As entrepreneurs, it’s important to always listen to the feedback we receive from our customers, our business partners and our employees - it’s how our businesses stay on track, how we improve our service and product offerings, and how we keep growing. That doesn’t mean that hearing negative feedback is easy - it’s not - particularly when we are passionate about what we are doing and about the businesses and brands we are building. But it’s essential to put personal egos aside, keep listening and learning from that feedback and, as a result, improving the products and services we deliver to our valued customers. Microsoft founder, Bill Gates, understood the value of feedback and criticism, saying: “Your most unhappy customers are your greatest source of learning.” Something to think about this morning!

Many entrepreneurs starting out on their business journeys fear the unknown and experience trepidation about what could possibly lie ahead. Yet, this unchartered territory is often where the exciting opportunities happen for entrepreneurs. Having the ability to conquer that fear of the unknown and turn it into a positive is an essential ingredient for successfully navigating the business journey you are embarking upon. Nkemdilim Begho, a successful Nigerian serial entrepreneur and the founder and Managing Di­rector of Future Software Resources Limited, has a great approach to conquering fear as an entrepreneneur - she says: ”Believe in your vision, share it with the world and never give up. Put aside all your fears - if your dreams don’t scare you they aren’t big enough!” So, lose your fear of the unknown and embrace it!

The New African Woman in Business awards have recently taken place on the continent and multiple award-winning architect and founder of AD Consulting, Olajumoke Adenowo, took the top honours. The Forum is organised to recognise and celebrate women’s leadership and excellence in Africa. The fact that this inspirational entrepreneur was recognised for her remarkable contribution to both industry and society shows that people are interested not only in individual business success, but also what that person gives back to society, how they inspire others, and how they provide an entrepreneurial roadmap for others to follow. On accepting her award, Olajumoke made some interesting comments, saying: “I believe that African entrepreneurs can’t make the bottom-line profit their only focus. Certainly profit matters because you can’t help the poor by being one of them, but till our governments and leaders realise that the wealth of Africa doesn’t lie in the ‘natural resources’ – crude oil and diamonds – that lie beneath the earth, and for which we have torn apart our communities; until they realize that the true wealth of Africa lies in the potential of its people, African entrepreneurs must be the alternative government and take up the task of human capacity development. This is even more important for an African female entrepreneur because, as females, we are nurturers and it is our responsibility to raise the next generation.” Inspirational words for us all as entrepreneurs this morning.

You know that feeling when as an entrepreneur building a business you are still sat at your desk at midnight, when your 9-5 corporate friends all seem to be out relaxing at the weekends when you are working on a new product or business idea, or your family is complaining about never seeing you these days. If all that rings a bell, then it could be time to reassess how you are managing your work-life. Here are 5 key tips to try and achieve a better balance in your entrepreneurial life:

1. Work smarter, not harder - the trick is to become more efficient with the precious time you do have by streamlining or automating tasks that need to be done, and delegating the less important tasks where possible.
2. Focus - remember the 80/20 principle, and focus your efforts on the 20% of those tasks and activities that will deliver 80% of the benefit, not the other way round.
3. Maximise the hours in your working day - if you are a natural ‘morning’ person, then ensure your early working hours are dedicated to the most important or creative tasks requiring your attention.
4. Establish your work time boundaries - acknowledge that there will always be more work to do and therefore set yourself the challenge of completing the most important tasks within more efficient timeframes, thereby freeing up more time for yourself to better and more positively impact on the business.
5. Set your own pace - there is always pressure to build a business as fast as possible, but the secret to success is to go at a pace which makes sense to you and your venture, otherwise it may not be sustainable in the long run.

2016 is seeing a new and interesting generation of entrepreneurs beginning to emerge. For the first time, it will be Generation Z, the generation born immediately after the Millennials, that begins to take centre stage. This is a population that is rapidly growing, and the first to see the potential of this powerful demographic are the marketers who are recognising not just their future buying power, but also their influential share their voice on everything from technology to apparel. With 100%  of this generation connected online, predominantly via mobile, the ability of this group to influence public opinion is enormous. Additionally, as Generation Z already known as the “Limitless Generation” continues to use its voice, its beginning to display a more empathetic, as opposed to self serving tone. As this generation looks to take control of its socio and economic future, leveraging entrepreneurship as a game-changer, empathy looks to become one of the world’s greatest future business differentiators. 

