Meeting and speaking to tenacious and inspirational women entrepreneurs from across the African continent each day, brings to mind that now famous quote by LinkedIn founder Reid Hoffman: “What is an entrepreneur? Someone who jumps off a cliff and builds a plane on the way down.” It doesn’t matter how many times I read that quote, it still makes me smile and reminds me that entrepreneurs really do think out of the box - it is part of their DNA. They embrace fear, accept it as part of the entrepreneurial journey, and then harness it to find solutions to key challenges.

There was a great article this month in the Huffington Post, written by Lindsey Nefesh-Clarke, Founder & Managing Director of W4 (Women's WorldWide Web), a crowdfunding platform dedicated to girls' and women's empowerment. She sent a message to aspiring entrepreneurs that resonated with us here at Lionesses of Africa - she said: “Let Passion Be Your Compass”. This is a great message for all those women entrepreneurs in Africa who are doing something that they love and building a business and a brand using that passion as the foundation for success. It is good to remember this passion for what you do on those difficult days - when there are intimidating challenges to be overcome, tough decisions to make, hard times to get through, and when it seems impossible to feel any more exhausted or stressed than you do now. Her advice is to trust your intuition, remember your passion, and it will guide you through the bleakest moments. Good advice!

Have you noticed how many incredibly successful entrepreneurs have a very unconventional attitude to life and business? Think Steve Jobs, Mark Zuckerberg and Bill Gates to name but three. Perhaps that is what is needed in order to change the world for the better through the inventive ideas and different ways of doing things displayed by entrepreneurs. There is no doubt that entrepreneurship takes imagination and perhaps even a dash of insanity at times - perhaps it is precisely this combination of personality traits that enable entrepreneurs to change the world. After all, they often have the vision to see the world as they would like it to be tomorrow, not how it is today. Entrepreneurs pursue the ideas that others deem crazy at the time - they intrinsically understand that logic and common sense is limiting, but that unconventional ideas and ways of doing things can change things for the better. This is why the world needs more entrepreneurs who have the vision to address so many of the challenges facing us today, and no more so than here in Africa. 

When people ask why you became an entrepreneur, how many of you would say your decision stemmed from not wanting to live a conventional, corporate nine to five lifestyle? Yet, this concept of a flexible lifestyle for entrepreneurs is not so cut and dried - the honest truth is that entrepreneurs work really hard, really long hours particularly in the early days, and fit in vacation time (if they are lucky) around the needs of the business. Yet, there is definitely an upside for those people who know in their hearts they have an entrepreneurial spirit that is just itching to get out. The flip side is that there is much more flexibility to the entrepreneurial lifestyle than the traditional nine to five and two weeks of vacation time that corporate life permits. It is simply a case of making that time work for you and your business, whilst balancing the needs of personal life and family at the same time. As the saying goes, entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t. It is hard work but with that effort comes the ability to shape your life in the way that best works for you.

For many entrepreneurs, the early days of setting up and establishing a business are all consuming. There is so much to think about, so much to do, so many goals to achieve, and often, so many doubters to prove wrong. There is also the temptation to work 24/7 in order to get there quickly. However, just like running a marathon, or climbing a mountain, the trick is to pace yourself. The challenge of avoiding early burn-out is one that needs to be taken seriously, remembering that entrepreneurs are the face, personality and vision of the business, and therefore a precious asset that needs to be taken care of. It is important to remember that patience is essential on any entrepreneurial journey. There is no set formula or timescale for achieving success, it takes time, patience and lots of hard work and perseverance. So the trick is not to dwell on the distance ahead, but to focus on the journey you are taking, one small step at a time, and keep moving steadily forward until you achieve your goals.

Sen. Jeanne Shaheen Jeanne Shaheen, the U.S. Senator from New Hampshire, wrote in her recent Huffington Post article that women-owned businesses have become "the nation's job-creation machine” in the US. The good news is that between 1997 and 2014, according to an American Express study, the number of women-owned firms in that country grew at 1½ times the national average; and revenue and employment growth among women-owned firms tops that of all other firms except for the largest, publicly traded corporations. This progress in the US sends a positive message to the rest of the world, particularly here in Africa. The bad news is that the continuing glass ceiling for small business is not only holding back women entrepreneurs; it is also depriving Africa's economy of vast untapped human capital, creativity, and innovation. We need to level the playing field for women in small business on the continent as a whole, ensuring more equal access to credit, capital, counseling, and contracts. Warren Buffett famously said that one reason for his extraordinary success is that he was competing with only half of the world. It's time to fully unleash the other half. 

If there is one thing that women entrepreneurs know all too well, it is that a clear and compelling vision in any endeavor can make all the difference in the world. A strong vision can set the direction for a business and clearly communicate what it is trying to achieve; it can mobilize people behind a key goal; and it can galvanize individuals or teams to accomplish something significant. Every successful business needs a compelling image of the future, and importantly, a roadmap to achieving it. Those businesses that do not articulate that clear vision are likely to lose focus and, as a result, lose the very people needed to achieve success along the way. So, stay true to your vision and ensure that everyone who is part of the business understands it, and is committed to making it a reality. 

