Sitting here in a sun-filled square this morning in the business centre of Berlin, writing my Edit Daily article, and listening to a soprano practicing her performance in a nearby concert hall, I'm waiting to take my first meeting of the day. It represents the opportunity to talk to some key decision-makers and opinion-formers about the need for Africa's women entrepreneurs to get greater access to global markets and genuinely take their businesses and brands to a whole new level. I am struck once again by just how entrepreneurial a city Berlin is, and how interested it is in Africa's development to grow and support a whole new generation of ambitious, innovative and impactful women entrepreneurs who can make a real difference with their sustainable businesses. It reminds me that sometimes it is too easy and the safe option simply to think of our local business environment as being the only one that could be interested in our products and services. The world is a big place, with consumers in vast numbers, interested in making conscious purchasing decisions on products that have a great back story. Africa's women entrepreneurs have no shortage of those. So let's get the world to sit up and take notice, let's keep sharing our startup stories that resonate and connect with global audiences, lets keep thinking globally, and let's keep promoting the truly world-class, quality products that are already capturing the world's attention.  

The real impact of women's entrepreneurship in Africa can be best understood when you look at the extended value chain that is integral to the businesses they are creating across the continent. For so many women entrepreneurs, it’s not just about building a business or a brand that can take care of their own economic futures. Instead, it’s also a question of the lives that can positively benefit through the creation of those businesses; the innovation of new products and services that can make a difference; the environment that can be improved through innovative new ways of doing things to protect our precious resources; and the businesses that can benefit through responsible supply chains that employ and support local people. I saw a great example of this philosophy during my visit this past week to Accra, Ghana, where I had the pleasure of meeting a young and dynamic entrepreneur, Kimberley Addison, cofounder of homegrown artisan luxury chocolate brand, 57 Chocolate. The company’s philosophy is based on a bean to bar approach to manufacture and distribution, adding value to everyone along the value chain, from cocoa bean grower to consumer. 57 Chocolate is a world-class brand that believes in not merely trading the country’s natural resources in their “natural” state, but instead using creativity to transform these resources by developing made in Ghana products of premium value. Africa needs more such women entrepreneurs who really understand the power of the entrepreneurial value chain in their countries. 

So here’s the dilemma. So many women entrepreneurs in Africa, in particular SMEs, highlight as a key challenge the lack of access to funding to scale a business. And global reports such as the recent one published by The World Bank seem to back this up. It estimates that women-owned businesses represent over thirty percent of formal, registered businesses worldwide, yet, seventy percent of formal women-owned SMEs in developing countries are either shut out by financial institutions, or are unable to receive financial services on adequate terms to meet their needs. This results in a nearly $300 billion annual credit deficit to formal women-owned SMEs. But that’s not the only challenge. Women entrepreneurs in Africa need to improve their prospects for attracting funding by getting their businesses investor ready. Pitch decks need to be prepared; the business case needs to be convincing and authentic; financials need to be in order; market research done; and facts and figures need to be presented in a world class way. When the opportunity presents itself to pitch, the question is are women entrepreneurs business investment ready and sufficiently prepared to seize that opportunity. 

Creating a strong, supportive city environment in Africa where women owned businesses can thrive requires a combination of key factors, not least of which is a city’s culture, which is widely believed by women entrepreneurs to be a critical enabler for their participation in the economy. That's according to the findings of the recently published Dell Women Entrepreneur Cities Index. A city's entrepreneurial culture is measured by the level of access for women to specialist networks, essential mentoring support, and importantly role models - other women entrepreneurs who have built successful businesses from the ground up, often with limited resources. Getting this culture right and creating a strong startup city environment for women entrepreneurs is key to success. Given that this year's Index lists only two African countries that apparently have created the right environment to attract and support high potential women entrepreneurs i.e., women that want to grow and scale their business, the question is where will the next one come from, and how soon? Africa's women entrepreneurs are waiting! 