A recent interesting article on the subject of “Entrepreneurial Women” published in the Harvard Gazette, highlighted a topic that is much discussed amongst women entrepreneurs, and that is dealing with the fear of failure in business. There was an interesting take on the subject from one of the participants in the Harvard Gazette discussion, Susan Hunt Stevens, co-founder and CEO of WeSpire, who spoke about the fear and anxiety that comes with trying to start and build a company. She said: “Just get used to the fear - there is constant fear. But it’s so much fun, the fear kind of motivates you.” Many aspirant and current entrepreneurs talk about how paralysing the fear of failure in business can be, often becoming a barrier to success - so, how much more positive an approach to take than turning that fear of failure into a powerful source of motivation to make a business work?

Investors looking for the next great socially minded business or social entrepreneurs looking for new industry sectors where they can make a big impact, are increasingly beginning to look at the education sector. The education-technology sector is ripe for disruption, investment and rapid growth, while offering the opportunity to dramatically and positively make a difference to people’s lives and the global economy. Technology combined with educational expertise can have a powerful effect on learning. In the US, the Center for Digital Education estimated that public elementary schools and colleges and universities spent around $20.4 billion on ed tech in 2014 alone. So what is driving this upward trend? An interest in new educational models: blended learning, a combination of face-to-face and online instruction, and personalised learning, educational activities tailored to students’ individual needs as determined by frequent assessments. At the end of the day, no technology can outperform a great educator, but the best ed-tech offerings can make a tangible contribution by freeing up educators' time and empowering them with data and tools that enhance their ability to teach and achieve maximum results. Here in Africa, more entrepreneurs with new ideas and innovations are needed, as well as real solutions that will help educators and students on the ground. This is the time for the ed-tech entrepreneurs on the continent to shine.

An interesting new piece of research caught our eye this morning, published by UC EXPO, probably because it confirmed something we already know as entrepreneurs. Over two-thirds (68%) of office based workers believe that new collaboration and remote working technologies will eventually substitute traditional office working. Just look at the UK where 29% of employees now work flexible hours, so it seems that the traditional 9-5 business is declining rapidly. So what’s the reason? Well, according to UC EXPO’s research, the answer lies with a growing workforce of digital natives, not to mention multiple obstacles such as travel chaos on the roads and longer, more expensive commute times just to get into the office. It’s therefore not surprising that people want a more flexible approach to their work. Perhaps the biggest take-out from the research is that today, smart businesses can harness the power of unified communications and collaboration technologies to connect staff globally better than ever before, and as a result, reap huge business benefits. So, goodbye 9-5!

There’s a new and exciting generation of millennial women entrepreneurs here in Africa who are rewriting the rule book when it comes to starting businesses. These young women are ambitious, fearless, tech savvy, and they come out of the starting blocks thinking they can change the world - all of which is a good thing. However, these young women also need great role models to look up to, in fact we all do as women entrepreneurs. We need to see that other women have travelled the entrepreneurial journey before us; that other women have broken into tough industry sectors and made it big; that other women have become game-changers by innovating and creating new products or ways of doing things that are changing the way we live or the way business is done. We need more great women entrepreneurial role models in every country in Africa who can inspire us to go further, who can motivate us to change our countries and communities for the better, and who can encourage us to keep going when the journey gets tough. 

Today, social entrepreneurs in Africa are looking to make an impact in their communities as a result of their own business efforts. Globally, social lenders are also beginning to change their long-entrenched views as they realize that focusing initiatives like microfinance lending on women entrepreneurs turns out to be the most effective way to make whole communities more prosperous - unlike their male counterparts, these women entrepreneurs believe in giving back and uplifting their communities as an integral part of their business models. This early insight has quickly led to further programs specifically targetting women, including special business programmes, competitions, and support networks for female entrepreneurs across the continent. The advent and growth of gender lens investing in women-owned businesses, has created female-centred portfolios that put much-needed capital behind women in a more systematic and high impact way. As a result, things have moved on significantly in the world of social investing. No longer only the beneficiaries of social finance, today women are building a complete ecosystem of social investing that has female financial power at its heart. 

