Building networking relationships that last
I don’t remember ever feeling comfortable in networking situations and when I had to introduce myself to a group of strangers. But the thing is, these nerve-wracking conversations could lead to critical personal and professional opportunities. Think about it! You are probably where you are in your career or as an enlightened person due to communal effort. The contribution of those around us in our individual advancement cannot be downplayed. Your network is your net worth… And we’re always one or two persons away from getting what we need. All we have to do is reach out to people we know. Mildred Apenyo, an entrepreneur and the founder of FitcliqueAfrica, was able to secure space for her women’s only gym through her network, for example. One of the trainers she worked with connected her to a family that owns a hotel and they agreed to let her turn one of their conference rooms into a fitness space. This saved her a lot of time and the resources that would have gone into searching for a usable space throughout her city. Whatever you do, don’t network just for the sake of it. Most of us are consumed with attending all the events out there and collecting as many business cards possible. Post ‘networking’ binge, we always find ourselves stuck in a rut, wondering if it was all even worth it. The key is to be deliberate about the events you attend. Show up ready to mingle. Once you get the contact information you need, don’t let it sit there gathering dust. Take action. Remember that networking is a process that requires on to be proactive. What keeps us from taking action? The fear of rejection There’s always a chance that our attempts at fostering relationships will be rejected. It’s only natural for us to avoid instances where rejection is a possibility. The thing about life however, is that nothing is certain, so you might as well try. The worst that could happen is that they’ll say ‘no.’ But remember, with every ‘no’ you are one step closer to a YES! Being stuck in our comfort zones Networking takes time, effort, energy and resources – things that a lot of us unfortunately see as ‘doing too much.’ “They have my contact information, if they are interested they will reach out,” we say. “Why should I follow up with an email or a call?” we wonder. We think that just attending the event and putting in face time is enough. It is not, unfortunately. You have to nurture the relationships. Make initial contact, follow up with in-person meetings and grow from there. Getting things done As Martha C. White outlines in TIME, it’s increasingly becoming clear that for networking to work, we have to shift from the ‘What’s in it for me?’ mindset. It is imperative to understand that there is a mutual exchange in this process. Networking is not just about accumulating a list of contacts that you can reach out to when the need arises. It is more about building real relationships that involve active participation of give and take between both parties. Depending on your situation, you need to first identify the people you would like to connect with. It could be someone you want to learn from professionally or an investor who you think might be interested in your business concept. Once the individual has been identified, the first step you take in approaching them could either seal the deal or break it. You might be tempted to bombard them with information about yourself or your potential business, but it is not about you. Remember? Your first introduction should be about connecting with that person. Show them that you are genuinely interested in what they do and what they have to say. Create an atmosphere that compels them to talk about themselves. Ask thoughtful questions and actively listen to their responses. This will build a good rapport that will seamlessly lead to a conversation about you. You have connected, what’s next? At this point, there’s only one thing left. Follow up. Follow up. Follow up! The sooner you hit the ground running, the better. Business etiquette expert Jacqueline Whitmore asserts relationships take time to be built. In order for you to build a strong professional network, mastering the art of the follow up is necessary. A quick email post the event will do. It doesn’t have to be long but it should contain the fundamentals. Begin by thanking the person for their time. If you had a very nice conversation about a particular topic, this could be the starting point to setting up the next meeting. Apart from that, it is also important to keep in mind a few details about the conversation you had. What were the other parties’ needs and how can you be involved in meeting those. Always seek out ways you can help your new contact without expecting anything in return. The level of trust will build over time if you do this.
