Many successful entrepreneurs will tell you that their businesses have grown and been sustainable over the years because they have taken conscious decisions to live frugally in the startup years and reinvest back into the businesses. It’s a wise strategy to adopt, particularly because so often one of the biggest challenges facing fledgling businesses is managing cashflows at critical times, and ensuring there is always a source of critical capital available when the business needs it most. But the temptation is always there in any startup business to take cash out in the moment, instead of reinvesting it for the longer term. So take some advice on this subject from one of the most successful women entrepreneurs on the African continent, Divine Ndhlukula, founder of Securico Security Services in Zimbabwe, one of the country’s most successful businesses. She says, “Don't be tempted to take cash out of your early-stage startup venture....when a bit of cash starts rolling in, have the discipline to know that it is not your money yet.  It is still the business’s money because you want the business to grow. So for you to sustain it and enjoy phenomenal growth, that anyone going into business wants, you need to reinvest all the little bits of cash that you get then you can be assured that your business will grow.” Great words of advice!

Have you noticed a particular trait that is shared amongst the most successful entrepreneurs? They seem to display an inner restlessness, a desire to never stay still, never sitting back and just enjoying their success. They seem to always be on a mission to strive to improve, or create the next innovation, or find another solution to a key challenge. Over the years, this restlessness has always propelled entrepreneurship and innovation forward. It usually reflects a need to make a difference or an impact. Often this restlessness is personally motivated, with entrepreneurs getting frustrated with the status quo, and indeed, there are usually very personal and passion driven stories  behind many successful social or business ventures. So if you feel you are getting stuck in your business or in your life, and feel a little restless, then harness that inner restless dissatisfaction and those feelings and use them to propel your business and your life in a new direction.

Building trust in your business, particularly amongst your employees, is a critical foundation stone for success. As the founder of your business, it’s so important that those around you have trust in you, your judgement, and your leadership. When your employees, your shareholders, your suppliers and your customers trust you, they are more likely to engage with the business. And that’s where transparency comes in - if as the founder of the business you are transparent in your leadership and your decision-making, then that in turn will inspire those around you to adopt your values in their own working lives. It’s really all a matter of practicing what you preach. It sends a message that openness, sharing, and collaboration are all core values in your business and ones that are adopted from the top down in the business. So if you want everyone to join you on this entrepreneurial journey and fully engage in all aspects of the business, then transparency is key to building that all essential trust that is needed for success.

We all know that every business starts with a vision and a mission, it helps to create a solid foundation for the company and give direction to all those who have a vested interest in its success. But as an entrepreneur, do you have your personal mission statement to guide you on this crazy business and life journey you are on? Just as any business puts in place a strong mission statement to keep everyone focused on the end game, it also makes sense to do the same thing in your personal life. So what are the benefits of crafting your own personal mission statement? Firstly, it provides direction and motivation. Secondly, it keeps your eye on the ball during the craziest of times. Thirdly, it forces you to be honest with yourself and encourages you to ask difficult questions that are essential for the business. And finally, it reminds you each day of why you became an entrepreneur in the first place. Just as an example, Oprah Winfrey articulated her own personal mission statement as, “To be a teacher. And to be known for inspiring my students to be more than they thought they could be.” So, have you written your own personal mission statement yet?

The role that ecommerce plays in international business and commerce continues to grow, both in numbers and in importance, with total worldwide ecommerce sales expected to reach $4.5 trillion by 2021.The fact that ecommerce continues to grow at this rate suggest that online business represents exciting opportunities for entrepreneurs to tap into growing global markets. Despite the battle for market share amongst existing big online retailers, the African continent still has an attractive consumer base waiting to be unlocked. Commenting on whether e-commerce is going to be profitable in Africa, given the continent’s socio-economic challenges, Emilian Popa, CEO of Groupon explained, “There are 175 million online shopping users today and there will be 600 million users in 2025. Internet penetration is 16% today and will be 50% in 2025. There are 57 million people who have smartphones in Africa and there will be 360 million in 2025. There are clear opportunities.” The bottom line is that ecommerce represents an exciting mechanism for Africa’s entrepreneurs to get their unique products and brands out into new and exciting global markets, and to do good business. The planning needs to start now!

