I read a great definition of an entrepreneur last evening and one I’ve not heard before - "an entrepreneur is like a composer, they see something no one else does. And, to help them create it from nothing, they surround themselves with world-class performers" - Steve Blank, a Silicon Valley serial-entrepreneur and academician. I thought this was a really interesting analogy as it speaks to the heart of what entrepreneurs do. They have a vision for something they are trying to create; they bring in like-minded people with unique skills-sets who can help them to bring that vision to life; and they are prepared to plunge themselves and everyone around them into the unknown, breaking new ground to make their innovative vision a tangible reality and one that connects with the rest of the world. Just like composers, entrepreneurs are rare, unique and perhaps a little crazy at times, but they have the ability to create things that others can only dream about. That’s what separates entrepreneurs from everyone else. 

There was a time when thinking big, or even thinking global, for a small business in Africa was not an option without the limitless tools and resources to back it up. But today, the tech revolution means that everyone has access to world-class tools, platforms, apps and so much more to really give wings to any business, no matter how small. Just go online at any time and see the plethora of tools that are available for start-ups and small businesses, many of them free and created by startups themselves, looking to become the next big thing in the tech space. Harnessing the power of technology as a startup means that you can be based anywhere but still do business and reach those important customers and audiences, 24/7. That’s what is a real game-changer for women entrepreneurs in Africa - the ability to launch a business, connect with customers and audiences online, build digital communities of people that love your products and services and connect with your brand, regardless of your geographical location. Technology has brought the world closer and for Africa’s women entrepreneurs it really does mean their businesses can grow wings and take off.

There is a common theory backed up by a host of academic studies that women entrepreneurs are naturally predisposed to being risk averse, and certainly more so than their male counterparts. So it was interesting to read another study recently that somewhat bucks this trend. KPMG’s study on ‘Women Entrepreneurs: Passion, Purpose and Perseverance’, found that most women entrepreneurs it questioned (55 percent) say they embrace risk-taking. In fact they rank it third among the factors that are critical to their success (64 percent), and fifth among traits critical for CEOs and founders to possess (57 percent). The key take-out from this report seems to point to the fact that if you’re going to be a successful entrepreneur, you need to be able to look uncertainty straight in the eye, embrace it and not be paralysed by it. In fact, for many women entrepreneurs, taking risks may be a precursor to future growth.

So what’s the difference between an entrepreneur and a wantrepreneur? The answer is, in the words of Nike, they ‘Just Do It’. Entrepreneurs do what they say they’re going to do, they take their ideas and they turn them into businesses, products, service offerings and innovations. On the flip side, wantrepreneurs never get past talking about starting up a business, it only ever remains an idea. What separates them is action, and that’s just as important to the entrepreneurial journey as passion and determination in the early days. As entrepreneurs, action means taking that initial leap of faith and just launching, even if the concept is not fully tested, or the website is not fully ready, or the product is not as refined as it could be. Entrepreneurs realise quickly that getting to market is key, and being first to market if the business concept is innovative, is critical. It’s all too easy in the formative startup phase to think you have to be perfect before you launch and therefore keep delaying and procrastinating, instead of taking the leap of faith and just doing it. Entrepreneurs learn as they go, but one of the biggest lessons to learn is that action is key - you can have the best product, service or business concept but if no-one knows about it then it remains simply an idea. And, that is ultimately what separates entrepreneurs from wantrepreneurs.

When we talk about being innovative, we typically think about those rare game-changers who create something completely revolutionary that changes our lives and the world we live in. Yet more often than not, being innovative is often a case of rethinking an existing idea, product, or traditional way of doing something, and finding ways to make it better or work differently. Often the most creative and innovative businesses are those that combine existing ideas but take a more ‘out of the box’ approach to finding a fresh solution, in the process creating something that feels vibrant and new. Sometimes, reimagining the world opens up huge possibilities for new innovations and entrepreneurial opportunities. But the trick to success is learning to recognise that often it’s just as exciting to take existing ideas and concepts and reinvent them to meet the challenges of a changing world, rather than starting with a completely blank piece of paper.

Women have always been the ultimate multi-taskers in life and business, it’s part of our DNA. But here’s a thing - it appears that if we really want to get productive in our business time, we need to focus and become great mono-taskers, perfecting the art of doing one thing at a time really well and without distraction. Professor Gloria Mark, a resident professor at the University of California’s Department of Informatics, has some really interesting insights on this subject and the downsides of multitasking. She has calculated that it takes on average around 23 minutes to properly get back to a task once you have been interrupted, and let’s face it, when we multitask we are interrupting each of those tasks constantly. That’s potentially a lot of wasted time and energy in our busy days. Also, when multitasking there’s a tendency to feel overwhelmed by the sheer number of tasks we are trying to complete at any one time, reaching the end of the day with a ‘to do’ list that just seems to get longer. So why not try mono-tasking and see if you become more productive as a result. Block off time for a single task, avoid checking your emails and messages every other second, ask people not to disturb you, and focus - you might find you get the job done quicker in the long run and actually buy more precious time in the day!

