Can Your Business Survive Without You? Here’s How To Be Sure
If we were sitting down for coffee and I ask what you believe to be the most important factor for success in business, what would you say? If you’re like most people, you might respond that it’s something along the lines of perseverance, determination or talent. What if I told you that while these things are valuable, they do not determine success? There is a more telling factor. But, what exactly is infrastructure? The simple answer is that it’s your design and blueprint. It is made of the basic facilities and structures of the business and includes everything from software and services, to operational procedures. It is the work you do on the business that allows you to work in your business. Imagine taking a one-week vacation. What happens to your operations? Would your team know what to do in your absence? Would your customers panic? If the answer to the last two questions is yes, then you’re currently lacking a sustainable infrastructure. I get it: most of us do not like creating systems. They can be boring, tedious, and may appear unnecessary. If you’re a clothing designer, you went into business to bring your designs and creativity to life. However, if you’re a life coach, you want to help others improve their quality of life, not to work on systems. Again, I get it but imagine not being able to do the thing you love because most of your time is spent putting out fires, experiencing burnout, or making up procedures on a whim. For example, think about the transportation and tax systems in our country. While we may not like it, we have to pay parking meters, tolls, and vehicle taxes to commute within our communities. The expectation is that the money is used to build and maintain our streets and neighborhoods. Similarly in your business, developing an intricate infrastructure creates sustainability through interdependent processes. There is a common adage that is not wise to put your cart before your horse. That has never been more relevant than in this context. Your cart is your thriving business—in a state that allows you to do what you love to do. Your horse is your infrastructure. The more robust it is, the more likely your business can go the distance. I have had the pleasure of consulting with hundreds of entrepreneurs. The concern I hear most often is that people feel like they are reactively going through the motions, rather than positioning themselves for proactive oversight. My advice is always the same: build your business from within. The time and resources spent on this approach will determine the health and success of everything else. How are you improving your spending habits this month? Click here to join the SLA #SecureTheBag challenge.
3 Reasons why you are an impulsive spender and what to do about it: Lydia Chinery – Hesse
This September, we’re out here on these streets trynna secure the bag. If you’re an impulsive spender, this one is for you. As a financial advisor working with Holborn Assets, Lydia Chinery-Hesse has helped clients put measures in place to control their spending while increasing their savings and growing their wealth. She has been working with various nationalities to help them plan their financial future by giving them transparent, objective and honest advice. Lydia helps them visualize their personal (and business) goals and structure a plan towards achieving them. Earlier this year, she created a Facebook group called Love Yourself Financially, a community of global women who are dedicated to being the boss of their finances. Their goal is to be financially secure and free – which has a different meaning to each member. The Scenario You’ve just finished a successful meeting and decide to take a short walk through the mall, for some window shopping. Before you know it, you’ve spent money shopping for more clothes you don’t need! It’s 4:15 pm and you’re absolutely famished. While you could wait another hour to get home and eat some leftovers from last night’s home-cooked supper, you decide to order food that would cost the same amount as your groceries for the week. Even if you haven’t found yourself in one of these situations before, you’ve definitely spent money impulsively in one way or another. Why is this? Why are we so impulsive? More importantly… What can we do about it? Here are the three main reasons for being an impulsive spender, and a few ways you can improve your spending habits. 1. You’re using a credit card Studies show that when we pay using our credit card, we’re more likely to spend money. With a credit card, your thinking will be more along the lines of “out of sight, out of mind”, as you don’t see the money ‘leaving’ your wallet. Conversely, when we spend with cash, it hurts a little, and you tend to think twice before spending it. What should you do about it? • Until you get to a point where you have significantly improved your discipline in this area, ditch the credit card. • Ditching the card means spending cash only. • Withdraw your cash allocation for the week, and carry only what you need on a daily basis. 2. Because money should be spent If you’re able to spend money impulsively, consider yourself fortunate to have the money to do so. That being said, just because you can, doesn’t mean you should. As an impulsive spender, It’s likely you’re not tracking your expenses by writing them down or through an app. If you did, you’d be less likely to spend mindlessly as you’d always be aware of what you’re spending on and how much you’re spending. What should you do about it? • Before you’re about to buy something, you want, pause. Wait a day, a week, a month or longer to determine if you really need it. Chances are you don’t. • Track your expenses, create a budget and live by it. • Get an accountability buddy. When you’re itching to spend, call a friend you trust who will talk to you straight. • Meal prep. Don’t give yourself an excuse to buy a meal. • Try no-spend days a few times per month. In addition to all of these, it’s worth considering…what else could you be doing with that money? This brings me to my last point: 3. You are not thinking long-term Living for today will most likely mean scrambling or struggling in the future. Perhaps it would be wiser to live according to this African Proverb, “For tomorrow belongs to the people who prepare for it today”. What should you do about it? • Set your savings goal and reward yourself for achieving them (without spending money – be creative!) • Save towards future plans. Put some money aside monthly towards that goal, whether it’s a vacation, car purchase, etc. • Be intentional about your long term goals. This begins by figuring out how much you’ll need to either live comfortably in retirement or to reach financial security (where passive income pays for your expenses). Once you have that figured out, work backward from there to determine how much you should be saving (and investing) in order to reach your target. It takes some self-reflection and being honest to admit that there are areas in which we need to be more disciplined in order for the impulsiveness to end. How are you improving your spending habits this month? Click here to share your story with us.
