Drawing from the lessons of 2020, we decided to start a support community for entrepreneurs and those aspiring to be one sometime soon. It will be a full-blown business community (in the form of an Academy) for those who are seeking to go beyond mere hustle and survival to building sustainable companies and reputable brands.
Many business ideas will be shared.
Statistics and data from various sectors of the Nigerian economy will be shared.
Even foreign networks and opportunities shall be shared.
Hacks and contacts for funding and other access will be shared.
But being a part of this community will not be free. So we can have only committed people on board.
We will learn together without anyone lording it over.
The many questions of members can be answered by different persons, not just one person.
We will have breakout groups according to areas of interest and unique challenges.
There will be an exchange of experiences, resources, and support.
It will be a community for those who want to be inspired and pushed beyond their limits without feeling less of themselves.
There will be hand holding for the weak or inexperienced.
There shall be no talking down or shaming of anyone.
Both the sprinters and crawlers are all welcome on board.
Do you think it is a good idea?
All members will have access to the following:
– An overflow of business tips and insights
– Answers to business questions and challenges
– Access to our resources (ebooks and online courses) at no extra cost
– Discount on our MBA courses in the works
– Access to professionals in various areas (Legal, Accounting/Finance, and many others)
Members of the community will set goals for 2021 and be paired for discipline, focus, and accountability:
– Saving goals
– Investment goals
– Business objectives for the year (You want to attend a global conference or change office or just get the business started? Etc)
– Travel goals
– Self-development goals
– Compliance goals (Your personal tax, company taxes, contract eligibility papers, annual returns, etc)
As we mentioned, it is a full-blown business support community.
Does this interest you?
Do you have someone to sponsor?
Click on REGISTER to enroll.
We can achieve more, one day at a time, with the right community.
We can #DoBusinessBetter
We came across a Facebook post suggesting that certain businesses perform better when they are unstructured compared to when they are structured. The person asserted that a renowned Nigerian blogger, Linda Ikeji, is struggling ever since she became structured, but that is quite a baseless assertion without specific indices or metrics to measure the performance of her business. The argument had so many holes in it, we didn’t even know which one to address or ignore, but our take away was that many people do not understand what structure means.
Here are some insights on structuring your business:
1. Structuring does not mean leaving your product-market fit. If you were doing very well by selling food to Tricycle Drivers and then you go build a gigantic edifice with air conditioners in the name of structuring, you are just burying your business alive. The drivers won’t follow you but will switch to another option.
2. Structuring does not mean leaving what is working and going to experiment with the unknown. If Linda Ikeji leaves what has been working for her to new terrain, she may struggle before getting it right again, if she does.
3. Structuring does not mean you stop innovating. If you become relaxed simply because you got structured, you will lose out. The more structured you become, the more you have to be on your toes innovating.
4. Structuring does not mean fancy offices and glam. It is not about “I have arrived”, you will be pushed over to the sideline.
5. Structuring is about becoming BETTER ORGANIZED as the business grows gradually. When a bukka woman teaches her daughter to cook the meals as well, it is structuring. When she teaches her Son how to go buy foodstuff from the market, it is structuring. When she keeps proper inventory of the foodstuff to check them against daily sales to ensure there is no theft or unrecorded debts to customers, it is structuring. When she can take a break and business is still ongoing, it is structuring. The list goes on.
6. Structuring is about creating systems and processes, no matter how basic. You cannot seek a serious business loan with your personal account, you need to open a business bank account and that requires BVN, a registered business, Tax identification, etc.
Our investor at Mapemond asked us, “what if I die, what will happen to my investment in your company?” our answer was all around systems, processes and ultimately, structuring.
You cannot desire to be another Dangote, Otedola, Elumelu, Jason Njoku, Ibukun Awosika, and all these people and not be thinking in terms of structure over time.
Davido and WizKid will direct you to their managers if you want to do business with them, even personal brands have their own approach to structuring. That is why they create DMW, Mavin Records, and the likes.
We have to break the fetters and manacles holding us spellbound to the hustle and survival mentality while thinking that we can build a big business by staying unstructured and evading FIRS and the rest perpetually.
Global Ventures that…
All the fancy desires will not happen by mere wishes, you have to build structures diligently and consistently for several years.
If your clients’ work will be on hold because you have malaria, your business is an endangered specie.
We don’t like to think about it, but what if you die? What happens to the monies you collected from people? Pending salaries? Etc?
