Big Company Strategies for Start-ups/Small Businesses to adapt
Running a small business has its pros and cons, the same as running a large corporation. Large corporations may have endless resources to implement and execute elaborate and detailed strategies as they have hundreds of great minds constantly devising new ways to grow their business. Whereas in a small company, you have to keep overheads lean, hence, there is no massive budget for strategy sessions with great minds from Ivy league schools. In a small business, the entrepreneur is the great mind and the world is your Ivy league degree, you have to make do with what you have. But how exactly can you do that? I highlighted some solid, foolproof strategies that big corporations employ to achieve massive results and successes, which can be applied to your small business on a lean budget. Market Segmentation Enterprises spend millions annually on research to find out what market segment their products are best suited to. Market segmentation is important in every business as knowing your customer is the key to finding your market, which consequently leads to sales. You need to know who your customers are, where to find them and how to reach them. For small businesses, market segmentation helps you focus on a particular demographic or geographical area, thereby allowing you focus efforts on being the market champion in that market segment. To figure out your market, small business owners should ask questions like who is your ideal customer? Which customers are you avoiding? What markets are the most profitable? Answering these questions would help entrepreneurs prioritize and apportion resources to market segments that have the highest returns. Marketing Funnel A marketing funnel is basically a fancy term for all the points in your customer acquisition strategy where you contact prospective clients. As a prospective customer moves down the funnel, the better your chances of converting them into a paying client. Big businesses have a large team and budget to automate and implement this process, with small businesses on a lean budget, you can adapt this technique by being intuitive to your customer’s buying pattern. Ask yourself, how does a customer find out about your service? How often do they come to your page? When do they buy? What motivates this purchase? Asking yourself these questions gives you a clearer understanding of how to move your customer from being aware of your product to become paying clients. Partnerships That Work Large corporations usually cut deals with their counterparts that their customers can benefit from, small businesses should employ this tactic. By bundling your services with another that complements you and your customers, you rake up good points with your clients. For instance, if you sell hair extensions, you can offer your clients free hair care products, this would cause clients to be more inclined to your products, or event decorators could team up with an event space to offer a bundled service to customers. It’s about leveraging what you’re good at, not trying to be everything to everyone and giving your customer a more wholesome and rewarding experience. Chief Sales Officer Enterprises can afford to pay several people bucket loads of money. Especially people who work just to think about how to execute more sales every day. These people have access to real-time data and analytics. The data is what helps them make sensible insights, that make executing a large number of sales a reality. On the other hand, for small businesses, it is usually hard to have more than one person in this role. It is of utmost importance to have someone who is constantly thinking of ways the company can generate revenue. You must always know who your customers are, where they are and know what they want. As you scale, have more people in sales and segment each section of the market the person should be handling. By focusing on the customer and how to make them advocates, generating sales and loyalty. Most businesses have grown to become big businesses. If you’d like to get featured on our Facebook page, click here to share your story with us.
Quick Maths (4): How to build up an emergency fund for yourself with FSDH Asset Management
Save for the rainy day… it might take a little longer for the sun to shine! Welcome to the final part of our Quick Maths series by FSDH Asset Management, where we’re giving you simple personal finance tips you can master, to achieve your financial goals. In the last three series, we showed you how to generate income to start your business, how to diversify your income and how to get the best out of your net income and now we want to teach you how to save for the rainy day. What do you have saved for the rainy day? Nothing? We can plan for a lot of things in life, but sometimes, the unexpected just happens. These are the times you face bigger-than-expected bills, but having an emergency fund can make it easier. An emergency fund is money kept aside in case there are emergencies or problems in the future. Now, listen! An emergency fund isn’t for your everyday needs or special wants, so leave your sinful indulgences out of it, and no! flash sales are not emergencies either. We partnered with FSDH Asset Management Ltd to bring you this guide to help you understand why you need to have an emergency fund and how to start building up your emergency fund(s). [bctt tweet=”Having an emergency fund prepares you for the unexpected expenses yet to come – @fsdhcoralfunds” username=”SheLeadsAfrica”] Topics this guide will cover: What is an emergency fund? How much money should you have in an emergency fund? The difference between emergency funds and investments Ways to set aside emergency funds After reading this guide, you would be one step closer to achieving your financial goals. If you want to keep slaying in your finances, be sure to read up on our previous quick maths series, you’ll be glad you did! FSDH ASSET MANAGEMENT LTD – FSDH AM is a wholly owned subsidiary of FSDH Merchant Bank Limited. They are one of Nigeria’s leading asset management and financial advisory firm. FSDH AM is versatile in financial transactions and investment strategies that meet the need of investors in an emerging economy like Nigeria. They recognize that today’s investors need the services of dedicated and expert professionals to provide them with intelligent investment counsel. Therefore, their strategies are dedicated to preserving investors’ wealth while maximizing the value that they receive. Once you’re through with this guide, visit FSDH Asset Management Ltd to know more and get all your pressing questions answered. Getting access to this guide is easy: just fill out the form below to join our community and get access to this guide. This is the final part of our series but you can get all three series here. By joining our community, you also get to enjoy our AWESOME weekly content as well.
