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.
Debunking the “Marketing is Advertising” myth
Advertising is not marketing. As a marketing professional I encounter clients who usually do not understand that although all advertising is marketing, not all marketing is advertising. Marketing is an all-encompassing practice, made up of various elements such as strategy, customer research, trend investigation, public relations, social media promotion, product design, pricing techniques, promotional campaign activities, distribution management, competitor research, innovation, concept and service design, content creation, copywriting, and so much more. All of these efforts need to be working together to build a successful product or service. Advertising on the other hand is really only one form of marketing but that which everyone actively notices. It is the promoting of brand awareness to a large target audience via mass media, such as television, print and radio. Let me try to simplify this Think of marketing as a box of crayons with different colors, while advertising is just one color in the entire box. To create a masterpiece that isn’t lackluster, you need to play around with the different colors in your box of crayon. I thought it was important to establish this because I encounter quite a lot of entrepreneurs and business owners who think that because they have a Facebook or IG page, they are ‘marketing’. While social media is a fantastic marketing tool, it is but one in the arsenal of tools that are available to you. Nonetheless, advertising works The big brands have proven this over and over again. They have also proven the fact that advertising needs the support of other marketing elements to deliver good results. So while you would be serenade by Power Oil sachet jingles on radio on your way to and from work (Advertising), you would also find that Power Oil sachet at almost every street corner (Optimized Distribution). More importantly, advertising alone would not solve all of your marketing problems. So for example, you can choose to invest your limited funds in a radio campaign or on Facebook sponsored posts but all of these efforts would yield little or no results if you do not have a product that solves a real consumer need. However, the process to dimensioning & understanding these needs is a marketing process called customer and market research (and definitely not advertising)! Another example is the lady who sells packaged food items (Say 5kg at ₦8000) and wants to increase her sales. She might not necessarily need to spend money trying to set up a billboard along the third mainland bridge. What she could do is launch smaller variations of her product (let’s say 2kg @₦4000) that students and other low income earners can afford. This would help her appeal to more people and broaden her market space. Am I making sense? The lesson today is single minded: Marketing is much bigger than advertising. And to be very honest, marketing is a tough concept to get your arms around but that is why I am here. To help you get the hang of it such that you would get actual returns on all investments (time, money and effort) made into this very vital aspect of your business.
Dr. Ndidi Nnoli Edozien: My personal growth story
If you weren’t at the Building A Social Enterprise session presented by Dr. Ndidi Nnoli Edozien at She Hive Abuja, you missed what I would call a transformational experience. The founder of Growing Businesses Foundation opened Sunday’s session with an uncharacteristic anthem: Timi Dakolo’s ‘Great Nation’. The song resonated deeply and set the tone for a session which was powerful, inspiring and emotional all at the same time. At several points during the program, I felt chills all over as I connected deeply with the message Dr. Edozien put across. The talk was simply geared at using her personal growth story to help the participants overcome the fear of failure and step out. She started off by describing entrepreneurship as emanating from something you feel, going further to state that you cannot fail at what you love. “Social enterprises are aimed more at solving problems thus it is impossible to fail because you’re solving a problem. An important way to measure impact is by making profit. You cannot separate enterprise from the ability to make profit.” Although she loved to give money out, it took Dr. Edozien 17 years to realise she had to develop the love to yield profit. Dr. Edozien spoke to her audience about the ability to reach inside and find a feel that’s right. She explained that her life has flowed like a river due to never neglecting her gut feeling. This she likened to religion and how we follow our beliefs because it feels right inside. Follow your instincts despite what others think – Dr. Ndidi Nnoli Edozien Drawing parallels from her story She used several stories as a way to drive her points home some of them too numerous to share. Below are my three favourites: “At Queen’s College, I used to come 22nd out of 24 students in a class. I was a quiet, timid girl who wouldn’t say a word. It all changed for me when I got glasses, and literally and figuratively got to see the world around me. That school term, I skyrocketed to the 5th position. Eventually, I was selected for a competition alongside nine other QC students to attend sea school with 30 participants altogether. It was a very big deal at that time.” This particular story was an important one to hear because it helps us understand that it doesn’t really matter what state you find yourself in at the beginning. There is always the potential to turn your story around. “My family and I moved from our house in the prestigious Ikoyi to my husband’s family home in Central Lagos Island. This was very important to my husband because it was an heirloom that had been in his family for generations. On hearing this, a lot of people told me I was mad. However, it afforded me an opportunity to connect with the locals. It made sense to live there because it was the simple people I yearned to connect with and empower.” Dr. Edozien acknowledged that women have a fear of security. She expressed her belief that forums such as the SheHive help women see that they have the same fears but also have what it takes to succeed. “In 2001, a man who wanted to empower women in his village approached me for support. This man is now one of my absolute favourite persons in the world. With N1 million that he received, he went on to build a loan portfolio of N12 billion impacting 434,000 women with a 98% loan repayment rate. He sought to recognise and thank me even years later despite my refusal until I finally agreed to have someone represent me. The Kaduna stadium was filled and 90% of the crowd was womenfolk.” This particular story brought tears to my eyes. The man in the story had a simple idea which he ran with because of a passion and conviction in his heart to lift local women out of poverty. Important lessons from Dr. Ndidi Nnoli Edozien Trust what you have before you. “Perfect is the enemy of good. Think, feel and then move. If you strive for perfection, you will never get started.” – Dr. Ndidi Nnoli Edozien Find someone who inspires and believes in you. Not necessarily someone you love or vice versa, have an individual who can hear, see and feel you. Look for different mentors you feel a connection with. A mentor can be someone you never met. Once you discover that person, connect with them, read their books, follow their story etc. Be vulnerable. Cry! You’re probably thinking, what?! Yes, Dr. Edozien stressed the importance to cry because something moves you. Not alluding to self-pity, it’s okay to feel vulnerable. Her first company logo was a butterfly because it reminded her of how vulnerable the winged insect is. In Dr. Edozien’s closing remarks she boldly stated, “Do not be afraid of failure. Ask failure what is the worst thing that can happen to me? Take it into cognizance and move.” She also asked that young women remember the significance of building a team. In her own words, “you cannot grow a business without a team. It might be your idea, but it gets very lonely at the top. A team will help you drive your vision and fill gaps that may exist.”