We all know how important it is to be able to trust those who are integral to the success of our businesses - our employees, our suppliers, our partners, and also our customers. But it all starts with building a high trust environment in which everyone can thrive. Harvard Business School published a really interesting study earlier this year which found that building a culture of trust in any business, large or small, is what makes a meaningful difference - to everyone involved. Employees in high-trust companies tend to be more productive, more collaborative, more committed, and definitely more passionate about their work and its contribution to the overall success of the business. As a result, customers benefit and are more likely to return or stay loyal to a brand. The renowned author and motivational speaker, Zig Ziglar famously said: “If people like you they will listen to you, but if they trust you they will do business with you.”

This may seem like a generalisation, but on the whole women entrepreneurs tend to be hesitant when it comes to asking for things. Whether its help and advice in starting a business in the first place, or assistance with accessing networks or finance, it seems like we would rather battle along independently in the first instance rather than just getting help when we need it. Perhaps it’s pride, or maybe it’s being embarrassed at not knowing all the answers (but who does?), however not asking for help and advice when you need it can hold your business back. There is something refreshing about the very direct, no-nonsense approach taken by successful entrepreneur and best selling author of the fantastic book More Balls Than Most, Lara Morgan. She says: “Over the years I have found that the more I ask, the better things get….. In business knowing when, how and whom to ask for help is absolutely priceless and can help to move you along much faster than just fumbling about in the dark on your own.” Great advice and remember, if you don’t ask, you don’t get! 

How often as entrepreneurs do we think we can do it all - keep juggling all the various balls in our lives at the same time, 24 hours a day, 7 days a week, year in and year out, as we build our businesses? But it inevitably comes at a price and something has to give, usually in our personal lives. I was reading a great book this weekend that offers some perspective on this approach to better managing an entrepreneurial life. Design Your Life by Pernille Spiers-Lopez, who was the President and CEO of IKEA North America for ten years, believes it’s about creating a more balanced paradigm of living. Rather than women trying to pursue an unattainable idea of perfection where you can have it all, she suggests it should be more about discovering your own definition of entrepreneurial success and designing a life guided by your personal values. Her advice is to say goodbye to the illusion of being perfect, and instead have the courage to live the life that makes sense to you. 

The Dell Women Entrepreneur Cities Index 2017 report has just been published which rates the ability of 50 global cities to attract and support high potential women entrepreneurs (those that want to grow and scale their businesses), and for Africa, the results are insightful. The cities included in this year’s report are already strong in commercial entrepreneurship, though not necessarily for women entrepreneurs, and only two African cities make the list - Johannesburg and Nairobi. Johannesburg seen as successful in nurturing female entrepreneurs, ranked 28 in the index, dropped from its 23 ranking last year. Nairobi, the other African city making this year’s index has been highlighted as a city to watch. It ranks 33 overall in the index, yet achieves a ranking of 6th in the Access to Capital listing, and 1st in the Gender Proportion in Funding list. The report highlights once again that these high potential, high growth women entrepreneurs are key to the development of future ready economies. They grow their business revenues on average 20% or more each year, creating both jobs and economic growth in their countries. They are also more likely to reinvest their profits in their families, in education and their community. Read the report here. 

A brilliant business idea is not always one that is revolutionary, sometimes it’s a case of taking an existing concept and moving it in a new direction, making it stand out from the competitors. I was reminded of this fact when I saw a great photograph in a magazine article of a row of plain white lace-up tennis sneakers, and then the eye-popping sight of a pair of striking red lace-up hi-top sneakers in the middle of them all. It was a great example of how a traditional product concept was taken to a whole new level by someone seeing the opportunity to create something exciting and new from an existing idea. As entrepreneurs, we can all take the same approach in our own businesses. We can look for opportunities to push existing concepts into new terrain, to rethink and reimagine how things work, and find new ways of doing things. So, how do you plan to stand out from the crowd?