How to overcome the fright of starting a business
If you have decided to ignore all the advice of well-meaning individuals and friends and have still gone ahead to start a business this year, you must have some real guts. Starting a business is no easy task. There are endless challenges that often discourage you from even starting. When looking at all the challenges entrepreneurs face, it’s easy to question how your business would thrive. If your business was a soft, supple, newborn baby, your goals as a business owner is to see that this business survives its first years. But how do you achieve this and start your business like a boss? 1. Face your fears Spending nights rolling on your bed, worrying about your business goals won’t make you cause you to achieve them. Unfortunately just thinking about your business will not turn it into reality. You may have several doubts about the likelihood of people getting your products and services, but until you put your business out there you won’t know for sure. Start by creating your sample products, sell them to family and friends and get feedback about them. With every action, you take you to become less and less afraid. Every action you accomplish will help your confidence grow and you’ll begin to see your fear diminish. 2. Surround yourself with positive people Surrounding yourself with positive people can make a huge difference on the success of your business. There are people who would do nothing to encourage you and will not give any positive feedback. If you stay close to such people, you will begin to doubt your ability to reach your business goals. The truth is, the people closest to you may be more susceptible about your business than strangers. Expect it. They may not believe in your ability to drive your business to fruition, you shouldn’t make it your aim to prove that point to them. On the other hand, having a supportive people chip in a suggestion or two will stir your faith in your business, you’d start to believe in this brand becoming tangible as you hear them talk about it like it already exists. 3. Be Patient If there is one thing you will most likely encounter, is roadblocks! And when you do, you will need lots of patience. When things get tough, don’t through your hands in the air and shout “I don’t have time for this”. Firstly, try and understand that the problem you face is not always your fault. If you cannot go through the problem, find a way to go around it. Do not compare yourself with what you see on the news and social media. Seeing everyone move on a much faster pace may be discouraging. When you do his a roadblock on your journey, figure out how to deal with it while putting other aspects of your business in track. You should always be ready to take off when the roadblock is removed. 4. Dance upon disappointment As an entrepreneur, managing disappointment is a skill you can’t afford to live without. So what if things do not work out as you plan? What if a key team member decides to leave at the last minute, or a trusted supplier fails to supply your ingredients on time? What would you do when people fail you? You cannot always control all circumstances when working with people. When things go wrong, you shouldn’t beat yourself over. Try and come up with new alternatives. Though this may be tough, it will become a lot easier if you stay positive about it. Take a break, play some music and dance away your disappointments. You can also create a warm environment where everyone can come together and decide on the next steps for the business will be. If you’d like to get featured on our Facebook page, click here to share your start up story with us.