Don’t vex: 10 must do’s for using social media for business
There is so much hype on using social media for business. Yet, many brands are not using it at all or many of those who are, are not getting it right. We’ve complied the basic must dos for all of us to revisit once more. Thousands of businesses have taken to platforms such as Instagram, Facebook, Twitter, Pinterest and Google Plus to build a brand that’s accessible, lovable, and profitable. Instagram has proved to be an especially viable means of building a customer base for fashion brands. Think Orange Culture, Eve and Tribe, Shop Zuvaa, Iconola, Tzar Studios, and so on. Social media gives you access to an enormous audience that could be converted to loyal customers if you play your cards right. Below are 10 steps that will help you dominate social media and harness its potential. 1. Know your why Explore why your business is on social media and why you are on each specific platform. While social media allows you to build a relationship your audience, the nature of the relationship you have with your consumers is completely up to you. Are you on social media to share relevant information to your industry, showcase your business products, establish yourself/business as an expert or some mix of them all? Whatever it is, knowing your ‘why’ is an imperative first step. 2. Decide the best platforms for your business Use your why to inform the social media platforms you choose for your business. There are over 400 social media platforms currently active and it is impossible to be them all. What platforms do you think would be more beneficial for your business? Let’s dive into the benefits of a few: Instagram and Pinterest allow you to connect with audience on a visual and emotional level. Google Plus helps with search engine rankings. LinkedIn is great for publicizing your company profile page or business resume. Ryze is a social network for businesses, may especially helpful for business to business (B2B) companies. Twitter, Facebook, Talkbizniw, Affluence, and Quora; the list is exhaustive. Take time to study the benefits of each of these platforms then pick at most 3 of the those platforms for your business. 3. Develop a strategy Wondering why 100 fashion bloggers are talking about the same shirt from a particular fashion brand at the same time? Well, it’s no coincidence. Welcome to the world of strategy – the ultimate key that unlocks opportunities for businesses. To start, your key strategies must align with your company’s mission. While all of the elements listed below are part and parcel of doing the strategic work, it is important to understand that setting time aside to write our your overall social media strategy is a vital actionable step that stands alone. Having a good social media strategy is essential for growth. Your strategy should include all of the elements listed below as well as data and feedback metrics. With a clear metrics for examining progress and growth, this work will be for naught. 4. Get the timing right Preparation + opportunity = success. Opportunity is a function of time, and posting the right content at the right time makes a difference. On Facebook, post from 1 p.m. – 4 p.m any day for the highest average click through rate; 3 p.m. on Wednesdays is the peak time. For Twitter, post from 1 p.m. – 3 p.m. from Monday to Thursday. The peak times for LinkedIn, Pinterest and Google Plus are 5 p.m. daily, 3 p.m. on Fridays, and 9 a.m. on Wednesdays respectively. 5. Be human Think of developing a well rounded person as you develop your brand on social media. You must clearly articulate your mission and choose consistent brand colors, style, and tone for all of your social media accounts. Remember to show empathy in your branding, after all, there is a person on the end of the screen. 6. Know what your audience wants and give it to them As you begin to build your followers and audience, take the time to listen to them. Study the kind of posts they react to; which posts get the most comments? Which ones get the most likes? Which of your social media pages does your audience constantly engage on? Are they creating content and visuals related to your product that you can repost. Social listening and data collection is crucial: once you provide your audience with what they want, they’ll stick around and tell others about you. 7. Use hashtags As distracting as they appear to you, hashtags go a long way on social media. People are constantly searching for things, and correctly hashtag-ing your posts on Facebook, Instagram, Twitter, will put you on the radar and increase your visibility on search engines. Use hashtags reasonably and strategically, and soon enough you’ll see the benefits. 8. Offer promotions, contests and discounts Everyone likes freebies in every shape and form. Giveaways, special offers, and discounts will get people to notice your brand. Be clear on how every giveaway you host improves your business, helps you grow, or increases audience interaction and participation. In order to create a win-win situation, everything you do must also be beneficial to your brand. 9. Link back to your website Many people forget this step: don’t forget that social media is there to help improve your business and as such, people must know where to find you off social media. Connect everything to your website so that your followers can actually make the purchase after you’ve done the work of building the relationship and converting them to loyal fans. Don’t just add your website link to your social media profiles; share that link with your audience intermittently as reminder. 10. Stick to the plan Finally, it is so easy to fall off on social media as a tool to grow your business if you are not consistent with steps 1-9. But there only way to win in the long run is to be consistent. As famous
Rita Kusi shares 6 tips on how to make your marketing stand out