There’s a new generation of creative women entrepreneurs taking African Luxury to the world, and it reflects the world’s current love affair with all things African, which is definitely growing. Also growing is the number of women Afro-Luxe brand builders who are establishing global names for themselves and their businesses, and growing loyal customer networks at the same time. AfroLuxe is the intersection of an appreciation of African design, respect for provenance, fascination with ancient culture, and the genuine value association of artisan skills and ethical and sustainable production. Roll all of those things into a luxury brand and product, and you have a winning combination. Whether it is a luxury fashion item, or a piece of haute couture design, a bespoke perfume, or an exquisitely handcrafted item of jewellery, these Afro-Luxe brand builders are taking the world by storm and putting Africa firmly on the global luxury map.

There is an exciting new wave of African women in tech that are developing innovative and powerful solutions for social change on the continent. More and more game-changing women techpreneurs in Africa are integrating technology into the work of social change - and, that’s what makes this trend unique. It is not simply about creating the next African Silicon Valley - this is not the ONLY answer; or the only way. There’s a new wave of women techpreneurs on the continent moving beyond technological utopianism, in search of the perfectly scalable silver bullet tech product or solution. There are lots of philanthropists, policymakers, and financiers who are searching for the one intervention or model that would solve this or that big social problem. Digital tools are a necessary, but not sufficient component, of any long-term social change effort. What will be interesting to see is Africa’s ability to replicate its success and global leadership in mobile money technology, in areas like agriculture, health, education, culture, environmental management, financial and economic empowerment. Mobile technology is clearly a way forward for marrying Africa’s tech and social solutions. We predict that smart money and ‘caring’ money will increasingly start to follow these innovations on the continent over the next decade, and women techpreneurs will be leading this charge. 

What is exciting right now is that a complete ecosystem of social investing that has female financial power at its heart is making an impact. At the same time, female financial expertise is taking the helm in more direct ways through a growing number of women-run venture capital firms and all-female investor networks. Their presence in the start-up marketplace disproves the myth that women investors are risk averse. And, even when the firms don’t specifically target women-run businesses, they seem to be having a catalytic effect on female-founded companies. Women-run investment firms report receiving more pitches from female entrepreneurs because of their networks. As a consequence, a greater percentage of their investments, up to 40% in some cases, have been in companies started by women. Elsewhere, women are establishing venture funds specifically targeting female entrepreneurs and focusing on female markets - they are seeking to invest in companies that are run by women, and which have solutions to address those problems being experienced by women. It’s all good news for women entrepreneurs who are looking to build and grow their companies, and find the funding support to do it.

One of the most interesting trends to be seen in Africa right now is the rise of women retail entrepreneurs who are doing things differently, particularly millennials who are not hampered by traditional notions of what retail looks like. They are getting to market quickly by creating edgy PopUp stores which appear in trendy high traffic areas or aligned to events such as music festivals or weekend events. They are launching great new eCommerce platforms and building their own online shops. They are no longer relying on bricks and mortar retail spaces that are expensive commitments. So, what’s driving the trend? It allows these startup women entrepreneurs to target a niche audience; it’s great for testing new products, concepts, and markets without huge overheads; it offers a great wa of gaining valuable consumer insights with relatively little investment; it generates buzz and creates a memorable visual spectacle; it taps into “massclusivity” and piques consumer curiosity with elements of surprise, trendiness, and a certain sense of urgency to ‘buy now while it lasts’; and importantly, it provides an economic alternative to full-scale retail set-up. What’s not to love about this model!

Globally, social lenders are beginning to realize that focusing initiatives like microfinance lending to women entrepreneurs turns out to be the most effective way to make whole communities more prosperous - unlike their male counterparts, these women entrepreneurs believe in giving back and uplifting their communities as an integral part of their business models. There’s a great quote by Melinda Gates, Co-Chair, of the Bill & Melinda Gates Foundation in the USA. She says: “If you invest in a girl or a woman, you are investing in everybody else.” How true is that! This early insight has quickly led to further programmes specifically targetting women, including special business programmes, competitions, and support networks for female entrepreneurs across the continent. Theadvent and growth of gender lens investing in women owned businesses, has created female-centred portfolios that put much needed capital behind women in a more systematic and high impact way. As a result, things have moved on significantly in the world of social investing. No longer only the beneficiaries of social finance, today women are building a complete ecosystem of social investing that has female financial power at its heart. 

