The latest 2016 BNP Paribas Global Entrepreneur Report survey (which polls 2,600 multimillionaire entrepreneurs in 18 countries) reveals the emergence of a new generation of entrepreneurs under 35 years old. These ‘Millennipreneurs’ take a very different approach to business, in terms of their ambitions, results and leadership style, creating more companies with larger headcounts and higher target profits. They certainly tend to be interested in the new economy, but are also equally active in many traditional sectors including retail and professional services such as law and accounting. The survey interestingly points to the fact that women have been more successful than their male counterparts over the past year, and they are also very ambitious, with 89% of women entrepreneurs surveyed expecting growing or stable profits in the next 12 months. The top three wealth creation sectors identified for these women were Retail (16.5%), Professional services (11.2%), and Fashion (6.0%). When asked which sectors they would choose if they were to switch businesses, the top 3 were E-Commerce (9.3%), Travel, Hospitality and Leisure (8.6%), and Social Media (6.3%). The most fascinating differentiator from the women surveyed came with the question on their top 3 criteria for success. Coming out tops was Making a profit on their initial investment (35.2%); next was Passing the business on to the next generation (12.3%); and third was Making a social impact (11.2%).

There is an increasing interest in the topic of the ‘mompreneur’ and the recent research report LABOR AFTER LABOR published by Kauffman as part of its Series on Entrepreneurship and Motherhood, makes for interesting reading. The report found that a quarter of new entrepreneurs are between the ages of twenty and thirty-four, and nearly three-quarters of mothers of newborns are also in this age range. Women are increasingly considering entrepreneurship and motherhood at the same time in their lives. When mothers do choose to start businesses, they have different motivations than their male counterparts do, citing flexibility and work-life balance as motivating factors for them to become entrepreneurs. Autonomy and flexibility are huge motivating factors for those women who become entrepreneurs, offering them greater freedom to care for children whilst at the same time, providing the opportunity to build businesses, create products, and find new and innovative ways to solve societal problems through social entrepreneurship. One interesting aspect of the study found that entrepreneurship appeals to mothers because it offers them flexibility and control over their work hours, but not a reduction in the hours worked in the business. Ultimately, while entrepreneurship may promise autonomy and flexibility that appeals to mothers, the research suggests that in reality work-life balance is no easier to achieve for mother entrepreneurs than those who are employees or their male counterparts, and that the key to success is a strong support system. 

Ask any woman Solopreneur what they love about starting and running a business on their own and they will undoubtedly talk about the ability to follow their passion, to make decisions that determine their own future, to take control of their lives, and to make a tangible difference through their own efforts. All of these things and more fall into the ‘pro’ column when looking at the reasons we choose the challenging path of becoming Solopreneurs. Yet let’s be honest, it’s not all sunshine and roses when it comes to launching and running a business on our own. For example, there is no-one else to do the essential yet often mundane tasks that are part of being an entrepreneur; there is no-one around in the office or workshop with the same goals and aspirations to bounce ideas off during the day; the burden of decision-making falls completely on the shoulders of the entrepreneur; and the task of maintaining cash-flow, sales, client relationships and regular income is a constant challenge. So weighing up the pros and cons of choosing the Solopreneur life is essential before embarking on that path - yet talk to many Solopreneurs and they wouldn’t have it any other way. 

For many entrepreneurs starting out, there is the inevitable sense of romanticism around the notion of becoming the ‘next big thing’, or inventing the next multi-million dollar life-changing app, and becoming an overnight business success. However, the reality is somewhat different and there are very few startups that actually manage to achieve their goals and realise their ambitions overnight. Entrepreneurship tends to be more of a marathon than a sprint, with ambitious and passionate business builders knowing they are in for the long-haul before they achieve the large scale success they are hoping for. They are not on their own - so many of the most successful businesses today that we know as household names and which have become an integral part of our daily lives took years to build. While the media may make us feel as if successful businesses are born overnight, ultimately most of those overnight successes took 5, 10 or 20 years to build. Look at the story of Facebook, today one of the fasting scaling businesses in the world, yet founder Mark Zuckerberg had a series of businesses prior to starting Facebook that didn’t take off, and it wasn’t until Facebook’s fourth and fifth year that it started to achieve stellar success. These kind of long timelines are the norm rather than the exception for most entrepreneurs, and overnight success tends to be more of a myth than a reality. For most of us, the entrepreneurial journey to success will be a long one, but all the more interesting for it.