SheaMoisture Spotlight on Finance Queen: Anie Ufia – founder of Kolo Lagos
SheaMoisture is the enduring and beautiful legacy of Sofi Tucker. Widowed with five children at 19, Grandma Sofi supported her family by selling handcrafted shea butter soaps and other creations in the village market in Sierra Leone. Sofi became known as a healer who shared the power of shea and African black soap with families throughout the countryside. She handed down her recipes to grandson Richelieu Dennis, who founded SheaMoisture and incorporated her wisdom into the brand’s hair and skin care innovations. SheaMoisture products and collections are formulated with natural, certified organic and fair trade ingredients, with the shea butter ethically-sourced from 15 co-ops in Northern Ghana as part of the company’s purpose-driven Community Commerce business model. SheaMoisture has partnered with She Leads Africa to support and showcase Nigerian women who support their communities. About Anie Ufia 22-year old Ufia Aniebietabasi is the CEO and founder of Kolo Lagos. She is a Mass Communication graduate from the University of Lagos. After an experience where she was shocked to find out that she had no savings of her own in a bank or anywhere else, Anie made up her mind to create a system that will make savings fun and a priority for her. Seeing the immediate results it had on her finances, she was determined to help other young people like herself, take control of their finances. You are sure to either catch Anie preaching the gospel of financial freedom or on the lookout for opportunities with which she can drive social change. Connect with Anie and her business here Website, Instagram, Twitter Tell us about Kolo Lagos. Kolo Lagos is a proudly Nigerian brand that is passionate about bringing back the saving culture in a unique way. We aim to achieve this by encouraging people to save money in a piggy bank, popularly called “Kolo” in Nigeria. Our kolos are made from quality tested wood and specially handcrafted with love in Nigeria to help people curb overspending, grow a saving habit and stay disciplined while at it. How did you turn this habit into a business? I started Kolo Lagos during my final year at the University. I suddenly realized that I had zero savings, not in the bank or even in a piggy bank. This made me buy a piggy bank for myself and discipline myself to save money. I bought one from a carpenter that was introduced to me by a friend. Since it worked for me, I told my friends about it and everyone wanted a piggy bank so they could save money as well. That was how the journey began! Having a niche business, how do you make your brand stand out? At Kolo Lagos, our kolos are crafted and designed to promote the rich and beautiful culture in Nigeria and Africa. They have also added an innovative touch to an old approach of saving money which was used since the days of our forefathers. The reusability of our Kolos has also added a modern twist to it and is the ‘WOW’ factor that attracts our customers. Can you share with us 3 things you struggled with at the start of your business, and how you overcame them? The major challenge I struggled with at the start of my business was building brand loyalty. It was a new business and with the prevalence of online fraud, most people are scared to make a purchase from an online store. However, as the business grew, people began to trust us enough to refer us to friends and relatives. I have now moved from selling kolos to just friends and family but to people who discover us via the internet. Another big challenge I struggled with was finding artisans who knew their onions, could deliver neatly done jobs, and deliver them on time. I am glad that I have overcome that challenge since I have a particular one I now work with… Tell us about a personal experience that translated to a business lesson for you. My first business lesson was before I even began my business. I had given a fashion designer a fabric and style to make an outfit for me. I decided to come to get it at the allotted time the tailor gave me, but despite the sufficient time I gave, my dress wasn’t ready. It was quite annoying and frustrating, to say the least. So I took that lesson with me to Kolo Lagos when I started it. Working with artisans