Like many entrepreneurs, I like to catch up with my reading on the weekend. On my list was a great interview article with one of my personal entrepreneurial heroines, Tabitha Karanja, founder and ceo of Keroche Breweries in Kenya. If ever there was an example of a woman entrepreneur here in Africa who not only dreamed big, but had the courage and the tenacity to take on an established industry monopoly that was over 85 years old in the process, then Tabitha Karanja is it. She had to fight battles in court, in the marketplace, and on the floor of Parliament, to build a game-changing business that gave local consumers the right to have a choice of products in the marketplace - and she won, repeatedly! Not only that, she demonstrated that it’s also possible to perfect the art of juggling personal life and business brand building in the process, raising four children and maintaining a successful personal relationship along the way. Today, thanks to her ‘never give up’ attitude and her ability to never let go of that dream, Keroche Breweries is the second largest brewery in Kenya and the fastest growing brewing enterprise on the African continent. So, what are her five top tips for success? She says, focus and hard work; getting out of the comfort zone and taking big but well calculated risks; belief and faith in self; humility; and trust in God. Words to inspire this morning!

The second U.S. Africa Business Forum convened earlier this week in New York on the sidelines of the U.N. General Assembly, with political heavyweights such as U.S. President Barack Obama delivering keynote addresses. U.S. agencies and companies announced plans to invest more than $14 billion on the continent in sectors including banking, construction and information technology. Jay Ireland, President and CEO of GE Africa, also speaking at the conference, said: “I continue to be excited about the incredible innovation and entrepreneurship that is happening across the continent. GE has a rich history in Africa and we are committed to continue investing on the continent." The topic of investing in women-led enterprises in Africa was also top of the agenda at the forum, with reports such as the 2016 McKinsey Women Matter Africa report supporting the premise that investing in women or gender-diverse enterprises makes good business sense. According to the report, companies with higher female executive committee representation are 14% more likely to outperform their competitors. USADF (the U.S. African Development Foundation) an organisation that supports African-led solutions, understands the importance of investing in women - it is now focusing its investment efforts on launching the next generation of women entrepreneurs to light the way for other women on the continent.  It’s good to see influential organisations and global business giants recognising that empowering and supporting women entrepreneurs on the continent is a real economic game-changer.

Any successful entrepreneur knows that being able to sell is an essential part of being in business. You can have the greatest idea or new product innovation, but if you can’t sell it to a customer or investor, then it will never be anything but a concept. How many times do you hear aspirant entrepreneurs telling you they have a great business idea, but it never gets past the talking stage because they can’t close the sales pitch. As entrepreneurs we know how important it is to get people to take notice of our business, our brands, our products and services, and that means we have to connect with them, to inspire them, to motivate them to buy - that’s selling! Let’s be honest, if you are a startup you have to sell from the time you launch your business idea, it’s how you get out of the starting block. If you are launching a new product or service, particularly if it’s a new and innovative concept, then you have to be able to persuade potential customers and investors to take a look. And, if you need to raise capital for your business, then you have to be able to sell your business concept to investors who will need to be convinced of the viability of your business. If you are still one of those people that say they are no good at sales, or just hate the sales process, then work with specialist sales people who can get the job done for you. Ultimately, business and the art of selling go hand in hand - it’s not a nice to have, it’s a necessity. 

I was sat with a group of women at a television studio last evening waiting to do a live interview, and we were chatting about what it takes to make the leap from the world of corporate to becoming an entrepreneur. One common theme emerged from our chat. It would appear that many potential women entrepreneurs are deterred from pursuing a business because they don't believe their idea is original or differentiated enough for the marketplace to be successful. But the reality is that there are very few truly original ideas, instead what differentiates successful businesses tends to be how they are executed. Just look at the meteoric rise of Uber - when that company launched there were millions of taxi businesses around the world working to a well-grooved business model. Yet, when founders Travis Kalanik and Garret Camp experienced difficulty finding a cab back in 2008 they came up with a simple idea—tap a button on your mobile device and get a ride. What started life as an idea for a mobile app is now changing the transport fabric of cities around the world, using the power of technology to give people what they need, when they need it, at the touch of a button. These mega successful disruptive entrepreneurs launched Uber knowing there were highly experienced and established taxi companies in the marketplace. However, what set them apart was their incredible vision, their ability to harness the power of mobile technology, their execution strategy, and their sheer persistence.

