How often as entrepreneurs do we hear the word ‘no’ in our daily business lives? It could be a potential client saying ‘no’ to our business pitch; or a would-be investor turning down the opportunity to make an investment in our company; or a possible collaborator saying ‘no’ to a great idea we have for a new product development project. As entrepreneurs, we perhaps hear the word ‘no’ more than we hear ‘yes’ each day. But the trick is not simply to develop a thick skin and never take the ‘nos’ personally, but also to see each no as an opportunity instead. I read a great quote this morning by Kelly Hoey, the well-known entrepreneur, angel investor and strategist, who captures this idea. She says: “A no is the water that causes big ideas to grow.” What a wonderful way of turning a negative into a positive!

If there’s one thing thing that stands out for me when it comes to women entrepreneurs, it’sthat they understand the true value of giving back. I don’t necessarily mean this in a monetary sense, although many successful women entrepreneurs are very generous in terms of investing in and supporting fellow women-owned businesses. I mean instead that they are extremely generous with their time, giving back in the form of supporting key projects and initiatives, attending events, and networking at meetings. They are wonderful at making introductions to potential clients, business partners or advisors. And, most importantly, they are great at giving encouragement when the going gets tough, sharing valuable insights as to how they overcame the hurdles on their own business journeys. In the world of women’s entrepreneurship in Africa, giving back can be one of the most rewarding and important things to do - it’s what makes us an amazing community.

There is a tendancy for startups to worry too much about competitors in their chosen marketplace in the early days. Richard Branson, the founder of the Virgin Group, made an interesting comment on the subject, saying: "Strike the right balance between respecting your rivals and focusing on how you can beat them, and you’ll have a winning formula." The fact is that savvy small business owners can compete in what looks to be a crowded field, even one filled with big players. The key to success doesn’t hinge on finding a completely empty field, but how you define your company and its place in the market.Here are four easy ways to set yourself apart and beat the competition in your industry. Firstly, identify a gap in your market and fill it - your idea doesn’t have to be a trailblazer, it can simply reinvent what already exists. Secondly, create a customer-centric culture in your company and stay close to what your customers need and want. Thirdly, don’t try and compete on price just because you are desperate to attract customers. Instead differentiate yourself in the marketplace and justify your pricepoint. Finally, remember that what looks like a saturated marketplace indicates that customer demand exists, and that the market is viable. If you carve your own niche, there will be room for your business. Follow these tips and you can beat the competition.

Having spent the greater part of the last week travelling around meeting great new women entrepreneurs from around the continent, it made me reflect once again on the importance to entrepreneurs of building great networks - there’s no substitute for it. I read a great quote by best selling author Robert T. Kiyosaki who said: The richest people in the world look for and build networks - everyone else looks for work.” It summed it up for me. Building a good personal network is like trying to stay fit and healthy. Everyone aspires to it but very few follow what it takes to get there. As entrepreneurs looking to build strong networks, it takes lots of research, planning and dedication to go out there and get people to connect with our businesses, our brands and our objectives - but, it is worth the effort.

For anyone that has spent time in the corporate world, one of the biggest frustrations can be the amount of time taken to make a decision and actually implement it. For many of us, it’s a good reminder of why we became entrepreneurs in the first place, to have the freedom of making things happen quickly and efficiently, without the burden of bureaurocracy holding us back. Speed is a great habit for an entrepreneur to have, and it’s worth reminding ourselves regularly that making decisions and getting our products and services to market quickly, rather than perfectly, is critical for success. The famous US General George Patton hit the nail on the head when he said: A good plan executed now is better than a perfect plan next week. If we develop speed as a habit, our businesses also gain velocity.

I have always been an early morning person. I find that being up before dawn, sat at my desk and writing whilst the sun comes up and the birds start singing outside my window, is a great way of starting the day. It’s that quiet time that simply doesn’t exist throughout the rest of the day, when I can really think and write without interruption. Yet here’s the interesting thing - I’m not alone. Rising early to start the working day is very much an entrepreneurial trait and a habit for success. As I catch up with my emails in those early morning hours, I am never surprised by just how many other women entrepreneurs are doing the same thing, and engaging in conversation online before the start of the working day. We are all living examples of that well known quote “The early bird catches the worm”.

Every woman entrepreneur has a unique story - it tells of how they were inspired to get started, what the journey was like to startup their business, how they got over the hurdles and challenges along the way, and how they are still working to achieve their goals each day. Every startup story is valid, important and worth sharing - it doesn’t have to define you as an entrepreneur, but it’s an important part of the experience and helps to lead you to become the person and entrepreneur you are today and tomorrow. So, share your startup story, inspire someone else who is about to start their own business building journey, and celebrate the road you have travelled.

