Begin with the end in mind
I am sure we have all heard the saying ‘begin with the end in mind’ more times than we care to remember. Most times this is said in the context of our own lives and how we should be approaching the goal realization process. Perhaps the best-known individual on this is Steven Covey in his ‘The 7 Habits Of Highly Effective People’, where habit 2 speaks to this directly. I was reminded of this very saying a week ago when I had a one-on-one meeting with my mentor. In conversation my mentor asked me what my end goal is. I asked him what he meant and at that very moment I realized that in so much as I understand where I see the business going, I have not actively put together my business end goal. A business end goal is all about where you see yourself as a businessperson in seven to ten years. Unlike a typical business mission and vision statement, this is about you the person in as much as it is about the business. Take for example a person who wants their business to be the leader in providing information communication technology (ICT) on the African continent; the key question is how will this person know when the milestone has been reached? What are they using as a yardstick for success? More than that, what is the ultimate role you would like to play in business? You may want your company to be a regional leader in its area of work, but your personal ambition may be to have multiple business interests without you being necessarily involved in each business on a day-today basis. It may be that your passion is unrelated to the daily grind of deal making and operations management, but rather in advocating for a particular cause that gives meaning to your life. In this particular case, what drives you is the ability to derive income while not being bogged down by the minutia of managing a business or multiple business interests. Your end goal is thus to create businesses that allow you to spend your energies on things that bring you meaning. Thus, by year x, you want to be in a position to have built businesses that run independently of your daily input so that that you can focus your time on what your care most about. When you begin with the end in mind, you are letting your imagination guide you. As Steven Covey puts it, the exercise of imagination is based on the principle that all things are created twice: first mentally and then the actual physical creation, with the physical following the mental in the same way a building follows a blueprint. The world of business is challenging and often times we are stretched beyond our limits. It is during those times that our bigger goal/end needs to carry us through. Taking the ICT company example, say now an opportunity comes to take the business to other markets, your end goal enables you to make an informed decision on what you need to do. For instance, will the time requirements of moving beyond conquered markets square up with your personal end goal? Perhaps you may end up concluding that the potential revenue does not justify sacrificing these goals, or that your team requirements must support this ambition to the largest extent possible. You can only square up your personal vs. business interests once you have made an honest determination of what is important to you and where you see yourself at your predetermined timeframe. Lack of such a determination may leave you drifting and following others’ priorities/ambitions without the gratification that your journey should bring you. While waiting to reach your pinnacle point, you can still do something towards achieving your personal ambitions by doing small tasks towards that very end. How do you start you may be wondering? Below are three actions you can start with you to ensure you are continuously working towards the end in mind: Develop a business and personal goal statement This statement should answer the questions of what and who you want to be. Aligned to that is what you would like your business end to look like at point x; in other words, what is your ultimate business objective? Be sure to be as clear as daylight when you work through this- the clearer and specific you are, the better will be your ability to continuously measure your progress. This statement should be an articulation of that mental picture which will form the beginning to the physical realization. Take it one day at a time When you begin with the end in mind, your days will never be the same again. Each task, or project will be a clear fit into the bigger end. Only then are you able to make things happen for your personal and business ambitions. Your decision-making improves, as you know instinctively what makes sense and in what way this makes sense. Conflicts between personal and business goals are clearly identifiable and can be resolved in a more systematic way. It’s not cast in stone In as much as your business plan is a fluid document, so is your personal plan. Just because you have a desire to advocate for children’s’ rights in your 20s does not mean that’s what you ultimately want to do. Be open minded to the changes you need to make as you go along, review your timeframes, and reassess your priorities from time to time. When you are true to yourself, irrespective of what your goal statement looks like today- the values you hold and your passions stay with you. When you begin with the end in mind, you put yourself in a better position to succeed. You do not make haphazard decisions around your business and personal life. It is only then that you can have a better grip of you in your entirety.