Alima Bello: My fashion company was becoming an expensive hobby
She Leads Africa connected with Alima Bello, a fashion entrepreneur from Accra, Ghana to learn more about how she’s turned her passion into a full-fledged business. This is part of our series, From Startup To Grownup, which shares how young women entrepreneurs have moved beyond the startup phase and transitioned their businesses into sustainable enterprises. How did you start Bello|Edu and what did you know about business before getting started? This might sound cliché, but Bello|Edu started off as a personal need. It was hard looking for clothing or fashion pieces of my own aesthetic so I started designing my own stuff to have them made for me. This developed into designing for family friends and then later on I took a pattern drafting course to further develop my passion. I majored in business administration both in secondary and undergrad so I had theoretical knowledge in business. I was also fortunate enough to work in a family-owned company so I had a bit of experience in business management before I ventured into Bello|Edu. How long did it take for you to view your company as a serious business and start to professionalize it? Did something happen to get you to that point? I always viewed my passion as a business. But I guess what you’re trying to ask is at what stage I started treating it as business. There came a point where I had to be firm with myself and admit that it was becoming an expensive hobby and I needed to put certain things in place in order to realise my dreams. I tell myself that until I am able to lock down 300 – 500 orders per collection or season, this will remain a hobby. What bad business habits did you need to give up in order to help your business grow? Just because I like it doesn’t mean it has to make the cut. That’s a grown-up decision. This is where the business side of me has to override my creative side. I know most creatives go through this process where we tend to create or design something that speaks to us or reflects our mood at any point in time. In business however, that design piece might not be feasible and so you have to do the bold thing and drop it. And oh, I have this impulse to buy any fabric that speaks to me. Now, that’s not a smart business choice. What business investment was hard for you to make that you are now so grateful for? With my theoretical and practical knowledge I don’t think any decision was hard to make. It was just a matter of prioritising and timing. What advice would you give to young entrepreneurs interested in building a sustainable fashion business? There’s never the right time to start a business. The time is always now. Data is also very vital for your business. Keeping the number trends will let you know which smart and not so smart business choices to keep or to drop.
The mentorship advantage
Sugar. Spice. And everything nice. What do you need to be a successful entrepreneur? More than it takes to make the Powerpuff Girls. Some say passion, commitment, and willpower are top of the list —all very true. I believe to be a successful entrepreneur you need a viable business model and a good mentor. What is the role of a mentor? One of my favorite books on this topic is, “Expect to win: 10 Proven Strategies for Thriving in the Workplace” by Carla A. Harris. She defines a mentor as “someone you rely upon to give you good, tailored developmental advice”. According to Futurpreneur Canada, the advantages of having a mentor are described in six points. A mentor helps you: Gain insights and perspective by having someone to bounce your ideas off of Focus on and strategically work towards your business vision Shorten your learning curve Identify opportunities and risk by learning with someone experienced Grow and enhance your business network and acumen Build confidence knowing you have someone in your corner Key traits of mentors As I write this, I think of all my mentors and the two key traits they all share: Expertise and integrity: Find a mentor you believe to be brilliant, knowledgeable and trust worthy. You want your mentor to be someone you will listen to because you trust their expertise Genuine interest in my development: This is what I call the mentor/mentee chemistry. Choose a mentor who is genuinely interested in who you are, understands your strengths and weakness and wants to help you develop and grow. Mentorship is a deep and personal relationship and for the relationship to be truly useful, you both must feel safe sharing the “good, bad and ugly” How to be a good mentee Having discussed the importance of mentorship and what to look for in a mentor, how do you become a good mentee? Listen Consider the advice you get and apply when relevant (This is why your mentor has to be someone you can trust) Set SMART goals and hold yourself accountable Ask for feedback and provide feedback in return Be honest and communicate openly with your mentor Invest time and effort in your relationship Most importantly, as a mentee, remember to pay it forward Peer mentorship is a form of mentorship that is often neglected but I find very valuable especially in my professional and business life. Keep in mind; your mentor must have some expertise and be genuinely interested in who you are and your development from a point of low self-interest. Many times, you can find these qualities in a peer. To my mentors: Thank you for teaching me to be positive and fiercely myself. Reminding me I have all I need, to be who I want to be—a healthy mind and body. Thank you for demanding I think big. Because, why the heck not.
