We all know how important it is to have strong role-models in our lives. But here is an interesting fact, according to the latest research from the Kauffman Foundation. Did you know that eight out of ten aspirant young women entrepreneurs say having a role model would inspire them to start a business. This is most significantly felt amongst the 25-39 year-old group. But here is where the challenge lies. Only a third of those young women can think of a role model who inspires them. Women consistently state that lack of female role models is a core barrier for deciding to launch or grow a business. It makes sense - if you have no one to look up to, how can you learn from their success and their mistakes? As women entrepreneurs, we all need role models who will share their experiences, good and bad, so that we can learn and grow. That’s why I often travel around Africa hosting our Lioness Lean In events accompanied by highly experienced women entrepreneurs who can pass on their invaluable knowledge to others. And I will be doing just that as I head off to Abidjan this week accompanied by two inspirational South African women entrepreneurs who have a wealth of knowledge and expertise to share.

Have yourself an inspired entrepreneurial day! - Melanie

I started out this week writing about the visit of British Prime Minister Theresa May to Africa and I’m ending it talking about another European woman leader who was also on the African continent this week, German Chancellor Angela Merkel. As part of both of these visits, Lionesses of Africa was asked to introduce leading women entrepreneurs to the business delegations that accompanied these leaders, acknowledging the growing interest from Europe in supporting women’s economic empowerment through entrepreneurship on the African continent. I see it as a positive sign that as Europe increasingly looks to Africa to expand it’s business relationships, so too can Africa’s women entrepreneurs look to tap into the wealth of business potential and collaborative opportunities opening up in European countries. It’s the reason we will be rolling out another series of exciting Start-Up Night! Africa events in different European cities over the coming year, giving access to markets for the high growth potential women entrepreneurs in the Lionesses of Africa network. Watch this space!

Have yourself an inspired entrepreneurial day! - Melanie

It was wonderful to meet up with all the women entrepreneurs representing Africa’s agri-business in all its forms who we brought together at the South Africa-UK Business Forum last week. We had winemakers, gin makers, tea producers, olive oil producers, all getting together to connect and share their often similar experiences of the ups and downs of taking their products to global markets. It was a great reminder of how important it is to have these industry allies alongside us as we build our proudly African, global brands. Let’s face it, sometimes trying to talk business with your family and friends who are not emotionally and practically invested in the business can sometimes feel like speaking a foreign language. We all need our fellow industry ‘geeks’ who understand our industry specific jargon, and who get what we do without explanation - those fellow industry pioneers who can share a snippet of really useful sector news, or just help us to maintain our sanity on those days when no-one else seems to understand. So find your industry allies - your business will thank you for it. 

Have yourself an inspired entrepreneurial day! - Melanie

We have all heard the term ‘analysis paralysis’, the state of mind that results from overthinking something to the point where it is impossible to move forward. I’m reminded of it when I meet women entrepreneurs who tell me that they are struggling to take their idea for a business and actually turn it into reality. Often it’s self doubt that holds them back and the ability to find the confidence to see their business idea as good enough, innovative enough, relevant, viable. This notion of being good enough is often seen as the most significant hurdle to starting a business. It results in women questioning their abilities and skills and using that as a reason for not starting in business. Self doubt creeps in and provides the excuse not to launch, or to delay the launch of a business. At the root of it all is often the fear of putting yourself out there, of being visible and opening yourself up to potential scrutiny or criticism, which can be hard to take if your confidence levels are not high. So what’s the best way to counter this situation? Stop over analysing and overthinking and just do it.

Have yourself an inspired entrepreneurial day! - Melanie

There’s a reason that our new tagline at Lionesses of Africa is 'Further, Together'. I am a great believer in the power of collaboration. As women, we naturally collaborate, support each other, and share our information, networks and resources. Rather than “going it alone” and competing, many women would rather collaborate and work together, to see themselves and others succeed in the process. Not only that, collaboration brings different skills and specialist knowledge  to the party, meaning that the end results are stronger, more innovative, more impactful. There is a great quote by the award-winning South African design entrepreneur, Thabisa Mjo, founder of Mash. T Design Studio, who says, “When we don’t view each other as competition, but rather as potential partners, I think we have the ability to create beautiful compelling work that benefits us all.” I couldn’t agree more. When women entrepreneurs collaborate, anything is possible.

