the pride of Africa's women entrepreneurs
By the Lionesses of Africa Operations Department
‘Doing right’ means different things to different people, but in business it is absolutely essential and represents your core values. The above photo showing the impact that UZURI K&Y, the Rwandan business founded by entrepreneurs Kevine Kagirimpundu and Ysolde Shimwe, has had on so many lives as a perfect example of this. So, “What are the core values of your business?” could have been the title this week…
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By Lionesses of Africa Operations Dept
Since our previous letter in March on the EU’s move to legislate ESG to all via the financial world (here), where financial companies marketing their products within the EU now have to prove if they are ESG compliant (or not, they do have the choice). To take this seriously at a high level and to show this is not just a tick-box exercise, there is no doubt now (as we foretold) that this will filter quickly through to corporations and their supply chains. The finance world (if it wants the ESG tick) must pay attention, research, investigate and invest with ESG in mind.
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By The Lionesses of Africa Operations Dept
Easter is for many across the world a time of hope and new beginnings, but what if the world is in a dark place at the time? There have been times when something small but positive has ballooned into something huge and the globe has grabbed this light and given itself a new energy. Sometimes it can even be something daft, but the smiles and humour generated can do wonders for our mental well-being, that over the previous years had been sorely tested. We are herding animals, we are drawn to each other, we gain energy from each other and together (as we all know) we are stronger. How can this be harnessed for our businesses?
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By the Lionesses of Africa Operations Dept
The world famous free solo (alone and with no rope!) climber Alex Honnold as pictured above (whilst climbing the face of the world’s most famous rock, the 3,200ft El Capitan in Yosemite National Park) yes, we’ll just say that again - with no rope, says that often his most dangerous moment on any climb is just before the end when the climb starts to level off towards the top of the mountain and he starts to relax. That is when he is far more likely to slip and fall than when he is vertical, clinging to a crack a thousand metres above the ground. See the terrifying trailer from National Geographic here of the film by Jimmy Chin of this amazing assent. The film, "Free Solo" even won an Oscar for best documentary.
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By the Lionesses of Africa Operations Dept
March 10th was a big day in Europe. On that day the EU Sustainable Finance Disclosure Regulations came into force, requiring “…investment funds to show how sustainability risks are incorporated into their investment decisions. This applies not only to fund managers, financial advisers and many other regulated firms in the EU, but also to non-EU [finance] managers marketing into the EU.”
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By the Lionesses of Africa Operations Dept
“If knowledge is power, knowing what you don't know is wisdom.”, so wrote Adam Grant, the renowned professor of psychology at Wharton School of the University of Pennsylvania in his new book, “Think Again: The Power of Knowing What You Don't Know,”. One of the basic frustrations he has is that: Too many people in the world listen to opinions that make them feel good, instead of ideas that make them think harder.
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By the Lionesses of Africa Operations Dept
“No one can label you a failure when what you are trying to do is audacious. Botching something easy is a failure. Failing in an attempt to achieve something huge is just courageous.”
…as stated by the fabulous Anne Boden, who against all the odds founded Starling Bank in the UK. Read Melanie’s review of her book here and indeed we too wrote around her book in our Blog entitled ‘Dreaming with Ambition’ here, (so clearly we are fans!). But that one message above from her book ‘Banking On It: How I Disrupted an Industry’, is interesting because great leaders do not worry so much about being labelled (Elon Musk, for example, would stay under the duvet if labels concerned him!). What is noticeable is that they encourage their employees, their teams to reach for the sky, to go for the huge, not because they are relaxed about risk, (in fact they respect risk, never fear it), but exactly because this encourages far greater results for their employees and for their businesses.
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Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization | photo courtesy of ngoziokonjoiweala.com
by the Lionesses of Africa Operations Department
We have to immediately state (for those of a fearful nature) that the Lioness cub in the above incredible picture by Sarah Skinner that won the Comedy Wildlife Photograph of the Year 2019, did survive unhurt (somehow!). But it shows clearly that for all of us there are differing levels of understanding and appreciation of risk, in this case both for the cub and for the unsuspecting male who would assume that no one is that daft. As Einstein would agree, Risk is Relative! (Feeling brave? Zoom in and see those claws!)
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by the Lionesses of Africa Operations Department
We have discussed the issues with male dominated finance previously (here) and how imbalances built into applications affect women (as Ai is sadly beginning to show us). Although it is great news that more women are being invited onto bank’s boards, until the Credit and Risk committees and their ‘tick boxes’ are redesigned to remove this strange but deep held belief that women’s businesses are more risky, we shall continue to hear the complaints from many who have raised funding ‘to invest in women’s businesses’ that they have searched high and low, yet been unable to find enough women in which to invest. As the AfDB’s Dr Jennifer Blanke said at the The Global Gender Summit 2019, Kigali: “We know that women are a good bet. We know they pay back. We know they run excellent businesses – and yet they are not getting financed” (here).