means that I constantly have to follow up, make calls and even go there physically if need be, just to ensure that everything is done well and on time. That experience stayed with me and has been a major lesson that has helped my business. What impact have you made in your community since starting your business? Since starting my business, I have impacted my community by speaking at workshops and seminars to both young and old people about money, and why it’s important to maintain a healthy saving lifestyle. What is your 2019 goal, and what have you done so far to achieve it? My goal for 2019 is to get more local distributors within Nigeria and at least one international distributor in order to achieve the goal of selling 2,000 kolos this year. I am currently speaking with someone who is interested in becoming an international distributor. Share with us 3 fun facts about yourself I love food. Food loves me. Food makes me happy. I know how to play drums. What’s your fave skin care routine? My skin care routine is done at night when I get to nicely cleanse my skin with my organic skin products, and prep for the night before going to bed. How do you feel about promoting your brand on She Leads Africa, courtesy of SheaMoisture? To be totally honest, I am still in utter shock even as I type this. I remember when I applied for it and a part of me
Top 5 ways a Diverse Workplace can Help Companies Thrive
Leading companies know that having a diverse workplace and culture is the key to boosting employee morale. As the workforce demographics shift and global markets emerge, workplace diversity becomes harder to ignore. Companies are beginning to see its importance and are beginning to embrace it. What you need to know about workplace diversity… The word ‘diversity’ connotes different things. It could be age, gender, race, color or even culture. A diverse workplace represents an inclusive company. It is important to the employers that employees feel like they make a significant contribution to the organization using their unique qualities. If organizations want to improve their competitive advantage, they must learn to manage a diverse workforce. A diverse organization creates a positive image for businesses as it shows inclusivity and equal employment opportunities. 1. Increased exposure A highly diversified workplace comprises of people from different culture and backgrounds. This gives room for increased exposure as employees learn from each other. 2. Innovation Inclusive companies are 1.7 times more likely to be innovation leaders in their market. You can never run out of ideas when you have a diverse team. Why? This is b Juditecause they all bring something to the table. Having different cultural backgrounds means the way they think differ; the beliefs that shape their thoughts are not the same. This vast difference, even between gender breeds innovation. Creative concepts are born out of each one offering a solution or suggestion. People from different backgrounds have different experiences and perspectives. This leads to creativity. 3. Grows the organization’s talent pool Embracing diversity means you’ll attract a large number of candidates from all walks of life. These are people well versed in different diverse skills set and knowledge. As the number of candidates increases, the chances of finding a suitable candidate will increase too. 4. Employee retention Who doesn’t want to work for a company that embraces diversity? They don’t discriminate but accept employees from all backgrounds. In the long run, this promotes quality and boosts the morale of the employee. 5. Employee performance The chances of being happy in an environment that is open and inclusive are higher than one which isn’t. Employees are more likely to feel comfortable, happy and safe in an organization that embraces diversity. This boosts the confidence of the employee as they feel confident in putting their best. The higher your employee’s morale, the more productive he or she is. Organizations who have a range of employees enjoy the benefits of having a broad skill set and experience. All of these gives the company an advantage over others. Join our Facebook Live on August 22nd to learn how to drive social change through your business/ Career. Click here to sign up.