Are you having difficulties marketing and or selling to an African audience? Perhaps you should reevaluate your marketing techniques. Prior to relocating to Ghana, my way of marketing and working was mainly digital and via online platforms. After relocating, I realized that while these methods were very effective abroad, they were not as effective in reaching a large audience in Ghana. This is probably the case in most African countries. Digital and online marketing, commonly known as Above The Line (ATL) marketing, is a great way to target the urban youth and the global audience. However, if you want to reach adults and local residents living in rural areas, your best bet is to use effective Below The Line (BTL) marketing techniques, such as, on-the-ground activations and promotions. In Ghana, ATL marketing is effective because most people are almost always tuned into their local radio or television stations. The use of the internet has only increased recently because of the rising use of mobile technology. As a marketer, you have to know how to adapt to this environment. The solution is not to give up on the old tactics you know or are familiar with but instead, effectively incorporate new strategies to help you become a well-rounded marketer. So what characteristics do you need to be a great marketer in the African context? What marketing strategies are effective for engaging the African market? Well, I discuss them below. Characteristics of a great African marketer I’ve always considered myself lucky to have the skills of a marketer. At times, I wonder if one is born a marketer or can learn to become a marketer. I believe effective marketers are born with certain traits and also learn as they go. The world is always changing so we must be able to change with the times. Here are 10 characteristics that are time tested to be true of an great African marketer: Have a genuine passion for people Honest, personable and approachable Possess networking skills Embrace and drive change Stay connected to an African audience Communicate effectively Passionate Innovative and thinks outside the box Take chances Wholehearted belief in the product they are selling Motherland Mogul Tip:Remember, good marketers can market and sell any product, but great marketers choose the products they want to market and sell. They are persistent and do not understand the word “no”. Good marketers are led by passion and the need to connect the right people to the right product. They understand their target demographic and will go to great lengths to connect them to that product. Next, we discuss strategies for marking effectively in the African context. Strategies for marketing effectively in the African market Now, with these characteristics, you must be willing to do some things differently to gain traction in the African market. Let’s discuss a few strategies below. 1. Establish strong genuine relationships Often many of us like to take the conventional networking approach. I’ve been guilty of this in the past. We attend an event, meet someone and have a two-minute conversation then request for a business card. Effective marketers actually take the time to follow up and establish rapport with potential clients, sponsors, partners, and their audience. In Ghana, it is all about who you know. Therefore, establishing relationships is crucial to your success in almost any field. 2. Sustain relationships One of the most important lessons I have learned is that it is not enough to establish relationships with people. Sustaining those relationships plays a crucial role in the success of your marketing strategies. It is one thing to establish relationships but what are you doing to sustain them? Sustaining relationships are one of the hardest and most challenging things to do because it requires time. It is none the less a great investment. An occasional phone call, email, or visit helps you to stay connected. 3. Form strategic alliances/partnerships It is a fact that we all need someone and cannot get to where we are going alone. Form strategic partnerships that are mutually beneficial. Align yourself with people who have a similar mission and your best interest at heart. They will help you sell or market your product. In Ghana, having notable sponsors and partners as part of your event validates your event somehow. Rarely do you see fliers or posters without sponsors. However, you want to be strategic in forming these alliances and not overdo it. 4. Networkability Word-of-mouth continues to be the #1 effective way of marketing. As a marketer, it is your responsibility to go out and network constantly. Whether your goal is to increase your clientele or fan base, go out there and meet the right people who will help get you to your goal. True marketers understand that time is of the essence. There is no need speaking with everyone in the room, just key people who you share commonalities and a similar vision. 5. Communicate effectively and believe in the product As a marketer your verbal and written communication must be up to par. You have to believe in what you are selling in order for people to believe in it as well. Therefore, your way of communicating must be clear, concise, convincing, and easily understood. 6. Think marketing True marketers are always thinking about marketing. They apply marketing to almost any and everything around them. To conclude, marketing in Africa is very different from marketing in the States or elsewhere outside of the continent. Sitting behind your PC expecting to reach a large number of consumers is not ideal. Bottom Line Marketing is king! You must be willing to go out and connect with people.
Quick Read: Your 1 minute guide to startup financing
You already know that it takes more than a stellar business plan and an ace team for your startup to thrive. You also need financing to get your ideas off the ground. COLD. HARD. CASH. But what type of financing is available for me, you ask? Well, you have 3 options: 1. DEBT FINANCING Your company receives a loan and gives its promise to repay the loan. It includes both secured and unsecured loans, and can be long-term or short-term. Pros: You aren’t giving away any part of your business. Cons: Defaulting on the loan = signing your life away. 2. EQUITY FINANCING Your company obtains finances from potential investors, family and friends, business angels or by issuing an Initial Public Offer (IPO). Pros: You are not obligated to pay a dividend Cons: Equity finance generates capital from external investors in return for a share of the business. 3. MEZZANINE FINANCING This is a combination of both debt and equity financing. It begins as debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. This type of financing allows the owner both debt and equity options. Pros: Allows you to get the money you need without giving up a huge chunk of your company’s ownerships…as long as you pay your debt on time. Cons: Interest rates are much higher than traditional debt financing. Want to learn more about financing and savings options for your business? Visit PAL Pensions to learn more about their unique products for young entrepreneurs.