Want your business to break out? Create a whole new market
As entrepreneurs already know, finding clients can be a long, frustrating and expensive process. When you have little or no brand recognition, you have to work so much harder to get noticed in the market. I recently read in Entrepreneur Magazine, that “it is so important to prioritize future-minded strategy over short term opportunism”, and I completely agree with this. So what does this mean for a young woman who wants to set her business apart? To me it means that this is the time to look for new business opportunities which typically haven’t been as welcome or open to women. While we may be more familiar with industries like beauty and fashion which are easier to start from home, developing a future-minded strategy requires us to look at opportunities beyond ourselves such as construction and heavy industries. It is with such opportunities that we must understand that the only limitations we now have, are those we hold on as truth in our own minds. Being in the industrial sphere does not even always mean that you would have to get dirt under your fingernails; the takeover of technology in almost every business sector has opened up so many doors that the line to what is possible, and impossible has become almost invisible. Many entrepreneurs and CEO’s know that competing head-to-head with other entities can become daunting and cutthroat, more so when markets are slow and quite flat. All leaders in any business would agree that if there’s an easier alternative to get out of the head-to-head competing, and instead find a clear opportunity that has not yet been tapped; they would opt for that direction. In a world with hundreds of thousands of different products & services, innovation has become central to the survival of any new of mature business. Creating new markets for your entity requires just that, INNOVATION’. An article published by Harvard Business Review titled ‘Creating new markets’ stated that, ‘Most companies focus on matching and beating their rivals, and as a result their strategies tend to converge along the same basic dimensions of competition. Such companies share an implicit set of beliefs about “how we compete in our industry or in our strategic group.” They share a conventional wisdom about who their customers are and what they value, and about the scope of products and services their industry should be offering. The more that companies share this conventional wisdom about how they compete, the greater the competitive convergence. As rivals try to outdo one another, they end up competing solely on the basis of incremental improvements in cost or quality or both.’ So, the first thing to understand about creating new markets is that it requires a different pattern of strategic thinking. Instead of looking within the accepted boundaries that define how we compete, entrepreneurs should look systematically across them. By doing so, you can find unoccupied territory that represents a real breakthrough in value. Let’s have a look at UBER, a company that, instead of buying a fleet of cabs and competing head-to-head with other cab companies, decided to do something completely different. The founders of UBER could have innovated and stopped at how they could get hybrid cars as part of their strategy or maybe even offer more comfortable vehicles with WIFI connection and well-trained drivers. Instead, the founders looked at how to make the process easier for customers and developed a tech friendly solution that provides lower costs through accurate monitoring of the distance travelled and drivers trained to a standard level of service. By looking at the problem and the industry from another angle, they have created an entire market for themselves and disrupted an entrenched industry that had little innovation over the past 50 years. I doubt any of the UBER founders had ever driven a cab for a living or dreamt of being a cab driver. However they were able to capitalize on this opportunity because those who had been in that industry were very comfortable with the same old way that they had been operating for years. They couldn’t see the way technology could disrupt the industry and they missed the opportunity. When thinking about creating a new market the popular question “What are my competitors doing?” should immediately be followed by the question “What should my competitors be doing?” Or more bluntly, how can I bring those who could be my head-to-head competitors to my mercy? If you already have a product line, maybe look into a second generation product to help the financial standpoint of the company by creating a new market altogether. Finding secondary marketing can be as easy as adjusting packaging. Look at Coca-Cola or Kellogg’s, these companies have an array of products which aren’t worlds apart where taste or ingredients are concerned. Exhibit A would be the much loved amongst women market, the Special K cereal. Special K promises health benefits & sells fitness indirectly to us and what woman doesn’t want to be fit or at least healthy? Then have a look at Coco Pops, same company, different branding, a bit more sugar and even a cartoon character to attract the kids market. All these have proven to me that as an entrepreneur, your perspective seldom matters above that of the market. You may as the entrepreneur see things ‘Ok as they are’, but one thing you should always bare in mind is that you’re not selling these to yourself, so get into the mind of the market. Think the unthinkable. Now here’s the challenge: Go back to your businesses. Identify your ‘old ways of doing things’ and see how you could catapult yourself to being an industry leader by offering an entirely new way of doing business. Don’t lose sight of your original product or service but explore ways that you could make a similar product that’s targeted at a whole new market. A new market demographic could be a simple as age group, gender or even race. Start innovating. Research how you could infuse technology into your new or existing business. Technology is on the rise, you may just be a tech pioneer in
