beyond the product and service that you sell. The decisive business leader ensures that their business operates at a place of inspired joint value for all its stakeholders. They ensure that their organization is a continuously learning, improving and responding. They ensure that their business is continually enhancing their capabilities, services and products -and inspiring and motivating staff as it does so . And that takes courage It takes courage to inspire, when you inspire you will suggest innovative ways of doing and thinking for the better. In presenting new ways of thinking and of doing, the business leader challenges the status quo. That is why leading effectively often requires courage. Most people will need tremendous inspiration to offer their best and effect an otherwise dormant potential. It will take courageous leadership to draw out that potential. It was TS Eliot who said that only those who will risk going too far can possibly find out how far they can go. The privilege and responsibility of business leadership is in taking calculated risks, within and in spite of your resource constraints, to see how you can more effectively serve and respond to your clients and your team’s needs. That takes courage. But courage is ineffectual without purpose and direction. This is why in business we must know our ‘why’, and gather the courage to demonstrate that why through our how.
Common business challenges…and how to overcome them
You’ve started a business, probably one that’s 6 months old. You’ve achieved the significant part of your dreams but what to do when your business becomes a stubborn child? Whatever you do, don’t look it in the eyes or try to confront directly. We’ve got ways to overcome some common challenges associated with start-ups to help. Finances This is a broad category that I will break down into capital, cash flow and frugality. When it comes to capital, the source that you pick matters. Going along with family and friends will definitely be easier but may not challenge you to see little gaps in your business plan. Unless of course, your family or friends are well versed with the business world. Considering an investor or venture capitalist that funds start-ups would be a good way to go about it. Investors have prerequisites and question aspects of the business plan prior to the receipt of the capital. This in turn builds a certain level of confidence as you start out. Savings are another option that can keep you out of debt initially. But whatever you do, ensure you have passed the plan through mentors in business who can analyze your business plan and anticipate any red flags. So will it be Aunt Kabuga, an independent investor or savings? Your pick. In terms of cash flow, tracking revenue versus expenses is paramount. Even without extreme accounting expertise, it is important to track your books of account…what you pay suppliers, employees, your sales team and what you are raking in return as revenue and eventually attain as profit. Frugality as an overall pointer of finances cannot be overemphasized. When starting out, you are essentially bootstrapping to keep expenses on the low. Find affordable suppliers, use wise but pocket-friendly sales tactics, and cut down on luxuries. Market research I find that this is one of the most underrated business issues. We are living in a world of massive data yet, many businesses fail to do their homework well before starting out. You may have the big business idea figured but you must be willing to anticipate and forecast market trends. Or else, you could end up building the business in your head than at the actual marketplace. Research involves a variety of mechanics and even better, a combination of these mechanics. You will need some hours on the computer and in some cases, may have to buy data to check on competitor information. The target market will be your next best source of information. You need to sell something that people need. Sometimes, people don’t know what they need till you sell it to them, so you could check on that too. Research also involves anticipating various changes that could affect the business and mitigating against such. Prioritization Do you build a fancy website, set up a cool office hub or start out by working from home? A number of businesses are encumbered by unnecessary expenses as they set up shop because they lose focus on priorities. A detailed business plan will map out areas that need fundamental attention and those that can be invested in later. Otherwise, you will keep having revenue that you can’t amounts to nothing. It also helps to frequently ask the question, “If I were to eliminate one thing in my business right now, what would it be?” Prioritization also depends on your principal motive of starting the business. Were you genuinely seeking to make money by serving a need in society or were you escaping the 8 to 5 employment vortex? The former is a lot more solid and while the latter is valid too, you might be surprised that as you start out your business, you need an 8 to 8. Pricing The way a business prices its commodities when starting out is critical. Many proprietors price too low initially and do so emotionally. After the low penetration price, the business begins to crawl weakly and are forced to effect a surge which consumers may not have anticipated. It then becomes harder to gain loyalty. Pricing rationally and suffering from an initial low market share would have been much easier. As Maya Angelou said, “Ask for what you want and be prepared to get it.” Besides, only you can relate to the hours you put into the business. Therefore, charge accordingly, not desperately or emotionally. The one-man guitar show Are you taking on too many roles that you need help? This can take on a heavy toll on your business. While it’s alright that initially you are the strategist, salesman, accountant and admin, consider getting some professional help once in a while. When you can afford some more, hire great talent to sort you out. The two important aspects you really need to consider, especially if they are not your core specialization, are legal and accounting expertise. Too much time in business could make some relations suffer as you play a one-man guitar show. You also need to maintain your support network of family and friends. We wish you success in all your businesses as you work through the challenges and would love to get your thoughts and contribution on the topic!