Have yourself an inspired entrepreneurial day! - Melanie

Last week, you may have read about Lionesses of Africa’s participation in the UK South Africa Business Forum in Cape Town which was held as part of British Prime Minister Theresa May’s visit to Africa. She announced a new ambition for the UK, that by 2022, the UK will be the G7’s number one investor in Africa, with Britain’s private sector companies investing the billions that will see African economies growing by trillions. It was good to hear. Lionesses of Africa was asked to bring together and co-host a Women in Business panel discussion at the Forum featuring some of our leading women entrepreneurs from across the SADC region. The aim was to celebrate the depth of women’s entrepreneurship on the African continent and to connect women owned businesses and brands to new market opportunities and important new businesses connections in the UK. The audience reaction to the discussion was overwhelmingly positive, with interesting new business connections made and opportunities to follow up on in the UK marketplace. The event was a powerful reminder again of the need for Africa’s women entrepreneurs to break into exciting new markets with their products and services and become truly global business players.

Have yourself an inspired entrepreneurial day! - Melanie

The other day I was thinking about when I first learned to drive as a teenager, spending all those hours practicing and focusing so hard on trying to avoid the inevitable bumps in the road that had the potential to steer me and my car off course? And it got me thinking about how similar that experience was to starting up in business. You get excited at the launch phase, you make it through the first year, and then around the time between two and three years, those bumps in the road appear again - they could be in the form of a need for an injection of funding; or an expansion of capacity; or the need for a pivot to react to new market conditions. And it can be tough to navigate at the time. So that’s why it makes sense to expect the unexpected, and prepare and plan ways in advance of getting over the inevitable bumps in your entrepreneurial road when they appear. 

Have yourself an inspired entrepreneurial day! - Melanie

I find myself these days being increasingly drawn to businesses and brands that share my concerns for the environment and who find innovative ways to deal with waste management, for example. Take a look at our article on ecopreneurs here.  And it seems I am not alone. I am fascinated to see how many businesses and brands are responding to customer sentiment and concerns by taking a more conscious and minimalist approach to they way they produce their goods and run their operations. The term business minimalism is growing, with countries like Canada taking the lead and showing how the anti-waste movement is influencing all aspects of business. We can all do more in our own businesses to be resourceful and less wasteful. For example, cutting out plastic bags, using recycled products, being more rigorous with our own recycling, and importantly communicating to our customers about our ethos. This approach is not just good for the environment, it’s also good for business. 

Have yourself an inspired entrepreneurial day! - Melanie

I was reading some fascinating statistics this week on the widening gap between men and women when it comes to starting businesses. It would appear that the number of women who aspire to start their businesses is closer to the number of men who wish to do the same. So, that’s the good news, more women are thinking entrepreneurially when it comes to planning their futures. However, the gap widens when it comes to turning that aspiration into reality and actually starting a business. It seems that women are less likely to start their business and also more likely to exit at early stages or between phases of transition (4 out of 10 in factor-driven economies). This trend slightly improves in innovation-driven economies where there are two exits for every 10 businesses owned by women. The suggested reasons for this disparity are seemingly obvious, with the balancing act of being primary caregivers for their families and trying to balance that role with launching and growing a business being one of the main ones. However, the overriding factor seems to be the challenge for many women of just starting, not overthinking it, and making that aspiration a reality. 

Have yourself an inspired entrepreneurial day! - Melanie

Have you stopped to think about how powerful the act of kindness is in our lives? We know how it makes us feel on a personal level when someone is kind and thoughtful. We feel good, our mood changes, we see the world and other people in a more positive light. It is perhaps the most underrated “super power” that we have as human beings. And I think it’s time to see more kindness shown to each other in our business lives. It costs nothing to say thank you to someone who has provided a great service, or has referred a potential customer, or has just been there when you needed advice or information. There is a great saying that goes, “People always remember how you make them feel. And when you make them feel appreciated they remember.” So let’s start seeing kindness as an essential part of our daily entrepreneurial and personal lives, and really acknowledge it as the superpower it is. 

