Investments will range from a minimum of NGN500k to NGN5m or more depending on each business case.
Interested investors will indicate to ask questions, pledge funding amount, and engage further with any business that gets their attention.
Investors are individuals seeking to get their money working for them while making an impact on small businesses seeking to scale up. ROI will be short and mid-term.
Only one business owner will be in the room per time.
There are three selection stages and we are targetting just about ten finalists.
Written by Robinson Tombari Sibe (originally published on Facebook)
There was a time when the Apple iPod was the most desired gadget anyone could wish for. Gradually, it began to diminish in market dominance, until two days back when Apple announced the discontinuation of iPod production, after 21 years in the market. This was a classic case of creative destruction, for students of strategy.
Coined by Joseph Schumpeter in 1942, the term creative destruction refers to “the incessant product and process innovation mechanism by which new production units replace outdated ones.”
Steve Jobs, the Apple co-founder was a master of this strategy. Not only did Apple’s rapid innovation creatively destroy other competitors’ products, but they also applied it to themselves as a survival strategy.
Apple knew that with the technological trends, iPod was going to suffer and lose the battle eventually. Competitors were already incorporating music download and play functions on smartphones and gadgets, and it was only a matter of time before iPod will lose its charm in the market.
Rather than wait for that moment when the competition will drive the iPod out of the market, Apple decided to creatively destroy it themselves, by using another innovation. This birthed the iPhone.
The iPhone had not just the capability to download and play millions of music but could do more. It was a mobile computing device, with internet connectivity and massive processing capabilities. Why have an iPod when your iPhone can do much more?
In the rapidly evolving technological landscape, you either innovate or die. iPod is dead, but it is gratifying to note that its funeral was not organised by “strangers”. In Africa, it is said that it is better for a child to bury his parent than the other way round. iPod died a fulfilled gadget. It was given a befitting burial by its offspring, the iPhone. It will be missed, but the music plays on through iTunes.
So long, iPod.
Photo Credit: Pexels.com
We read the employment letter of a certain business some time ago and it sounded more like a court judgment sending someone to imprisonment.
No life in it, no line saying welcome, not to talk of the company’s vision and how new recruits fit into it. Basically, it’s a “this is what we employed you for, just come and do it daily and have your pay” kind of letter, not bad at all if that is how the business wants it.
However, we once had a discussion with the owner of the same business and she was lamenting how the employees weren’t diligent enough. They quit without prior notice a lot of times. She had lost a lot of good hands, “just like that”, and the process of rehiring for the same positions was draining.
Reading through the employment letters she issued, we saw exactly what the problem was for many other businesses. It’s the hiring process and how we onboard those we expect to “own the business”.
Many business owners don’t realize it, perhaps due to the prevalent job scarcity, but you also have to market your business to potential recruits, especially millennials and generation Z. You have to give them reasons why your business is a COOL place to work and WHY they should give their best to it beyond just earning their monthly pay.
Recruiting, motivating and retaining good talents is serious work. You don’t wish it into existence.
From our years of business consulting, we discovered that one of the constant worries of business owners is how to replicate themselves in their business.
Well, here are some tips we share we them:
First, you have to accept that it is not possible for anyone to become just like you.
Secondly, the way to replicate yourself in business is by creating standard operating procedures. People are not concerned about who cooks a meal in a restaurant, they are only concerned for the food quality and taste to remain consistent.
Thirdly, you replicate yourself by documenting the processes involved in every job function and having templates for future purposes.
Fourthly, you have to make sure your standard operating procedures are not dependent on individuals.
Fifthly, standard operating procedures can be upgraded and improved upon, it shouldn’t be too rigid.
Lastly, if you are worried about people stealing your ideas or template, just make sure they sign a Non-Disclosure Agreement before they resume.
Successfully replicating yourself in business will help you have time to do other stuff, give the business life of its own, reduce stress and workload for you.
My experience with Winny opened my eyes to the gradual shift in the work culture and aspirations of young people, especially those who have great work ethics and discipline.
She mentioned to me that she was learning how to make hair via YouTube. I didn’t hesitate to encourage her initiative because I knew she deserved better pay but the business could not afford to pay more at the time.
She focused on a particular hairstyle and started making it pro-bono for her friends until she perfected the craft and started charging 5,000naira per client for home service. Within a short time, she was getting a minimum of 8 clients each month. She provided this service mostly during weekends. The implication was that she was making as much as her salary just by providing this service on weekends alone.
This new reality boosted her confidence to return to Asaba since it has always been her utmost desire to be closer to her family. We steered these conversations further till the point where she notified me of her intention to resign. That was three months ahead of the resignation itself. We got walking through things together as the business employed someone else, whom she trained. Her hand-over was smooth. That was a few years ago.
I look forward to a time when I can take leave from work and business is still going fine. I am currently about 40% there and still putting in the work.
Presently, we are developing a marketing and sales system for Mapemond that wouldn’t be halted if I go on a vacation to enjoy life. It’s part of our 2022 plans.
Can you take leave from your business?
Or do you look forward to such a time?
A business where nothing happens unless you are actively involved with daily operations is a trap and you should be working your way out of it over time.
Yes, in the days you are still trying to figure out things and getting a good footing, you have to be readily available and actively involved, but that is different from being obsessed with yourself in the business.
Imagine those who own multiple branches of their business, how do they keep them running without being present in all?
Systems, my friend. Systems.
The elderly woman who sells foodstuff in my neighbourhood now spends more time resting because, after the first few years of starting the business and teaching her children the ropes, they now have the competence to handle most things themselves. Her suppliers now also bring the goods to her shops.
Your employees are not your children, loyalty and long-term service is something they choose to give, it’s not something you force. They could leave at any time and you would have to replace them. How do you minimize the effect of people exiting and people coming onboard?
Systems, my friend. Systems.
Many of the primary and secondary schools that those who are 35years and above attended are struggling to survive mainly because they were centred around the founders who are now ageing and their children have their own career paths to pursue. What could they have done differently?
Systems. As the years went by, they could have kept revamping their business structure to enthrone a system that can provide better sustainability.
If you intend to do your current business for long, you will come to this same realization and it’s my hope that these lessons I freely share would enable you to navigate things better.
If this strikes a chord in you, then you are my Co-Traveler in business and it’s your kind that Mapemond is looking at working with, that’s if you are willing and open-minded. Let’s start the conversation early enough, reach out via inbox or send an email to firstname.lastname@example.org
It’s our desire to see reputable brands and sustainable businesses emerge from Africa.