The purpose of business: The business of purpose
A few decades ago the notion of the Triple Bottom Line became commonplace. The phrase introduced the concept that businesses, particularly global brands, have a responsibility to ensure that their business and their business practices not only render to them (internal) economy prosperity, but that their business practices safeguards the environment, and delivers social responsibility (external). The Three E’s – economy, ecology and equity. More recently, the notion of sustainability and climate change has become a global dictate for ensuring and assessing the actions of corporations – again as a measure of ensuring that corporations take responsibility in and for their global business practices. This ensure that in operating their businesses, they are not in any way depleting the environment and livelihoods, nor negatively impacting the lives of future generations. As usual, naysayers thought it was all hogwash – a liberal, goody-goody notion that some had latched onto to make their businesses look good. A notion that was good for shareholder value and drenched in profit-making with little thought for ecology and equity. But I beg to differ. You see, the future is not only a place we are going, it is also a place we are creating – and as such there can be a trade off between the present and tomorrow, depending on how we live, and ultimately how we lead and how we do business. What am I driving at? I am very much interested in the idea of transformational business leadership as opposed to transactional business leadership. My premise is that business leadership should be transformational and purposeful, and not merely transactional. Your business leadership should have a positive and resounding transformational impact on your internal (staff) and external (clients, shareholders, and partners) stakeholders, to the extent that the leadership positively impacts society at large. Not my responsibility, I hear you say. Well, let’s look at the business landscape and how this notion is being played out in the business sector – and particularly by two women in business. PwC released its 19th Annual CEO Global Survey at the recently concluded World Economic Forum in Davos. Shannon Schuyler, President of PwC Foundation and Chief Corporate Responsibility and Purpose Officer, in an article in the Huffington Post, wrote that the 19th CEO Survey had revealed that while CEOs and companies may define purpose differently, for many ‘purpose is why their business exists’. More importantly, the CEOs noted that they recognise that companies have a wider responsibility to provide value to all stakeholders: ‘business profits and societal prosperity are inseparable: purpose is what aligns and unites them.’ Ms Shannon words were music to my ears. Essentially, global business leaders accept that business is not merely a secular, transactional act, but an intellectual and purposeful act to respond profoundly to societal needs. And that is why you need transformational leaders, leaders with unusual, far sighted ways of thinking and doing, to lead businesses – and ultimately – to shape societies. Jen Lim is the CEO and Chief Happiness Officer of Delivering Happiness – a company she co-founded to inspire science-based happiness, passion and purpose at home, work and in everyday life. For Delivering Happiness, companies can successfully use happiness as a business model to increase productivity and profitability, proving that companies with a higher sense of purpose outperform others by 400%. Here’s the premise My premise is that the higher sense of purpose, the ‘why’ of your business, is the strategic and leadership responsibility of the business leader to know, own, cascade and secure buy-in into by internal and external stakeholders. People generally are always pursuing happiness. They want to be part of something big and bigger than themselves – and what a better place to know and find that than the place where they spend two-thirds of their day, i.e. work? For me, it will take transformational leadership to build the business of your dreams. It will take transformational leadership to have a sustainable business. And it will take transformational leadership to have a truly loyal, dynamic and productive set of internal stakeholders – as well as a set of external stakeholders that render you and your business profit. The transformational business leader is concerned about all their stakeholders – the enterprise itself, the clients, their staff, their business partners – and they go out of their way to identify the needs of each one, after which they seek to arrive at a place of business operations that delivers joint value to all stakeholders. Ms. Schuyler delivered superbly on an enthralling Twitter chat on 18th February about using purpose to drive business. She demonstrated explicitly that in businesses, purpose leads to more innovation, focus, human intensity and quality – and that each of these drive profit. Business therefore is not only a commercial transaction for financial gain but also a potentially transformational endeavour for financial and societal good. Business is purposeful, and there is business in purpose.