Here’s a term you are going to be hearing a lot more of over the coming months and years in Africa - the ‘gig economy’, otherwise known as the sharing economy or the on-demand economy. Remember when the word ‘gig’ was associated with musicians looking for an opportunity to perform somewhere? Well, not any more. Today, the gig economy is associated with the rise of businesses such as Uber and Airbnb, companies started to facilitate the exchange of goods and services between a wide variety of individuals using a technology platform. As these sharing-based companies continue growing and expanding their offerings to meet the demands of their clients, they are also hiring more independent contractors - and this is where the ‘gigs’ come in. There are plenty of people out there, particularly Gen Xers and Millennials, who are either ready to leave the “9-5” grind or are looking to supplement their income by working gigs alongside their existing jobs. More and more people are looking to find work as independent contractors in the shared economy, and they’re reporting pretty high levels of satisfaction with the work, according to the report“From ‘Gig’ to Career.” The flexibility is a plus for many, as is the independence that comes with self-employment. So, as the ‘gig economy’ explodes elsewhere in the world, it is only a matter of time before it makes a huge impact here in Africa too. Think about that when you next take an Uber ride.

The rest of the world is waking up rapidly to something we already know - Africa represents one of the most exciting marketplaces right now, particularly when it comes to reaching millennials. Four out of ten of the fastest growing global economies over the past year can be found in Africa. The continent’s population of 1.1 billion is set to grow to 2.3 billion by 2050, and it’s getting younger, with 50% being 19 years or younger. These statistics point to vast marketing opportunities for companies and brands that are looking to make their mark and tap into an increasingly important and influential consumer base. On the flip-side, it is also a great opportunity for these optimistic, ambitious, creative young millennials to start entrepreneurial ventures of their own, producing new and exciting tech solutions to challenges they know all too well on the ground, or designing and producing new products that are African centric but with a global approach. Something else to be explored is the opportunity for collaboration between these independent, free-thinking African millennials and their global counterparts, after all increased connectivity brings the world a whole lot closer and makes collaboration a much more exciting prospect. 

There is a growing movement on the part of global consumers to make purchasing decisions based on the sustainability of the products, brands and companies behind their production. In the past year, sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally, while those without grew less than 1%. The bottom line is that consumers are increasingly making better and more considered choices of the brands and products they buy, willing to pay more for sustainable products where the backstory is known and the environmental and social impact is informed. In fact, according to the really interesting study ‘The Sustainability Imperative’ published by Nielsen late last year, sixty-six percent of consumers say they are willing to pay more for sustainable brands, up from 55% in 2014 and 50% in 2013. Its obvious that consumers are increasingly motivated in their buying decisions by appeals to protect the planet or to improve the living and working conditions of people across the globe. As consumers are trying to be more responsible global citizens, they are expecting the same of the companies and brands they are buying from. Many ethical, sustainable and socially responsible brands here in Africa, particularly those launched by women with a strong backstory, can maximise the opportunity to connect with this powerful buying sentiment. 

Women entrepreneurs in Africa undoubtedly face challenges when it comes to establishing and growing successful businesses, from getting access to vital markets and funding, to knowing how to launch and market new products and services to key consumer segments. However, mentoring has a vital role to play in empowering women to gain the skills and confidence they need to succeed. Research shows that mentoring of women entrepreneurs, not just at the startup phase but throughout the business journey, helps to boost confidence and boost business performance. But the impact of mentorship doesn’t just stop there. Women mentees frequently go on to share their knowledge with other entrepreneurs, passing on the knowledge they are gaining with fellow women entrepreneurs in their networks and communities. Many go on to become mentors themselves later in their lives. So, ultimately, mentoring has the power to make a huge difference to the success of women entrepreneurs and their businesses on the African continent. 

The 2016 Global Entrepreneurship Summit drew to a close earlier this month in Silicon Valley with US Secretary of State John Kerry talking about why the Obama administration has made entrepreneurship such a focal point and a priority, not just at home, but supporting its growth in developing nations around the world. The US has made economic prosperity an integral part of its foreign policy agenda and recognises the potential that entrepreneurship has to further socio-economic development globally. As Kerry says, “Entrepreneurship is an engine for shared prosperity and hope that helps bring stability to people and nations around the globe. It is about individuals improving their lives and their communities through good ideas and hard work. Success creates jobs, brings new products and services to market, and gives people a stake in seeing their local communities succeed. Entrepreneurship promotes stability and social inclusion and offers an alternative to conflict and extremism.” Given all the unrest and turmoil in the world right now, perhaps a new generation of young and socially conscious entrepreneurs will help to find solutions to so many of the challenges facing us today, and steer the developing world into new era of peace and prosperity. 