In an ultra competitive business environment where the challenges for women entrepreneurs trying to break through into key markets still exist, collaboration could be the key to generating stronger business outcomes. Collaborative, win-win partnerships with like-minded women can open up new business opportunities, strengthen business offerings, put additional power behind pitch situations, and ultimately speed up growth. When thinking about embarking on any partnership arrangement, many women entrepreneurs voice concerns about trust - they worry about potential partners possibly stealing their ideas, poaching their customers and their employees. But ultimately, successful partnerships are built on trust and loyalty, and it should be remembered that behind every successful company and entrepreneur, there is a network of supporters, strategic partners, and mentors. They appreciate the power of partnerships to bring something fresh to the business table, to fill the gaps where key skills and experience are needed. That’s why women entrepreneurs should perhaps look to complementary partnerships being the smart business decision to make.

Look at any successful business that resonates with you and the chances are that you connect with it because you appreciate and understand its core values. It’s something to think about with your own business. When a customer makes that all important decision to buy from you, they’re endorsing your own values and those associated with your brand. That’s why it’s important to define the core values of your business right from day one. Customers need to know what you stand for as a business, what’s important to you, how you operate in the marketplace, how your brand is viewed by others. Your core values help to guide and safeguard your reputation, and help you to build a successful business that reflects who you want to be, and where you want to go in life. They also play a pivotal role in helping you to make big decisions. So, if you haven’t spent time defining the core values that are at the heart of your business, then you could be undermining your business and brand in the eyes of your customers and your employees.

If your business is operating in a busy or congested marketplace, how do you find a way of differentiating yourself and your brand from everyone else around you? How do you make that all important connection with customers when they are being bombarded with rival brands, products and messaging 24/7? No matter what product or service you want to provide, it’s all about doing your homework, studying the market and whose playing in it, watching to see what brands and products are connecting with customers, and then importantly finding practical ways to differentiate your offering. You can do this in various, equally effective and impactful ways - personalize your products and take a more bespoke approach; change your look and feel to reflect a completely different and more cutting edge brand persona; change your customer service approach to offer something that none of your competitors are doing. How you differentiate is up to you, but at the end of the day it’s all about standing out in the marketplace and getting those potential customers to notice you and your brand, and importantly make that purchase.

It may not be something that immediately comes to mind, but humility is a core component of entrepreneurial thinking - that’s according to a study undertaken by the University of Washington Foster School of Business. It drives even the boldest business builders to challenge their existing thought processes and ways of doing things and recognize their potential for continual improvement. The study identifies three essential aspects to humility that can enhance your effectiveness as a leader and an entrepreneur. Firstly, humility means having the ability to listen, to actively solicit feedback from customers, colleagues, and community. As a result this boosts employee morale, improves your product offerings and develops customer loyalty. Secondly, humility means never assuming you’re right and being open to test your assumptions to gain genuine insight into what’s working -- and what’s not. Thirdly, humility means admitting mistakes and not seeing them as a sign of weakness but instead a sign of being human. Humility may not obviously be the most glamorous signifier of success, but it’s an essential part of being an entrepreneur.

There is a great sporting quote that goes ‘there is no I in team’, extolling the virtues of building teams that are stronger when everyone unites together to achieve one goal. And in the world of entrepreneurship, there is something to be said for taking a team approach to building a successful business. As women entrepreneurs, we know that we cannot be good at every aspect of our businesses. We are not all natural accountants, or sales people, or human resource managers, but we have to try and be all those things in the early days of business building. Taking a team approach to filling the gaps could be the way forward. By identifying your weaknesses, you can seek out other women entrepreneurs to collaborate with or to provide their specialist expertise where you find it lacking in your own business. By teaming up with other like-minded women, sharing knowledge, and exchanging strengths, you will help to keep your overhead costs down, improve your own efficiencies, and ensure long-term success.