Copyright: Preserving your creative work in a social era
The last segment (here) was to follow with a detailed discussion on the non-disclosure agreement. However, conversations with some entrepreneur friends this week warranted a discussion about copyright protections. During the discussion, it was quite evident that some entrepreneurs believe the notion of copyright is all but a fictional concept in frontier markets like Nigeria, especially in a social era where creative works are easily available to the public through social media sites. The comments during the conversation included, “no one cares about copyright, if my work is stolen, life goes on,” “but what courts in Nigeria have the time to resolve copyright cases when it has more interesting election cases pending before it?” and“I barely have enough time to run my business let alone go through the tedious copyright registration process.” During the colourful conversation, entrepreneurs seemed to agree that copyright protection is alive and well in Western countries. However in frontier markets, copyright protection has been tucked deep into the judicial mountains, making enforcement merely a fantasy. The comments of these highly talented entrepreneurs were littered with elements of ambiguity about enforcement procedures, and most importantly, what constitutes copyrightable work. 1. Copyrightable work—Distinguishing the leaves in the forest Copyright protects creative and original expressions such as images, music, and texts. In some jurisdictions, copyright protects particular expressions of ideas and not the general idea itself. For example, the U.S. Copyright statute dictates that “[in] no case does copyright protection for an original work of authorship extend to any idea, procedure, process, system, method of operation, concept, principle, or discovery, regardless of the form in which it is described, explained, illustrated, or embodied in such work” (17 U.S.C. Section 102(b)). Similarly, the Nigerian Copyright Commission noted that a “work is ‘created’ when it is ‘fixed’ in a tangible medium.” Thus, in some jurisdictions, copyright protection does not reach beyond the protection of the specific form of idea. To illustrate, if you and a friend both decide to independently create a painting of Mount Kilimanjaro, your two paintings could qualify as copyrightable work if you both expressed your work in your original forms. To this end, it is not the idea of painting the mountain that is protected; rather, the original form or the painters’ expression of the mountain is what is protected by copyright. Simply put, copyrightable work is analogous to the leaves in a forest; each leaf appears in a form that is distinguishable from the other despite having similar characteristics with other leaves. The second point raised during the conversation was the lack of time to register their work. The good news is that in some jurisdictions, this is not an issue because protection is automatic once one’s work is released into the public domain. In such instances, registration becomes a mere formality and helps put the general public on notice. Registration also has the added benefit of making enforcement and seeking judicial remedies easier. Thus, depending on one’s jurisdiction, registration of one’s work may not be a prerequisite to benefiting from copyright protection. Nonetheless, formal registration is highly recommended. 2. Copyright protection is well and alive, even in African countries! Recent developments this month reminded me that copyright protection is alive and well, even in African countries! Last week, The Nation newspaper reported that “[a] Federal High Court in Abuja, on Friday, February 12, dismissed the preliminary objections filed by former winner of the Face of Africa pageant, Oluchi Onweagba, who was contesting a copyright suit filed against her”. The Nation noted that Chudi Charles, an executive officer of International Pageant and Films, filed the infringement suit seeking N780 billion in damages on grounds that the defendants used West Africa’s Next Top Model, his registered brand, without his consent. Indeed, the dismissal of the preliminary objections does not necessarily predict the court’s ruling on the matter. Nonetheless, judicial decisions over the past few years signaled the judiciary’s commitment to enforcement. For example, in November 2015, a federal high court sitting in Lagos awarded an artist, Dr. Sunday Adeniyi Adeye a/k/a King Sunny Ade, damages in the amount of N500 million for copyright infringement. In 1997, King Sunny Ade filed suit against African Song on grounds of using his master tapes to produce duplicates of his work for public sale without his consent and any remuneration. Several years later, the court ordered the defendants to pay damages. (Sunday Adeniyi Adeye vs. African Song FHC/L/CS/196/97). Similarly, in Angella Katatumba v. The Anti-Corruption Coalition of Uganda (ACCU) (H.C.C.S No. 307 of 2011), a Ugandan high court ordered the Anti-Corruption Coalition of Uganda (“ACCU”) to pay damages in the amount of UShs. 25 million to Katatumba, an artist, on grounds that ACCU incorporated Katatumba’s song into an advertisement jingle without her consent. Likewise, in Nonny Gathoni Njenga & anor v. Catherine Masitsa & 2 ors Civil Case No. 490 of 2013, a Kenyan high court ordered the defendants, Masitsa et al., from reproducing, translating, or adapting the plaintiffs’ literary work, “Wedding Show with Gathoni” into the defendants’ TV Show “Samantha’s Bridal Show.” Despite the fact that “Samatha’s Bridal Show” was running prior to “Wedding Show with Gathoni,” the court’s ruling was made on grounds that the defendants “changed their old running order [of their TV show, Samantha’s Bridal Show] and copied the plaintiffs.” Thus, although copyright cases may not make headlines very often, this does not necessarily mean that enforcement has been erased from the judicial fabric. 3. Practical tips As an entrepreneur, you should register your original expression with your copyright registration office. Use copyright notices, e.g. ©, on your copyrightable work. Such notices not only puts the public on notice but aids in preventing an forger from making an innocent infringement defense—a defense whereby the forger claims that they were not aware their act constituted copyright infringement. If you are using photos, music, or other third-party material for your new venture, seek appropriate consent. You do not want to be subjected to a copyright lawsuit that could potentially