Wennovation Hub: Empowering African Entrepreneurs by solving socio-economic challenges
Wennovation Hub is the pioneer innovation accelerator in Nigeria since 2011, with offices in Lagos, Ibadan, Abuja and recently Kaduna. It was co-founded by the dynamic quartet of Wole Odetayo, Michael Oluwagbemi, Idris Ayo Bello and Dami Agboola; four young Nigerians who believe in the power of technology innovation and youth entrepreneurship for the economic emancipation of Africa. The vision of the hub is to achieve sustainable development in Africa by fostering innovation among the youth population. They also focus on social impact sectors including Agriculture, Healthcare, Education, Clean Energy and Social Infrastructure. Wennovation Hub emphasizes the need to inspire and empower entrepreneurs to solve socio-economic challenges in their communities by leveraging technology resources and networking. Up till date, they have supported over 300 startup teams and well over 6000 youths physically with as much as $2.5 m. The money was raised by startups within their network and over $66M raised as follow-on funding by startups within the founders’ network. As Nigeria’s first privately run incubator/accelerator, Wennovation Hub has incubated more than 60 teams. They have seeded over a dozen companies and directly impacted more than 300 high impact entrepreneurs and aspiring entrepreneurs . They collaborate with these entrepreneurs to build commercially viable businesses that have high impact solutions to some of the most resilient challenges in different communities across Africa. “Our efforts have been recognized by World Bank – Infodev by sponsoring Lagos Angel Network which we convened in 2013, McKinsey who mentioned Wennovation Hub severally in their “Lions Go Digital” 2013 report, Ashoka Global Institute and SAP by giving Wennovation Hub a “Changemaker – Power of Small” Award in 2012 amongst many others”. [bctt tweet=”@wennovation Hub emphasizes on social impact, job creation and the importance of youth capacity development in all programmes” username=”SheLeadsAfrica”] “Today, our active portfolio companies account for tens of direct jobs and over $150k in sales annually. Wennovation Hub, as a leading accelerator, in achieving impact has forged strategic partnerships across the global entrepreneurship ecosystem with the likes of CTA Netherlands, Bill & Melinda Gates Foundation, Spring University Canada, Village Capital Atlanta, Kick Incubator USA, Covenant University, Tony Elumelu Foundation, USAID, Obafemi Awolowo University, Total Nigeria Plc, PIND, FMARD, IITA, MIT, AfriLabs, MIIS, University of Ibadan – Centre for Entrepreneurship Institute, University of Lagos, and a host of others in our partnership portfolio”. The hub also supports startups operating in any sector with particular emphasis on those that leverage technology due to the huge potential for scale and growth. Their dedication to innovation and tech-enabled entrepreneurship is in line with our strategic goal of being positioned as Africa’s Topmost Technology Startup Accelerator promoting innovative ideas, building high-impact entrepreneurs and nurturing top businesses in the process. The Co-Working Spaces in Mokola Ibadan, Ikeja Lagos, and Jabi Abuja are open to all entrepreneurs, aspiring entrepreneurs, start-up/business owners, innovators, inventors, freelancers, creative entrepreneurs and techies/tech-preneurs. Registration at Wennovation Hub provides the following opportunities: A beautiful and serene workspace environment Access to internet facilities and uninterrupted power supply Access to our various training programs that improve technical skills for tech-preneurs, Business skills development programs for entrepreneurs and growth acceleration programs. Opportunities to access numerous funding opportunities and connect with potential business investors/consultants. Free invitations to our various social and networking events Opportunity to interact and network with a community of like-minded entrepreneurs for personal and professional growth. [bctt tweet=”Through collaboration, we can leverage technology innovation to solve major socio-economic challenges – @wennovation ” username=”SheLeadsAfrica”] We are proud to be a pioneering force in the Ecosystem pushing the frontiers of Technology Innovation and supporting Entrepreneurship across the continent – inspiring, creating and promoting innovative and sustainable solutions to the socio-economic challenges of Africa. This is Wennovation! Our Focus Areas Ibadan Hub – Ecosystem Development Programs – Entrepreneurship Development Program Fully Serviced Co-Working Space Lagos Hub – Proto Lab and MakerSpace – Markers Ecosystem Engagement Market Acceleration and Rapid Prototyping Lab Abuja Hub – Public Sector Incubation Programmes – Public Sector Policy Advisory and Consulting Public Sector Engagement Programmes At Wennovation, OUR MISSION To inspire and empower African Entrepreneurs to solve their immediate socio-economic challenges by leveraging technology, resources, and network collaboratively. OUR VISION To achieve sustainable development in Africa by fostering innovation among the youth population. Sponsored Post.