Have yourself an inspired entrepreneurial day! - Melanie

Have you ever been in one of those situations where you are with a group of people talking about a particular uber successful product that has been launched to market and someone says, “Oh I thought about something similar to that years ago but never did anything about it.” I hear it often and it always brings about a wry smile, because in that sentence is the difference between entrepreneurs and everybody else. Entrepreneurs have an idea, but then importantly they test that idea, they develop a business model around it, they run with it, and they execute it. Ideas are easy, but it’s the implementation that is sometimes difficult to achieve. As Apple founder, Steve Jobs, once famously said, “To me, ideas are worth nothing unless executed. They are just a multiplier. Execution is worth millions.” 

Have yourself an inspired entrepreneurial day! - Melanie

Women are natural collaborators. You only have to look at successful entrepreneurial communities around the world and through recent history to see that some of the most interesting and sustainable businesses are the result of like-minded women entrepreneurs pooling their resources and expertise. I am a great believer in the power of women collaborating to get things done. In fact, if I look back at why we launched Lionesses of Africa, it was inspired by the realization that, just as for the prides of lionesses that live and hunt on the plains of Africa, life is often a daily battle for survival for women entrepreneurs. We can learn a lot from lionesses in the wild and their pride dynamics. How they hunt as a group to bring down the biggest prey; how they raise and coach their young; how they protect the group; and how they collaborate in order to survive even the harshest environments. It is these lessons that have shaped Lionesses of Africa's belief in the power of community. And, our belief that Africa's women entrepreneurs can achieve more and go 'Further, Together.'

Have yourself an inspired entrepreneurial day! - Melanie

So here’s an interesting piece of research information to think about as you start your day. It appears that the number of male and female entrepreneurs who say they are interested in growing their businesses over the next five years is almost identical, at 82% and 83% respectively. However, the similarity ends when asking both men and women about they type of business growth they envision. Research suggests that women entrepreneurs are more likely to take the long-term view of achieving that growth, by typically reinvesting business profits back into the business in order to generate steady and profitable growth. They are also driven to build legacy businesses that can be passed through the generations, supporting both family and communities for the long-term. Their male counterparts on the other hand are more likely to aim for a faster growth trajectory, exploring ideas and opportunities for equity investment, but ultimately a quicker exit and less of a focus on leaving a legacy. 

Have yourself an inspired entrepreneurial day! - Melanie

We all need a little continuous inspiration in our lives and great role models to show us what can be achieved, particularly in business. I have a number of women entrepreneurs whose stories I continually revisit on my own entrepreneurial journey. One of those is Anita Roddick whose personal passion led her to create and build what is today a global success story, the Body Shop. She was passionate about not testing cosmetics on animals and had a firm belief in natural organic products with recyclable packaging to reduce the impact on the environment. At the time, there was nothing else in the marketplace that looked like her brand, or that was driven by such a strong ethical, passion driven story that customers could identify with and buy into. Successful women entrepreneurs build a business around what they really love to do best, or what they passionately believe in. There is a great quote from one of our Lionesses of Africa community members, Narcissi Madishi, founder of children’s clothing brand, Kameo Kids in South Africa. She says, “Passion will carry you through....If you plan to go into business, choose something that you are absolutely passionate about. The passion will carry you through when the going gets tough.”

Have yourself an inspired entrepreneurial day! - Melanie

Pick up any newspaper and magazine, or read your daily online news, and chances are you will see stories of some economies globally and on the African continent really flying, and others taking some considerable strain. Big companies and start-up businesses alike have to constantly take the time to re-evaluate their strategies and goals to manage these often severe economic fluctuations and replan where necessary. During such times, a creative approach to business is often needed, particularly when banks and other financial institutions become much more conservative around access to finance, just when you need it most. Women entrepreneurs, in fact women in general, have always traditionally been better at mastering the art of doing more with less, finding creative ways to stay afloat and thrive even through the most uncertain economic times. And it’s interesting to see that those women entrepreneurs who focus on profit over revenue and frugality over ostentatious consumption, typically build more sustainable businesses and create more jobs in the long term. In these uncertain and often wildly fluctuating economic times, it’s a sensible approach to take.