Come what may…business must go on
To all intents and purposes, many economies on the continent have seen a slowdown. Businesses are being tested for resilience, they are being pushed to the edge, and the strength and acumen of their value chains are being tested. But come what may, businesses must go on. They may not thrive as they when the economy was buoyant, but they must continue in earnest. As I think about these times, two things come to mind. The need to build a strong brand to have a sustainable and viable business in and out of a slowdown. The need to continually prepare and plan to scale your business around the core business activity at the earliest possible opportunity. Building a brand. Building a business What is the difference between a brand and a business? A business is an enterprise that creates an opportunity to trade and generate revenue. A brand is made up of intrinsic values, quality and characteristics that endear clients and aspirational clients to the business. I always say when starting a business, it is crucial to focus on building the brand first, so that you can have a viable, sustainable business in the medium to long term. And building a brand is not child’s play. A business brand is almost always made up of the personal and business values of the CEO. Especially for a small business, it is almost impossible to separate the personal brand of the CEO from the business brand. These become indistinguishable given that the CEO is the face of the business, and most likely the primary client-facing representative of the business. For the business owner and CEO, this brings home the need to reflect on, define and articulate your personal and business values right from the outset. This delivers you your business brand. Understand and define what you are trying to achieve with your business and what values are aligned with that personal and business aspirations. Then, commit to live those values – through how you operate your business, how you choose and interact with clients, the quality of your services and products, how you recruit and engage with staff, how you present yourself to the world – presentation skills, public speaking skills, networking, and personal style. When we focus on these from the outset, we endear clients, and essentially revenues, to our business, create brand loyalty, and, come what may, in and out of recession, we enjoy a level of brand loyalty. Scaling your business Most business start with one core idea, concept, initiative, but there is always an opportunity to scale and expand that business. Think of a fashion brand that starts initially producing clothes, then start to produce and sell accessories, then later on goes into interiors, and maybe even then a lifestyle venture such as a restaurant. What enables such a business to do that successfully is the power of their brand. When a brand is strong, it has a following, and clients will seek out that brand for every aspect of their daily needs. It’s an intentional decision. Many global corporations and their CEOs at one point decided to develop their personal and business values (=brand) to keep their clients and customers hooked. In the event of an economic slowdown or economic upturn, their business, through their brand strength, remains a viable and sustainable enterprise. You can do it! The price of business and entrepreneurship is uncertainty, and the prize is a vision fulfilled, success even in the midst of uncertainty. Someone recently shared with me a precise lesson in living. They said, if we knew the times and seasons, if we knew exactly what would happen to us or our business next month, next year or in 3 year, we would not need faith, we would not need to be resilient. It is often the uncertainty in business and the ambition and determination to curb that very uncertainty that fuels the drive to success. Risk taking buoyed by a strong brand can bring some comforting business stability. When we strive to become better than we are, everything around us becomes better, too – Paulo Coelho, The Alchemist
From passion to profit: Strategic planning for the woman-owned SME
I am fascinated and excited by the growing number of professional women entrepreneurs all over the African continent. Women who dreamed of being in the corporate world, then went on to leading universities at home or abroad, and then joined and rocked the corporate world in the business and financial enclaves of Nairobi, Johannesburg, Lagos or Accra. Women who then decided that they wanted to own their own corporate world. Brave, heroic and adventurous women. Women determined to dream, and women courageous to pursue those very dreams. I salute you all, my sheros. Accolades aside, it’s a tremendous undertaking starting and running a business. As a management consultant and business adviser with two decades of international consulting experience, I have seen the highs and lows, the joy and the pain, of running a business. The joy and pain of those who want fame and