It’s not only media celebrities, sports personalities and film/tv stars that understand the importance and power of building a personal brand. Increasingly these days, entrepreneurs are realizing that they are their own best assets when it comes to building a successful business. We live in an age where consumers, especially millennials, are becoming increasingly more concerned with who they do business with, which brands they support, and knowing what those businesses and brands stand for from a social impact perspective. Therefore it stands to reason that entrepreneur founders need to start using their voices and their public personas to get their values and vision across to their audiences. This is where personal brand building is key to making the connection with those who are listening and watching, ready to make purchasing decisions or to build brand relationships for the long term. As marketing guru Tom Peters says: “All of us need to understand the importance of personal branding. We are CEOs of our own companies: Me Inc. To be in business today, our most important job is to be head marketer for the brand called You.” 

We all know that choosing the path of entrepreneurship is a risk in the first place, requiring courage, determination and self-belief in huge quantities each day, not to mention the passion that made us take this path in the first place. Yet how often do we see ourselves slipping into a comfort zone or into a well trodden groove as soon as our businesses get traction and start achieving success? There is a temptation to get comfortable with what we have built, to sit back and quietly watch it tick along, as a result building a ceiling to our success. So what happens? We simply accept small, we accept average, and we forget that we were aiming for great. The inspirational Nelson Mandela once said: “There is no passion to be found playing small, in settling for a life that is less than the one you are capable of living.” It’s the same when growing a business - why settle for average when you can go for great!

People often talk about how entrepreneurs are naturally more innovative in their approach to business, often because they have to be. So it’s always interesting to see entrepreneurs around the world who see a challenge as an opportunity to do something differently and put their own spin on an existing idea of how business can be done. Whilst in New York recently, I learned about a group of entrepreneurs with a passion for winemaking, who set up the world’s first commercially viable urban rooftop vineyard in New York City - on the 14,800 square-foot rooftop at the Brooklyn Navy Yard. When you think vineyards, a rooftop in the middle of one of the world’s most sprawling urban environments doesn’t automatically come to mind, but the team behind Rooftop Reds didn’t let preconceptions or established ideas about what is possible hold them back. Instead they looked to innovate, to collaborate with other industry leaders and academics to find solutions, and their rooftop state-of-the-art planter system is now about to reap rewards with the first wines to be produced ready for tasting. It’s a great example of how entrepreneurs innovate to make creative business happen. 

For decades, the world of traditional marketing and advertising has understood the power of the brand ambassador to connect with key audiences and persuade them that one product or service is better than another. In today’s fast paced digital world of entrepreneurship, you would perhaps be tempted to think that these brand ambassadors are only still relevant in the consumer goods space (just switch on your tv or open your magazine to see that brand ambassadors are still heavily used today to sell product). So what does that mean for startups that are predominantly using the power of digital to connect with their target markets? Actually, brand ambassadors have a role to play here too. It’s always good to have an independent voice talking about your brand, connecting with your audiences, and helping your brand to stand out in the crowd, using the power of their own social media and other digital platforms.

Growing a business from startup to substantial is one of the most exciting journeys you can undertake, and there is nothing quite as rewarding as looking back at when you first launched to where you are now. It’s worth remembering that so much of a business culture is formed in those early days when chances are it was just you as the founder, together with a small band of loyal employees, family members and suppliers, working flat out to build your business. That indomitable ‘can do’ adventurous and innovative spirit that probably kept you all going in the early days is something you want to hold onto as you grow. Maintaining that sense of family is also important, even though your business might have expanded from 2 employees to 20 or 200, making everyone feel connected and contributing to the bigger picture. It’s all about keeping that startup spirit alive. 

Flick through the fascinating memoirs of any globally successful woman entrepreneur and it’s likely you will see the same formula coming up time and again when asked about what led to their success in life and business. A big vision + sheer hard work = success. There are no short cuts when it comes to building a sustainable business. Having a vision for what you are working towards, knowing what your ultimate goal is in the end, helps to keep you on track. But getting there will take a strong and committed work ethic that will keep you going when things get tough. One trait doesn’t work well without the other when it comes to entrepreneurship. Ultimately, success doesn’t just happen by accident. 

