Entrepreneurship Ideaz

21/06/2024

Your Secret Investor
__They win, you win.

In this post, I’m going to introduce you to someone I call the "secret investor," someone (or entity) who is going to change your business, right there in your own country!

Whenever I visit a country and speak to leaders and their officials, I make it a habit to try to engage them about what they are doing to help young entrepreneurs start and scale their businesses. If the truth be told, Africa is the hardest place for a young serious entrepreneur to start and scale a business, despite the overwhelming enthusiasm. I know most of you know this from your own experience.

We could double the size of the economy of Africa if there was a deliberate effort to help entrepreneurs as they do in places like the US and China. But as you all know, I don’t like engaging in politics, so I will focus on what you can do to bootstrap yourself, even when there are no “venture capital investors”. [These should be local by the way, as in the US and China, not just foreigners as so many think].

Here is something I learnt very early in my own entrepreneurship journey: There is a "secret investor" that you can bootstrap with, and they are available in every country.

In my first , my business required me to install sophisticated electrical switchboards which my team would design but needed to be manufactured by some local companies. My problem was that they wanted cash upfront. I would only be paid 60-90 days, after we completed the job. Meanwhile I borrowed money to get the job done. I was always behind on payments, and the cost of the money [interest rate] was too high.

So, here is what I did: I approached the owner of the company that used to supply me, and made what you guys would call a “pitch” today. I approached him as one would an investor.

“I don’t want to invest in your company,” he declared emphatically. “I’m just a supplier.”

Patiently, I made my pitch: “No sir, I’m not looking for investment, I need you to give me payment terms.”

I offered an arrangement in which the customer could even pay him the money and he could give me my money after deducting his own money.

“You are willing to do that?” he said surprised.

He agreed. The rest is history.

In my pitch, I had set to get him to trust me, and offered that he could even have a representative visit my business and interview my people.

I wanted him to see that I was not some “fly by night” kind of guy. We had a place of operation, albeit it was very modest. We kept accounts which I allowed him to see. When I would go to see him I would dress in a modest but respectful way that didn’t suggest a rebel.

Initially the amounts were small but over time they trusted me with greater amounts. I allowed them to know my business inside and out and they would even advise me. [By the time I sold the business a few years later, I was their biggest customer].

From that deal, I was able to expand the arrangement with other key suppliers over time. This handful of suppliers became my “circle of trust”. These older guys loved to boast about how they were helping this young guy! And they were!

Listen to me: Don’t put form over substance. The substance of this story is that this was as good as “venture capital” to grow my business... Even better because these guys did not even have shares. It was a “win-win” for them and me.

I was good at what I did, and I was very frugal with my money. Every cent went back into the business; I became bigger and more independent financially.

It does not matter what business you are in; you can develop this kind of relationship with suppliers and key customers.

By the time I was in the mobile business, I was able to negotiate such terms with suppliers that were on terms that were as much as 5 to 10 years!

Ahaha! If I don’t teach you these things, who will?

Make yourself trustworthy with other people’s money. That is the key to getting access to capital.

Image credit: KWB-UbuntuHope/via AI. Remember: In most industries, your journey to build a prosperous business includes climbing and growing together with , , and of all kinds. They win, you win!

15/06/2024

🌟🎉 A warm welcome to our newest rockstars, Livingstone Nyakonda and Chomza Sbetleke 🤩 We're stoked to have you both on board! Your unique perspectives and talents are a valuable addition to our community. Let's collaborate, learn from each other, and create something amazing together! What's your entrepreneurial story? Share it with us and let's inspire each other to greatness! 🚀

15/06/2024

Bonus Day 8: Celebrate Your Progress!

You've made it through our Entrepreneurship Idea Generation Week!

Take a moment to reflect on how far you've come. Celebrate your progress, no matter how small. And keep moving forward!

Remember, the journey to entrepreneurship is a marathon, not a sprint. Stay committed, stay focused, and stay inspired!

Share your progress and achievements with us in the comments!

14/06/2024

Day 7: Take Action and Start Building

You've generated and validated your idea, now it's time to take action!

Start building your MVP (Minimum Viable Product) or prototype.
Create a roadmap for your business, including milestones and timelines.
Take the first step towards making your vision a reality.

