Steve Jobs, Co-Founder and CEO of Apple once said: “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” There is definitely something to this theory. Speak to most entrepreneurs and they will tell you that through the course of their journey to success, they have had to deal with challenges that would have knocked most people off-course in the early stages.  From bankers saying no to funding; to family members saying an idea just won’t work so why not go and get a real job; to markets saying your product or service is not quite right and needs rethinking. There’s no doubt about it, being an entrepreneur is not for sissies, but the trick is to have belief in your business idea, to work 24/7 until you start to see traction, and persevere, even when the going get’s tough.

Africa is catching on fast to the e-commerce revolution that has transformed economies in other parts of the world, and women entrepreneurs are beginning to take advantage of this new trend. According to a recent Ipsos study, cross border shopping in Africa is on the increase, with around 80% of the continent’s online shoppers looking to buy internationally. Two countries in particular are leading this new trend - Nigeria and South Africa - with both playing a big role in boosting e-commerce as a whole on the African continent. Here’s the interesting factor, 90% of online shoppers in Africa own a smartphone or feature phone and use them to complete their online purchases. With Nigeria’s mobile penetration rates averaging 59%, along with 93 million mobile users in the country, and South Africa’s mobile penetration rates standing at 50%, this represents huge market potential for Africa’s women entrepreneurs who are e-commerce retailers. This is the era of e-commerce in Africa, and women entrepreneurs can look to take advantage of a whole new generation of consumers who want to shop online.

As entrepreneurs with busy lives in a connected world that seems to be switched on 24/7, we are bombarded by information each day - and undoubtedly a lot of this information can be useful and harnessed to make our businesses and our lives better and more efficient. But we mustn’t forget that the very part of our DNA that makes us entrepreneurs is our intuition. We don’t always need external resources, tips and advice to tell us what we intuitively know is a good idea, or a great way of doing things. As creative and innovative entrepreneurs, we should trust in our own intuition to know when something just feels right - after all, that intuition is probably what leads most of us to take the plunge and start up our own businesses in the first place. So, trust your intuition and base your decisions on what feels right to you, and then support that intuitive decision by using the information flow around you to back it up. 

In the world of entrepreneurship, being an innovator, a maverick, and a change-maker is part of the journey and, for the most part, actively encouraged by a world that needs such people to make a difference, to find the solutions, to make the next big development happen. Yet, on the flip-side, if you are creating something bold, different, important or thought-provoking you are going to attract some critics - it’s just human nature. But we all know that sometimes, when we are so driven and passionate about what we are doing or creating on our entrepreneurial journey, it's hard to take criticism and it can be painful. So here's a piece of advice that I read recently, and which makes complete sense, not to mention putting a smile on the face when needed. “Learn to deal with criticism like a pot of pasta you are draining for dinner. Release the water and keep the good stuff! Great advice. 

When you ask successful entrepreneurs how they achieved their business success, the answers are usually very similar. They will tell you that it is a combination of sheer hard work, guts, determination, a never give up attitude, total belief in a business idea - all those things and more. But ultimately, it is about finding that unique selling point that differentiates what you do, and what you create or offer to your customers, from the rest of the pack. As serial entrepreneur, Richard Branson, says: “To be successful, you have to be out there, you have to hit the ground running, and if you have a good team around you and more than a fair share of luck, you might make something happen. But you certainly can’t guarantee it just by following someone else’s formula.” Wise words!

At Lionesses of Africa, we are constantly delighted by the power of women startups in Africa to punch well above their weight in their various sectors, demonstrating a tenacity and complete self belief that belies their size. From women solo-preneurs who have a passion for what they do and a drive to succeed that many a corporate would envy - through to the social entrepreneurs that believe wholeheartedly that individuals really can make a difference when it comes to finding solutions to some of Africa’s biggest challenges. There are so many great examples of small enterprises with big ideas making a huge impact. In fact, it reminds us of a great quote by the great UK entrepreneur, human rights activist and environmental campaigner, Anita Roddick, founder of The Body Shop. She said: “If you think you’re too small to have an impact, try going to bed with a mosquito.” 

