The latest Ewing Marion Kauffman Foundation report, A Snapshot of the Emerging Entrepreneur, makes for really interesting reading as it looks at the characteristics of successful high growth early stage companies and identifies what makes them tick. One of the findings that will resonate particularly here in Africa is that even rapidly growing companies tend to be funded by their founders. In the research report, 52 percent of the entrepreneurs mentioned using a substantial amount of their own money, or money from their previous business, to start their company. In fact, 31 percent completely financed the company themselves (with zero investors), relying on the art of bootstrapping. These latest findings were also backed up by other research on Inc. 500 companies in the US that found 59 percent of the companies interviewed were financed by the entrepreneurs’ own funds. There are some lessons for us all.

Digital evolution and global entrepreneurship are intertwined. Countries that are highly digitally evolved tend to have well-developed entrepreneurship ecosystems - just look at the East Asian countries of Singapore, Hong Kong, Korea, Japan, and Malaysia, which all have more evolved digital ecosystems and a strong entrepreneurial culture. Entrepreneurship and digital growth appear to be correlated. Digital technology has the potential to transform the very way we lead our lives. It pervades everyday life at home, at work, at school, in our leisure time. Today more than one-third of all people around the globe are connected as a result of this digital age, which is transforming every aspect of the way people live - economically, politically, socially, and culturally. Here in Africa, there is no doubt that digital technology changes how people live, how they share knowledge, and how they create, produce, distribute, and consume. It changes how citizens communicate with policymakers and how nations create wealth. This digital entrepreneurial economy, with its many different business models, will be at the heart of tomorrow’s most successful economies on the African continent.

Countries across the African continent are grappling with the challenge of how to create the millions of jobs that are needed to solve chronic poverty and massive unemployment and to stimulate real economic growth. One solution to this problem lies in a combination of entrepreneurship and innovation. Research on economic growth globally over the last 30 years has highlighted that rapid job creation comes from rapidly growing companies. There is something that the developing world can learn from this. By encouraging the creation of new companies that have the potential to grow rapidly by providing much needed new products or services, the world’s developing countries will be able to provide the essential jobs their rapidly increasing populations need. This new breed of companies will make their impact by creating new markets, exploiting existing market niches, inventing new products, and finding new ways of delivering essential services or processes that have few competitors or substitutes. The combination of innovation, market demand created by new markets, and the will of a new breed of ambitous entrepreneurs keen to make a difference to the African continent they come from, can create a new type of company. One that is capable of maintaining high levels of profitability, rapid expansion of production, and stimulating new employment opportunities at scale. Entrepreneurship plus innovation really can equal economic growth. 

The much-anticipated and latest edition of the Global Entrepreneurship Index 2016 has just been published and, as always, makes for really interesting reading. This year’s edition of the Index offers concrete evidence of what we have felt for a long time, that entrepreneurship is a “global good”. Research supports the premise that entrepreneurship has a direct correlation to increased economic growth, reduced income inequality, enhanced environmental quality, and wider political stability and security - all challenges we are battling here in Africa. The fact is that entrepreneurship becomes a force for real and lasting socio-economic change because it doesn’t simply transfer existing wealth from one group to another, but instead spreads the wealth around by increasing the total amount of economic activity that produces more jobs and more income for more people. As a result, entrepreneurs become a real driver of possibility. The world as a whole, and Africa in particular, have a long and evolving list of challenges to be addressed, from poverty, access to education, youth unemployment, through to climate change to name a few, and all of these challenges require new ways of thinking and innovative solutions to address them. Entrepreneurs are key to creating an environment where such solutions can be found. However, the Global Entrepreneurship Index 2016 shows that entrepreneurial activity in the world currently sits at 52%, meaning that we are only at about half of our entrepreneurial capacity. The bottom line is that the world needs more entrepreneurs.

I read a great quote this morning by the renowned business guru, Peter F. Drucker that really resonated, he said: “In every success story, you will find someone who has made a courageous decision.” It seems to me, when meeting and speaking to so many incredible woman entrepreneurs in Africa, that bravery is at the heart of entrepreneurship. It takes great courage to believe in the journey you are on and the businesses you are trying to build, even when those around you tell you it’s impossible. Looking back, it seems like often the really groundbreaking businesses and ideas come from brave entrepreneurs, those who are willing to back their world-changing idea to the hilt and and fight against the doubters, the nay-sayers and general apathy in order to build something truly great and original. Many a successful company and world-changing invention has emerged as a result of a courageous entrepreneur who simply believed that it was too good to fail. So this morning, be brave, be courageous, and make things happen.

Here is something that will probably resonate with every woman entrepreneur in Africa, or indeed anywhere in the world. I was sitting at my laptop very late last evening, responding to emails, catching up with news about all the amazing women entrepreneurs on the continent, preparing to write their inspirational stories, and chatting to many of those women online. We were sharing experiences about the long working hours, never seeming to have enough hours in the day to do everything we needed to do, not having enough leisure time to spend with family and friends. You all know this story, you are probably living it too. An article by the Author Kathi Laughman popped into my discovery system on my screen that reminded me to celebrate the small things in life - I am sharing it with you this morning. “You think this is just another day in your life. It’s not just another day. It’s the one day that is given to you today. It’s given to you. It’s a gift. It’s the only gift that you have right now. And the only appropriate response is gratefulness. Live today like you want tomorrow to be. Live well.”

Most entrepreneurs know that one of the hardest things on the journey to achieving business success is staying motivated to keep going - after all, entrepreneurship is a continuous journey not an ultimate destination, and at times, that journey can be tough going. It is important to keep focusing on the end goal, and the freedom you are looking to achieve in your business and in your personal life. There will undoubtedly be those times when you get frustrated, feel that life and other people are passing you by, and that you are not getting the traction you need on your own business journey. At times like these, it is important to keep your eye on the prize, the end goal you have set for yourself, and stay focused and motivated on achieveing that goal. Recognise what makes your life and work tick, and remain alert to what you stand to lose if you take your eye off the ball. It will make that success you are craving all the sweeter once you get there!

So here is something interesting to consider this morning. If you thought that blogging was just something fun to do on the weekend or in the evenings when you are not doing something more important, well think again! Blogging is actually good for business. Here are some facts gleaned from a great infographic that has just been published, The Blog Economy — Why Every Brand Should Have a Blog. Firstly, companies that blog have 97% more inbound links. Secondly, B2B marketers that use blogs generate 67% more leads. Thirdly, websites with blogs have 434% more indexed pages and 97% more indexed links. It is predicted that by 2020, customers will manage 85% percent of their relationships without talking to another person. With all that in mind, suddenly blogging for business makes sense doesn’t it?

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. 

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. 

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. 

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.

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.

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. 

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.

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.

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.

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.

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.

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.