We read an interesting article this week, written by Angela Ajala, the National President of Business and Professional Women (BPW), Nigeria and Vice President of the African Women Entrepreneurship Programme (AWEP). Her theme was on the range of challenges affecting women in business on the continent and the measures needed to overcome them. One of the key challenges she highlighted was the difficulty experienced by women entrepreneurs in Africa to get financial support for their businesses. She believes it is basically due to long-established structures and traditional beliefs in society and culture arising from notions that have been held for years - that in African society, men are deemed to be in charge of both the home and business and deliver better in contracts than women. Yet, as she points out, this assumption flies in the face of research and statistics that show women pay back loans better than their male counterparts. In managing whatever financial resources they have well, those same women entrepreneurs earn high turnover from the money they have accessed. They also ensure they do not default on those loans so that the other women following in their business footsteps do not suffer as a result.

You never know when you are going to meet someone who could be key to your business success, so having the perfect elevator pitch ready is a must. In essence, your elevator pitch is the act of describing your business plan or concept to another person, in a very short amount of time (generally 30 seconds to 2 minutes). So, imagine that you’re standing next to somebody very important in an elevator and your only chance to pitch to them is right before they exit the elevator. Here are some tips for delivering that perfect elevator pitch. Pick an interesting hook to get their attention. Maintain clarity in your speech and above all, maintain eye-contact. Deliver your pitch like a story and spark their interest. Be ready for questions and have all the answers good to go. Use proper language, but don’t over-complicate things! Final word - deliver your elevator pitch with confidence and passion for what you are doing - after all, people do business with people, so they need to engage with you personally. It's well worth practicing the perfect pitch now for when that opportunity arises!

Africa needs more women entrepreneurs to emerge in the coming few years if the continent and our communities are to thrive. To achieve this goal, businesses need to focus on investing in girls’ education at early and primary years, as they represent tomorrow’s entrepreneurial future.  As the Global Business Coalition for Education marked the International Day of the Girl Child this month, it published a survey on the impact of businesses who invest in girls’ education. It found that while there is a strong focus on empowering girls in secondary years, less than 10% of their education budgets is spent on early childhood development. The report argues that investment in early and primary years would be transformative. Sarah Brown, Executive Chair of the Global Business Coalition for Education, said: “We know all too well that the economic empowerment of a woman does not start when she is an adult. It starts when she is a girl. Education is critical for her success at work and across her family life, and there is a compelling case for the private sector to consider how best to engage and make a difference.” Africa’s entrepreneurial future for women is relying on it.

Here's an interesting thought for the morning, inspired by Carl J. Schramm, the American economist, entrepreneur, and former President and CEO of the Ewing Marion Kauffman Foundation, and often known as the "evangelist of entrepreneurship.” In his book, The Entrepreneurial Imperative, he reminds us that the movement that built the first national democracy was not triggered by an uprising of the masses; nor was it led by intellectual theorists demanding utopian change. It was led by entrepreneurs. This makes complete sense when you think that starting a business develops precisely the traits that make democracy work - independence, tremendous effort, self-discipline, collaboration, self-belief, and the recognition that you can only succeed by serving the needs of others.” Something to think about as the world and the African continent battle to achieve real democratic progress - perhaps the solution lies with entrepreneurs!

Today, many successful organizations and smart global leaders are using the technique of investing in women as a strategy to address pressing issues across communities. And here in Africa, what they have realised is that, through such investment, women aren't the only ones who benefit. Oprah Winfrey has already found that “dedicating resources to a single woman has a ripple effect on her entire community.” In fact, according to “Women, Wealth and Impact: Investing with a Gender Lens (2015),” a report put out by Veris Wealth Partners, the UN’s Food and Agriculture Organization estimates that if women received resources (credit, land, information, training, seeds, and fertilizer) on par with men, the additional yield could reduce the number of undernourished people by 100-150 million. Investment with a gender lens benefits all of us, from investors looking for positive financial returns, to the men and children who live in the same communities as the women receiving the investment capital. 

Talking to would-be entepreneurs globally, the fear of failure is most often cited as the reason for not taking the plunge and starting up an entrepreneurial venture. Yet interestingly, this differs widely from country to country. For example, 81 percent of Ugandans polled by the Global Entrepreneurship Monitor said they saw entrepreneurial opportunities in their economy, and only 15 percent cited “fear of failure” as a factor holding them back. In the United States, in contrast, which is generally cited as the most entrepreneur-friendly economy in the developed world, only 43 percent surveyed reported seeing entrepreneurial opportunities, and the fear of failure rate is 32 percent, twice that in Uganda. But the bottom line is that failure is part of entrepreneurship, and we need to recognise that failed entrepreneurs remain entrepreneurs and the failure rates of second start-up attempts are much lower than for initial efforts. Entrepreneurs learn from failure, it’s part of the journey. 

