Adaptability - it’s a word that is synonymous with entrepreneurs. It’s defined as the ability or willingness to change in order to suit different conditions. In business, change is constant, and in order to survive and thrive, it’s essential to remain open to new ideas in response to the marketplace. You need to keep testing your strategy, your business plan, and your product offerings to ensure they remain vital and relevant. You need to keep talking to your customers, getting feedback, finding out what they need and want in a changing world. You need to identify possible risks to your business due to changing market demands or realities, and develop mitigation strategies before those risks turn into a crisis. Importantly, you also need to be really honest with yourself and change the direction of your business if you feel it is becoming out of touch with the marketplace. Just think back to those iconic business names of the past that failed to adapt to the changing world, and as a result, were left behind - Kodak, the camera and film brand that didn’t see the digital picture revolution coming, is a classic example. Adaptability is a key quality for success - make sure it is a trait you develop too.

It doesn’t matter how long you have been an entrepreneur, how many businesses you have built over the years, how much experience you have - there is always something new to learn. Investing in your own personal development as a business founder is key to its longevity. As any successful entrepreneur will tell you, it’s essential to keep up with new trends, new ways of doing things, new technology, new ways of thinking in order to stay relevant to your customers and your marketplace. That means you have to stay at the top of your game. Investing in your personal development can take so many forms - it could be reading the latest business management books; attending practical webinars; taking a short course at a local college; or downloading a new digital business tool or app that could revolutionize your business. Today there are a wealth of expert self development resources just a click away on your laptop, so there is no excuse. And remember, as you invest in yourself and your own personal development, keep paying it forward and share that knowledge with the next generation of women entrepreneurs who are coming up behind you.

Take a moment to think about the women entrepreneurs who inspire you the most, the women entrepreneurs you look up to, the women entrepreneurs you aspire to emulate one day. What stands out about them, what do they share in common? Chances are that a key trait they all share is Confidence. It’s what sets them apart from other entrepreneurs, it’s what attracts people to want to do business with them, and it’s what enables them to get up each morning and feel they can achieve their goals. So how can we all gain that essential confidence that will help us in our business and personal lives? Success is what breeds real confidence, and you need to celebrate each small success you achieve, using it as a building block to bigger things. It’s all about validating yourself and your business idea; it’s about proving to yourself that you are authentic, valuable, worthy of success. The more success you achieve, the more confidence you’ll have to keep going, and the more successful you will become. Confidence and success go hand in hand!

Everyone needs a competitive edge in business. It’s what allows you to appeal to more customers, generate more sales, produce a better price point for your products or services in the marketplace, and genuinely achieve greater success. Basically, your competitive edge creates an advantage for your business over others offering similar things. A competitive edge can take many forms, and it is particularly useful for both startups and growth companies to identify just what that competitive edge looks like for them. For example, it could be your pricing structure that gives you the advantage in the marketplace; or the power of your unique brand; or it could be the personal customer support services you offer; or perhaps it is your experience and in-depth knowledge of your business offering that appeals to new and existing customers alike. So, find your competitive edge, ensure your customers know what differentiates you in the marketplace, and use that edge to achieve your business goals.

With the impact of Covid-19, most women entrepreneurs have experienced a decrease in sales, with customers delaying their purchasing decisions or cancelling them completely due to the ongoing economic uncertainty. As a result, the focus is now on practically adapting to meet this new business reality, and it requires a combination of measures to ensure the business survives and thrives. Many are adjusting their products or services to meet new needs and stay relevant to their customers in a changing economic climate. Some are securing financing so that they can stay in business not just during this current tough time, but to be ready to react to an anticipated surge in business when economies reopen. Women business owners are also taking steps to cut unnecessary expenses, taking a critical look at those areas of the business that can be made more efficient. Some are shifting their existing business models to digital instead of in-person, investing in new technology to ensure their businesses are geared up to deal with the demands of new online consumers. Being able to adapt to this new business reality is part of the entrepreneur journey - how ready are you?