Remember, entrepreneurship is a journey, not a destination. Keep learning, iterating, and pushing forward!

13/06/2024

Day 6: Validate Your Idea

Test your idea with real potential customers. Validate your assumptions and gather feedback.

Ask yourself:

Is there a demand for my product or service?
What are my customers willing to pay?
What are the biggest obstacles to adoption?

Use tools like surveys, landing pages, or prototypes to validate your idea. Don't be afraid to pivot or adjust based on feedback!

12/06/2024

Day 5: Brainstorm with Friends and Mentors

Surround yourself with people who inspire and support you. Bounce ideas off friends, family, or mentors.

Ask them:

What do you think of my idea?
What would you add or change?
What connections or resources can you share?

Collaborative brainstorming can help you refine your idea and uncover new opportunities!

11/06/2024

Day 4: Ask Customers About Their Needs

Talk to potential customers and ask about their pain points, challenges, and goals.

Ask open-ended questions like:

What keeps you up at night?
What are your biggest challenges?
What do you wish you had to make your life easier?

Listen actively and take notes. Their feedback can be invaluable in shaping your business idea!

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10/06/2024

Day 3: Solve a Problem You Face

Identify a challenge you face in your daily life and think about how you can solve it.

Ask yourself:

What frustrations do I experience regularly?
What solutions do I wish existed?
How can I create something to make my life easier?

Share a problem you'd like to solve and your ideas for a solution!

-solving

09/06/2024

Day 2: Research Industries and Trends

Look into industries that align with your passions and strengths. Identify gaps in the market and trends that are shaping the future.

Ask yourself:

What problems need solving?
What technologies are emerging?
What consumer needs are not being met?

Share an industry or trend that interests you and why!

07/06/2024

Welcome to our Entrepreneurship Idea Generation Week!

This week, we'll be sharing tips, strategies, and inspiration to help you come up with innovative business ideas.

Day 1: Identify Your Passions and Strengths

Start by reflecting on what you're good at and what you love doing. Your ideas should align with your strengths and passions.

Share your passions and strengths with us in the comments!

Stay tuned for tomorrow's tip!

07/06/2024

AI Spotlight!

Meet Meta AI, your friendly AI assistant!

Get answers to your questions, generate ideas, and even create images with the power of AI.

Explore the possibilities of AI and discover how it can enhance your business and daily life.

Share your AI experiences and questions in the comments!

03/06/2024

Are you ready to unleash your inner entrepreneur?

Check out these inspiring stories of successful entrepreneurs who started from scratch and built their way to the top!

👟 Adi Dassler started designing shoes in his mother's washroom, and went on to build Adidas into a global brand!

💻 Steve Jobs and Steve Wozniak started Apple Computers in Jobs' garage, and revolutionized the tech industry!

💪 Whitney Wolfe Herd founded Bumble, the dating app that puts women in control!

🚀 Elon Musk went from selling code at 12 to building SpaceX and Tesla, and changing the game in tech and sustainability!

📱 Mark Zuckerberg started Facebook from his college dorm room and created a social media empire!

📦 Jeff Bezos started Amazon from his garage and transformed the way we shop online!

👗 Sara Blakely turned a simple idea into a household name and became one of the youngest self-made billionaires!

So, what's holding you back? Take the first step today and turn your dream into a reality!

02/06/2024

Quote of the day.

09/05/2024

Classic Book Review: 'The 4-Hour Work Week' by Timothy Ferriss

"The New Rich are people who have wealth, freedom, and income."

Caption: "Revisit a classic that changed the game for many entrepreneurs! 'The 4-Hour Work Week' is a must-read for anyone looking to escape the 9-to-5 grind and build a lifestyle of freedom and wealth. "

08/05/2024

The Story of Steve Jobs

Caption:
"Get inspired by the entrepreneurial journey of Steve Jobs, who revolutionized the tech industry with his innovative thinking and perseverance."

Steve Jobs co-founded Apple in 1976 with Steve Wozniak, and his vision for sleek, user-friendly designs transformed the way we interact with technology. From the Macintosh computer to the iPod, iPhone, and iPad, Jobs' passion for innovation and design led to countless breakthroughs.