A study published by McKinsey and the LeanIn Organisation found that typically women have smaller networks than their male counterparts, and this could be impacting on their ability to tap into new business opportunities more regularly. The study found that there were two reasons for this apparent imbalance. Firstly, women are more reticent about building extensive networks because they have concerns about achieving work-life balance, and see belonging to and building too many networks as negatively impacting on their abilities to achieve this balance. Secondly, women see networking in the way that their male counterparts do it as being transactional and not genuine, with everyone looking to build a relationship in order to get the next deal, whereas women are interested in building genuine relationships with like-minded people. The downside is that because women don’t view networking in the transactional way that men do, they don’t make as many connections. Getting the balance right between these two approaches is perhaps the key to making networking count.

There is not a single entrepreneur out there who has not needed help or advice at some point on their journey, so why is it that all too often, women entrepreneurs find it tough to ask for that help. My biggest piece of advice: Don’t be afraid to ask, after all, what’s the worst that can happen? Just someone saying no, or not right now! Remember that everyone who has achieved success in business or the corporate world will probably have had to face challenges and hurdles along the way, it’s inevitable. So they will understand what you are going through, and importantly, how to provide some much needed advice or information to help you on your journey. So don’t be afraid to reach out to someone more experienced, to request a chat over coffee, or to ask for advice on how to deal with a particular challenge in your business. There is a wealth of experience and great insights out there, so get over any hesitation you might have and just ask. You might be pleasantly surprised by the response you get!

As an entrepreneur, if you have ever felt that your business is beginning to shape your identity because your whole life revolves around it, then you are not alone. It seems like more and more of us are dedicating almost all our waking hours to work on our businesses, putting other things such as hobbies, recreational activities, personal relationships, healthy eating and even sleep to one side. This approach inevitably means we become one dimensional, and this isn’t healthy for us, the business, or those around us. It also increases the chances of burn-out. So, how do you reclaim your identity and maintain a healthy sense of self outside of your business?  Well, it all starts with your schedule. Make a conscious effort to book time in the diary for you and your family and friends; times for doing the things you enjoy, whether it’s exercise, reading a book, watching a movie, or meditating; set boundaries - times and places where everything except business is talked about; and build personal relationships that are based on you and your interests, not your business. Here’s to reclaiming your identity so that you and your business ultimately benefit.

Talk to investors, VCs, and bankers about what they look for when entrepreneurs are pitching their businesses and projects to them, and often they mention waiting for that intangible ‘spark’ that comes from a passionate business builder. But for many entrepreneurs, finding and igniting that spark can be challenging - particularly if they are on the receiving end of predominantly ‘no’s’ when pitching, even though that’s an inevitable part of the journey. But it’s worth remembering that on every level, both personal and business, igniting that spark is key. Think about the huge rush of excitement when you land a new client, or when your work is recognized publicly, or that moment when you finally get the ‘yes’ from that pitch meeting. One spark is all it takes to reignite your passion for your business, and that spark is what connects you to those who can help take your business to the next level, be they customers or investors. As Richard Branson says: ”When you believe in something, the force of your convictions will spark other people’s interest and motivate them to help you achieve your goals. This is essential to success.”

Pick up any magazine on entrepreneurship, or watch the news of the latest startup sensation making waves in Silicon Valley, and you would be tempted to think that the most successful businesses are built by young whizz-kid founders. But a group of economics researchers in the US have conducted a major new study into the starting age of founders of high-growth startups, and are debunking that myth. It appears that the average age is about 41.9 years of age among all startups that hire at least one employee. Among the top 0.1 percent of highest-growth startups, that average age moves up to 45 years old. Another interesting finding from the research was that older entrepreneurs appear correlated with better startup performance. For example, the 1,700 founders of the fastest growing new ventures interviewed in the US for the research had an average age of 45, compared to 43.7 for the top 1% and 42.1 for the top 5%. All of which would seem to suggest that for older entrepreneurs, with age comes wisdom, and at a practical level, experience in their respective business fields, all of which seems to improve the changes of high growth startup success.