celebrity from their venture, the highs and lows of those who want to execute their enterprise demonstrating best practice, the success and disappointment of those who pursue business for purely monetary gain, and the frustrations of business owners as they deal with the inefficiencies of their value chain. Yes, it is immensely trying. Tremendously tough. Plan: Think deeply about your business aspirations But many women generally start their businesses out of a passion. Why else would you leave that well-paid management position in Citibank, GE or MTN? They want to serve that deep cry within them to step out into the deep and start their very own entrepreneurial odyssey. When they separate from their employers and well-paid jobs, the new business card is printed, the website is set up and one or two well-meaning and even carefully chosen employees are recruited. A few years down the line, things start getting complicated and the business’s reality may not match expectations and aspirations. Then disillusion sets in. Whilst this is ‘normal’ and or to be expected, I often think one of things that smaller women business owners on the continent do not do at all that could ease this dark phase of their entrepreneurial journey is strategic planning. Whilst to some that may sound like a big phrase, something that only big corporations indulge in and something that is not necessary for the small business, a documented strategic plan is a critical planning tool for the endurance of a business –even in the small and growing business sector. I would even say, especially in the small and growing business sector because of the aspiration to GROW.One is already tested by the very fact that one is an entrepreneur in the SME sector – with many more established, larger, older, and trusted businesses around the corner. Add to that the desire to make profit, satisfy customers and be responsive to their needs, listen to and train staff, and deal with third party suppliers. Exasperation then sets in. Envisioning the future of your business Whilst a business plan is used to assess the viability of a business opportunity, a strategic plan provides focus and direction for moving a business from where it is now to where it would like to get to. It is a futuristic document that documents your vision, your mission, your goals and the ensuing activities for your business over a specified period –usually 3 to 5 years. Not that you cannot run a business without one, but a more deliberate and focused picture of where you are going and what activities and initiatives it will take to get you and your business there is a valuable exercise in horizon planning and scenario mapping. Let’s start with the envisioning. Having to deliberately consider a vision statement for your business forces you to think of the purpose of your business, ‘the Why’. And ‘the Why’ is where it all starts. Your response, a succinctly documented vision statement, puts a lot into perspective. Let’s move on to your mission. What do you do? More importantly, what do you do expressly well than other businesses? What will distinguish your business? In many ways your response to these questions (in a mission statement) will then shape your goals for your business. I always say it is best to have a maximum of five goals –have one on organisational and people issues, one on branding and communications, including social media, have another on revenue targets, and yet another on your products focused on how you will distinguish your service, your brand and your brand outputs. Having documented the goals, we then move on your initiatives and all activities. For each goal agreed on, you need to articulate the activities you and your business will undertake to realise each goal. These can be as many as six or seven, but I would say ideally limit it again to five –we want to ensure the possible, let’s KIS and keep it simple. Have Done All, Do Having done all that, do. Execute. Have timelines for the achievement of each initiative- I like to say these should be quarterly targets. To support you in execution, for accountability purposes I would say institute a small Advisory Board, or a group of friends who you trust and who are professional enough to respect and value your business aspirations but also comfortable enough to ask you the tough questions about your business. Alternatively, you could also get a business coach. Many of us doers are driven by our passions and our passions alone. A runner wants to run, a golfer wants to golf and a business owner with a passion for jewelry wants to make and sell jewelry. That’s all very well and good, but if you really want to excel at what you do, whether you are a golfer, a runner or a CEO, a lot of the time you need a little, or a lot of, extra help. Conclusion Strategy planning is a tremendous exercise in self-examination and business planning. It takes a lot out of you. It’s hard. You must
5 ways to out-hustle the competition like African market women