But Jobs' journey wasn't without its challenges. He was fired from Apple in 1985, only to return in 1997 and lead the company to become one of the most valuable in the world.

Through his story, we learn the importance of:

Perseverance: Jobs faced numerous setbacks, but his determination and passion kept him going.

Innovation: Jobs' willingness to think outside the box and challenge conventional wisdom led to revolutionary products.

Design: Jobs' focus on user experience and design transformed the way we interact with technology.

Risk-taking: Jobs took bold risks, like returning to Apple after being fired, which paid off in the end.

Remember, your time is limited, so don't waste it living someone else's life. Take a page from Steve Jobs' book and pursue your passions with courage, creativity, and perseverance.

07/05/2024

Take your productivity to the next level with these simple hacks!

As entrepreneurs, we know how important it is to stay focused and productive. With so many tasks competing for our attention, it can be easy to get bogged down and lose sight of our goals. But what if we told you there are simple ways to boost your productivity and achieve success?

First, prioritize your tasks using the Eisenhower Matrix. This simple tool helps you identify which tasks are urgent versus important, allowing you to focus on what really matters. By prioritizing your tasks, you can avoid wasting time on non-essential activities and stay focused on what drives results.

Next, use a timer to boost your focus with the Pomodoro Technique. This technique involves working in focused 25-minute increments, followed by a 5-minute break. This helps you stay focused and avoid burnout, allowing you to maintain a high level of productivity throughout the day.

Taking regular breaks is also essential for productivity. When we work long hours without rest, our minds can become fatigued, leading to decreased focus and motivation. By taking short breaks throughout the day, you can refresh your mind and come back to your tasks with renewed energy and enthusiasm.

Another key productivity hack is to avoid multitasking and minimize distractions. When we try to do too many things at once, we can become overwhelmed and lose focus. By staying focused on one task at a time, you can avoid distractions and stay on track with your goals.

Finally, set clear goals and deadlines for yourself. When we have a clear idea of what we want to achieve and by when, we can stay motivated and track our progress. This helps us stay focused and driven, even when faced with challenges and setbacks.

By implementing these simple productivity hacks, you can take your business to the next level and achieve success. Remember, staying focused and productive is key to achieving your goals, so try these tips out today and see the difference for yourself!

06/05/2024

Believe you can and you're halfway there.

Don't watch life from the sidelines, participate! You have the power to create the life you want. Believe in yourself and your abilities, and remember that every great achievement starts with a single step.

06/05/2024

Monday Motivation

"Ideas are the currency of the future. Invest in them wisely." - Unknown

Happy Monday, entrepreneurs! As we start a new week, remember that ideas are the lifeblood of innovation. Don't be afraid to think outside the box, challenge the status quo, and dream big. Take a moment to reflect on your own ideas and projects. What problem are you trying to solve? What impact do you want to make?

Invest in your ideas wisely by:

- Researching your market and competition
- Building a strong team and network
- Staying adaptable and open to feedback
- Focusing on solutions, not just products

Remember, the best ideas can come from anywhere. Keep an open mind, stay curious, and never stop exploring.

04/05/2024

A must-read for entrepreneurs! Strive Masiyiwa shares his insights on power, wealth, and scaling a business.

“Do you want power or do you want wealth?”

This was the question my mentor asked me when I went to see him about an investor's offer to put money into one of my early businesses!

Here is the background: My business had been growing fast, but I needed more capital to meet the demand. I had no choice but to look for equity investors because borrowing from the bank was a non-starter. I found some potential investors and they suggested that we get the business valued by a professional accountant.

Let’s say that it was valued at $1m [not the actual number]. The investors asked for my business plan, and it showed I needed $1.2m in capital injection.

“Good, we will give you the $1.2m for 54.5%, and we want board seats and an independent chairman”.

I balked at the fact that my own shareholding was now 45.5%, but I was smart enough not to show it and asked for a few days to think about it. So I went to see this business sage and said to him, ”I’m giving up control of my baby, and it upsets me!”

He listened to me briefly then said emphatically: “Do you want power or do you want wealth? If it’s power you want go to politics, but if it’s wealth you want take the deal.”

And with that he told me not to come back until I stopped being a “baby!”