Chidinma Emodi Chukwuemeka: Pitch your business proposition from the ‘why’ perspective, not the ‘what’
Chidinma Emodi Chukwuemeka is a seasoned entrepreneur with a specialty in Brand and Digital Marketing. In July 2017, Chidinma and her husband, Mr. Bentley Chuwkuemeka officially launched The Footwear Academy. The Footwear Academy is a footwear training and production school for individuals interested in the art of footwear production and sales. Their vision is to enable shoemakers in Africa starting with Nigeria produce exportable standard products. Her Start-up The Footwear Academy has pitched and participated in various local and international startup competition. They are the recent winners of the Proudly Made in Aba Hackathon – winning a grand prize of $50,000 from Ford Foundation. They also took 2nd place in 2017 at the Open Mic Africa startup pitch competition organized by Techpreneur Africa and MIT Legatum. Chidinma is an Alumni of Young African Leaders Initiative (YALI Regional Training Center) – Onsite Nigeria Cohort 4. She was awarded star of Business and Entrepreneurship for her cohort. She is self-driven and very passionate about helping brands and people succeed. [bctt tweet=”You have the ability to be anything you want to be ” username=”SheLeadsAfrica”]
Quick Maths (1): How to generate income to start a business with FDSH Asset Management
Smart moves early in life can pay BIG long-term….. Now, what’s the point in looking good and slaying when your bank account isn’t smiling back at you? Listen. This is the year to SLAY 100%, and we’re ready to show you how to make money moves the right way. So, are you ready to cash out like Cardi’s got nothing on you? We are partnering with FSDH Asset Management Ltd to share with you a 4 part downloadable guide to enable you to boost your finances. We want to make sure that every Motherland Mogul is prepared to master the money world. [bctt tweet=”Learn how to generate funds to start your business with @FSDHCoralFunds. Click here for more: bit.ly/FsdhGuide1″ via=”no”] Topics this 4 part series will cover: Seed Money: How to generate income (capital) to start a business. Diversifying: Different ways to save and protect savings (for low and high-income earners). Bottom Line: How to use your business net income to your advantage Emergency Funds: Why you must have some investments. Now let’s talk about you. You’re about to start a business but you need capital to begin? Girl, we’ve got you! In this first downloadable guide, we’ve done some Quick Maths for you, highlighting how you can generate capital for your business or launch your new project. First, you need to understand that money does not come for free, as a MotherlandMogul, you have to know what your options are, and work towards them. After reading this first downloadable guide, you’ll understand what moves to make to get closer to your money goals. But what’s next after you get that capital and the bills start rolling in? We have more juice coming your way. To continue learning basic principles that will lead to a happier and healthier financial you, get prepared for our next guide. Because girl, we’re going deeper. FSDH ASSET MANAGEMENT LTD – FSDH AM is a wholly owned subsidiary of FSDH Merchant Bank Limited. They are one of Nigeria’s leading asset management and financial advisory firm. FSDH AM is versatile in financial transactions and investment strategies that meet the need of investors in an emerging economy like Nigeria. They recognize that today’s investors need the services of dedicated and expert professionals to provide them with intelligent investment counsel. Therefore, their strategies are dedicated to preserving investors’ wealth while maximizing the value that they receive. Once you’re through with this guide, visit FSDH Asset Management Ltd to know more and get all your pressing questions answered. Getting access to this guide is easy: just fill out the form below to join our community and get access to this guide, remember this is only part 1, there’s more to come – so stay updated. By joining our community, you also get to enjoy our AWESOME weekly content as well.