Perhaps one of the most noticeable differences between corporate executives and entrepreneurs is that in business, there really is nowhere to hide when you are an entrepreneur, particularly in a startup. Every strategic and operational decision made is down to you; the responsibility for employees; all aspects of the day to day running of the business; innovation and product development; all starts and ends with you, the entrepreneur. This could sound daunting - however, there are so many benefits to being a ’present’, hands-on entrepreneur in the business. Smaller “entrepreneurial” firms have fewer rules documented, an absence of politics, and the world to gain. Talent coming into the business can be developed and nurtured on a personal level in order to grow as the business grows. Innovation can be given the chance to emerge from a workforce, led by the founding entrepreneur who innovates by example, with the resulting dynamic environment being created for all to enjoy. The outcome is a constantly developing business that has strong and inspirational leadership, but with a hands-on approach to steering its future journey. So maybe having nowhere to hide as an entrepreneur, and being ever present, can only be a good thing.

The Thomson Reuters Foundation has teamed up with Deutsche Bank, UnLtd and the Global Social Entrepreneurship Network to conduct the world’s first experts’ poll on the best countries for social entrepreneurs. Perhaps not surprisingly, the US sits at the number 1 spot. The poll shows that women globally are embracing social entrepreneurship, not just because of a strong desire to impact people’s lives rather than focusing solely on profit, but also because it represents a level playing field for women. Gender bias has almost disappeared when it comes to using enterprise for social good. Social entrepreneurship is disrupting the traditional status quo, fostering innovation, and developing sustainable business ideas to solve the world’s most pressing social problems. These social entrepreneurs see success not just through financial returns, but also in terms of social impact. The ultimate business goal? To set up successful companies that improve the lives of underserved and marginalized communities. It’s not just about the balance sheet, but it’s not charity either. Monique Villa, CEO of the Thomson Reuters Foundation said: “At a time when the world faces unprecedented challenges we can only benefit from the courage and the ideas of these change-makers. Just imagine what could be achieved if they were encouraged to tackle global issues such as climate change or the refugee crisis. Now more than ever society at large needs a different point of view; social entrepreneurs might just be our best answer.” We couldn’t agree more.

I was chatting to a number of amazing women entrepreneurs yesterday at the Lioness Lean In breakfast event in Johannesburg, and an interesting topic came up in conversation - the need for authenticity when it comes to building a business and a brand. Sometimes entrepreneurs have a tendency to think they have to present themselves differently when pitching to clients for new business, or speaking at an event where they are hoping to engage and win new clients over. In fact I was at a pitching session recently where I knew one of the entrepreneurs presenting, but hardly recognised them when it came to delivering their big pitch as they had removed the very essence of what made them unique. Authenticity is about being genuine, not adapting ourselves and changing the way we present ourselves and our businesses depending on who we are talking to. Plus, when we are not presenting our authentic selves, others can sense that something is off key. Ultimately, people make connections and choose to do business with other people based on authenticity, and when you’re authentic it automatically builds trust. And remember, trust is the key foundation of a business. Oprah Winfrey once said on the subject: "I had no idea that being your authentic self could make me as rich as I've become. If I had, I'd have done it a lot earlier."

One of my own personal global entrepreneurial heroines has always been Anita Roddick, who sadly is no longer with us, the British businesswoman, human rights activist and environmental campaigner, best known as the founder of The Body Shop, a cosmetics company producing and retailing natural beauty products that have since shaped ethical consumerism. She is a great example of a woman entrepreneur who took a small idea and turned it into a global brand with impact. She originally opened the first Body Shop in 1976 with the aim of making an income for herself and her two daughters with the idea of providing quality skin care products in refillable containers and sample sizes, all marketed with truth rather than hype. By 2004, the Body Shop had 1980 stores, serving over 77 million customers throughout the world. It was voted the second most trusted brand in the UK, and 28th top brand in the world. In 2006, L’Oreal purchased Body Shop for £652 million - quite a business journey for one small idea. Anita Roddick once said: ”If you think you're too small to have an impact, try going to bed with a mosquito."

As an entrepreneur, one of the major challenges in business is knowing when to bring other people in, and then finding the right people to fit the culture of the company you have created. After all, it’s your baby and you want to find people that can continue on your business journey with you, sharing your vision, buying into the culture you have created and contributing to the company way of doing things. Leading global management consultant and author, Peter Drucker, has some interesting insights on this subject. He says: ‘culture eats strategy for breakfast,’ believing that you can develop what you think is the best business strategy in the world but if you don’t create the right culture in the business with the right people who fit in, it’s hard to make things work. The notion of creating a specific business culture may seem like a nebulous concept, and perhaps hard to get right, but when it comes to hiring people it’s often better in the long run to make sure that there is a business culture fit from the start.