Several recent studies support the notion that you can create greater economic and social value by investing in women entrepreneurs. A recent analysis from the Goldman Sachs 10,000 Women initiative shows that women entrepreneurs participating in the program from 43 developing countries not only dramatically expanded their businesses, but importantly, eighty-seven percent of participants went on to mentor other women entrepreneurs in their communities. Other research supports the Goldman Sachs findings, that successful women entrepreneurs understand the power of giving back. Another recent study found that women are likely to invest 90 cents of every dollar they earn in supporting their family’s and their community’s education, health and nutrition, compared to 30 or 40 cents for men. Women entrepreneurs appreciate the impact they can make by investing in their communities and their families using the profits from their businesses.

I have just been reading the latest Global Entrepreneurship Monitor Women’s Report 2015, which has some fascinating findings, not least of which is the importance of role models. In those countries where there is a high percentage of early stage women entrepreneurs (and Africa has a great number of these) there is also the likelihood that those women know and network with other successful women entrepreneurs. These role models play such an important part in the successful journeys of these women owned startups in Africa, as they offer tangible support, advice, insight and access to useful networks. It reminds us that, as women entrepreneurs, we can all be role models to the next generation of young women startups that are following in our footsteps.

Have you noticed a growing wave of interest in, and affection for, all things African around the world over the past year? Whether it is South Africa’s talented comedic export, Trevor Noah, taking the US chat show circuit by storm, or some of Africa’s leading design talent capturing the imagination of the runways of New York, Paris and London. Currently, the world is waking up to the incredible depth of talent we have on the African continent. On the entrepreneurial scene, some of Africa’s most innovative women-owned companies and brands are getting the world to sit up and take notice, and as a result, putting Africa on the map. Companies such as trendy Ethiopian Fair Trade footwear manufacturer, Sole Rebels, headed by the global brand-builder, Bethlehem Tilahun Alemu. The brand is now retailing in over 45 countries and by 2022 is looking to open over 500 new stores worldwide. Bethlehem is just one of a new generation of visionary African women entrepreneurs who think big, and think global. 

Most entrepreneurs know only too well how challenging starting up a business can be, and then over the years, just how difficult it is to maintain and grow that business for the long-term. Entrepreneurs also value the important role that mentors play on that journey and understand the value of giving back to others who are starting out on their entrepreneurial journeys. The most recent Ewing Marion Kaufmann Foundation report on emerging entrepreneurs published in November this year found that more than half of the entrepreneurs interviewed (54%), gave back to other entrepreneurs by mentoring, giving presentation advice, or encouraging others to start a business. Interestingly, of those entrepreneurs who said they didn’t have a mentor, 75% of them did not give back in any of the ways mentioned above. Those who benefit from the value of mentoring in their own entrepreneurial lives are more likely to give back and make a difference to the lives of others.

There’s an old saying that goes ‘the customer knows best’, and it would appear that it still stands true today. In a world where customers have so much choice, and where they are bombarded 24/7 across all media with options of what do buy or whose service to use, they have become a dynamic voice for entrepreneurs to listen carefully to. The latest EY report on emerging entrepreneurs certainly backs this up according to feedback gleaned from the early stage entrepreneurs it interviewed. Though experienced, these entrepreneurs don’t assume they know everything, and they rely on customer feedback and market intelligence to improve the products and services they offer. In fact, in the survey, fifty-seven percent of companies added a new product or service line, and 66 percent changed their product or service, due to customer demands and feedback. As one entrepreneur stated, “We take a lot of that customer feedback to decide where we’re going to invest.” 

Here’s an interesting fact to start the day. According to the results of a new snapshot survey of EY emerging entrepreneurs undertaken by the Kauffman Foundation, it would appear that these exciting new emerging entrepreneurs are primarily motivated by a love of entrepreneurship itself. These entrepreneurs may start their companies for a wide range of reasons, but the most common is that they simply love the notion of being an entrepreneur (69 percent). For many, the idea of being their own boss and in charge of their own destinies, was the key decision-making factor in them taking the leap and starting their own businesses. Other common motivations included wanting to find a solution to a problem that they faced or they saw potential customers or society facing, or because they thought they could provide a product or service better on their own.

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?