For many people, when they hear the word ‘entrepreneur’, they think of innovators, wealth creators, risk takers, startups and business mavericks. However, what if those same peole were to start thinking of entrepreneurship in a completely different way, and instead see it as a powerful social game-changer in our world? Steve Mariotti, co-author of 28 books on entrepreneurship, global speaker, and the founder of the Network for Teaching Entrepreneurship (NFTE), a global nonprofit organization that has educated more than half a million students, passionately believes in entrepreneurship as a transformational experience. His latest book, An Entrepreneur’s Manifesto, takes a completely different view of the role of entrepreneurship, seeing it as a catalyst for social change, and a way of closing the wealth gap. He believes that entrepreneurship can completely transform the lives of communities and people in schools, prisons, villages, and inner cities. Something to think about!

"What business entrepreneurs are to the economy, social entrepreneurs are to social change. They are the driven, creative individuals who question the status quo, exploit new opportunities, refuse to give up, and remake the world for the better." - David Bornstein: journalist, author and specialist writer on social innovation. Social entrepreneurs are those individuals who are lazer focused on making a difference to society and the world we live in by making positive change happen. They look for new ways of doing things, or finding solutions to key problems or challenges that exist in the environment, society or the communities we live in. Social entrepreneurs come from all walks of life and all types of communities, and they all share the same underlying drive and passion to see their ideas through. Many of them are having a huge effect on the world and the communities they live in, yet most people have not even heard of them. Here in Africa, we have some of the most passionate and committed social entrepreneurs, many of them women, who are creating powerful enterprises that are making a difference - whether it is bringing the work of the continent’s rural women makers and crafters to the attention of world markets; or finding innovative micro-financing solutions to empower a whole new generation of women entrepreneurs who previously had no access to finance; these social entrepreneurs are real game changers.

Nobel Laureate, Muhammad Yunus said: “everyone is an entrepreneur, but only the lucky come to know it”. Today, starting a business is a real option for everyone to consider in their lives, yet interestingly, it is only a few that decide to take the leap and turn their ideas or concepts into a reality. So, what is it that makes entrepreneurs different? They share a number of core strengths in common, such as extreme determination, confidence in their ideas, and an innovative approach to finding solutions to key challenges. However, how they embark on their journey to finding success is always different. What unites them all is their determination and drive to succeed, and the confidence to take calculated risks in order to create the right business or product that can meet a need.

“The biggest problem is getting beyond the “you can’t” syndrome. The moment you figure that out, you’re on your way to flying.” --- These are the words of Bill Drayton, CEO and Founder of Ashoka the pioneer of the social entrepreneurship movement. Every entrepreneur will encounter challenges and problems to be solved on their business journey to success, but the trick is to see those challenges as an invitation to be creative. It requires a can-do attitude, combined with an ability to see and do things differently, and a desire to make use of existing skills, ingenuity and resources and find a solution. Entrepreneurs by their very nature are driven, persistent and open to new opportunities and ways of thinking, so the word ‘can’t’ is not in their vocabulary. Instead it is seen as a direct challenge to find an interesting idea that can provide the solution. So today, if you are facing a new hurdle or challenge on your own business journey, see it as an opportunity to try a new approach or to revolutionise the way things are currently done. 

An interesting new survey published in the US this week by the Business Journals, which shares a parent company with BizWomen, makes for great reading for women entrepreneurs around the world. It appears that if you want to get ahead, then start a business. When it comes to income and wealth, it's better to be a female business owner than a woman climbing the corporate ladder. The study was based on a survey of 1,354 owners, partners and C-suite executives (434 of which were women) at companies with between five and 499 employees.The results reveal women owners have considerably higher net worth than their corporate counterparts. Interestingly, the survey also highlighted the fact that 58% of the women surveyed said that the meaning of their work is a higher priority than achieving financial success. Food for thought this morning!

If there’s one thing that startups know, it’s that finding ways to stay competitive and relevant in a fast-changing market is key. As a result, startups have to be flexible and open to the idea of pivoting - switching a core facet of a business model or changing the focus of the business or product development. In the early days of a startup, finding out if your business idea will be a winner is hard without experimentation and market testing. Finding out what works, and what resonates with customers, might mean changing an idea or product until it becomes a success, possibly in another form from the one originally conceived. Interestingly, research points to startups that pivot in their early days are more likely to achieve better growth and faster scale-up further down the line. So, it really is okay to pivot as a startup.

As entrepreneurs, we have probably all done it at some point - we sit there reading the news on our smartphones, IPads and laptops, seeing yet another meteoric rise of a brilliant young techpreneur who has created the next big app and with it a megabrand or company, and wonder when it will be our turn. Whilst we applaud these entrepreneurial megastars, we need to remember that for most of us entrepreneurs, success takes time. It is usually a long and interesting journey to realising our business dreams and aspirations, and there can be many bumps and turns along the way, not to mention full scale pivots for some. The trick is to enjoy the journey, embrace every challenge as you go, and above all, be patient. There will always be those seemingly overnight successes in the entrepreneurial world, but they are not the norm, so never be discouraged at the pace of your own journey. The old adage ‘patience is a virtue’ comes in handy at times like these.