Anyone can have a good idea, but turning that idea into a viable product that customers actually want to buy is another matter. That’s why for most people, their ideas remain just that. It is particularly the case in the food and drink sector. Think about how many people have told you over the years about a tried and tested family recipe they have, which has been passed down through the generations and is now ripe for commercialization. Turning that old family recipe into a product that is customer and market ready can be a long and tortuous process if you have visions of it sitting on a supermarket shelf one day. But it doesn’t mean you can’t make it happen. Start by finding a mentor, someone who has been in the food and drink business for many years and who has the right experience you need. Invest your time and effort in your product development and start small in order to test your product with consumers and get that all important feedback. Go to farmers markets, small shows and build up your community of consumers and champions. Gain all the insights you need that are essential to testing your product viability. Remember, getting a viable, scaleable product to market is a marathon, not a sprint.

They say that the more you know, the less you fear. Perhaps that’s why so many entrepreneurs have a thirst for learning as they build their businesses. Often a fear of failure is at the heart of that desire to learn as it is often rooted in doubts about personal abilities or lack of practical business experience. Education, training and information seeking are a powerful antidote to such fears and they can take many forms - it does not mean you have to return to a formal classroom. You might need to develop specific skills in business administration, it’s why some women entrepreneurs choose to do a part-time MBA whilst they are building their businesses. Or perhaps there is a need to implement more stringent quality controls around the products you are developing for your customers, and as a result, you need to undertake a specialist training programme. Whatever the need, a commitment to continual learning on your entrepreneur journey can help you to deal with the challenges and the unknowns you will face. Ultimately, it will help you to mitigate the fear of failure.

If you want to get seen and heard by as many potential customers, future business partners, collaborators, and importantly funders, then networking is the fastest way to get there. And in this era when networking can be done digitally, bringing a world of important business connections to your laptop, there is no excuse. You are potentially one click and one screen share away from making those meaningful connections you need to grow your business. Today, there are so many virtual networking opportunities to choose from, and it can be overwhelming at times. The trick to successful digital networking is to be very clear about what you are trying to achieve and to set yourself key goals for every event you attend. Do your research in advance of the event to find out who will be attending; prepare for your sessions to ensure you are informed and engaged; create a wish-list of all those people you want to talk to; and importantly obtain their contact details for quick follow up once the event is over. Every digital networking event can be a valuable business growth experience - make the most of it!

You know the saying, “You are never too old to learn”? Well, in business the ability to keep learning is an essential tool on the road to success. Learning can help entrepreneurs to better assess and deal with challenges and problems. It can help to lesson the fear that comes from inexperience in business, or in specialist areas of expertise, such as financial management or technical production capability. Learning can take many forms, and it doesn’t always have to be formal. Admittedly, it can be a wonderful shared experience to enroll yourself on a formal programme of study to further your own personal learning and development, such as an MBA. But just as impactful on you and your business, learning can take the form of a practical online programme. For example, you may want to learn how to take your business digital, and therefore a practical e-commerce training programme could be the answer. Or perhaps you recognize that your business needs better sales and marketing strategic planning, so a short course by a specialist training provider could be useful. What is important is opening your mind to keep learning, keep pushing your own personal knowledge boundaries, so that both you and your business can really fulfill their potential. Make that learning investment now.

The Covid-19 pandemic has changed many things in our lives, but one of the interesting trends to emerge in business is that of home working. As everyone from CEOs of big companies through to startup founders have had to get used to running their businesses from their homes - and actually make this new way of doing things work for them. The reality check has been surprising for many people - they now realize that great work can be done from any location and it does not require an expensive office space in a prime location to get things done. It’s quite the opposite in fact, and this is where the trend is now entrenching itself in business thinking. Working from home can achieve the same, often better results. How? By empowering people with the choice to be in their life-enhancing environment, by cutting wasteful commuting time, by eliminating unnecessary meetings, and allowing for personal time-management. Now that everyone has experienced this new normal in working environments, attitudes have changed, there is now no stigma related to choosing to work from home. This could be good news for women entrepreneurs who are building businesses that need to fit in with their other life commitments. It is also good news for their employees who want to work for a company that understands the need for flexibility, at the same time empowering them to perform at their best, even if they are working from home.