This week saw the launch of the 2016 Seed Academy Second Annual Startup Survey results published in South Africa on the state of entrepreneurship in the country. The report highlights some interesting findings, particularly in relation to women entrepreneurs. It appears that while slightly more than half of South Africa’s population is female, only 1 in every 3 entrepreneurs is female, and women still remain the minority in a largely male-dominated entrepreneurial landscape. Despite this, the report finds that women entrepreneurs in the country are generally more optimistic about the future, and their greater optimism is matched by a generally more favourable view of the business environment. In terms of growing the numbers of women entrepreneurs in South Africa and assisting them to grow their businesses, the report makes several recommendations, starting with making more focused support available. This includes providing more education on entrepreneurship, more networking opportunities, and more support and representation on various programmes. To fast-track current development efforts, the report recommends actively promoting more success stories of female entrepreneurs, developing specific women focused development programmes, encouraging female mentors to assist them in the specific challenges they face, and identifying innovative funding opportunities for women e.g. collateral free loans and reduced interest rates. 

Access to funding is a challenge often cited by Africa’s women entrepreneurs, but this month the African Development Bank (AfDB) announced measures to help address this issue. The Bank is availing $3 billion to support women entrepreneurs across Africa in a bold recognition of their contribution to the economies in their countries, packaged as Affirmation Finance Action for Women. The announcement was made by AfDB president Akinwumi Adesina during the on-going AfDB annual meetings in Lusaka, Zambia. He told about 5,000 participants including heads of states and government who are discussing the social and economic development of Africa, that small to medium enterprises (SMEs) and cooperatives are taking centre stage as the future economic engine for the continent with women playing a critical role. This move sends a clear signal to the whole of Africa that women entrepreneurs are being seen as real economic drivers for growth and development, and that if supported properly they can fulfil their potential as business owners, brand builders, product creators and employers. That’s making a real impact. 

The 7th annual Global Entrepreneurship Summit has just met in Silicon Valley with over 700 mainly young entrepreneurs from 170 countries descending on Stanford University for the event. On the agenda was networking with Silicon Valley’s elite, private mentoring sessions, idea pitching to local investors, and master classes on product brainstorming, angel investing, and building startup ecosystems. President Obama in his keynote speech told the delegates: ”The world needs your creativity and your energy and your vision. You are going to be what helps this process of global integration work.  The world works better when people are networking, trading, and sharing ideas.” The United States has always used economics to build relationships and advance its interests. What’s new here is the focus on entrepreneurship, with the country seeking to stimulate a new generation of entrepreneurs across the globe who can both generate prosperity for their countries and imagine new solutions to a range of global problems, from public health to climate change—problems which, when left unsolved, often spark strife. It’s a rallying call for young entrepreneurs to take the lead and help to make the world a more sustainable and better place.

We all know those giants of the business world that just seem to do things better and more innovatively than anyone else - think Apple and Google to name just two. Yet, as startups, there is so much that can be learned from these big players, and many approaches and ways of doing things that can be incorporated into our own businesses. For example, when it comes to creating brands and business cultures that employees want to be part of, then companies like Google are the masters, incorporating fun into everyday work life. As small businesses, we can also look at ways of creating company cultures and atmospheres that are fun to be part of, including making work spaces less boring and more creative places to spend time in. Another key learning from the Apples and Googles of this world is to keep our business thinking open to new possibilities and opportunities, always keeping it fresh by being open to diversification or new ways of doing things - this is particularly key when markets or technologies change and customers demand new products and services. Learning from the big players, the trick is not to be scared to step into a new industry or try something new, just because it’s different. We might be tempted to think that, as startups, we have nothing in common with these huge companies in the global marketplace, but the fact is that there are always lessons to be learned from any big company that is hugely successful and innovative. 

The 2016 Dell Women Entrepreneur Cities Index has just been published and Johannesburg is the only African city to make the list, which measures a city’s ability to attract and support high potential women entrepreneurs i.e., women that want to grow and scale their business. The rating has 5 pillars, divided into 2 categories, Operational Environment and Enabling Environment, and looks at Access to Capital, Markets, Talent, Culture and Technology. The 25 cities in the rankings were chosen from the list of 50 global cities in the Dell Future Ready Economies (FRE) Model in order to make comparisons between the two indices, with geographic diversity utilized as a key criteria in city selection. Johannesburg, though not on the Global 50, was added because South Africa is hosting this year’s Dell Women Entrepreneur Network (DWEN) Summit. The 50 global cities of the FRE were chosen for that study based on their size as well as their average growth over the last 5 years. As such, cities included in the WE Cities rankings are already strong, as compared to global peers, in the commercial aspects of future readiness. Although making the list this year, Johannesburg does need to address a number of challenges highlighted in the report which could hold back women entrepreneurs in the future. These include greater access to capital, improved technology (greater internet connectivity and policies enabling greater use of technology by women), and increased size of markets to support the growth of high potential women entrepreneurs. 