More Women are embracing Co-working in Nigeria
The way in which we work and do business has changed enormously over the years, pushing further the entrepreneurial narrative. Today, we have a lot more flexibility and freedom to work remotely, without coming to the office, or operating a home-based business, or making use of convenient locations. More and more women in Nigeria are entering the business world, and many more are being encouraged to do so. The inspirational stories of women breaking the frontiers from all over Africa and the world at large have motivated more women to venture into the male-dominated business world. Therefore, it’s no surprise that the BBC in a recent study said Nigeria has the highest number of female entrepreneurs in the world, this clearly shows how entrepreneurial Nigerian women are and how they keep pushing the envelope in different sectors of the economy. These women are rising up to the challenge and have fully embraced the concept of Coworking. Currently, all over the world, there are over 4000 Coworking spaces and about 20 female-centered spaces. In Nigeria, there are over 100 coworking spaces spread across the country with the majority in Lagos. WHAT IS COWORKING? Coworking refers to people working in shared office spaces and has been referred to as the future of work. With more and more women getting actively engaged, they are taking advantage of serviced office spaces as against the traditional rent. Venia Hub is one, the first coworking space in Nigeria. Venia has since opened its doors to budding female entrepreneurs. It is currently housing many female-owned owned businesses and lots of virtual and creative freelancers. Venia’s sister company; The iLx Center is a training facility which has seen women come in to be empowered by organizations and individuals. There has been a lot of female facilitators and trainers booking the training center to empower both women and the public in general. Women based organizations like the SLA digital marketers training and lots more have been held at The iLx Center. The Center provides first class services such as uninterrupted power supply, fast internet, and generally optimized environment to fit whatever occasion that may be required of the space and ease of location. While the benefits of Coworking might seem obvious already, here are some more specific benefits working from a coworking space such as Venia does for you and your business, whether big or small. 5 BENEFITS OF COWORKING 1. It’s Affordable Co-working spaces are affordable and startup friendly, they offer way cheaper rent rates as against the traditional rent and running cost for offices. From power, cleaning, security, to other needed facilities and infrastructure needed to run business seamlessly, all these can take a toll on business especially SME’s. Coworking with its service nature caters for all of that by spreading the cost with other co-workers The running cost is spread across the board so the effect is not felt by one alone. This way you work from a secured space with great ambiance, your mails are handled and your visitors properly entertained. 2. It’s Structured There’s no doubt the amount of distraction that comes from working from home. The truth remains that there are multiple things that can become distractions, affecting output and productivity. The coworking environment gives the structure needed to get actual work done. You get a heightened focus and higher discipline to achieve tasks with very minimal distractions. 3. Increased Productivity There is an energy that emanates from interacting with like minds and coworking offers just that; the opportunity to network with people doing great work, share/ bounce ideas off each other and even skills rent. Coworking serves as a hub for highly creative people whose skills can be temporarily hired, promoting an exchange of skills and knowledge. Working from a hub surrounded by other industry players keeps you on your toes. You’ll also find yourself constantly informed about the happenings in your industry. There is a supply of all the information you need to energize and achieve more while ticking things off your list and hitting your business goals. 4. Collaboration Collaboration is the new competition, and coworking is synonymous to collaboration. The concept of working in a shared space and amongst similar minds enables avenue for networking and collaboration for greater impact. Examples of collaboration that changed the world. 5. Flexibility: Coworking offers flexibility, depending on available funds, a lifestyle that might involve traveling and move from one location to another. Venia, offer plans that range from daily, weekly, monthly and even weekends to accommodate different work plans. It also provides options of working from different locations on one subscription. For days when you don’t want to go through traffic, or you seem to have meetings in a different location, Coworking affords you the options for flexibility. With all of these incredible benefits that coworking offers, it is apparent that women; motherland moguls take advantage of coworking to boost their productivity, business, and brand. It is encouraging that women continue to set and raise the bar, pursuing their dreams and embracing their full potential, choosing to orchestra their lives and be part of the future, we are here to propel them on. This article was written by Joy Kika for ILX. Sponsored Post.