In the wake of the Covid-19 pandemic, an interesting trend has emerged globally - the rise of women wanting to work from home, and in particular to become cosmetics sellers in their friends, family and community networks. Cosmetics giant, Avon, which boasts 5 million commissioned sales agents globally, has reported a 114% surge in sign-ups from women interested in becoming cosmetics sellers during the recent lockdowns. The company said the pandemic had prompted many people to look for new ways of earning cash, and that, amid a looming jobs crisis, more women were looking for opportunities to supplement their income. This trend could create interesting new market opportunities for women-owned African cosmetics brands to tap into this growing reseller interest at a local level. By accessing friends, family and local community consumer networks through commissioned local women sales agents, it could be a win-win. Women beauty business entrepreneurs need to grow new market opportunities for their products, and women need to find new ways of earning cash during these tough economic times.

How often are you emotionally touched when someone shows kindness to you and your business unexpectedly? It is a wonderful feeling. That kindness can be shown in the smallest of ways, but still makes the biggest impact. It can take the form of an unexpected note from a happy customer to say how much your products or services mean to them. Or perhaps a box of cookies made for you by an employee who appreciates the job opportunity you are creating for them through your business. Or a complete stranger who rushes to help you open a door or carry your bags and boxes to your car as you struggle to manage on your own. Small acts of kindness can make a world of difference to those who receive them. As entrepreneurs, we are often in need of a kind word or act, one that can keep us going when things are tough. So, let’s take a moment to stop, look at our fellow business builders, notice their challenges, and reach out with a small act of kindness.

There is probably not a single entrepreneur out there who hasn’t experienced failure at some point. As all successful entrepreneurs will tell you, it’s all part of the journey, and many of them have failed multiple times before finally achieving their goals and dreams. But for many, the fear of failure can be overwhelming, and that is because there is so much responsibility carried on the shoulders of business founders. A great example of this can be seen in the words of Hamdi Ulukaya, the founder and CEO of the multi-billion-dollar yoghurt company Chobani. When asked whether he was ever afraid while building his hugely successful business, he said: “Every day. The worry got bigger and bigger as people increasingly relied on the company, making their future decisions. Because if I had failed, a lot of lives were going to be affected by it.” The lesson to be learned here is that fear of failure is indeed a part of our entrepreneurial lives. But what matters is having the ability to look fear in the eyes, to use it as a motivational tool, and to keep relentlessly pursuing those business building goals despite the presence of fear.

This has been a tough few months for many entrepreneurs and at times it probably feels like it has been a continual up-hill struggle. That’s why it’s important to relieve the stress by taking time to acknowledge any of the positive things that are happening and turn them into celebrations. Take a moment to acknowledge when you and your team achieved a key goal. Celebrate each significant new sale and recognize the efforts of your employees when they achieve their targets. Share great customer feedback with your employees and make them feel valued. Organize a regular virtual team meeting to celebrate all the good things that have happened that week or month. Acknowledge and reward individual employees who are innovating, who are thinking of new ideas for the business. Even if it’s just a quick ‘shout out’ on social media to recognize a good effort. Just a quick reminder that it’s all worth it! Celebrating our wins is so important for maintaining morale in challenging times, and we all need to know that our efforts are being noticed and making a difference. Remember, when we feel good about the work we are doing, and it is valued, we are more productive, so everyone wins. That’s worth celebrating!