As entrepreneurs we know all too well what it feels like when times are tough, when things are not quite going according to our original plan, when the challenges and hurdles to be overcome in business just seem too great. At those times, and they inevitably arise on any entrepreneurial journey, when those around you are telling you to go back to the apparent security of the corporate world you left behind, remember the reasons you chose entrepreneurship in the first place. Remind yourself of the sense of freedom you experience when you are able to take a creative idea and turn it into a reality, making a difference as you go, instead of simply being a cog in a big corporate machine. If you need any further reminders as to why you became an entrepreneur, then visit your friends in their 9-to-5 offices so you can see for yourself just what it is that you’re apparently “missing.” That should give you the motivation to keep going through the tough times.

If there’s one thing we hear at Lionesses of Africa more than anything else as we meet aspirant women entrepreneurs across the continent, it’s that they have a fear of getting started in business. Let’s be honest, starting a new business does requires a leap of faith in the early days, but that’s part of the journey. Fear of the unexpected, fear of failure, fear of not being able to realise our ambitions for our businesses - these are all natural responses when embarking on an entrepreneurial journey. However, the key to getting started in business is not to let fear dictate your life or hinder you in realising your aspirations. If you understand the positive aspects of fear, how fears are learned, and how to deal with them constructively, you’ll better be able to prepare yourself to succeed when starting a new business. Ultimately, no-one knows what lies ahead, it takes courage to push ahead through the fear in the many situations where you don’t control the outcome. Remember that if you wait for the so called ‘perfect time’ to start a business, you might never do it. 

The annual Sustainable Brands Conference has been taking place this month in San Diego, and the focus was on how discussing how the combination of brands, sustainability and design can create inspiration, tools and partnerships to drive business success AND make a positive impact in the world. It’s called Activating Purpose. Increasingly discerning global consumers around the world today are becoming more demanding of the brands they buy — looking for new products, services and business models that deliver whilst also contributing to a healthy environment and society. A growing number of brand leaders who are succeeding in tapping into this new movement have built highly successful companies with environmental and/or social purpose at their core in the last decade - and more are on the way. Building these brands takes a new way of thinking, a new set of tools, and a new community of collaborators. One of the big take-outs from the event was the message that if as entrepreneurs we can push through the discomfort of addressing difficult challenges to find common ground, build trust and collaborate, we can not only build sustainable businesses, but we can also make a huge impact through our innovations, disruption of traditional ways of doing things, and out-of-the-box thinking. At the end of the day, it is all about entrepreneurs challenging the status quo of business and driving sustainability-led innovation to create scalable impact AND profitability. So, how do we Activate Purpose? - through the power of collaboration. As the saying goes, if you want to go far, go together! 

We all know the feeling as entrepreneurs - there is often the temptation to look around at what others are doing, how successful their businesses have become within a certain timeframe or location, where they are on their entrepreneurial journeys in comparison to ourselves - its a natural reaction. However, it’s important to remember that each one of our businesses is unique to us as individual entrepreneurs - they have been created as a result of our passions, our skills, and our own approach to building our businesses and brands. No one company is the same as another. So, if you are tempted to make a direct comparison with other entrepreneurs, remember the quote by Bill Gates: “Don’t compare yourself with anyone in this world…if you do so, you are insulting yourself.” Advice to think about this morning!

With global consumers increasingly focusing their attention and spend on responsible and sustainablet brands and products, today’s companies that are looking to be tomorrow’s success stories must be the change in the marketplace. These companies will lead consumers to a more sustainable future by taking a more innovative and socially aware approach to the development of products to meet key needs. Take ground-breaking companies like luxury eco-friendly electric carcompany Tesla, for example, successfully creating enormous demand for electric vehicles through innovative technologies, sleek design and smart marketing. Companies and brands like Tesla aren’t sitting back and waiting for consumers to advocate for a particular product. Instead they are creating the demand by seizing upon a key challenge in the marketplace, and innovating to create a solution that is a first to market, thereby leading from the front and creating new trends. The trick definitely seems to be the change, rather than following in the footsteps of others who are already leading the charge.

Having the ability to understand and tap into consumer consciousness has quickly become one of the driving forces behind successful businesses and brands - and these brands know that the key to successfully connecting with their consumers is by ensuring they are aware of their brand purpose and mission. One of the most effective ways to do that is to listen, communicate, and build trust. As consumers grow more aware of what goes into their purchases, and as they learn about the ethos of the businesses and brands they are supporting, brands that embrace purpose-centric consumer demand will prevail. Today’s consumers are craving authentic and transparent messaging from the brands they support - they want to know about the sustainable footprint of the products they are buying; about the ethical production processes; and the positive social impact they are having on the communities and people that are part of their creation. This is conscious consumerism in action, driven increasingly by Millennials, Generation Z, Aspirationals and others, and as a result, brands must listen and respond in order to maintain and enhance their credibility with these powerful new consumers in the marketplace.