As every entrepreneur will tell you, there are lots of trials and tribulations that come with being your own boss. So, on those days when you are feeling the pressure; or when things aren’t quite going according to plan; and when you are maybe tempted to drop the weight of self-employment and go back to reporting to a corporate boss; remember why you chose entrepreneurship in the first place. You perhaps wanted the freedom to own your destiny; or maybe you wanted to expand and reach the heights of your personal talents and creativity; or you simply wanted to create something you could be proud of. If after all that you still need to remind yourself why you became an entrepreneur, just go and visit your friends in their 9-to-5 offices so you can remember just what you’re “missing.” 

Most women entrepreneurs create a business or a social enterprise because they want to have the freedom to pursue their dreams, build something meaningful, change the world for the better. It’s ironic, therefore, that many of these women end up losing that very freedom they seek because they pour everything they have into the business, working 80-hour weeks - no breaks, no rest, no "me" time, just work. And, even though they love the work and love the process of building a business, it’s not enough. It’s essential to get the balance right, otherwise the business will end up suffering, as well as personal health, relationships and wellbeing. So, make 2016 the year to reconnect with yourself, your family, your friends, and make time to the life-enhancing things that make you a happier, more centred person - your business will be the better for it. 

Did you know that crowdfunding in emerging economies raised an astonishing $430 million in 2015 and that one African country, Kenya, made the top 10 ranking country list for crowdfunding in emerging countries last year? The latest report by AlliedCrowds Developing World Crowdfunding: Prosperity through Crowdfunding demonstrates that the barriers to entrepreneurship are continuing to fall in Africa, opening up new opportunities, particularly for women, who traditionally have greater success in the crowdfunding space. However, other countries in Africa need to follow Kenya’s lead and start looking at the many emerging opportunities for creating new business with money raised from the crowd, otherwise they could get left behind. With an estimated $96 billion to be raised through crowdfunding in the developing world in the next ten years, crowdfunding could be a real game-changer for women entrepreneurs in Africa

Millennials see the world differently, and through a more socially conscious lens, so as they begin to take over the work force and have more of a decision-making impact on the world, the nature of businesses will also change. Sarah Sladek’s book, “Knowing Y: Engage the Next Generation Now” makes for some really interesting reading on this subject. In it, she says that 92 percent of millennials believe that businesses should be measured more by social impact than by profit, and 61 percent feel personally responsible to make a positive difference in the world. This approach to life and business is now being seen in a new type of startup emerging around the world and on the African continent, created by millennials and looking to make a difference in the world. These startups are also attracting interest from investors as they look for companies that create both monetary and social sustainability and growth. 2016 will see an increasing trend of new and dynamic young businesses being created by millennials in Africa for a market that responds to new and existing social challenges.

Yesterday morning, I was having coffee at a new local coffee shop which has just opened in my neighbourhood, and which is a real startup venture - just five weeks old. The founder joined me for a chat and an espresso and asked for advice on how other new entrepreneurs manage to find the balance between work and home life in the early days of getting a business up and running. I had to share that for many entrepreneurs, trying to achieve that work/life balance is a continual challenge and one that is spoken about by almost all the women entrepreneurs we meet every day at Lionesses of Africa. At the end of the day, supporting all aspects of a business and being truly present with those who support you outside work isn’t easy, but there are ways of trying to better balance the competing demands of family and business. There is a great book by author Meg Cadoux Hirshberg For better or for work: A survival guide for entrepreneurs and their families which is well worth a read for all those women entrepreneurs who are currently juggling complicated lives.

We all know the saying that a business is only as good as its people, and the bottom line is that people make up one of the biggest investments, both financially and emotionally, an entrepreneur makes in a business. Sometimes getting “the right people on the bus” can be the hardest part about launching a new venture. It all seems so easy when you start out as a solopreneur or with one or two co-founders, all focused on the same goal and all determined to make the business idea a success. But when that growth spurt happens, and you suddenly need to bring other people on board, then suddenly you’re trying to get everyone driving in the same direction toward the same goal. The trick is to hire competently and manage proficiently in order to move your business to that next level of growth. It isn’t easy, but by creating solid hiring processes and developing effective people management systems, you can build a productive and engaged workforce.