“Be realistically audacious” : Teniola Adejuwon on the 500 StartUps accelerator experience
Podozi.com is a beauty ecommerce platform that gives African women access to both local and international beauty brands. Co-founders, Teniola Adejuwon and Wale Babatunde, recently completed a 4-month accelerator programme with 500 StartUps, a leading venture capital fund in Silicon Valley. To date, 500 StartUps has invested in over 1,500 businesses across 50 countries worldwide. Every year, thousands of businesses apply either through a formal application or referral, and after passing 5 or 6 rounds of interviews are accepted onto the programme. Podozi was one of 50 startups accepted for the most recent cohort ‘Batch 16’. With the programme, Podozi worked in Silicon Valley, learned how to take their business to the next level and received a net investment of $100k. In this interview, Teniola shares her experiences with 500 Startups and gives some advice for aspiring entrepreneurs. How did you get involved with 500 Startups? It came as a total surprise. Last year, we were introduced to 500 Startups through an investor who was a personal contact. As my mentor Tara Fela-Durotoye always reminds me, your network is your networth. Previously, the investor had mentioned that although they typically focus on Series A funded businesses or higher, they really liked the Podozi business. So we agreed to keep in touch for when the business grew bigger. Applying to 500 Startups was an aspiration of ours, which we planned to pursue in the future. About a year later, we got an email introducing us to 500 Startups, and that was it. How has being part of the 500 Startups programme helped develop Podozi? We recently completed the programme, so it’s still very early to articulate the full benefits, but being part of the 500 network is like being part of a global family. It’s a lifetime thing, where you grow and evolve. We were exposed to people and ideas from across the world. While we have formally finished the programme, we continue to keep in touch with our batch and the other businesses in the community via a group email. We have a well of resources to draw from and access to mentors who we can reach out to for advice. Throughout the programme, we had opportunities to pitch to hundreds of investors and peers in the startup ecosystem. One of our pinnacle moments was presenting Podozi during the closing ‘Demo Day’. Being able to articulate our brand raised our profile with international peers and investors, which also helped our profile in Nigeria. Also, to be eligible for the programme, we had to (re)incorporate as a U.S. company which gave us access to U.S. specific venture networks and investors. Tell us more about your experience in Silicon Valley as part of 500 Startups Batch 16? Living in California was an interesting experience. Given the 8-hour time difference, we were working from 9am to 7pm U.S. time, then worked after hours to service Nigeria alongside our colleagues back home. It was a demanding but authentic experience of what it means to run a truly international business. All businesses in our batch worked from the same office in San Francisco. This helped develop a spirit of camaraderie, collaboration and shared learning, which is not always a given in most accelerators. We travelled to Los Angeles, New York and other cities across the U.S. which gave us exposure to international best practices and processes. Once you get established processes in place, you’re able to serve your customers better. I’ve always been an advocate of this and Podozi advocates this too. While it’s not always possible to please everyone, I remind my team to put themselves in the customer’s shoes. Empowering the customer is crucial, and something businesses on the continent tend to miss. What advice would you give to aspiring startups and entrepreneurs? Cultivate an attitude of excellence. Being entrepreneurial isn’t about calling yourself the CEO, you need to have a long-term mindset. My first company, Beauty by Nature, ran the Beauty Business Masterclass series. We would teach attendees that no matter whether you’re a nail technician or a self-taught makeup artist, you need to develop your craft and put the right structures or systems in place to support it. That is the difference between a sustainable business and one that burns out quickly. Also, it is not only about funding. Successful entrepreneurs are convinced beyond reasonable doubt about what they are doing. In the past I’ve seen African startups get deterred early on by investor questions about about basic things like their business model or business numbers. If you are not convinced about your product, it will be difficult to enter in, let alone survive in Silicon Valley. It can become quite distracting when your brand gets bigger and your profile increases, so you need to keep focused. As one of my mentors says, ‘the media, awards and accolades will come; just do your work’. What tips would you recommend for making a successful application to an accelerator? Firstly, do your homework. There are funds and accelerator programmes that may be targeted to your industry or geography. Be aware that while some of them are global, their funds might be localised to specific regions. Then, develop a proof of concept. Ideas are a dime a dozen, so don’t just go about touting ideas. Don’t simply try to replicate an idea that works in another country, ensure that it’s relevant to your market. My mentor, Mrs Ibukun Awosika says, “Be the expert of your business – know your numbers and keep your books tidy”. Businesses sometimes rush to launch an app without considering the consumer behaviour in their locality or whether they have the capacity in-house to maintain such. In e-commerce the big question is traction! It’s all about your metrics. Third, be humble enough to admit what you don’t know and be ready to learn quickly. Utilise your resources, prepare in advance and ask as many questions as possible, there’s a wealth of resources out there like Quora to keep you