General

Maxwell:                     Good evening Otema. I’m looking forward to a pleasant conversation with you. You’ve had all these leadership roles in big corporations, like IBM, Vodafone, being the first-ever female country manager in Microsoft’s Africa operations, what advice would you share with young woman entering such a male dominated profession? Otema:                        Thank you for having me Maxwell. I think the first thing I would say to them is that it’s really important to be well skilled, right? You’ve got to know your stuff. And then you’ve got to network and build relationships. And that becomes the way in which you step up the ladder.  Then also, what I found very useful is go for that stretch assignment, something that makes you push yourself a little bit further. For me, my stretch assignment with IBM was coming to South Africa. I had never done that before. I had been based in the US. And so that was a stretch. I learned; I grew; I worked with different sectors within IT. And that’s something that I would highly recommend. So, whether it’s a global assignment or even within your country, a different department, definitely try and stretch yourself. Maxwell:                     So, to get out of your comfort zone a little bit, get into some position where you learn new stuff, where you push yourself to bring out, let’s say, whatever you have in store for the world, correct? Otema:                        Exactly.  Maxwell:                     What do you think right now is the most significant barrier to female leadership? Otema:                        I think that one of the most significant barriers for some women is that we lack sponsorship. So when you’re sponsored, you get mentored and coached. But also doors get open. And experiences happen. For me, about a decade or so ago, through an emerging leadership program I attended, I met with one of the top executives who was at IBM at the time. We then built up a mentoring and sponsorship relationship. I think that, that opening doors, that network to find out what are the key opportunities, that’s one of the things that impedes women. Because we’re not in the know, of what’s that next assignment, what’s that great opportunity, and I think it’s really really important. You have coaching, mentoring, but sponsorship is people at the most senior levels, helping you to shape and grow your career. And that’s a key disadvantage, I would say. I’ve become a sponsor to a number of young women because I know the importance of it. Maxwell:                     That actually ties into your answer to the first question on the importance of networking. Otema:                        Yes. Maxwell:                     From your standpoint, at this point in your career, what do you think is the biggest challenge for the generation behind you? Otema:                        What I see is that there’s still, unfortunately, so many more ceilings to smash through, right? They still have to work very hard, be really prepared. But I think one of the challenges now is that you need a diversity of skill. Gartner refers to this as like being a versatilist. You can’t just be in one area. So say for example, you’re a doctor, and you’ve got a clinic. It’s great to have business skills as well, right? So that you can effectively manage. So I think these days, what’s the challenge of our time, is being people who are versatilists, multi skilled, and that helps you to scale both the corporate ladder and to grow entrepreneurially. Maxwell:                     Such a vast and major problem with the generation, how do you recommend they overcome this challenge? What precise avenue would you recommend to our audience on how to differentiate skills? One of the things I’m trying to do with this Entrepreneur In You podcast, is to try to give our audience definite answers. Otema:                        I think it’s also about understanding Maxwell, that it takes a team. So maybe let’s go back to the example of an entrepreneur who starts a business, it might be a tech business, and you’re highly skilled in coding and developing, but you’re not strong in sales and marketing. Partner up with sales and marketing friend or colleague who can give you guidance on how do I effectively market this product. That’s one of the concrete things that I’m always coaching because I do coach a number of startups. And I always say, look to where your differentiation is, but then bring along a team, whether it’s an advisory team, or if you have the funds to afford to bring people on who can complement the skills and the capability that you currently have. That’s really important in order to scale any business. Maxwell:                     Excellent. Again, tying into the networking, which I think is becoming a theme of the day. Otema:                        But it’s not just to like go and have drinks and stuff. It’s really to build upon your skills when you network. It’s about being intentional saying, “I’m a doctor, right? And I may not have really strong skills in marketing my clinic. So I might go to a marketing event, or whatever, and pick up those skills because a lot of the time, they have these little workshops. Also, I want to meet marketeers so that they can support me in my business”. So it’s not just networking, it’s not just moving around, but it’s networking with intentionality; to build skills; to build a broader network for getting customers; to acquire your customers through the network; and also to build your brand and awareness. Maxwell:                     That’s great. Otema, you have done a lot, you have a lot more to give, and you have a lot of knowledge to impact. You’ve already mentioned you are mentoring a few people.  What is your “Why”? And by that I mean, why you do what you do? What’s your life’s mission? What drives and motivates you internally? What is your “why”? I think for now that’s the best way that I can put the question. Otema:                        Sure. So my “Why” is change. I see myself as a catalyst for change. In the era and time that I grew up, when we lived in the US, many times we were the only black family. I was the only black child and I saw the importance of making a