Just five years ago, a relatively small market of early adopter entrepreneurs crowdfunded for their businesses online to the tune of a reported $880 million. Fast forward to 2015 and crowdfunding grew to over $34 billion - a meteoric rise. In 2016 the crowdfunding industry is on track to account for more funding for entrepreneurs than venture capital, according to a recent report by Massolution. In comparison, the VC industry invests an average of $30 billion each year. Meanwhile, the crowdfunding industry is doubling or more, every year, and is spread across several types of funding models including rewards, donation, equity, and debt/lending. Equity crowdfunding has also emerged as the newest category of crowdfunding and is further accelerating this growth and disruption.The World Bank estimated that crowdfunding would reach $90 billion by 2020, but if the current trend of doubling year over year continues, we’ll see $90 billion reached by 2017. Fascinating stuff to consider for entrepreneurs here in Africa going forward!

Many highly successful entrepreneurs started out on their business journeys inspired not by one simple innovative idea, but instead by their need to solve a particular problem. It might be a problem facing other entrepreneurs in their businesses, or it could be a problem facing society or the environment - but finding solutions to key challenges in business or life is a great starting point for a business. It means people will be interested in, and want what you are creating.

We all know how easy it is to just keep doing things the same way in business because we know itworks and it is how everyone else does it, so why change it? Yet, what is the sense in doing things the same way others do it - if you want to stand out from the crowd, you need to do things differently? Perhaps this is the year to think out of the box, flex your creative muscles, and do things differently from the rest of your competitors. Why not look at presenting your company in a different way, re-look at your marketing strategy and try some new ways of reaching customers, launch a new product or approach - consider if there are alternatives to anything your company does to see if it works better. A little disruption can often be a good thing in business, keeping things fresh, not just for your customers, but also for you and your business. Just look at some of the world’s most successful entrepreneurs such as Richard Branson, Oprah Winfrey, Steve Jobs and Elon Musk to name a few, who regularly disrupted their respective industries, took risks, and as a result,  simply did things differently. 

Look at the key traits of any highly successful entrepreneur and the chances are that sheer tenacity will rank there highly. It’s inevitable that any great company or brand will go through challenging times at some point during its journey to success; periods of time when things are just difficult - perhaps a new product development process takes too long to get to market and is beaten to the punch by a competitor; or when a fundraising round for an expansion project hits some unexpected hurdles; or when the media starts to question the company and its leadership publicly. At times like this, entrepreneurs as the passionate founders of their companies and brands need every ounce of their tenacity to keep believing when others don’t, keep going when it gets hard, keep employees engaged and committed during the tough times, and lead from the front.

I read an interesting piece of advice this weekend written by Meenal Balar, Facebook’s early growth leader and now the VP of Marketing at Remind in the US, who said startup growth isn’t just about customer acquisition — in fact, that's just the first of four, multi-dimensional steps to real, meaningful expansion. Here are Meenal’s 4 steps to think about when looking for real progression in your business. Firstly, Acquisition - it’s largely about understanding how your potential customers discover and share new things, and mapping your product tactics to match the specific behavior you want to tap into. Secondly, Activation - this means understanding why people like your product, why they come back a second or third time, and then capturing all those attributes to retain even more customers. Thirdly, Engagement - the more customers you activate, the more you can engage them and that's when things really start to take off. Fourthly, virality - understanding how you can get your engaged customers to start talking about you to others and getting the messages about your company and products to go viral. It all makes common sense, but sometimes creating a step by step process to help us reach our goals, just makes it easier to get there.

I read a really interesting article this morning, the take-out of which is worth sharing. Mark Leslie, the Chairman and CEO of Veritas Software, a leading light in Silicon Valley, has made some interesting observations in that highly competitive startup environment. He often sees that big companies and brands are being beaten to the punch by ambitious young tech startups with their innovative, small, simple and cheap products that are aimed at taking on their larger, more complex and ultimately more expensive competitors in the marketplace. So his advice to startups is to learn from this trend, avoid the temptation to over-feature or over design your products, avoid adding on all the bells and whistles just because you can, and get your products to market quickly before your more established companies and brands do. This is the real competitive advantage for startups. However the trick is to watch out behind you for the next young startups who are nibbling at your own heels. Great advice.

Having the right business mindset that can handle anything is crucial in a startup and one of the ways to achieve this is through some focused reflection. Spending just 15 minutes at the end of your day in a quiet, uninterrupted space to truly reflect on your business and to look at it through the lenses of the ‘It’, the ‘We’, and the ‘I’, could be invaluable. In that quiet time, ask yourself these questions: The It: Did you achieve everything on your list at the start of the day and did you do the things that were important and not just urgent? The We: Did you add value to the lives of the people you interacted with? The I: Did you manage your own energy and mood levels properly, afterall, you can’t successful manage your business if you are not in good shape. By taking some valuable time to simply reflect on these things each day helps you to maintain focus and perspective in your business life.