Please share this, let’s empower more entrepreneurs with the right knowledge.
If you think otherwise, then this post is not for you.
We wish you well in your endeavors.
Blessed are those whose business is approaching a time when sales will be made without personal posts on social media, for they shall know sustainable growth.
We read a post on Facebook that got our attention. It was written by the Co-Founder of Gidi Cakes, Daniel Adeniyi.
It is about Africa’s Top 100 Brands for 2020. The study done by Brand Africa showed that majority of the dominant brands in Africa are not local brands. In fact, in 27 countries that were surveyed, only 3 as shown below had a local brand in their number one spot:
1. Zimbabwe (Econet)
2. Zambia (Trade Kings)
3. Tanzania (Azam)
The leading brands in Nigeria are not Nigerian. Like the Gidi Cakes Co-Founder rightly submitted, most Nigerian businesses are not brand conscious. The study also showed that the leading media brands in Africa are not local – BBC, CNN, and Al Jazeera. Only seven local media brands made the list of the 25 most dominant media brands in Africa.
Out of the 100 most dominant brands in Africa,
#1 to #6 are foreign brands.
#7 is the South African owned MTN.
#8 to #14 are foreign brands.
#15 is Nigerian owned Dangote (I did an unofficial corporate internship with them)
#16 to #27 are foreign brands.
#28 is Nigerian owned Globacom
#29 to #35 are foreign brands
#36 is South African owned DSTV
#37 to #45 are foreign brands
#46 is Nigerian owned Nasco (Mapemond shall be visiting them for a research project)
#47 to #49 are foreign brands
#50 is South African owned Shoprite
So 44 foreign brands and 6 African brands in the top 50 of the list. You may think that more African brands will feature in the second half of the list, but that is not the case. The second list of 50 also features 44 foreign brands and 6 African brands – Star, Tiger, Jumia (some persons argue that it is not African), Tusker, Clover, and Maltina. In conclusion, 88 foreign brands and 12 local brands in total!
You can see the list here: VIEW THE REPORT
Let’s bring it closer home. A related study of the top 25 African brands showed only 4 Nigerian brands – Dangote, Glo, Jumia, and Star.
These stats don’t surprise us one bit because in our branding and marketing work, we have loads of insights and experiences that support this survey even though there could be a variance.
There is the assertion that “Africans don’t like local”, but that is not exactly the case in our opinion. Branding is such a powerful aspect of business that is being underrated by most businesses both big and small. The businesses that take branding seriously will be at the top of the market regardless of where they originate from and as we can see, foreign brands don’t joke with branding at all.
For example, out of 100 restaurants in Nigeria, the ones that take branding in its true sense most seriously will emerge the most dominant.
If you are a fashion designer, baker, or whatever you are into, the more seriously you take branding (in its true sense beyond logo design down into strategy, culture, marketing communications, etc), the higher you will climb on the chart of leading businesses in your sector or industry. And you must not have billions to spend, it begins from being intentional and consistent.
If you would like to take a deep dive into the subject of branding, there are articles here for you: MAPEMOND BLOG
We are cooking a lot of webinars, Instagram live sessions, Facebook Room conversations, and more on the subject of branding. Leave a comment on this post if you would like to be notified when it is time.
Don’t downplay your business. At whatever level you are, consider your business as a brand and build it with that consciousness. It yields far more results than casual business and hustle.
Poor work ethic and culture is a major challenge that businesses silently grapple with, whether remotely or in the workplace. It even tends to turn some employers into very mean people.
Workers show up late at work, drag feet to get things done, hardly reply to emails, fail at deliverables repeatedly, some keep making excuses to travel for one occasion or the other at the expense of the organization, and so on.
As much as it is important to be flexible as an employer, it is more important that you don’t unknowingly indulge the fundamental problem of poor work culture.
You need to design guidelines and processes that will help workers improve their work ethic and discipline over time and those who are unwilling to improve should be eased out.
If you create penalties for late coming and other issues, follow through with implementing those penalties so that your people don’t take your systems and processes for granted.
At a restaurant brand we manage, one staff had the habit of always making something different from what the client ordered thereby wasting resources. We implemented the penalty of salary deduction for two months to replace the materials that were wasted. He does not repeat the mistake any more.
You may be scared of losing those who really know the job, but indulging a bad attitude to work will cost your business greater harm eventually.
Be fair but also be firm.