Having a great network to tap into for business advice and information is essential. Yet many entrepreneurs stay too close to home when it comes to building that network of key contacts, feeling more comfortable reaching out to family, friends, contacts in the same city or country. Although this approach has its positives, it can ultimately be limiting for the business and its growth potential. It’s important to keep expanding your network with new sources of specialist insight, guidance and inspiration by reaching out across borders, across the world, across business sectors, in order to keep moving forward. And it’s never been easier than today with the vast array of social tools and platforms available, waiting to be tapped into. So expand your horizons and your contact book, do your research and learn more about those people who provide unique insights and advice for your business, and reach out through your comfort zone. As Robert Kiyosaki says: “The richest people in the world look for and build networks, everyone else looks for work.”

Chances are, there is not a single entrepreneur out there who hasn’t at some point or another experienced a major setback (or two, or more) on their business building journeys. And, it can be difficult at times not to be affected both emotionally and practically by these roadblocks in our lives. The bottom line is it’s okay to feel frustrated, sad, disappointed, angry, or all of these things at the same time when setbacks happen, that’s normal. The trick is to pick ourselves up quickly, learn how to set these emotions aside, and move on. As the famous sporting quote goes: “A minor setback paves way for a major comeback.”

I was reading a couple of interesting articles this morning about the importance of momentum in any business, especially in the early startup phase. There is nothing quite as effective at keeping our drive and motivation in full steam ahead mode than seeing results, watching our products and services being used and enjoyed by our customers out there in the market. But we need those quick wins to gain that momentum, and the problem is that for many startups, we are held back by going for perfect instead of going for done. That can halt our momentum in its tracks. So if you are one of those entrepreneurs out there who is delaying getting their products or services out there to test in the market because their website isn’t ready to launch, or the online shop is still being developed, or the product brochure is still in design mode, just launch. Go for the quick wins, get people excited to test your new products and services as soon as they are ready, and get them out there. Those quick wins will give you momentum. 

I was chatting to a number of women entrepreneurs yesterday at one of our Lioness Lean In events and a topic of conversation came up that was really interesting - how to recover from making mistakes on your entrepreneurial journey. It was a topic that resonated with everyone who was part of the conversation because let's be honest, when starting out in business, mistakes are inevitable. The challenge is how to deal with those mistakes, limit the damage, and ultimately move on quickly having learned valuable lessons. So if you are currently in the position where you are dealing with a mistake that could cost you dearly if not managed properly, then take the following learnings from those who have been where you are now. Firstly, communicate quickly with those who are potentially impacted (customers, employees, partners, suppliers), be honest about what has happened, and then proactively tell them how you are fixing the mistake. Secondly, take ownership of the mistake as the business owner and implement your plan to fix it quickly and effectively. Thirdly, take a deep breath, put the guilt and disappointment away, and move on. Mistakes will happen, it’s part of the business building journey, success comes from how you learn from them.

There is a huge amount of discussion right now, and also speculation, around why so few women entrepreneurs around the world manage to scale their businesses - and this challenge is also pronounced here on the African continent. It seems that under-investment in women owned businesses is a common complaint when talking to women entrepreneurs anywhere in the world. So, why is that? Well, it’s a number of factors. It’s a long standing record of VCs opting not to invest in women owned businesses in larger numbers, for whatever the combination of reasons. It’s the fact that there are not enough VCs who are women and who might take a more proactive gender lens to their investment decisions. It could be that women entrepreneurs are not more aggressively going out there to encourage external investment in their businesses. And, it could be that women entrepreneurs are simply not preparing their businesses to scale from the outset. Whatever the reasons, the bottom line is that there is a growing interest in seeing women entrepreneurs scaling and providing high impact business solutions to key socio economic challenges in their countries and communities. And, there are a growing number of gender lens funds and VCs who are on the look out for the next great investment. The trick is to go out there and pitch those businesses, having made very sure that your business is indeed ready to scale.