Side hustle 2.0: Tips for starting a side hustle in South Africa
With the way the economy is (well in South Africa), it is getting tougher to make ends meet. So, much like my last article, some turn to a second income in the form of a side hustle or business, while others, run their side businesses out of passion and enjoyment and not necessarily for the income. For those who do not have businesses up and running yet, it may seem like a daunting task to get started but it honestly isn’t – it just needs one to put on their admin hat and take it one step at a time. In this article, I will discuss how to kick-start your business in the South African context. 1. Register your company In South Africa we use the CIPC, which reserves a company name for you as well register your company, doing both only costs you R175. To register on the CIPC all you need is the amount, your ID number and your company’s name. Once you create a customer account, you then move over to the TRANSACTION tab and click on “REGISTER A COMPANY”. From then on, it’s a walk in the park. 2. Get a logo Others may not design a logo right away and I suppose that it is dependent on what you do, for example, if I am looking for a contractor to remodel my bathroom, I don’t really care for his logo. On the other hand, businesses like clothing brand ’s will require a logo especially when it is needed for labels and packaging. I believe a simple design is always best for logos, it can stay with you for a long time, without having to rebrand. 3. Create Social Media Pages This is easy to do and often helps get your brand out there. Social media is also helpful when you don’t yet have a website, they act as your point of contact when you cannot engage with potential customers face to face. The key rules for social media as I’ve learned are: Create engaging content, make your followers tag a friend, comment, rate or vote on something. Keep things short and simple on twitter and this is a great platform to engage/chat with followers. Instagram is visual, use beautiful and great quality images (also on all your other social media accounts). Facebook allows for more text and longer pieces. ALWAYS direct all social media posts to your website (if you have one) eg: “for more info, follow the link to read more about the other products that we sell” 4. Advertise When you’re getting started, social media and your friends and family will be your advertising. If your budget for paid advertising is low, you could offer your products/service to influential people at a discounted rate. For example, if you want to start a branding company, find a company who you feel could really benefit from your services and offer your services at a lower rate. Another example, as a chef you could start selling your signature dishes at a food market or offer dinner dates for couples. A makeup artist could offer to do school play’s cast to showcase your work. There is a world of ideas and opportunities to advertise and sell your products and services! 5. Create templates for your quotes, invoices etc I cringe when people send their quotes as a text or in a poorly constructed Word document. Some businesses allow you to have a standard price list, so if your prices never change, invest in a well-designed page, that has your logo, all your contact details, social media pages, price list, payment details, lead times and everything people normally ask for. Never mind being neat, it saves you time from having to type out your price list every time. Never make your customers work for your details or to make their purchase/appointment, you have to make it as easy as possible! Chances are, they’re ready to make a purchase, don’t slow down the momentum by having them ask for payment options. The greatest part of invoicing (especially when your customer base grows exponentially) is that the invoice numbers help you keep track of who has paid and who hasn’t, while a quote will explain what they will be paying for and what is and is not included. 6. Keep track of your product or service offering. Returning customers are the best, if they aren’t happy – try to rectify it. The simplest way is a post-purchase survey, where they are not in front of you and have the freedom to critique you honestly. If it can be done anonymously, even better, but the option of leaving their names is useful, especially for those issues that you would like to address afterward. A few questions could be sent out to clients or you could use ratings, I believe Facebook offers this, which also works to your advantage if the ratings are good. Never delete poor ratings, they bring an element of “realness” to the page. Although kick-starting a side hustle may seem like a full-time job, it isn’t at all! If you plan and get used to the flow of things, it becomes clockwork, but if you ever feel overwhelmed or confused, have any ideas you’d like to discuss, questions, or would like advice, please click on my bio and reach out to me. If you’d like to get featured on our Facebook page, click here to share your story with us.