Imagine you wanted your child, Kofi, to take a swim class. You hire the best tutor you can find, Teacher Ama. She then proceeds to teach Kofi every single muscle movement necessary to make him an expert swimmer. Kofi learns breathing techniques, body positioning, arm-and-leg coordination, and he memorises every one of them perfectly. By the time Kofi is done with the classes, he might as well be a tutor to you yourself because he can remember everything Teacher Ama taught during the class. By that standard, A+ is all but guaranteed. When the exams are due, and you are confident. Kofi is confident. He knows what to do. Kofi remembers what to do and is very ready to do it. Let us all now remember that Teacher Ama hadn’t given a single one of those lessons in the water. She did what she was hired to do: teach swimming. If Teacher Ama throws your child Kofi into the pool on finals day, what do you think will happen? Will all the book knowledge in the world help? I mean, Kofi knows what to do. But what you and Kofi will both realise very fast is that some things can be taught, like accounting cycles and business administration principles. If we want to truly train entrepreneurs to fight COVID, we need to get people to practice it as this is the only means to get meaningful results. Some things, like true entrepreneurship, are only learnt, through practice. If you wonder why many companies fail though their leadership are very highly educated, the above analogy is my theory. You might know how to add numbers, understand the principles of trading, and be an accounting wiz but without getting into the proverbial water, that wouldn’t make you a seasoned entrepreneur. I am still learning to appreciate this fact even the more. Some of Ghana’s biggest companies have been built by seasoned entrepreneurs who started out without much of a formal education. Yet, side-by-side, their financial ratios would trump many businesses in the formal sector, easily. Our Makola Market Millionaires remain proof of this. And oh they are; those market women really are millionaires, dollar millionaires. Relevant to the subject matter, classroom entrepreneurship is an unnatural environment. The fundamental flaw of most efforts at entrepreneurship education is that it occurs in the most common artificial environment: the classroom. Entrepreneurship education has been very necessary and should be all the more encouraged. In today’s world, some degree of formal education is always necessary if one wants to acquire wealth. Most people know that by now. I am only saying that the theories and principles taught in the classroom can only be well applied in practice, and mastered through practice in a real situation. Classroom entrepreneurship, just like with Kofi, is an unnatural environment as far as the subject matter is concerned and not a real business environment executing a real business idea into which you’re willing to invest your money and that of your friends and family. One can say business entrepreneurship is social entrepreneurship. One main reason for running a business is to make money – profit. Nonetheless, the inadvertent result of this is social services because businesses creates jobs, contributes to public fiscal health and boosts the overall economy. Arguably, wouldn’t that be in line with the literal definition of “social” “services”? I assume the economic preposition is that when 1 Ghana Cedi is spent, it triggers about 10 Ghana Cedi worth of indirect investment. When you pay for labour, the recipient of said payment will spend that money buying consumer goods or services. Indirectly, you have contributed to the growth of all those other relevant sectors. The moment that labourer spends that payment you gave him, you then have affected all the suppliers and distributors and the transporters connected to the relevant sectors of his spend, and those connected to the just aforementioned sectors as well. Even the Government gets to benefit through taxation.  This has been the singing tune of some of the world’s rich and wealthy, as their response to being called out on their relative inactivity in charity and other philanthropic deeds. Because the fact is that the original intention of an entrepreneur might not be to engage in social welfare, but it inevitably ends up there by default, in a sense. Business/Social entrepreneurship and COVID-19 Even with a vaccine in sight, this novel coronavirus continues to cause unparalleled havoc in almost every sector of our lives. Our medical practitioners and other key volunteers have served as essential frontline workers. Without their immense efforts, the already very bad situation would be much worse. Do you know who else we need to thank God for – Veronica Bekoe, the inventor of the now famous Veronica Bucket. Her invention is now being used all over the world. It is indeed a global village and in this village, Veronica Bekoe is worthy to be counted as a frontline responder in this period of great peril. Her invention might have come before the COVID outbreak but look at how much in demand the Veronica bucket is now. It’s currently a staple in our homes, offices, schools and churches. Auntie Veronica’s invention helps to fights a health crisis. She’s a biological scientist who did not patent her invention, her gift to the world, be in intentional or unintentional. A welcomed gift that we are lucky to have had. I’m just saying that bucket is very important.  Ask yourself this: what and who are going to fight the economic effects of the coronavirus? Heavy borrowing of money? I hope not.  If, as I tried to illustrate earlier, indeed business entrepreneurship is social entrepreneurship, and business entrepreneurship is crucial to social economic welfare, it is safe to suggest that promoting business entrepreneurship amongst Ghanaians should do a great deal to fight the economic effects of COVID.  The World Bank thinks same… or close. In a report titled The African Continental Free Trade Area, Economic and Distributional