Have yourself an inspired entrepreneurial day! - Melanie

Life as an entrepreneur has its ups and downs, and there’s a reason why we often refer to it as a roller-coaster. There are times when you experience real “highs”, when everything seems to be going right and everything seems possible, and then there are those inevitable low times that inevitably knock your confidence. One day you sign a big contract you have been working on getting for months, you read a great article about your company in a leading magazine, and life seems great. The very next day your new prospective investor backs away from the deal, and you lose your biggest client to a competitor. But the test of a successful entrepreneur is how to ride these crazy ups and downs without giving up. The path to success is never a straight line. The trick is to enjoy the highs when they happen, but keep your eyes on the end goal and find your inner resolve when life throws you that curve ball and you are back on that rollercoaster again.

Have yourself an inspired entrepreneurial day! - Melanie

This past weekend, I was reading an article about the life of author Paulo Coehlo, and he said something that might resonate with many women reading this article. He said, “When you say yes to others, make sure you aren’t saying no to yourself.” I was thinking about this in the context of a conversation that comes up often when speaking to women entrepreneurs. Women have often been raised to be “people pleasers”, which can lead to seeking the approval of others, and as a result, they often have a harder time saying “no.” This can lead to them under-charging for their products or services in the marketplace, or being too giving of their time and help in general at the expense of their own needs, business or otherwise. It’s important to remember that it’s impossible to please everyone all the time, and in business trying to be everything to everybody is a potential recipe for failure. So, cut yourself some slack and stop trying to please everyone, instead please yourself!

Have yourself an inspired entrepreneurial day! - Melanie

Have you noticed how difficult many women entrepreneurs find it, being able to speak about their own accomplishments in business and in life, honestly and with pride? Or taking a compliment about the business they have built or the products and innovations they have created? And on a personal level, I have to admit that for many years I was one of those people. Often, women feel uncomfortable talking about their achievements and worry about being perceived as bragging or being too boastful. But the one thing I have learned over the years is that your achievements and accomplishments are some of the biggest selling points your business has, and it’s a necessity for a successful woman business owner or entrepreneur to talk about them in order to connect with potential audiences and customers. So the bottom line is that it’s okay to toot your own horn occasionally, and to own your achievements. 

Have yourself an inspired entrepreneurial day! - Melanie

Every entrepreneur dreams of landing that big, game-changing business order from a new customer, one that can really change gears for the company. And, it’s a great feeling when it happens. But then reality sets in - how do you fulfill that order on time and on budget when your existing capacity is not geared up for something so big? Your machinery may not be big enough or fast enough to cope with such a big order and you need to scale up in order to meet the demand; you may have to bring in additional people resources and they need specific training in order to create the products you are selling. It’s a good problem to have, but it still needs a solution, and usually the extra finance to inject into the business to scale. And there tends to be the problem. Banks are not always the most understanding or supportive in these circumstances. One solution is to ask the customer to pay a percentage of the order up front with the balance on delivery. The other is to look at financial organisations that offer purchase order funding to bridge the gap between order and payment. Either way, more solutions are needed to support entrepreneurs at those times when they have opportunities to scale, but need innovative funding mechanisms to make it happen.

Have yourself an inspired entrepreneurial day! - Melanie

I have had several conversations this week with women entrepreneurs in the Lionesses of Africa community who are going through a range of challenges right now, and one word kept coming up repeatedly - persistence. And listening to their stories and experiences, those challenges will be familiar to so many others as each day they fight to keep their businesses going, or to take their businesses to the next growth level and into unknown new territory. Starting a business in the first place takes courage, but keeping it going, keeping it relevant and ensuring it grows, takes persistence. So this morning I would like to celebrate all those women entrepreneurs who are chasing their dreams, pushing through the inevitable difficulties, and getting creative in the face of adversity. Let’s learn from each other and never underestimate the power of persistence, it is an essential trait to develop as an entrepreneur.

Have yourself an inspired entrepreneurial day! - Melanie