Maintain Your Productive Edge

We all know that being entrepreneur requires the skills of a juggler most days, trying to keep all the balls in the air at the same time as managing to work and play to full capacity. Here are some tricks to staying uber productive. Firstly, remove any distractions from your working environment and your mind during the day, and set aside time to manage non-business related things later. Secondly, start each day with a detailed plan of what you will be focusing on. The best way of doing this is to make your plan the evening before, so that as soon as you hit your desk or laptop, you are focused and good to go. Thirdly, use all the great project and time management tools at your disposal - there are lots of them available online, many of them free. They will help with ensuring you are productive on all those tasks that really matter for maximum return on investment. Finally, and critical to maintaining focus, allocate a specific task theme to each day, as this will prevent you from jumping from non-related tasks throughout the day, resulting in precious wasted time. This four point plan will help you to maintain your productive edge. 

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Being purpose driven pays off

If you look at Africa’s entrepreneurial landscape, there is one thing that stands out. Many of its women entrepreneurs have built their businesses and their social enterprises from a place of adversity, often seeing it as a way of tackling major challenges or obstacles in life, community or country. What all of these women entrepreneurs have in common is that they are hugely purpose driven and extraordinarily passionate about what they are doing. They seem to have started a business for a purpose, to solve a problem, to create a better world and to leave a legacy. They are motivated each day to make a difference through their businesses and their social enterprises, and they are prepared to pivot and adapt quickly in order to respond to the challenges they face. Being so purpose driven keeps them focused on the end-goal, which is always bigger than the journey. 

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Putting Africa’s women entrepreneurs on the map

Today, we are exactly one week away from the 2nd global Women’s Entrepreneurship Day, an important day in the calendar when the world sits up and takes notice of women entrepreneurs and the businesses and brands they are building. It is the perfect opportunity to get people talking about how women entrepreneurs on the African continent are changing the face of business and making a real impact on the lives and communities in the countries they serve. We have such a good story to tell here in Africa - we are now half way through what has been designated as the Decade of the African Woman Entrepreneur and we can see a new and exciting generation of women entrepreneurs emerging, representing every sector of business and industry. These bright and ambitious women are not only keenly focused on building great companies, but they have a deep social conscience and are committed to contributing to the future wellbeing and development of the communities and countries they come from. As global consumers, we can all play our part in supporting these amazing African women entrepreneurs and the brands they are building, and where possible make conscious buying decisions that create a real and lasting impact. 

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Think big, start small, move fast

Thinking big, starting small, and moving fast, has long been a guiding principle for entrepreneurial ventures who are looking for long-term success. And let’s be honest, thinking big and having big dreams are traits that every entrepreneur shares in those early startup years. However, it is also important to recognise that by starting out small, it is possible to keep overheads to a minumum whilst building the business, and getting the risk balance right. By being lean and agile at this early stage, it is easier to move fast and get those products and service out to market speedier than your competitors, getting your market share of your chosen business sector early and ensuring your share of voice in the brand space. But the same principle also holds true for successful entrepreneurial ecosystems. Any good ecosystem should enable the connectivity that these young businesses need for early success, and then clear the runway for their future and speedy growth.

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Entrepreneurship is Sheer Hard Work

I have to chuckle to myself when I look at all the latest book titles on entrepreneurship that are published each month, each one promising instant success and riches - we have all seen them: How to Become a Millionaire in 6 Weeks; Make Money Whilst You Sleep; Build an Online Business Lying on the Beach, etc. But behind these attention grabbing book titles, the reality is that being an entrepreneur takes sheer hard work, guts, determination and absolute passion. For most entrepreneurs in the early years, it means working long hours for little or no pay; it means not getting enough sleep and feeling constantly stressed; it means working twice as hard as other 9-5 employees in corporate jobs seem to do; and it means living with no guarantees of success. Let’s be honest, if you saw books on entrepreneurship with titles that reflect the reality, chances are you would run a mile. Yet, ask most entrepreneurs if it is worth it, and the answer is probably going to be a resounding YES! Entrepreneurs are brave individuals, they know there are no guarantees and that they have to put in the hard yards - but the journey is worth it.

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Control your own destiny

So, why are so many more women today choosing entrepreneurship as their career paths? As it turns out, women are motivated to launch companies primarily by two things: a desire for control over their lives, and the opportunity to leverage their experience, talents, and fresh ideas in a new way. In the recently published KPMG Women Entrepreneurs: Passion, Purpose and Perseverance report 50% of women entrepreneurs questioned said that what motivated them to launch a company was the desire to control their own professional destiny and to create the opportunity to make an impact. This research finding should resonate with all women entrepreneurs, whether they are creating new products or services that can change the sectors they are operating in, or launching high-impact social entrepreneurship ventures that have the potential to find solutions to some of the most pressing challenges in our society. 