There’s a lot of discussion right now about the impact being made by Africa’s women entrepreneurs who are building successful ‘higher purpose’ brands that manage to do well in business whilst at the same doing good in the world. But, what is the secret to their success? Well, they have great ideas to start with! They are also inspiring and touching people emotionally through the development of creative products that have powerful brand appeal. Their brands and products are not only uniquely African, which resonates with customers who are looking to make a global connection, but they are also sustainable and ethical. They could be Fair Trade-certified, they believe in using sustainable and locally sourced raw materials, they invest in local skills development, and they are committed to ethical labour practices. Intrinsically, they believe in the power of social good - companies investing back in the development of people and communities.  And, they can tell a great story, one that connects at an emotional level with customers. As a result, Africa’s women entrepreneurs today are developing companies and brands that articulate and activate a higher brand ideal and purpose, and are being rewarded with especially high rates of growth.

Interestingly, women’s entrepreneurship still lags behind their male counterparts in all but seven countries in the world. The fact is, if women’s labor participation were closer to that of men, it would contribute a trillion dollars to GDP in emerging economies. Women led businesses are key to this opportunity. On the flip side, what is really interesting about this trend is that women are increasingly seeing entrepreneurship as a compelling alternative to the corporate world - particularly millennials. They see that entrepreneurial activity creates real growth and prosperity — and importantly, solutions to address lingering social problems. And today’s trends show that women will be a driving force of entrepreneurial growth in the future. Smart companies around the world are watching this trend closely. In the US, Coca-Cola sees 5 million women entrepreneurs entering its global supply chain by 2020. WalMart is harnessing the power of women entrepreneurs to innovate compelling new products. In fact, all companies should realize that in the war for talent, women are increasingly seeing entrepreneurship as a compelling alternative if a career path appears stunted. So, goodbye glass ceiling, and hello entrepreneurship!

Here’s an interesting development for women entrepreneurs in the funding space. The global crowdfunding industry raised over 30 billion dollars in 2015, and is tipped to potentially overtake VC funding in 2016 - an interesting shift. Several studies have shown that men get far more venture capital funding than women, in fact, it’s around 12 to 1, but there is better news for women entrepreneurs when it comes to crowdfunding. Women outperform men on crowdfunding sites like Kickstarter and IndieGoGo. In fact, 65% of all women-led tech startups reached their funding goal on Kickstarter versus just 30 percent of men-led tech startups. And, 37% of all women-led ventures were funded compared to 32 percent of male-led ventures. So, why exactly are women so successful at crowdfunding? The answer is simple: women use words better - they tell compelling stories! The bottom line is that language has a massive impact on how successful a crowdfunding bid is, and women just use it more powerfully. The way women write their pitches simply makes them better crowdfunders. Women understand the power of their backstory, and are telling those stories in a compelling way that resonates with potential investors. Crowdfunding is democratising access to entrepreneurship and capital, and ensuring that women are on a completely level playing field with men for the first time.

As we enter the second half of what has been officially designated as The Decade of the African Woman Entrepreneur, we need to make it count! The good thing is that a number of trends are emerging that are tipped to drive women’s entrepreneurship in 2016 on the African continent. A key trend is the rise and rise of women’s entrepreneurship in Africa. Today, Africa is THE continent of female entrepreneurs, and in fact, Africa leads the world in female entrepreneurship. 50% of all enterprises in Africa are women owned, according to the World Bank, and 25% of Africa’s women have set up their own businesses from scratch - that’s the highest rate on the planet! Uganda, for example, has the highest per capita rate of women’s entrepreneurship anywhere in the world. And, this trend is set to rise on the back of a new-found confidence amongst women on the Continent. It’s clear that women’s entrepreneurship in Africa has reached a tipping point and can certainly no longer be seen as a passing fad, raising the odd eyebrow and resulting in the occasional eye-catching global newspaper headline. It’s a fundamental economic force that will reshape the economies of not just Africa, but indeed the world.

In the life of any entrepreneur, there will be those tough moments when things don’t quite go according to plan, or there has to be a strategy adjustment because of challenges in the marketplace, or a product adjustment because of increased competition. At times like these, there is a need for outside motivation and inspiration, and often the greatest sources of motivation come from other passionate, hard working entrepreneurs who have been where you are now. It is important to surround yourself with people who have similarly big dreams and lots of experience to match, so build your team and your community with people who push you to grow and think outside the box. When you know you have to be on your toes to keep up, you will work harder and think bigger. That same passion will ignite in you during the toughest of business times.