African women are naturally inventive, creative, and entrepreneurial – we aren’t the idle type. We work with our hands, minds, and wits. We find things we’re good at —even if it’s just a hobby. If you’ve been to Makola market, in Ghana, you’ve seen the endless rows of stalls, tables, kiosks and booths of market women selling everything from baby diapers to tomatoes. There are usually rows of women selling the exact same thing within yards of each other. It struck me how they made a reasonable living selling goods and produce in a market that’s saturated with other merchants selling the same things. Rather than dwell on the mysteries of Makola, I saw the poetry in their ways and learned a few lessons about business and life from these hardworking women. 1. Auntie Yaa shows up every single day Auntie Yaa knows she has severe competition, after all, there’s nothing new under the sun. But in a crowded marketplace, victory goes to the person dedicated enough to show up every single day. For many market women, like Auntie Yaa, that little stall of sundry provisions is all they have. Consistency is key. Their one chance of affording life’s bare necessities are contingent upon waking up earliest, showing up every day, and hustling like their lives depend on it. 2. Sisi Lola makes her presentation count Sisi Lola knows when it comes to drawing in customers, it’s all about presentation. In a crowded market, your brand presentation is everything! Make sure your brand is visually pleasing and effectively communicates your message, and not just the product or service you’re selling but yourself, too. Personal branding is very important in today’s global marketplace. The woman with the brightest Bubu, or the catchiest call, wins. 3. Learn to barter like Aminatta Aminatta knows the value of trading without money. Exchanging what you have or your services, for needed services from another, is a good way to get your business off the ground and build connections with other business women. Pay if you must, but barter if you can. 4. Mama Hajara keeps ‘em coming back with stellar customer service A market is a busy place and everywhere, vendors are harping, buyers are haggling, and traffic is passing. Mama Hajara can bank on daily success because she keeps her customers coming back for superb customer service. She goes beyond pleasantries and makes each one of her customers feel like a good friend. She knows their names, the names of their children, she may even know where they live. She stays in business by encouraging loyalty through friendliness. There’s no better way to ensure customer loyalty than stellar customer service. 5. Auntie Gloria keeps a Tight grip on her money belt If there’s one thing you know about successful market women, it’s that they use knots in their cloth to manage their money. Being able to put your money in buckets allows you to see how much money is coming in and budget for continued business success. Auntie Gloria keeps separate knots for covering costs, profit, savings, and business reinvestment and growth. Being financially savvy about your business is key to being a successful entrepreneur. So Motherland Moguls, which hustle tactic can you start using to grow your business? Have any additional lessons to share?
Scared of frauds? No wahala: 4 tips for conducting proper due diligence with global partners
A significant amount of entrepreneurs in South Africa are getting comfortable with the idea of doing business across borders, be it sourcing goods and services to even looking for strategic partnerships with foreign entities. The African continent has become more accessible and opportunities abound for entrepreneurs and small and medium enterprises. What’s more, African businesses have been partnering with the relatively unknown East. Social media exposes business owners to opportunities they would not otherwise have access to. This is exciting. Those who have done cross border business will tell you that in so much as the potential for business synergies is there, the risks are equally matched. Take for an example a recent case that came to my attention for assistance. A South African business owner (who we will call James to protect his identity) in the commercial real estate industry got the shock of his life when it turned out that the Chinese businessman he had an ‘in principle agreement’ with (which was later deleted from the email correspondence) was nothing but a fraud. Mind you, James had incurred large costs in setting up partnerships with other businesses and even going as far as paying for elements of the agreement. You might think, ‘that’s not smart!’ and I would have to agree with you. However, the need to acquire first mover advantage sometimes propels us to make an early commitment for fear that someone else may snatch the lucrative opportunity from us. In the process, we tend to skimp on due diligence with disastrous consequences for our livelihoods and credibility. Stories abound of orders that were never delivered or were of a cheaper variant. These occurrences are not unique to South Africans and Chinese businesses; they happen throughout the continent with potential partners across various regions. Like in any business relationship, proper due diligence is of paramount importance in conducting trade or investment relations. As more people take the entrepreneurship route, it is important to know that doing business across borders has inherent risks and one needs to be smart to avoid frustrations. Doing your homework can mitigate risks and help you make informed decisions. Below are some considerations I take into account when I’m dealing with prospective cross border relations: Seek out word of mouth referrals Nothing is more comforting than finding good partners/suppliers. Like with anything these days, word of mouth goes a long way and in most cases save you a lot of hassle. However, reviews by themselves cannot substitute for verification. Speak to those who have walked along the same path as you and where possible, speak to their associates as well. A traceable track record is key When you are in the early stages of your business, the last thing you need is to deal with amateurs who will promise you heaven and earth and deliver nothing. If you’re a novice, you need to ensure potential partner has a proven record for quality service. Invest time in establishing the authenticity of such a claimed record. It may be tedious, and possibly costly, but it will spare you losses further down the line. Courtship is the way to go Just as when you