FACEBOOK LIVE WITH JUDITH OWIGAR: HOW I BUILT MY BUSINESS TO DRIVE SOCIAL CHANGE (AUG 22)
What impact does your business have in your community? It’s no news that companies take Corporate Social Responsibility very seriously. It’s like a magic door that opens up more opportunities and this is why. The world is ever-changing and businesses are looking for more ways to connect with their customers. As a BOSS Lady, beyond making the $$$, you need to look at the bigger picture on how you can create a positive change in your community. Firstly, when your business is seen making an impact, it shows that you have an interest in social issues which will help raise your company profile, attract new customers and/or identify new opportunities. Ain’t that the goal? Remember, being socially responsible is good for the bottom line. If you want to learn how to create, craft and manage social change strategies, join us on Thursday, August 22nd, for a Facebook Live with Judith Owigar, founder of JuaKali Workforce, who’ll be dishing out tips to help your business aim for change. Some of the topics we’ll cover: How to discover what social issues are most relevant to you and your community. 5 different ways your business can create a positive social change while you make profit. Finding purpose and grit in social projects. Impact vs Sustainability. Facebook LIVE details: Date: Thursday, August 22nd, 2019 Time: 12PM Lagos // 1PM Joburg// 2PM Nairobi Watch Facebook Live with Judith: About Judith Judith Owigar is passionate about initiatives involving youth, women and all things technology. With a Masters in Applied Computing from the University of Nairobi, she’s the founder JuaKali Workforce, an online micro-jobs platform that connects young people to short term jobs in Kenya’s informal sector. In 2015, Judith shared a panel with President Barack Obama of the U. S. and President Uhuru Kenyatta of Kenya at the Global Entrepreneurship Summit. She is a 2015 East African Acumen Fellow and a 2014 international Focus fellow. She has been named as one of the Top 40 under 40 women by the Business Daily newspaper in Kenya and has been recognized with the Anita Borg Change Agent Award by the Anita Borg Institute for Women and Technology.
The Queen of Representation – From Botswana to the world
“The A-Girls are exceptional, black vinyl dolls that appreciate the African girl of today, with all her versatility and diversity”. Dolls are part of a girl’s introduction to what is considered ‘beautiful’. According to Bakani, creating the brand was essential in order to excavate and resuscitate what African beauty is. Until August 2016, Bakani July Johnson was a Lecturer at the University of Botswana (UB) in the Social Work Department. She holds a Masters Degree in Clinical Social Work and has worked intensively in the psychosocial field since 2004, gaining experience with Botswana Baylor Children’s Clinic as a social welfare case manager. Prior to that, she worked with the Government of Botswana as a Social Welfare officer. After years of ideating, planning and testing, Bakani left the UB and started her doll-making business. Bakani is a social entrepreneur and is constantly looking for ways to enhance the lives of others. She is also a founding trustee of Musani Family Care Foundation, an organization that focusses on the restoration of Botswana’s family unit, and offers accommodation to families in transition, mostly caregivers of hospitalized patients who come from far off villages. Musani Family Care Foundation seeks to bridge the gap by providing temporary housing and support for these families who need it most, at no cost. Connect with Bakani and her business on social media. Why it is important for me to make the dolls… I have always loved children. I am forever looking for ways to enhance their wellbeing and this led to the realization that there were no black dolls to use during clinical sessions with my little patients. As a social worker, dolls are some of the symbolic tools used for communication during sessions. However, more often than not, the dolls that were donated looked nothing like the children I worked with. This became a query, to manufactures and it was not a pretty feeling as it was seen from the point of exclusion. I realized that I could continue with the feeling of being ‘left out’ as a black African girl, or I could do something about it. The research allowed me to see that I, and others like me, were never a concern for doll-makers; they had their own market and concerns. Whatever I could find was by sheer luck. I refused to use divisive story-telling or to accept that it was ‘someone else’s fault’ that as Batswana – and Africans – we don’t have black dolls. The more I searched, the more I was challenged to create the doll I was looking for. I worked from thought to product, beginning in 2007. The effect representation has on young Batswana /African girls… We have for the longest time been portrayed as ugly, and not a representation of beauty. If you research dolls throughout history, you will not like what you see. We have been ‘caricatured’ through the years and our features ridiculed. Our natural hair is still a full-on debate today. With the dolls, I am simply excavating and resuscitating a black girl’s beauty. The idea of the dolls was to trigger an emotional response and to ensure that we put African girls faces on beauty, with a clear understanding that it is our responsibility to raise a new, confident African girl. The development of The African Girls Dolls is a winning communication tool targeting children. These are one-of-a-kind vinyl dolls that appreciate the diversity of African girls and were created with the realization of a lack of representation both commercially and in messaging for African children. Most props and toys used are of girls and boys are not of African descent. Through the African girls’ collection, I am constantly helping organizations to create a unique language of truths, trust, and symbols as part of visual storytelling and visual messaging. I understand that symbolically, images help us to understand abstract concepts that cannot always be translated into words and dolls have throughout history been symbols to communicate, appreciate and represent. Dolls are part of a girl’s introduction to what is considered ‘beautiful’, and speaking to that aspect we want to be able to say ‘she is so pretty, just like a doll’ – and actually talk about a doll that looks like her. Children are