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By the Lionesses of Africa Operations Department
According to the FT (here), there is “a new corporate currency, and it is a composite of three factors: purpose, why [the company] does what it does; culture, what staff experience; and brand, its reputation. The era of non-financial data transparency and advanced stakeholder capitalism is upon us. Corporate stakeholders, from employees and customers to board members, investors, partners and regulators, are calling for greater disclosure of information related to the “four P’s”: people, profit, planet and purpose. All corporations must prepare for a future in which details of their work in these areas are open to all.”
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by the Lionesses of Africa Operations Dept
Kaizen is Japanese for ‘continuous improvement’, literally Kai (change) Zen (good) and has a great following amongst the business community in Japan for whom large scale, sudden and ‘disruptive’ moves are not often encouraged. Kaizen allows them to adapt and grow their businesses over time to keep ahead of the competition. It should be pointed out that ‘Over time’ is a little different in Japan where nine of the oldest companies in the world sit.
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By the Lionesses of Africa Operations Dept
We were shocked to read this week (here) that plastic, or to be more correct, plastic microfibers, have not only been found at the lowest depths of the ocean in the Mariana Trench, at the highest points of our Mountains on the top of Everest, but now even across the Arctic. We as humans have now polluted the entire planet with plastic!
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By the Lionesses of Africa Operations Dept
One of the things we all learnt in 2020 was what was meant by the ‘R’ number - the rate at which a sick person will pass on (in this case) COVID-19 to others. According to ISGlobal the average ‘R’ for an infected person with CV19 is around 2.5 in each 5 day period of incubation. An ‘R’ of less than 1 is good because it means that the number being infected is growing smaller, but over 30 days will still infect others, and thanks to the brilliant Visual Capitalist looks something like this…
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By the Lionesses of Africa Operations Dept
January, just the mention of that month brings high hopes and expectations of greater things. Given the low base that was 2020 (although as we pointed out in our last Blog, 2020 was a year of such incredible opposites, not only of terrifying lows but also for many Lionesses, incredible highs), 2021 for the entire world from a health perspective has to be better!
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By the Lionesses of Africa Operations Dept
The year 2020 was the 250th anniversary of the world’s greatest composer, Beethoven. Many consider Mozart to be the greatest, but his abilities came too easily, he never had to struggle, his music flowed as if from the heavens. Beethoven was mortal, he was human, he struggled. Mozart found composing easy, as if he had a ‘hot line’ to the angels, and indeed if you see his original manuscripts, there are no corrections, he wrote everything down once (when was the last time you wrote an email with no corrections?) - this was an orchestral work with 20 different parts! Beethoven, however, struggled and with errors, scribbles, corrections, angry lines crossing out, starting afresh many times, he forced incredible music out, finally accepting (begrudgingly) that he had gained immortality on paper.
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By the Lionesses of Africa Operations Dept
“…a company cannot achieve long-term profits without embracing purpose and considering the needs of a broad range of stakeholders. A pharmaceutical company that hikes prices ruthlessly, a mining company that shortchanges safety, a bank that fails to respect its clients – these companies may maximize returns in the short term. But, as we have seen again and again, these actions that damage society will catch up with a company and destroy shareholder value.”
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Sam Shepard as Chuck Yaeger in The Right Stuff. Photograph: Ronald Grant Archive
From the Lionesses of Africa Operations Dept
The Lionesses of Africa has a user community of over 1.1 million inspirational African Female Entrepreneurs owning and running businesses from all countries of Africa, from SME’s to large multinationals, employing thousands…and across all industries. We even have an ever growing membership in the Diaspora such as the US - currently above 100,000.
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From the Lionesses of Africa Operations Dept
The title picture this weekend is of the Peters’ Globe (℅ Graphic). The ‘normal’ globe inflates the sizes of regions as they move further from the equator. Since much of the developing world lies near the equator, these countries appear smaller and less significant. On Peters' globe, areas of equal size on the globe are also equally sized on the map - so poorer, less powerful nations are now restored to their rightful proportions. GO AFRICA!
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by the Lionesses of Africa Operations Dept
Terrific Tuesday (or ‘TT’ as we like to call it) is, if you remember, when the Head of Finance (HoF) gives us the morning to think outside the box, to move for a moment away from the incredible projects with which we are busy and step back for a moment from the crazy energy that is Melanie who, in the last 2 months, not only brought us the amazing LOA/Harvard Conference, then the Lioness Xpo B2B platform with Absa, and not stopping for breath just this week, the brand new (and in time for Christmas no less), incredible LOA / Facebook - Virtual Masterclass Series.
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