As entrepreneurs, there are times when you have to look for sources of external funding, particularly when your business is in scale-up mode, but as a rule of thumb there are many more advantages to building a business organically and without taking on any debt. Firstly, you won't have to give away any of the equity in your business. Secondly, you won't be paying heavy amounts of interest on a loan. Thirdly, and especially important, is that you won't have to answer to an investor who's more interested in short-term financial return than in your long-term growth and goals. Instead, when it’s your own hard-earned money you are investing back into the business, you will learn to invest wisely in its future growth. Growing the business organically might take more time, but in the long run it might cost you less, not just financially, but also in terms of maintaining control. That's good advice for life in general, not just for running your own business.

I recently read and reviewed the brilliant book by Kathey Porter and Andrea Hoffman 50 Billion Dollar Boss: African American Women Sharing Stories of Success in Entrepreneurship and Leadership (read LOAs review of the book). In the book they examine why more women than ever before are choosing the entrepreneurial route and the findings are quite surprising. Kathey Porter says there are many reasons that drive a person to start a business, however, for women, many surveys suggest financial gain is included but is not the primary driving factor. Some of the top reasons include: Opportunity to be their own boss; Greater control of their own destinies; Desire to pursue their passions; Financial gain; Desire for work/life balance; and Flexibility to spend more time with family and children. I am sure these findings will strike a chord with many women entrepreneurs here in Africa.

Okay, did that headline catch your attention? This advice from Arianna Huffington, CEO of the Huffington Post, isn't as shocking as it might first appear. She is talking literally about how sleep is vital if you want to reach the pinnacle of success in your entrepreneurial life. The bottom line is that, no matter how busy your life becomes, if you skimp on your sleep you are causing both harm to yourself and your business. All the studies show that if you are sleep deprived your decision-making becomes compromised; you are more likely to get sick; your physical fitness will be affected; and your business and personal life will both suffer. Sleep will have a big impact on your chances of success as an entrepreneur. With so many demands on you as a business owner, it can be easy to forget to take care of yourself. But in order to thrive you have to put your needs, and those of your family, first. So get some rest! 

In the US, the renowned Kauffman Foundation and the Public Forum Institute have together just published their latest report “Entrepreneurship: the key to a new era of American growth and opportunity”. It comes at a time when the US is reflecting on its socio and political future as part of the election campaigning that is reaching fever pitch. Interestingly, entrepreneurship is taking a central place in the discussion. The report acknowledges that entrepreneurs are known to be the primary source of net new job creation. Their innovations challenge existing firms to improve and contribute to economic dynamism, which results in a faster growing economy that provides greater opportunities for upward mobility. The entrepreneurial creation of new products, systems, and processes breeds new efficiencies. New businesses are also especially important when it comes to the job prospects of young workers. Young companies employ younger workers more than older firms and these workers enjoy higher incomes. On top of all of this, experienced entrepreneurs often act as mentors to aspiring business owners, generating more of the new ideas our economy needs to grow. Simply put, entrepreneurship is an engine of economic growth that creates opportunities for economic independence and can no longer afford for entrepreneurship to be treated as a policy afterthought by politicians. Africa can learn these lessons too.

As entrepreneurs we all know that our work and lives are closely intertwined, particularly when we are bootstrapping our businesses in the early days. It’s almost impossible to get the work/life balance we aspire to when we are juggling our roles as company director, bookkeeper, sales person, administrator, customer service manager - you name it! Each of these roles is critical to our business success but it doesn’t leave much time for anything else - especially a so called ‘normal’ kind of life by other people’s standards. The life of an entrepreneur can be something of a roller-coaster. So, we need to appreciate that life and work are almost impossible to separate, but be ready to grab any free moment that presents itself and use it as our time to stop, rewind and refresh.

Many successful entrepreneurs will tell you that you will meet lots of negative people along your business journey - those who say you will never succeed, or that you should stick to a‘proper job’ in the corporate world, or that your idea will never take off. There are lots of reasons as to why these naysayers will not be supportive. It could be a fear of the unknown and feeling more comfortable in a 9-5 job; or they could simply be ignorant of what the entrepreneurial world is really like; or perhaps they are jealous and don’t want others who are perhaps more adventurous to succeed. Whatever the reasons for their negativity, as an entrepreneur you can’t afford to have such people around you and to have their negative attitude to life rub off on you - you need to stay positive and focused. The highly successful US entrepreneur, Tory Burch, CEO and founder of lifestyle brand Tory Burch, says she learned from her parents to treat such negativity as simply ‘noise' to be ignored and blocked out. Instead she surrounded herself with people who would lift her higher – and she reaped the rewards. A good lesson for all of us to learn!

I was listening to a really interesting radio interview yesterday with Wharton management professor, Ethan Mollick, who has published some new research on why men still outnumber women in becoming entrepreneurs. His findings make for fascinating reading. When it comes to thinking up new ideas upon which to found a business, and having the skills to turn a startup into a success, men and women begin on a level playing field. But in practice, it doesn’t stay that way. Mollick reckons that if you look overall at the chance of someone starting a company, it turns out that gender is a really strong predictor of whether or not they will become an entrepreneur. He says women are less likely to be entrepreneurs than men, and this has been a big puzzle, because women are just as innovative as men and companies run by women are as successful. So why aren’t women launching companies at the same rate? Apparently, it comes down to being overconfident. You have to believe that you’re better than everyone around you. In fact, overconfidence is the biggest psychological predictor of whether or not you’re going to become an entrepreneur. Having misplaced confidence in yourself and thinking you can win when other people always lose is a strong predictor of entrepreneurship. It would appear that men are simply hardwired to being more overconfident out there!

Do you remember the days when every entrepreneur was told to get their 30-second “elevator pitch” ready for the opportunity to pitch a business idea or a concept to a potential buyer, investor or collaborative partner? Well, today things have changed. With the fast paced world of social media driving our brand exposure and our connectivity with the outside world of influencers, movers and shakers, it’s all about the “tweet pitch.” This morning we should be asking ourselves if we have that perfect, attention grabbing, 140-character, one-line “tweet pitch” at the ready. The tweet pitch gives you just three seconds to make a first impression, to entice the audience to bother to read the next paragraph, or to click to see the details. Not enough of these one-liners make an impression, but as entrepreneurs keen to make an impact, we need to make sure that ours do! So, what are you waiting for, go out and perfect your “tweet pitch.”

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.