visual beings. They connect to things visually and will remember things seen more than things said. They connect with objects or pictures from memory. Africa and Botswana are about symbolism, or what things represent and communicate. If you listen in on doll play, your child communicates with what she sees. If her dolly is wearing beads she will have a conversation about that. The idea was to have dolls that are relevant to the children, thus when one looks at the dolls, they will realize that some have tutu skirts and modern symbols which represents a ‘modern girl’ whereas others are dressed in traditional Tswana regalia. Great dolls bring the thought of history, self, and admiration. Children from different ethnicities benefit from playing with dolls that are a different skin tone, make and versatility. Though dolls are not photocopies of the individual, we believe that to a small child the most important thing is that her little dolly is beautiful just like her, validating who she is and how she relates to herself. The role I see my dolls playing in a Motswana girl’s life This product, created by an African woman for African children is girl-centered for now and is self-esteem/self-efficacy based. More than play, the dolls are seen as communication tools that instill gender and ethnic pride as a foundation for social skills. What you see and is preached becomes a norm. If everyone talks about ‘light-skinned’ being better, children will want that. I want parents to hand the dolls to the children without influencing the children’s taste about them. I have involved a few people in the crafting of the dolls from those that design the clothes to those that do the hair and packaging. I am
8 Essential Skills Every Business Owner Needs to Learn
As an entrepreneur, I make sure to educate other ladypreneurs about the importance of investing in themselves. While investing in yourself and business might cost you a lot of money, it gives you long-term benefits such as the advantage of building valuable skills that would benefit your business and improving your strengths over time. Let’s face the truth- the business world has changed from the way it was operated 20 years ago. Running a business on just sheer instinct isn’t enough anymore. You have to stay on top of growing trends if you want your business to survive and succeed. And that’s why I have put together this list of business skills and resources that every business owner needs to boost their business. 1. Relationship Building Building great relationships especially with customers/clients is one of the ways to differentiate your business from competitors. As a business owner, your relationships will take various forms, as you’ll meet different people; and need to wear different hats to maintain a good relationship. I’d advise that the major categories of relationships you need to build are with: Customers/Clients; Business connections/ fellow entrepreneurs who can grow and support your business; and Mentors 2. Storytelling Let’s face it! Everyone loves stories, no matter the age or economic status. Incorporating storytelling into your business infuses a human touch customers can’t resist. It helps customers establish a human connection with your business. Some of the advantages of using storytelling for your business include: It captivates your customers; It makes your business relatable and approachable; and It makes your business credible and trust-worthy. 3. Content Creation Content is king! Yes, that might sound cliché, but it’s true. Please note that content doesn’t have to be restricted to words alone. It could come in other forms such as videos, infographics, pictures, podcasts, whitepapers, case studies, etc. Don’t just display the products or services you’re offering. Go a step ahead by also offering value to your customers. For example, do you sell fashion items? Spice up your brand by posting style inspirations, care of the items you sell, how to rock that item for different occasions, etc. By providing good content, you not only let your customers know that you have their best interests at heart but also assert that buying from your business is the best decision they could ever make. 4. Customer Service How many of you never returned to buy from a brand just because of poor customer experience? Lots of you, right? The same principle applies to your customers too. As business owners, you have to realize that your customers are king, and so, must be treated like royalty. Providing excellent customer experience is one of the easiest ways to make your business stand out from other businesses. It’s also one of the easiest ways to retain customers and get referrals. Therefore, ensure you develop your customer skills and treat your customers with respect. 5. Financial Literacy/Management This means having an understanding of how much you can spend and how you should spend it. Every cent you spend and generate must be accounted for. If you don’t know how to calculate your expenditure and revenue, it’s definitely time to become financially literate. 6. Management When your business begins to grow, it will require expansion. And expansion translates to hiring more people to support you. Once you do this, you need to ensure that the people on your team are doing what they are supposed to do and that they’re are doing it efficiently. Therefore, don’t be just a business owner. 7. Leadership A good business owner needs to have good leadership skills to run a team of other people. When you are a good leader, it becomes easy to motivate and inspire greatness in your employees. With proper leadership, employees, contractors, and even customers will respect you. Please note that to be a leader isn’t to be bossy to inspire fear. Rather, a good leader brings the best out of people, listens to other people, shows them respect and showing them that you’re capable of leading them to achieve victory. 8. Hiring I see a lot of business owners make the mistake of hiring the first person that shows an interest in working with/for them or has the qualifications they are looking for. Unfortunately, that isn’t enough. While hiring a person with an exemplary portfolio and good work history is good, you have to consider other variables such as their personality, beliefs and whether they are a perfect fit for your business’ culture. Running a business is very demanding. Identify your weaknesses and invest in skills that that will provide your business with solid foundations.