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!
10 inspirational quotes from women leaders for when the going gets tough
Starting and running a business, nonprofit, or working towards being in a position of leadership can be frustrating and onerous over time. We usually start out excited, ready to take on the next challenge of actualizing a vision, only to lose that spark over time. Besides getting external moral support, an important factor is learning how to constantly motivate yourself. If you’re finding it difficult to stay inspired and keep the vision alive, you are not alone! Read the following advice from these inspirational women that have made or are making waves in various fields of leadership that also understand your plight. 1. “The size of your dreams must always exceed your current capacity to achieve them. If your dreams do not scare you, they are not big enough”- Ellen Johnson Sirleaf. Sirleaf is the current president of Liberia and the first female head of state in Africa. After being forced into exile during the 1980 military coup, she returned to speak against the regime, then later contested for the presidency in 2005. In 2011, she was part of trio of inspirational women awarded a Nobel Peace Prize for her work with women’s safety and rights. 2. “Take criticism seriously, but not personally. If there is truth or merit in the criticism, try to learn from it. Otherwise, let it roll right off you” – Hillary Clinton. Clinton served as the 67th U.S. secretary of state in from 2009- 2013. She is the leading Democratic Presidential nominee for the upcoming American 2016 election. 3. “When we speak, we are afraid our words will not be heard or welcomed. But when we are silent, we are still afraid. So it is better to speak.” – Audre Lorde. Lorde was a Caribbean-American poet, civil rights activist, and feminist. Her writings addressed racial prejudices, homophobia, and male privilege, amongst other things. She empowered her readers to address prejudice they were faced with and also celebrate differences in race and class. 4. “Learn from the mistakes of others. You can’t live long enough to make them all yourself” – Eleanor Roosevelt. Roosevelt was the first chair of the UN Commission on Human Rights and played an active role in American politics as First lady. 5. “If you don’t like something, change it. If you can’t change it, change your attitude. Don’t complain” – Maya Angelou. Angelou is an award winning poet and author of seven published autobiographies, numerous essay collections and poetry. She is internationally acclaimed for her memoir, I Know Why The Caged Bird Sings. 6. “Normal is not something to aspire to, it’s something to get away from” – Jodie Foster. Foster is an American actor, director, and producer who has worked in films and on television. A recipient of several awards, she is often been cited as one of the best actresses of her generation. Her latest work involve directing episodes for Netflix original, Orange Is the New Black & House Of Cards. 7. “Don’t wait around for other people to be happy for you. Any happiness you get you’ve got to make yourself.” – Alice Walker. Walker is a Pulitzer Prize-winning American author and activist, she wrote the critically acclaimed novel The Color Purple. 8. “If you just set out to be liked, you would be prepared to compromise on anything at any time, and you would achieve nothing.” – Margaret Thatcher. Thatcher was Britain’s first female prime minister serving three consecutive terms in office. A dominant figure of conservative ideology during her time in her office, Thatcher created a conducive environment for entrepreneurs to thrive. By cutting taxes and regulation, she empowered people financially, and ultimately helped revitalize the British economy. 9. “You’re not obligated to win. You’re obligated to keep trying to do the best you can every day” – Marian Wright Edelman. Edelman is an American activist for children’s rights and is the president and founder of the Children’s Defense Fund. She has been an advocate for disadvantaged Americans her entire professional life advocating for causes like pregnancy prevention, parental responsibility for educational values, and reducing the level of violence presented to children etc. 10. “As a girl, you should not be someone who tries to fit into a glass slipper. You should shatter the glass ceiling” – Priyanka Chopra. Chopra is an Indian film actress, singer and a UNICEF Goodwill Ambassador amongst other things. A former Miss World (2000), she is has advanced tremendously in her acting career and is the first Bollywood actor to play a lead-role in an American TV show (Quantico). How about those words of inspiration? These Moguls clearly have things on lockdown – maybe not yet, as learning in life is a continual process. Nonetheless, they have been there, (or are still in the process) done that, and understand your plight, just as much. So pick yourself up, dust off the discouragement and take another shot at your goals. To be most effective, grab a post-it note, or whatever medium is most convenient and visibly write down the most essential quote for your current success roadblock. The key is to have this quote ingrained in your memory through repeated exposure instead of trying to retain all the information at a go. Repeat this as often as is needed and see it make a difference.