8 Innovative Ways to Fund Your Startup
Dear Motherland Mogul, anyone who said starting a business is fun and easy told a fat lie and worst still, have never started a business. One of the biggest hurdles an entrepreneur in Africa (or anywhere in the world) has to cross is the hurdle of financing their business. It’s the reason why many fabulous and potential million dollar ideas die every day or remain mere ideas. Like it or not, money is everything in an entrepreneurs world. Without it, ideas are buried and passions are watered down while frustrations set in, making even the strongest of personalities call it quits and go back to their corporate jobs. I’ve come up with 8 innovative ideas you can use to fund your startup without necessarily borrowing money. Depending on your situation and kind of business, you’ll find at least one or two you can apply immediately to get your business running. 1. Sell your valuables Yes! You saw that right. If you’ve been struggling with acquiring funds to finance your startup and nothing seem to be working, maybe it’s time then to look inwards. Search your house thoroughly for any valuable item that could fetch you a fortune when you sell…that gold wristwatch, expensive jewelry, MacBook, or iPod, whatever. It’s time to let them go for the bigger stuff. If you aren’t ready to get rid of these precious items to make your ideas work, then it doesn’t matter what you say, you are not ready for business! Or better still, you are not convinced about your ideas. Entrepreneurs are people that can give everything including their lives for something they believe in. That is one skill you need to survive in this overcrowded business space. 2. Dip into your savings This is what your savings are meant for: to invest in opportunities and ideas that can transform your life and change your world. Your savings are not meant for spending, fixing urgent situations or paying debts. You can have separate savings for that but primarily we save to invest. Just in case you don’t have any savings, you might want to take some time making some money at first. So try to get a job where you could work for some time and save before starting your business. 3. Your Rich Friends What big money is to you is nothing to some of your rich friends. You know this is true. Instead of dying in silence and wondering if they will be willing to help you, swallow your ego, take the bold step and pitch your ideas to them. You’ll never know if they’ll support you unless you ask. If one rich friend says no, walk up to another until all of them have said no and at that point, you know something else is wrong. Maybe something that has to do with your approach or the feasibility of your ideas. Your friends should be willing to help you make your dreams come true especially when they can. After all, what are friends for? 4. Crowdfunding from family and close relatives Crowdfunding is a good fundraising alternative for entrepreneurs. It involves raising a small amount of money from a large number of people. Crowdfunding can be done through online platforms. The best people to start fundraising from are your family and relatives. You can start by listing down all those who can potentially fund you and write down how much you think they can conveniently donate. Once you’ve located your potential donors, go reach out to them. Pitch your ideas so that they know what you’re capable of doing. For some other family members, you can ask to instead borrow money and then pay as your business yields profits. 5. Leverage on funding opportunities Governments, NGOs and other private and public bodies are providing support to entrepreneurs all over Africa. Since more people are participating in entrepreneurship, these bodies come up with initiatives and CSR projects to provide financial support to budding entrepreneurs. Be sure to leverage these opportunities when they show up. Other funding opportunities include idea-pitching events. For example, the upcoming SLA Accelerator gives entrepreneurs an opportunity to pitch their ideas. Then the top selected ideas get to win large sums of money, partnerships, and mentorship. Such events provide you an opportunity to not just fund your business when you win, but also learn from your mistakes if you lose. In the end, it’s a win-win situation where you get to build on your ideas either way. 6. Partnerships Regardless of the kind business you run, a partnership is a smart way of funding your startup. Strategic partnerships will not only afford you funds, but also help you leverage the experience, expertise, resources, and network of the other party. Just make sure you go about it the right away and involve a legal personnel in all your dealings and agreements. 7. Microloans and peer-to-peer lending While I always discourage small businesses from starting up with loans, at times, that might appear to be the wisest step to take. Microloans are small business loans offered by microlenders to help small or relatively new businesses finance their business. As a new business, you might not qualify for a bank loan because of the collateral requirements and others. But with microloans, you can get your business started without acquiring too many debts or paying high-interest charges. Similarly, peer-to-peer lending is a new debt financing method that provides a platform where lenders are connected to borrowers. You don’t need a financial institution for a p2p lending. The interest rates are also at an all-time low and less risky and safer than other methods. 8. Angel and seed investors Angel/seed investors are wealthy and affluent individuals who provide a business startup with capital or funds usually for a convertible debt or ownership equity in return. Most small business owners don’t buy into this idea of business funding. This is because it involves sharing their business ownership with another business even if it’s a small percentage. However, you