How much has changed in a short space of time. Who would have thought just six months ago that working from home would become the new normal, both for ourselves as entrepreneurs, and also for our employees. This workplace revolution is a current reality, with big and small businesses now re-evaluating their physical workspace requirements for the future. No longer is the lure of the big, expensive, shiny new office tower a priority. Now the focus is on how to invest in technology to ensure that every employee can be as productive as possible, wherever they work. From an employee perspective, there are mixed feelings about this new normal working environment. Most people do not miss the commuting to work each day, the hassle of being stuck in traffic or on cramped public transport for hours - such a source of stress and wasted time. However, on the flip side, many people find working from home has too many distractions, and the lack of psychological and physical separation of work and home life can be hard. One of the key ingredients of business success is to enable everyone to be at their most productive, whether that is home-working or in a formal workplace environment. Make your employees part of the solution and then everyone wins!

If you find that you are in need of a boost right now, due to the pressures of being an entrepreneur in this strange period of time, then help is at hand. Recent psychology research has identified four psychological states, ‘hero qualities’, that when combined can boost our resilience and our ability to cope with whatever life throws at us. These hero qualities are hopefulness, self-efficacy (our belief in our abilities), resilience, and optimism. It makes sense doesn’t it - if we find our sense of hope sinking because all we read in the news is worrying, then we need a good boost from our hero qualities. And we can change our psychological states as we need. For example, to stay hopeful, we need to focus on the future, to keep planning ahead, to set targets and goals. Research suggests that if we stay optimistic, and look to the future instead of dwelling on the things we cannot change, we are more likely to bounce back from tough times. The hero quality of resilience means that when we encounter failure, we can pick ourselves up and try again. Ultimately, if we embrace all our inner hero qualities, they will give us the boost we need to not just cope, but to thrive.

There is a well-known quote that says, “Focus on what you can control, not what you can’t.” Wise words indeed at this current time, when so much in our lives and our business environments seems to be out of our control. It is at times like these that as entrepreneurs we need to ensure our focus is not distracted by all the negative noise and news around us. We can stay informed, of course - it’s essential to keep updated on what could possibly affect us and our businesses. But we need to stay firmly focused on what we can actually control day-to-day ourselves. We need to take the time to revisit our business plans; or our product delivery models; or our customer marketing and communications strategies. We need to look at how we can leverage the power of digital to enhance our current business models. Or how we might need to replace aspects of the business that are now impacted by market restrictions or contractions. Ultimately, it’s about being realistic and understanding that the more energy we expend on those things that we actually have no control over, the less time we have to spend in the ways that can make the most difference.

There is not a single entrepreneur out there who has not experienced rejection, setbacks, and negativity at some time in their lives - it is all part of the business building journey. But knowing that fact doesn’t make it any easier to deal with. It is only human nature for our confidence to take a knock at times like these. So, how do you build up resilience to help you deal with these experiences? Perhaps one practical way to give your confidence a much needed boost, and put a smile back on your face, is to remind yourself of better times, past achievements, and positive feedback. Why not create a Smile File for yourself? What exactly is a Smile File you might ask? It’s a digital folder where you can put all your great customer testimonials, emails congratulating you on a great product or service, comments from your social media platforms from happy customers, or simple messages sent to you from brand supporters. It’s a digital place you can browse through when you are feeling down, when things are tough, and you need a welcome confidence booster that you are doing lots of things right! Create that Smile File of your own today, you never know when you might need it!

Have you had that experience of just feeling stuck in your business? Did you make a list of goals you wanted to reach by this time in the business year, but because of circumstances out of your control, they haven’t materialized? Do you feel you are just not making progress because you keep reviewing your strategies and plans, trying new things, but nothing seems to be moving you forward? Are you questioning your decisions and actions constantly? If you answer is yes to these questions, you could be suffering from analysis paralysis - that state when you over-analyse your decision-making so much that you just can’t see clearly anymore. This type of experience falls into four key categories - Decision fatigue, Perfectionism, Fear of being wrong, Fear of change. Analysis paralysis can be really hard to confront when it is happening, but it can also create great learning opportunities. At times like these, it’s important to remember that analysis paralysis is only a symptom, not the problem itself. Try and take a macro level look at the underlying problems you are experiencing, and not get too caught up at a micro level, as that is when perspective is so much harder to achieve.