How often as an entrepreneur do you find yourself spending precious time re-hashing mistakes or bad decisions you have made - over and over again? You are not alone! It seems that one of the hardest things for entrepreneurs to do is to stop pressing the replay button and to let that mistake or decision go once it has been made. It’s all about mindset - it’s important to learn from our mistakes and our errors of judgement, but then to move quickly on, incorporating those learnings as we go. As tech entrepreneur and founder of Dell Technologies, Michael Dell, says: “Recognize that there will be failures, and acknowledge that there will be obstacles. But you will learn from your mistakes and the mistakes of others, for there is very little learning in success.” Something to remember when you are tempted to press that replay button in your head and relive your latest mistake.

It can happen to the best of entrepreneurs - that period of time in business when you know it’s important to keep things fresh and to ensure products and services stay relevant and interesting to your customers, but your creativity dries up! New ideas suddenly refuse to appear, inspiration is hard to find, and you hit that proverbial creative wall, worried you will never have an original idea of your own again. The truth is, creative slumps are par for the course in business, and they can strike at any time. The trick is to find ways of getting that spark back in your life, and there are some practical methods to do that. Start by surrounding yourself with other creative entrepreneurs, get a dose of their passion and enthusiasm for their new ideas, be stimulated by the conversations you will have. Try something new, develop a new interest or skill that could help the business further down the line, set up a chat with someone whose creative work inspires you, and share experiences. Chances are, you will beat your slump, and if all else fails, at least you will know you are not alone.

Talk to any entrepreneur about the challenges they face in running a business and the list will be very long. However, one of the most commonly faced challenges is knowing how to stay calm and keep a consistent focus during the highs and lows of business. For example, we all know that great sense of euphoria when you make your first sale. It’s a wonderful feeling and it’s an endorsement of your decision to become an entrepreneur. However, it’s the opposite feeling when you can’t repeat that sale immediately and you then begin to question your decision. The reality is that building a business takes time, hard work, tenacity and ultimately a cool head. There will inevitably be good times and bad times, it’s all part of the journey. One of the biggest lessons to learn will be how to stay calm and focused, no matter what life and business throws at you. 

Sometimes out of great necessity and great difficulty comes great success, and that’s often the case in the world of entrepreneurship. Oprah Winfrey said, ”Although there may be tragedy in your life, there's always a possibility to triumph. It doesn't matter who you are, where you come from. The ability to triumph begins with you. Always.” In the Lionesses of Africa community, we often hear the most inspirational stories shared by women entrepreneurs whose successful businesses were born out of the toughest of personal circumstances. A great example of this is the multiple award-winning Carol Hien, founder of Carol’s Produits Naturels in Abidjan, Cote d’Ivoire, who gave an inspirational speech at a recent Lioness Lean In event in the country. She found her way out of personal tragedy and desperate poverty by turning her skill for jam-making into a business. Today, she has built a successful and growing manufacturing and retail food processing business that not only takes care of her own family, but creates job opportunities for many others. Carol, and other women like her in Africa, are great examples of how to overcome a difficult start in life, and to triumph! 

If you have ever wondered what advantage startups have over big business, its speed and innovation. Think about it, a startup has nothing to lose when creating a new product or service, which means they are faster to market and can afford to fail. Big business does not have that luxury, they are constantly worried about their brand reputation and therefore they are never quick to market with new ideas. Just look at how startups have changed the world as we know it today with their disruptive approach. For Twitter to reach 50 million users took just two years. The Angry Birds app took a mere 35 days to reach 50 million users.  Look back in history and things were very different. It took 75 years for the telephone to hit 50 million users and television, 22 years. So, disruption is the new normal today and it’s being driven by innovative startups moving at speed who are not afraid to fail and to constantly try new things.