Wakanda is closer than you think: Amrote Abdella spotlights the real African innovative tech stories
[bctt tweet=”The real Vibranium of Africa is its people and its potential – @amroteab” username=”SheLeadsAfrica”] Amrote Abdella spearheads Microsoft’s investments in Africa across 54 countries, working closely with her team to enable and accelerate digital transformation opportunities. She was recently named one of Africa’s Top 100 Young Business Leaders, ranking 12th out of 100 leaders who are playing a major role in the continent’s economic development. Before becoming Regional Director, Amrote was 4Afrika’s Director for VC & Startups, where she worked with start-ups supporting the innovation ecosystem in Africa. Amrote writes about some of 4Afrika’s real-world heroes and amazing tech start-ups in Africa. Since the release of Black Panther, the world has been captivated. The action-packed and fun fantasy movie has been embraced for its representation of black people generally, and Africans specifically. Another key element of the film’s cult-like status is the appeal of the fictional and futuristic African country, Wakanda – full of tech innovations and ultra-modern urban development. But how removed is the world of Wakanda from our own? As a continent, Africa has many advantages that are driving us closer to that aspirational vision: economic growth in many states that is outpacing much of the world, and a youthful population with an entrepreneurial bent. And unlike Wakanda, we aren’t afraid to share our innovations. Microsoft 4Afrika has been playing their part in Africa’s digital transformation. We have been supporting businesses, government projects, startups and young workers through empowering changes in internet access, service delivery enabled by tech and economic development. Launched in 2013, 4Afrika’s approach has seen them partner with projects of high impact that are driving Africa’s technological awakening. The following are some of 4Afrika’s real-world heroes. Music to our ears Damola Taiwo, Dolapo Taiwo, and Tola Ogunsola are three entrepreneurs who have come through the 4Afrika community and are transforming streaming music in Nigeria through their MyMusic digital music platform (MyMusic.com.ng). MyMusic not only gives users access to home-grown music favorites but has a chatbot that helps users discover new songs and download the ones they love. This bot – built on Skype – was showcased at the Microsoft NexTech Africa conference, and is one of the new technologies that has helped MyMusic grow to 700 000 active monthly users. Their success is largely rooted in local knowledge – understanding the peculiarities of the cash-driven market. Given this, their smart use of airtime-as-payment lets users buy songs with a single click. It’s a viable business which creates a powerful ripple effect that supports and monetizes African musicians. Pay it forward Another growing Nigerian start-up supported by 4Afrika is SpacePointe. Sayu Abend and Osato Osayande started this omnichannel platform with the explicit purpose of supporting business owners. They do this by offering an innovative mobile point-of-service application designed for the Nigerian market. This helps thousands of online and offline businesses transact, and streamline their sales, marketing, and payment processing. Theirs is a superhero narrative of financial inclusion and economic growth in action. Creative culture When it comes to creativity and storytelling, Hollywood certainly doesn’t have the market fully covered. Nigerians and other Africans are creating new characters, challenges, and scenarios every day that are engaging local target audiences. 4Afrika grantee Gamsole, for example, has created 50 new mobile games for the Android and iOS platforms in the past two years. Gamsole games have had over 10 million downloads. Most recently, in partnership with Diamond Bank, they created Dreamville on Azure, a digital financial platform that lets youth plan their future, save, chat and develop their financial literacy – all while playing games. Skills for good Our real-life tech heroes are also using their top skills for good. They are also partnering with other heroes of the non-profit sector to contribute to meaningful change in Africa. The MySkills4Afrika project has supported four Nigeria non-governmental organizations (NGOs) in their cloud journey. This has, in turn, helped them automate many administrative processes so they can spend more time on their transformative work. These include Junior Chambers International, United for Education Foundation, the Tony Elumelu Foundation, and Technology for Sustainable Development. In partnering with the essential NGO space, we are amplifying the trans-formative effects for thousands of more people. In the cloud, on the ground Because of Africa’s documented historical infrastructure woes, we have become a continent famous for “leapfrogging” traditional infrastructure. Cloud makes sense everywhere. But this is more so in Africa, as it provides the means to scale up without costly infrastructure development. It overcomes the issues inherent in legacy technology and software. It also reduces the significant barrier that a difficult and broadly distributed supply chain can become. Through strategic use of cloud services, young African entrepreneurs are enjoying the same options as their established global counterparts. The next wave The real Vibranium of Africa is its people and its potential. The next superheroes of trade, purpose-drive entrepreneurship, and technology are waking up today in Lagos, Accra, Johannesburg, Yaoundé, and Cairo. They are already discovering their abilities and nurturing their dreams. Let’s celebrate them and tell their stories. Just as much as we relish a different African narrative on the silver screen. This article was written by Amrote Abdella, Regional Director, Microsoft 4Afrika. If you’d like to get featured on our Facebook page, click here to share your story with us.