My favourite definition of ‘entrepreneurship’ is “the creation or extraction of value”. Simple, right? It means wherever you are, if you are creating extra value for yourself or bringing out more worth in whatever you do, then you’re entrepreneuring! …if that’s a word. It means an entrepreneur need not only be those that start/have a business or a side hustle. By this definition, you might have countless ways and opportunities to be an astounding entrepreneur in your everyday life and not even know it. Value comes from an idea becoming a business. When you get a great idea, it has all the potential in the world, and all the risk in the world too. These kind of cancel each other out. We tend to put too much value on just ideas and that’s the wrong approach because an idea is just the start, just the first and arguably the least of many hurdles to overcome until you milk actual value from said idea. I don’t react the same way I used to when I chance on a great idea. Because a great idea is as valuable as no idea if nobody does something good with it. In fact, badly executing a good idea might cost you more than having no idea at all. A good idea might mean something, to someone, somewhere, but until the right idea is paired with the right person and the right systems, it means absolutely nothing. Some people sit on an idea for decades, imagining the virtual value of the imaginary billions of dollars they will make when their idea takes off. An idea is nothing until it becomes a profitable, worthwhile endeavour that lives and breathes OUTSIDE OF YOUR HEAD. It is important that a good entrepreneur understands that the sky is the limit when a good idea takes off properly, and hell is the bottom if that idea should fail and fall when badly executed. Nonetheless, it all still starts with an idea. We all at one point in time have had an idea about how to make more money, how to get more value. Don’t forget that by my favourite definition of entrepreneurship, you don’t have to leave your job and stop everything to be an entrepreneur. But from where do you start? It starts from an idea, a great idea, a great and grounded idea, an idea you are passionate about, one that brings you satisfaction to see executed. One simple trick to getting that idea is to think of one thing that frustrates, and then think of how to solve it. Boom! Just like that you have your great idea. I might have oversimplified it but it’s true. Some of the world’s biggest and brightest ideas have come from solving everyday problems. You don’t want to leave the house to buy stuff – shop online. There’s too much darkness around you at night– invent a lightbulb. Our very own Veronica Bucket is still proof that a great idea can still be a very simple one from our everyday lives. 3 questions about your idea. Is there really a market for your idea? Don’t be a victim to misleading market demand. Let’s take rice for instance, simple rice. It’s a staple, it’s not hard to understand, and it’s literally everywhere, in every home. Everybody is eating it. So, if you were to import quality rice, people would buy it, right? The answer is not an outright yes. Nonetheless, yes there is a huge demand in the current market for rice but how much of that market is truly YOURS? Misleading demands could make you think all is simply there for the taking. Without the proper business setup, you’d find everyone buying rice, but not yours. Who can you share your journey with? While developing your idea, it’s always best not to do it alone. Statistics show that companies that have co-founders grow a lot more faster than those that are run alone. Don’t separate yourself from the world with your trillion dollar idea. Find people you trust who can help you with your idea and guide you to focus. Is it scalable? To ensure your idea is easily scalable, imagine if you were doing a million times more of what you’ve started. Will you still be able to make profit after increased operational costs? A scalable business can maintain its performance levels as sales increase. Don’t be one of those people complaining to clients that you have a lot of workload so they have to understand why you’re failing them. People get that a lot with new businesses. The current times we live in might make it easier to go global, but also easier to become obsolete. Markets are changing very fast and innovation is the word of everyday. Getting people with whom you trust to develop your idea, who share your passion for the journey, is also important to growing your business. Running a Business The most common notion of an entrepreneur involves running a business of some sort. If you want to run your idea as a business, then regardless of the nature of the business, you need to fundamentally understand these simple steps that complete a cycle. → Invest funds → Get Customers → Sell Goods/Service → Get Paid → Reinvest Funds… then the process restarts. Again, very oversimplified. Inject Funds: An idea is not a business. Once you get a viable idea, you’d need to raise funds to turn that idea into a real business. A good idea for a business is one that fulfils your target customers’ exact needs. Get Customers: It is important to have target customers clearly defined in your business plan. Effective business strategies should be adopted to build brand loyalty while selling your goods or service. Sell Goods/Service: This is where you satisfy the customer by offering to them the goods they want or that service they need, with the hope that they’ll return for more business with you so you get more sales. Get paid: Payments