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Surround yourself with creative people

Have you ever wondered why so many new and exciting business ideas and innovations emerge from young people in colleges and universities? It’s because they're in an environment where they're surrounded by other young and creative people, all bouncing new ideas around, thinking out of the box, and believing that anything is possible. Being around like-minded peers in such a positive and free-thinking environment is the ultimate example of creativity spurring creativity. So, if you want to think of the next great business idea, or market-grabbing product or service, then surround yourself with other innovators just like you. It creates the perfect atmosphere for innovation. We may not all have the next world-changing idea bursting to come out, but we can all benefit from being around creative people who can help to inspire us to make our own goals a reality.

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Great entrepreneurs have great mentors

Speak to any successful entrepreneur about their journey and the keys to that success, and chances are they will point to having had great mentors along the way. Mentors can be invaluable as you build your business and formulate your ideas. The trick is finding the right one, someone you feel comfortable with and who understands what you are trying to achieve, and also someone with whom you can build a successful relationship with that can go the distance. It is important to be clear about what you are hoping to get out of the mentorship relationship and you need to define your own needs right from the beginning. You can then focus that precious time with your mentor on those specific areas that will add most value to your business and its goals. So, as you start what you hope will become a meaningful relationship with your mentor, firstly establish the guidelines and be clear about what you need from them. Secondly, remember to be open and honest with your mentor, and regularly discuss what specific areas of the business need the most help. Finally, build a rapport with your mentor through your shared interests and be receptive to new ideas and advice.

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Confidence counts

Ask any number of women entrepreneurs what the number one trait essential for successful entrepreneurship is, and they will say that self-confidence is an absolute must. After all, if you personally aren’t confident about your business vision, products and services, then others around you will have difficulty being confident too. Confidence, which goes hand-in-hand with risk-taking, enables female entrepreneurs to make the bold, calculated decisions necessary to unlock growth in today’s disruptive, competitive environment – even when they have more questions than answers. When it comes time to being bold and making calculated risks in business, entrepreneurs need the confidence, leadership, and determination to make the tough decisions that unlock growth.

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Hard Work Pays Off

So, what exactly does it take to be a successful female entrepreneur? This is a question asked by KPMG in its recent survey Women Entrepreneurs: Passion, Purpose and Perseverance, which polled 200 female entrepreneurs from Inc. 5000 companies. Some of the findings were really interesting and help to shed some light on what key factors propel women’s success in their businesses. The majority of those surveyed, (67 percent), say working hard is the #1 trait that helps them navigate the inevitable bumps in the road of being entrepreneurs. Also high on the list: the ability to persevere when times get tough (65 percent) and a willingness to take risks (64 percent). Whatever challenges they encounter, successful female entrepreneurs push on, roll their sleeves up, and just work really hard to achieve their vision and goals for their businesses. So, hard work really does pay off.

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Collaboration is Key

If you’re an entrepreneur, and especially for those just embarking on their entrepreneurial journeys, collaboration isn’t just important, it can be as critical as the business idea itself. Whilst it is absolutely possible to have that Eureka moment and come up with a brilliant new business idea or concept for a groundbreaking product all by yourself, taking it all the way through to implementation alone is so much harder. Finding like-minded people to collaborate with could not only give you solutions to key challenges, it could also make you a better entrepreneur. Over the years, we have seen some of the biggest entrepreneurial success stories emerge due to the power of collaboration - you don’t have to look too far from Silicon Valley to see just how many collaborations have resulted in the biggest tech game-changing companies we know today. Successful entrepreneurs embrace the power of collaboration to make things happen.

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Entrepreneurship is Contagious

I read a really insightful article this week by best selling author and CEO and Co-founder of Endeavor, Linda Rottenberg who argues that the best incubator for entrepreneurship occurs when entrepreneurs form close networks and nurture fellow risk-takers with their experience and resources. She points to groundbreaking evidence that the most vibrant entrepreneurship is developed by high-impact entrepreneurs when they operate in tight-knit networks, nurturing fellow risk-takers and trading know-how, capital and tough love. The role that these super-carriers play in creating and accelerating the growth of an entrepreneurial ecosystem is key — a few very successful entrepreneurs spawn others and the effect multiplies over time - this is how the entrepreneurship contagion spreads. Entrepreneurship doesn’t just spread on its own. It spreads because more experienced entrepreneurs actively cultivate the growth of those around them. Once a handful of local scale-ups have succeeded, the multiplier effect can take hold and the ecosystem can begin to sustain its own growth. The key is finding them, helping them scale and encouraging them to let the contagion spread.

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Thinking out of the box

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.

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Let passion be your compass

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!

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Celebrating unconventional approaches and ideas

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. 

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Living the entrepreneurial lifestyle

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.

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Entrepreneurship is a marathon, not a sprint

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.

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Cracking the glass ceiling in business

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. 

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Stay true to your Vision

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. 

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Why women are a good financial bet!

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.

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