It would appear that there is a new entrepreneurial boom on the horizon, being driven by two of the biggest demographic forces - encore entrepreneurs and millennials. A report by the Kauffmann Foundation, entitled ”The Future of Entrepreneurship: Millennials and Boomers Chart the Course for 2020,” points to a need for global economic renewal not just economic growth, and this could come from these two exciting entrepreneur groups. At face value, they may seem like an unlikely combination. The encore entrepreneurs are choosing entrepreneurship for lifestyle reasons as well as purely economic reasons. Their decisions to start a business are stimulated by a passion for an industry sector or desire to realise a long unfulfilled ambition, or as a means of supplementing their income to give them the freedom to do more of what they enjoy. Encore entrepreneurs tend to be less motivated to startup businesses by a desire to change the world, as compared to millennials who are driven by such ideals. Yet, the combination of millennials and encore entrepreneurs driving a new entrepreneurial boom is an exciting one, bringing experience, innovation and a disruptive approach to the ways things have been traditionally done. It’s going to be an interesting few years ahead.

Each month when we hold our Lioness Lean In Breakfast events, one of the topics that comes up most often amongst the women entrepreneurs attending is the subject of startup capital - usually how hard it is to get and how much of a deal-breaker it can be when starting up in business. But here’s the interesting thing - so many of the hugely successful women brand builders we ask to come along and inspire our audiences at the events talk about how they started up with very little finance. Most often they bootstrapped their businesses, using their own limited savings, or borrowing from friends and family when necessary. Importantly, it was their sheer determination, hard work and refusal to give up even during the tough times that got them from startup to success, not necessarily the money in the early days. They all talk about how this situation makes you think more creatively, because there is no choice. Natasha Sideris, founder of the popular and trendy South African lunchtime cafe brand Tashas, sums it up perfectly. She says: Too many entrepreneurs feel that they can’t pursue their dreams because they don’t have the money. That’s just not true. If you’re willing to work hard, you can make it happen.” 

In the early hours of this morning when I should have been sleeping but instead was wide awake and my mind was racing through ideas, work schedules, to-do lists (as entrepreneurs, we all know those moments), I read an article on LinkedIn which got me thinking and which I thought I would share this morning. It was published by Women Entrepreneurs Worldwide and written by Cheryl Collins, titled A Comfort Zone is a Beautiful Place, But Nothing Ever Grows There - Not Even You! It reminded me once again about how important it is as entrepreneurs to step out of our comfort zones and continually push ourselves into new, unexplored and exciting territory. It’s what keeps us not only fresh, innovative and reinvigorated as people, but it also ensures our business thinking doesn’t get stale. It’s a way of re-evaluating our business models, experimenting with new ideas, testing new markets, maybe even pivoting in our existing businesses. It’s a way of reconnecting us with our customers, helping us to constantly re-look at their needs, and inspiring us to invent new products and services. So when you look at it as entrepreneurs, perhaps staying in our comfort zones really isn’t that comfortable after all.

For many aspirant entrepreneurs here in Africa, in fact anywhere in the world, often the hardest challenge in getting started is finding a gap in the market that is waiting to be filled by the next innovative product, service, or new way of doing something. There is often the temptation to put off starting a business because there doesn’t seem to be a blue ocean to play in, that uncontested market space where there is room to thrive because the competition is irrelevant (take a look at the fabulous book Blue Ocean Strategy by W. Chan Kim and Renee Mauborgne to gain some fascinating insights on this subject). But the fact is that often it’s not a case of finding that rare marketplace where no-one is playing yet (these can be elusive and often tough to find), but rather more about creating a business, product or service that can stand out in the crowd in an existing one - a business that is unique with a very different customer proposition. So, don’t be tempted to procrastinate about setting up a business because there isn’t an obvious brand new marketplace to make your mark in, instead think about how you can bring something fresh and new to an existing one and stake your entrepreneurial claim there.

Everyone talks about how important it is to have a great elevator pitch at the ready, as you never know who you are going to meet that could be a game-changer in your entrepreneurial life, be it a potential investor, a future client, or a possible business partner. The elevator pitch is that 15 second, highly compelling introduction to your business that grabs the attention of the person you are speaking to, and holds their interest. Last evening, I was in the audience at the Standard Bank Incubator in Rosebank, Johannesburg, listening to the elevator pitches of eight up-and-coming entrepreneurs as part of Demo Day, an event aimed at connecting entrepreneurs with potential investors. Some pitches were more compelling than others, but all of them exuded the passion that only entrepreneurs can convey for their businesses. However, what was really interesting at this event was the informal pitching and connecting happening off-stage amongst members of the audience. It was a great example of what happens naturally when you put a large number of entrepreneurs in one room with members of the eco-system - everyone makes the most of the opportunity to pitch their new ideas, explore possible collaborations and reconnect with existing connections. So, if you don’t have your 15 second elevator pitch ready to go, you are missing a trick!