To succeed in business, you need Self-Awareness, Client Awareness & Market Awareness – Nnanke Essien
Nnanke Essien is a HR professional and a business consultant. Her experience in business began when she was 14 years and helping her mom with her crayfish business. Since then she has been a business partner to many business owners leveraging on her experience in providing strategy and human resource solutions for diverse industries including manufacturing, oil, and gas, consulting, communications, retail, energy, education, etc. Her core is transformation, (people, process and culture integration) and her superpower is helping businesses with interventions for value-based/profitable visibility, resonance, growth, and sustainability. In this interview, Nnanke Essien talks about her introduction to business consultancy and her just-concluded event for fashion entrepreneurs. You recently organized an event for fashion entrepreneurs. What triggered it? The dream began for me in December 2017, when I began to observe the behavior of attendees at a goal setting hangout. It was fascinating watching folks create their vision board by tearing pictures from magazines and posting them on cardboards. My analytic head kept wondering if this was just a fun activity or it made sense to them. I knew something had to prepare them for this experience to be worthwhile and useful and that thing was beyond the five-hour business lecture they had just received. Fast forward to March 2018, one of the participants at the event sent me a lengthy message beginning with “coach how can I be visible? I have tried everything and nothing seems to work”. I immediately put on my business growth doctor hat and began to teach. I spoke to her about the psychology of her business, her products, her promise, the right platforms for her, promotion style etc Alas! her reaction simply showed that what I was saying didn’t sound like the solution she wanted, she just wanted a quick solution to help her be visible. How can fashion business owners optimize their businesses? While growing up, my church used to be in a location where spare part dealers were dominant. I used to marvel at the apprenticeship structure, a young boy will learn and aspire to be like or even greater than his master. Likewise, new fashion designers should take time to learn under someone they aspire to be like not for three months but for an extended period, where they can gain mastery. There are a lot of advantages to this model. They gain undisputed mastery and get leverage riding on the positioning of that person they learned from. The market also trusts them faster and they have a reference point and a benchmark for success. They exhibit great business success skills because of their learning process. You are guaranteed to get results. Don’t be in a hurry to get on the gram and then begin to run helter-skelter with the excuse that the fashion industry is over saturated Know what you want to be visible for, find out what the leaders in your space have done to get to their positions, mirror them especially those that align with your values, get results and remain on top. The biggest question for me was “how can we be a part of the solution?” So in 2019, we began planning in earnest, The business leaders breakfast meeting, a platform where we bring the best minds (leaders) in business to share insights and experiences as well as to equip business owners with knowledge that will prepare them for the massive opportunities in these industries. The mandate for us was simply to create a market space that encourages inclusive growth especially in a challenging operating environment like Nigeria. We positioned our platform as a catalyst (incubator) to help entrepreneurs have access to market, access to untapped opportunities, access to financial services, to even just dream big, know that their dreams are possible and position their brands for global leverage. For us, It is our utmost desire to see SME’s go from struggling businesses to growing businesses, from no systems to systems of optimal productivity, from business underdogs to business leaders, from zero productivity to optimal productivity and finally, businesses that contribute strongly to the local and national economy. We wanted to bridge the huge divide between business leaders and business freshers. To build an ecosystem of support, collaborations, and access to opportunities within and outside Africa. We had Mai Atafo, Valentine Ozigbo, Joycee Awosika and Adaora Mbelu headlining our first event What key lessons do you wish more fashion business owners knew based on what was learned at the event? Tie your fashion business to a bigger vision Be an endless learner Seek continuous improvement Focus on excellence and excellent service delivery Understanding your business model and reviewing it consistently is key..I can’t even stress this enough Stay on top of industry changes, be aware of global trends that impacts your business locally and adapt accordingly Network more Don’t be afraid to express your creativity because you assume the market won’t respond Don’t be afraid of collaboration and scale Keep your promise to your tribe, never compromise The value pyramid is divided into three: the bottom 30% (no go area) the middle 70% (the average, normal space where most people play) and the top 10% (where the leaders play). What’s your advice to a struggling fashion business You don’t need more visibility or brand awareness storms (with loud music and an open truck) to build a profitable and sustainable business, what you need is people who can’t stop raving about what you do… I call it “raveonance” rave+resonance. You can’t achieve this without self-awareness (understanding why), client awareness (understanding the who) and market awareness (understanding the what and how). The best place to start is to understand whom you do what you do best for, why you do it, know yourself and these people like the back of your palm and —then start creating something those people love.