Four things you must have to be pitch perfect
What makes a pitch perfect? This is a question many entrepreneurs ask as they prepare to speak to investors. It is also a question we are asked quite frequently at SLA. We’ve heard a number of pitches through our own pitch competitions, both the SLA 2014 and SLA 2015 Entrepreneur Showcase. We know what moves us. To make sure we are not alone, we’ve also looked at the research and numbers and found that there are 4 items all investors look for in a pitch. To make the point clear, first watch this video of Aaron Krause of Scrub Daddy. He is no Motherland Mogul but his pitch makes a few items easily identifiable. The 4 items and takeaways are clear: Enthusiasm and passion WINS U.S. based Shark Tank investor, Barbara Cocoron, says she knows within the first 40 seconds of a founder speaking whether she will invest or not. Does your demeanor show that you are confident in your business or are you anxious and fidgety? When you speak, are you excited about your business? Do you have a genuine passion for your vision? Your business solves a problem and your solution is of value Meaning, what is your value proposition? What makes your business stand out from the rest in the market. What problem is it solving in the world? How are you solving the differently from the rest of the companies in your industry? State this concisely, clearly, and early. Your business works in the real world Also known as proof of concept, investors want to know that there is an actual need for your product or service. Have you taken your business to market? Have you made sales? What’s your revenue for this year and/or last? The only way to know that a business is valuable is by taking it to market and letting the people decide its value with their money. You are the one to run the business We all know; coming up with a business idea is easy, execution is key. Why are you the one to make the idea fly? Are you clear in your communication and can you. Have you led a business in the past? Have you taken the time to develop some of the prerequisite skills for running a business; that is, negotiation, project management. As we see from Aaron Krause’s pitch, not every investor will be immediately wowed by your idea. All you need is one! One investor who believes in your business, vision, and you. But, in order to bring that one right investor on board, all four items —enthusiasm, value proposition, proof of concept, and business acumen— must be present.
The mind of a champion: Lessons from Blessing Okagbare and Serena Williams
Sport champions like Blessing Okagbare and Serena Williams are perfect examples of how each of us, as entrepreneurs and professionals, can attain greatness when we aim to improve our personal best. Blessing is a Nigerian track and field athlete, who is an Olympic and IAAF World Championships medalist in the long jump, and a world medalist in the 200 metres. Serena is undeniably one of the most dominating sports champions of our generation. She has won a title in all four International Grand Slam tournaments and is also an Olympic gold medalist. Blessing’s Olympic medal wins and Serena’s tennis successes serve as reminders of excellence to all of us. They have spent many years training to be champions. Along the way, they have achieved multiple milestones, actively taken part in smaller competitions and peaked at the right moment. When they put their hard-earned skills into practice and keep their eyes on the prize, it’s their time to shine. As entrepreneurs what lessons can we learn from these phenomenal women? Keep training Like every successful athlete, successful entrepreneurs must never stop training. That means keeping your skills fresh and your talents sharpened, so that you’re always one step ahead of the competition. Keep learning, networking and trying to improve yourself and your business. The process is continual but it is powerful and fun if you love what you are doing. Have a support system Every champion has a team behind them. You can’t do everything on your own. Especially when training is getting difficult or the competition is tough. Build a strong network that will support you and help you reach the top. If you do not have a mentor find one, or at the very least seek role models who will inspire you. Make sure those who are part of your team hold you accountable and keep you focused. Celebrate your achievements What moment are you seeking? As you strive to attain greatness, ask yourself at what point will you feel like you’ve won your Gold Medal or Trophy. Never forget that no matter how much competition is out there, or how long it takes to achieve YOUR own personal best, each and every one of us can get a medal. So go out there and get it! It is easy to discount all your achievements as you seek even better ones, but don’t overlook your moment. When your moment comes, make sure you celebrate! I’m really exciting. I smile a lot, I win a lot, and I’m really sexy.” – Serena Williams Do not fear competition Keep your eyes on the prize in your business and professional life. Have clearly defined strategies and goals that will make you a champion. In his book, The Winner’s Mind, Allen Fox explains, “Unconscious fear of failure saps the will to win by distorting perceptions and causing competitors to hesitate to compete, procrastinate, lie to themselves, blame others, fail to finish tasks, and panic on the verge of victory.” Do not fear competition. As entrepreneurs competition is necessary and mandatory in the marketplace. It will help to motivate you to be better. Use it to empower yourself along the way and do not be afraid of winning! Learn from your mistakes Being in business isn’t about never failing, it’s about knowing what to do when failure strikes! You must not allow failure to block your path to excellence. When a sportswoman like Blessing loses a race, do you think she laments about her loss for so long that it stops her from running? No, she stays focused, perfects her skills and works harder. It’s the same with Serena. If she misses a serve or loses a match she does not let her mistakes consume her. She uses her mistakes as stepping stones to doing better the next time.