meet a prospective life partner, you need to take your time to get to know your business partner before committing. Don’t go on impulse, court first! Don’t be like James and fall prey to pressure tactics. Solidifying business relationships takes time so don’t rush things! Get samples beforehand and VISIT premises where possible Too many people have relied on assurances from a seller about the quality of their goods. Too many people have taken letterheads as proof of existence. You can make no bigger mistake as a small time buyer than to buy goods you have not sampled or not visiting the premises of your manufacturer. You would be amazed the things some conmen will do to dupe you into buying their non-existent goods from their non-existent premises. Nothing can ever substitute for checking out the premise yourself. If this is not physically possible, there are trade agents who can do the leg work on your behalf for a small fee. Do invest in your future success. Trust your gut (first listen to it) We all have that little voice that tells us from the moment we meet someone whether you can trust them or not. Most of the time we ignore this voice and many a times, we wish we had listened to our gut. I have dealt with a number of entrepreneurs who allude to feelings of ‘something not feeling right’ and yet go ahead and invest their time and money, blaming themselves when things fall apart. Learn to entertain your inner voice and debate with it a bit. It will serve you well. Trust me! Whether you are contemplating local partnerships or across borders, due diligence is key. Even more so for non-local partners due to the prohibitive costs of enforcing your rights. Do not be pressurized into early commitment as this may leave you occupying a reactive position and a trip down crisis management. And if you are not sure about cross border regulations that govern your business, ASK. The Department of Trade and Industry (The DTI) in South Africa (and relevant in-country departments that deal with trade and investment issues) can save you from making costly mistakes!
Dziffa Ametam: Tools and tips for building an e-commerce site
From Amazon to Alibaba to Jumia, ecommerce has taken the global retail market by storm. Data suggests the trend is here to stay. With internet penetration improving across Africa, we expect ecommerce industry to expand. Dziffa Ametam of Dziffa is on a mission to create an online marketplace for authentic handmade African goods. For any one who had spent time on the continent Africa, this is no easy feat. Internet speed and pricing are two of several hurdles ecommerce business have to surmount. In this piece, Ametam shares tips that have helped her build her business, and pitfalls to avoid. Can you give us some insight to some of the important tools you started out with? 1. Stick To Your Principle At Dziffa, our principle was simple: sell authentic handmade African goods that add value to our local economy and expand the global reach of our local artisans. We started by combing Ghana for artisans who made high quality goods from locally sourced raw materials. We partnered with them, providing professional photography, branding, and marketing services free of charge. As they had nothing to lose, they agreed to the partnership, and that helped stock the site with products that are aligned to our principle of creating a store with authentic African goods. 2. Focus on the Supply Chain Most ecommerce sites fail because they are unable to meet demand. It was very important for us to maintain consistency by fulfilling all orders. This sounds very basic but it is actually the hardest part of our job. We work with artisans from various regions and each has his or her own challenges with getting the products to us on time. I moved to Ghana to ensure that all orders, no matter how small, would be fulfilled. Fulfilment is crucial to turning curious customers to loyal customers. Someone could buy a bookmark out of curiosity, but if she received it on time and is satisfied with it, she just might become a loyal customer. Plus, her friends will know about her new discovery. Pitfalls to avoid Getting heavily involved with manufacturing. Because we work hand in hand with artisans, we are always tempted to get involved with the manufacturing process. This was a big distraction in the very early days of Dziffa. We would get consumed with the manufacturing process that we didn’t have time to focus on our core responsibility, which is selling. What are some tools you started without that you soon realized were necessary? Social Media, Blogs, and Magazines. Stories matter and we underestimated the power of storytelling in the very early stages of Dziffa. We communicate to our audience through our weekly blog post and bring them along with us on our journey. We reach out to magazines to share our discoveries. We also leverage social media to brand and sell beyond our immediate market,Ghana. What is your advice for aspiring entrepreneurs trying to get into the e-commerce space? 1. Do your research I cannot stress this enough. As an entrepreneur, every mistake you make is costly. Do your research or speak to someone who has been down a similar path. Make sure you thoroughly research the market you are going into and fully understand the opportunities and challenges. 2. Embrace the struggle Entrepreneurship is not easy. You will be faced with a lot of challenges. Embrace the struggle; they teach you a lot about yourself and your potential. Remain persistent and always remember why you chose this path. You can learn more about Dziffa? You can find out more on her website and social media pages – Facebook and Instagram. Want to learn more about ecommerce or running an ecommerce business? Comment below and let us know.