Why Your Business Ideas Aren’t Working
By ensuring that your goals are S.M.A.R.T, you set yourself up to experience the thrill of an achievement that will become a motivation for future successes. Did you know that you can give 110% effort and fail miserably, even with a good business idea? I’ve seen it more times than I can count. An eager entrepreneur has a brilliant idea and quickly forges ahead, only to come back disappointed that things did not work out. By the time they come to that realization, they have likely invested a lot of money, energy and time that they will never get back. Entrepreneurs going through this experience usually assume that they are simply not cut out for entrepreneurship. It is at this point that I dig a little deeper into their execution process and I find that the real problem was that the idea or goal was underdeveloped, leading to poor execution. It was a set-up for failure from the start. I then have the task of talking the entrepreneur off the ledge by explaining that there may have been nothing wrong with their effort, resources or intentions. The reason for the apparent failure was likely that the goal was an inherently bad goal. When it comes to execution in business, a good goal is not just noble in its intention, but it also S.M.A.R.T. It is specific, measurable, attainable, realistic, and timely. Ensuring that your goal meets these criteria increases the likelihood of success. It eliminates wasted time and hones in on the best strategy for success. Specific goals break down your general goals into manageable pieces so that they are easier to achieve. A great example of this might be to increase your annual revenue. “Increase revenue in 2019” is a noble general goal. An even better goal is to “increase revenue in 2019 by identifying profit leaks and creating monthly marketing campaigns in order to obtain new clients.” Using that example, it’s easy to see how an entrepreneur can go from casting a wide net and taking a chance on what sticks, to identifying a specific strategy for success. Even that specific goal can be further developed as you think about other factors that will affect the outcome. By adding metrics and changing the goal to “increase revenue by 40% in 2019, by identifying profit leaks and creating monthly marketing campaigns in order to obtain new clients,” the direction and initial action steps are even clearer. This way, there is little room for wasted resources and time. The attainable and realistic factors in the S.M.A.R.T. formula are subjective factors determined by the individual’s readiness to start working on their goals. An entrepreneur who does not have a marketing budget needs to first raise the money or create a budget for marketing before embarking on the goal above. It seems obvious enough, but many entrepreneurs still do not count the cost before they set their foot on the pavement. The last piece of the formula is timeliness. This ensures that the person setting the goal has a sense of urgency and can fend off complacency when working toward their goal. It is easy to overlook this final piece, but it is just as critical as the others because it has two extremes: too much time allotted for the goal, and not enough time. When there is too much time, it is easy to fall into traps of procrastination and complacency. These are traps that force individuals to believe they have more time to do the work than they actually do. They lose their sense of urgency, which opens the door for others to leverage their ideas, or for a competitor to get to a product launch before they do. The other extreme is not to give yourself enough time. By rushing toward the goal, entrepreneurs stand the risk of sabotaging by not properly assessing the risks and all of the factors necessary for success. After all, there’s value for the entrepreneur in trial and error and even failure. However, by ensuring that your goals are S.M.A.R.T., you set yourself up to experience the thrill of achievement that will become a motivation for future successes.