It was sobering and yet changed my life. I went and looked at the founders of some of the most successful companies in the world at the time and found they actually had small shareholdings sometimes less than 10%. It shocked me…

I hear so many young entrepreneurs talk about 51%, and I’m immediately reminded of that conversation.

Now you want me to assure you that you will not “lose control” and I won’t because it all depends on your management of the business. It’s possible you are great at innovation but a lousy manager and you should rightly be removed by the investors; that is all part of the game.

Steve Jobs was sacked from Apple, and lucky for him he found his way back, but that doesn’t always happen.

Wealth comes as a result of getting investment and successfully scaling the business. As the company grows the percentage of your shares usually falls, but at the same time the value of the shares you have increases; that is the trade off.

If it is power (in the business) that you want and you want to have more than 51%, usually investors will avoid you, because it means your personal interest will override the interest of the company, and you might deny the company its growth potential in order to protect your percentage holding... your so called “power”. I would not personally have anything to do with a partner who thinks like that.

I want you to really think hard about what I have said. Take time to look at the percentage interests of famous founders like Elon Musk, Bill Gates, Steve Jobs, etc., and show us what you find out.

What I can tell you is that they opted for wealth over power. Even though they have small stakes, their investors did not oust them because they needed them to run the company and continue to innovate it to super growth. You will find that some entrepreneurs opted not to the run the company and instead looked for more experienced guys to do it for them. Google founders and even eBay fall into this category.

Of course, not everything is binary, sometimes it is possible to come up with structures that give you some more power even when your shareholding percentage is small, but make sure you understand what makes that possible before demanding it of investors, otherwise they will simply show you the door!

Time to get out of the !

One more thing: As a modern entrepreneur, you should consider it mandatory to read books like the story of Steve Jobs by Walter Isaacson, or the book on Jeff Bezos by the same author. stuff.

(of how a game is played) is true power!

"You have to expect things of yourself before you can do them". Michael Jordan

Image credit: UbuntuHope/Kathi Walther Bouma, Botswana 2023. "We look backwards to learn. We look forward to succeed"...

04/05/2024

"Mindset Shift"

Your limitations are not limitations. They are just opportunities to find new ways to succeed.

03/05/2024

Friday Feud: Entrepreneurs vs. Wantrepreneurs

Friday Feud: Which one are you? The entrepreneur who hustles and makes it happen or the wantrepreneur who talks the talk but doesn't walk the walk? Let us know in the comments!

Don't just dream about it, do it!

Share with a friend who needs a push to take the leap!

Remember, every successful entrepreneur started somewhere. What's holding you back from taking the first step?

[Like] [Comment] [Share]

24/04/2024

Ready to turn your passion into a business?

Follow these 12 steps to become a successful entrepreneur:

1⃣ Identify your passion
2⃣ Develop a business idea
3⃣ Conduct market research
4⃣ Create a business plan
5⃣ Build a strong team
6⃣ Secure funding
7⃣ Develop a minimum viable product (MVP)
8⃣ Iterate and improve
9⃣ Focus on marketing and sales
1️⃣0⃣ Embrace a growth mindset
1️⃣1⃣ Stay organized and adaptable
1️⃣2⃣ Seek mentorship and support

Take note : Becoming a successful entrepreneur takes time, effort, and resilience. But with determination and the right guidance, you can turn your dreams into reality!

Share with a friend who's ready to take the leap!

Detailed information about these steps are in the comment section.

17/04/2024

Hello problem solvers!!

16/04/2024

15/04/2024

“The elephant that will block your success”
__The miracle of the little boy's lunch

The most powerful principle to drive entrepreneurship that I've ever heard came from the late evangelist TL Osborn who often said to his listeners: “If you really want to be successful, find a human need and reach out to fulfill it”. Sounds simple but it is truly profound.

I used to think my platform was read only by Africans only to find that everywhere I went, the message was resonating. Take the example a few weeks ago I shared here about the young Indian technology entrepreneur, Dr Sampriti Bhattacharyya, who asked me to come and see her innovation when I was in the US recently.

Her innovation was not just about water transportation; she was primarily trying to address the very real challenge of Climate Change as maritime transport has one of the biggest carbon footprints. Elon Musk is one of the richest men in the world, not because he designed a cool car but he designed a car which addresses the human [and humanity's] need to deal with Climate Change.