7 things I learned from my first startup failure
At the beginning of 2014, Kegaugetswe Florence Mukwevho and her two business partners started a food company. The startup, which launched in April of that year, was on a mission to create youth employment by operating a low cost, scalable mobile kitchen for a local growing chicken brand. The business was doing well in its first few months; sales were high, showing that there was a market for the product and service they offered. Startups in their early stages need funding for growth and expansion and this was the case for the food company. Kega came across the 2014 She Leads Africa Entrepreneur Showcase and thought that it provided a great opportunity for the company to get much-needed funds. With the support of her co-founders, she applied and was selected as one of the top 10 finalists. Although she didn’t win the competition, she received great feedback from the judges and mentors and support from the SLA team. Upon her return home however, Kega noticed that the dynamics in the company had shifted. In partnerships, group dynamics can bring synergy or divide at the expense of the business. The latter was the case for the food startup. Ultimately, the three entrepreneurs decided to go their separate ways. Although it has been a difficult journey, Kega shares firsthand what she learned from the failure of her first startup. 1. Have a partnership agreement Our business relationship was going so well in the first few months that we delayed creating a partnership agreement. For me, it was unspoken. Our official agreement came much later as a reaction to issues rather than as a proactive step in the initial phase. It is important that one does not assume that common sense is common to everyone. We are all human beings with different backgrounds therefore we do not think the same way. “We could have avoided some disagreements by clearly putting down expectations regarding our roles and responsibilities, how to run the business, funding and equity earlier on.” Make sure you seek assistance from mentors and other entrepreneurs to get an idea of some of the real issues that may arise in your business. 2. Be 100% involved in your company When we started the business, we were full-time students with the exception of one partner who was studying part-time. As such, he was the operational partner and was on site all the time. Starting a business is no easy task and it is well known that the failure rate for new startups is very high within the first 18 months. It is during this infant stage that a business needs the most tender, love, and care. I was juggling being a full-time student and a business partner. As a result, I did not give the business the undivided focus and attention it needed during this critical stage. Not only did this hurt the business but it also placed a greater burden on my partners. “We did not realize from the get-go the kind of hands on involvement and input we needed in order to thrive.” I wish I knew then the importance of being more involved in the daily running of the business. 3. Things are not always as they seem Business is about testing assumptions. While we might have had a very convincing story on paper including a probable financial model, things don’t always turn out the way we envision them. According to our business plan, we were set for success. In drafting any budget, there is a principle that you “overstate your costs and liabilities and you understate your revenue and assets”. This is particularly important for a startup. We did not prepare for the worst case scenario and found ourselves running into serious cash flow problems. It may seem like everything will go well, but things do fall apart. You must be prepared for the possibility of failure. When it comes to financial modelling, you should rather exaggerate your costs and other expenditures by using the worst case scenario, just to be safe. Also, financially, physically and emotionally, prepare yourself to not be profitable for the first few months. 4. Don’t underestimate your competition We chose to locate our business in a township. We assumed that because we were selling grilled chicken, it would be better to sell it near a large hospital because people would want a healthier alternative. Unfortunately, this was not the case. We had underestimated our competition. Although there wasn’t a flame grilled chicken option in that area at the time, we had competition from people selling cakes and other fatty foods. The market wasn’t open to having healthier alternatives. Our competitors had already realized this. 5. Invest in a stellar marketing strategy< Around October of last year, our sales were increasing organically because it was the festive season. But even then, we knew there were certain challenges. In the beginning, business was good because we had a new product that people wanted to try out. But in the long term, it was not. People tasted our chicken and liked it but in that township, eating chicken was more of a status thing. We were trying to create a lifestyle but most people could only buy our chicken at the end of the week or month when they had been paid. We made a lot of assumptions but I think that is what business is about – testing assumptions. We tested our assumptions and some of them didn’t turn out as we hoped. We tried to have more marketing to increase sales to the level that we wanted. However, we did not allocate a sufficient budget for this and as such we could not do everything that we wanted to do. There is a lot more we could have done with a lot more time and money; we should have thought to invest in a marketing strategy much earlier on. 6. Keep employee morale high The loyalty of employees is very important as they are the operational drivers of