Chioma Ogbudimkpa: On creating Redbutton and using Green Fashion to meet the SDGs goals
Chioma Ogbudimkpa is a certified project management professional who has served in different capacities and projects across 5 countries and different industries. She has put in over 9 service years in FMCG, Consulting and Real Estate. Chioma is also a sustainability advocate and a Green Champion. She has been actively involved in the ‘Going Green’ Initiative from the YALI Network since 2015. She started her entrepreneurship journey with the launch of her women’s wear label, Redbutton in 2017 to explore her creative side. Following this, Chioma has received a seat at the table of various local and international platforms; she is a ‘She Leads Africa’ (SLA) Accelerator beneficiary of 2017, a 2018 Tony Elumelu Entrepreneur and the winner, Creative Business Cup Nigeria 2019. She will be representing Nigeria at the Global Creative Business Cup in Denmark this July. She’s also an alumnus and beneficiary of the Nigeria Creative Enterprise (NICE) program 2019 powered by the British Council. She has a Bachelors in Project Management Technology and a PGD in Strategic Management & Leadership. Chioma loves to cycle and play scrabble at her leisure time. What led you to fashion at the beginning and what led to the switch to sustainable fashion My mum owned a fashion house back in the 90s, that’s where and when I started to sew, sketch and play with fabrics. I found that I was always stitching something (till date..lol), my mum’s tailors were tired of me because nothing they make for me stays the same. I loved to experiment and add my own touch here and there. It was fun and engaging so I continued on this path up until I started working in the corporate space. I made my work clothes and sometimes, people wanted me to make clothes for them when they realized I made the dresses myself. It was extracurricular until 2016 when I decided to start the business properly. I enrolled in Martwayne fashion school while I was still working, just to get a professional grasp of fashion designing and the business of fashion. Following that, I launched Redbutton in 2017. Because I am a Green Champion, it was only natural for me to incorporate sustainability into my fashion brand. I started to research ways I can be green, while still maintaining fundamental design principles. There are several ways I have built in ethical fashion principles in my processes, including using recyclable paper packaging, ensuring minimal waste, ethical production processes and fusing sustainable materials. What are the possible career options here? It’s quite evident that the Africa fashion space is experiencing the highest rave she has ever had, and doesn’t seem like it will decline anytime soon. The demand and interest in the over $50bn industry have been incredibly progressive which also implies that there are tons of career opportunities, even in a sustainable fashion. Some common ones are textile producers (in knitting, weaving, dyeing, etc). Even here in Nigeria, we are yet to scratch the surface in exploring our indigenous woven fabrics from different tribes. We also have fashion designers, illustrators, machinists, thought leaders in ethical fashion (not very popular in Africa but there are) who are consultants, show curators, editors, etc. Where do you see this line of business taking you? Building a strong ethical fashion brand that promotes African craftsmanship and design innovation, and of course, a profitable fashion business that will birth several other ethical fashion advocates and workers is my overarching goal. Our zest for color, patterns and the intricacy in our embroideries are phenomenal and it appears we are not exploring what we have enough. This is what I want to project to Africa and the world by exploring eco-friendly materials and African art. What are the challenges in the fashion business, and how do you manage them? Production is slow and expensive. But I have realized through this journey that the process and result are far more important than the speed. It’s also more expensive to run, because eco-friendly materials are not exactly cheap (more expensive than regular fabrics), meaning that your pieces will not be cheap. But once you can properly project your value and find your target market, you will be just fine You use water hyacinths for some of your products, why water hyacinths? What was the reception like at the UN? It was just an experiment, to be honest, I didn’t expect that it will be this serious o..lol! I was researching on sustainable fabrics, something different from our woven fabrics, I bumped into this social innovation enterprise who also up-cycles waste for furniture and home decor pieces. I found that water hyacinths can be dried and woven into panels like our Aso-oke. I said, ‘I never saw anyone try this out in fashion, is it even possible?” The fact that it wasn’t popular in Africa drew me further into the research. I tested it and realized it could work but the dress will be dry clean only, no machine wash. We are constantly exploring more eco-friendly materials we can fuse into our designs to create statement pieces. Some of the water hyacinth pieces we fused with Adire were showcased at the 4th UN Environment Assembly in Nairobi and received resounding acclaim from assembly members and delegates. We were published in the Kenyan dailies and featured on the UN Environment news updates. Between April and today, we have shipped over 50 pieces to the US and UK, following the contacts made from the UN event. This is a testament to the fact that, even though our designs have the African aesthetic, they are also globally appealing. Got any advice for younger fashion entrepreneurs? Some say the industry is saturated, well maybe in some context. But also remember it is growing incredibly and the demand is looming. There are several ways to stand out. Look around you, look inside of you, talk to people that have the capacity to help you discover new territories. You can tweak your strategy, innovate,