There is a real nobility when you approach entrepreneurship not as a means to make money but as a need to address a problem that you are seeing either in your community or even the world.

“Money follows successful innovation,” is a powerful mantra to keep in the back of your mind.

I once had breakfast with former President Obasanjo and Aliko Dangote in which the President revealed how Aliko started cement manufacturing in Nigeria: “When I became President I noticed that Nigeria was importing cement from Europe,” he recalled.

“So I called all the importers to a meeting and asked them why they did not consider it viable to manufacture. They all gave me lots of excuses but this young guy was the only one who listed what needed to be done to get manufacturing going. So, I asked him for a list and I changed the laws for everyone... but only he took up the challenge.”

The rest is history.

Listen to me whilst I say it again: If you allow yourself, you can find a lot of reasons why it is not possible to do something. But that is not the way of the entrepreneur. Rather focus on "Why not?"

Dr Sampriti could have said to herself: “I’m a poor young Indian girl. Who will listen to me in America? I’m not white. I have no money. My parents are not rich”...

Pastor Chris used to say, “Don’t have a (self) pity party”.

You have to get out there and just find a way to get started.

Have you ever wondered why Jesus used the little boy’s lunch to feed a multitude, why he didn’t he just feed them out of nothing? My own take is that God prefers for us to use whatever is in our hand before He turns it into a miracle of abundance.

Don’t despise small or inconsequential beginnings or say things like “I have nothing!” There is no one who has “nothing”. Try something with what you have.

Today, rather than focusing your mind on what you need, think rather of what others need. Instead of focusing on who can help you, think rather of whom you can help, even as you tackle your own challenges.

These are tough times for many of you but you can do it. Stay strong and of good courage. Have a blessed Sunday.

[*Posting here again on this platform per request from which I will still do from time to time].

13/04/2024

13/04/2024

Be Your Own Boss.

13/04/2024

The book "Why 'A' Students Work for 'C' Students and 'B' Students Work for the Government" by Robert Kiyosaki challenges the traditional notion that academic success is the key to financial prosperity. The author argues that many successful entrepreneurs and business leaders were not necessarily the top students in school but instead developed skills like creativity, problem-solving, and communication outside of the classroom.

👉 Chapter 1: The Myth of Straight A's

- The traditional education system emphasizes the importance of getting straight A's, but this doesn't necessarily translate to success in the real world.
- Straight A students are often too risk-averse and lack creativity and innovation.
- C students are more likely to take risks, learn from failure, and have an entrepreneurial spirit.

👉 Chapter 2: The Importance of Financial Education

- The education system does not provide adequate financial education, which is necessary for success in the real world.
- C students are more likely to learn about finance through hands-on experiences, such as starting a business or investing in the stock market.
- A students often end up in debt because of their lack of financial education.

👉 Chapter 3: The Power of Networking

- Success often depends on who you know, not just what you know.
- C students are more likely to develop strong networking skills because they prioritize building relationships.
- A students may struggle in the real world because they focus too much on academic achievement rather than building connections.

👉 Chapter 4: The Importance of Sales and Marketing

- Sales and marketing skills are crucial for success in most industries.
- C students are more likely to have developed these skills through practical experience, such as running a business or working in sales.
- A students may struggle to acquire these skills because they are not typically taught in the traditional education system.


👉 Chapter 5: Embracing Failure

- Failure is a necessary part of the learning process.
- C students are often more comfortable with failure because they have experienced it more frequently.
- A students may struggle with failure because they are taught to avoid mistakes at all costs.

👉 Chapter 6: The Benefits of Entrepreneurship

- Entrepreneurship provides opportunities for financial freedom, creativity, and personal fulfillment.
- C students are more likely to excel in entrepreneurship because they have a risk-taking mindset and the ability to learn from failure.
- A students may struggle in entrepreneurship because they are risk-averse and less likely to embrace failure.

👉 Chapter 7: The Value of Taking Action

- Success requires taking action and implementing ideas, not just thinking about them.
- C students are often more action-oriented and willing to take risks.
- A students may struggle with taking action because they are taught to focus on analysis and planning rather than ex*****on.

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