General

Maxwell: This pandemic, are there any lessons to be learned from this pandemic? [Otema Yirenkyi is currently the Vice President for Global Engagement at the Project Management Institute. Formerly of IBM, she also was the first-ever female country manager in Microsoft’s Africa operations.] Otema: Yeah, absolutely. I mean, I think the thing we’ve learned is, we are indeed our brother and sister’s keeper, right? We do get some guidance from the government, you know. “Wear your mask”. “Wash your hands” and stuff, because it’s a disease that’s communicable. It spreads. So we’ve learned that we’ve got to take care of each other, and be responsible for each other.  The other thing I’ve learned in the pandemic, is that the message of light is so, so, so important, because people are feeling weighed down, they are feeling heavy. Everyone has that thing they see as the light. For me, it’s my faith. For me, my faith is that light that I lean into. It’s also really important this time to remember that we’ve got to push back the darkness, and darkness could be whatever is weighing you down.  They often say that people who are really successful are in what they call “the flow state”. They’re in a state of constant positive movement; that’s the flow state. And if you’re in that flow state, guess what, you are squarely looking at the light, you’ve pushed down the darkness, you’re into positive interactions, you’re into positive business connections, you’re into positive positivity, which leads you to success. Maxwell: Flow State – I think that’s one thing I will keep in my back pocket from now – get into that flow state. Otema: Get into that flow state, exactly. Maxwell: I’m seeing how that is really practical, because we tend to be distracted by the darkness. We tend to pay more attention to the spot in that white linen, rather than the 99.99% of white positivity that’s there surrounding us. In the time of a pandemic, when everything seems gloom, that message of life might just be the difference between someone losing all hope and someone saying, “wait, I can do this – I will persevere!”.  Which leads me to my next question – the message of life and hope.  This pandemic has come with so much sadness and confusion all around. I mean, I literally have good friends that have died from this pandemic. And I have to mention this for my audience to understand I’m not saying this from a disconnected standpoint. I am witnessing the distress, the havoc that it’s wreaking.  What message of life and hope do you have for anybody that might be listening to this that feels like “things are going so bad; my business has lost 90% of its revenue flow; I have lost a loved one or family member; what am I going to do?” What message of light do you have for the audience that might be just reaching out? Otema: First and foremost, remember to stay focused on the light. You know, even when all feels lost, you do that. I think it goes back to one of my heroes, Nelson Mandela, 25 years of captivity. How dark must that have felt, right? But he continued because he was so clear in his aspiration and his “why”. So if you know the why for your business, and you are very clear about what you want, even though you know you might be on your knees, you are going to be resilient.  So then I ask you, what helps you to be resilient? That’s what I’m going to leave you with. When I find myself in a bad place, I try to hold on and reach for the light. My light, as I have said, is my faith. So that becomes my anchor through my storms when they come. And then I really try to get into that flow state, because that’s also about momentum. Momentum builds upon and builds upon, and then you start to see yourself gradually improving. You might have been crawling, now you’re walking, then you’re trotting. And then, guess what… you’re running!  I’ve lost friends as well in the pandemic. I’ve seen people, businesses being crushed. Surround yourself with a good team, good people. Ask yourself, “who’s my squad or my posse?” “Who works with me on this journey?” “Who walks with me, who works and walks with me?” “Who’s coaching and mentoring?” “Who’s supporting me” because that is what will build resilience. Maxwell: I always wonder ‘who inspires the inspiring, and why’. You are very inspiring. I wonder who inspires you, Otema. Otema: Well, I’ve got two people that I find very inspirational. Nelson Mandela – most people say that but there’s a quote that he says that just… I often repeat over and over and he says “The greatest glory in living lies not in never failing, but in rising every time you fall”. It’s why I find him so inspiring; it’s that resilience factor.  As a businessperson, as a corporate executive, you must be resilient through the change, when you’re succeeding, and also when you’re failing. Have that ability to say, “you know what, I’ve fallen, but I’m going to get up”. And what helps you get up is maybe telling yourself, “I need a better team, I need more knowledge, the acquisition of knowledge, maybe I need to relook at my product or my service”. Another person who really inspires me on the artistic side is Maya Angelou. I think her story is so interesting because she started the first part of her life unable to speak due to trauma, and that ability to find your voice, as an entrepreneur, or as a businessperson to understand “What’s my brand? Who am I? What do I stand for? How do I grow my business?” There’s one poem of hers that I love, ‘I Still Rise’. Again, that idea that you do fall, that sometimes things don’t work out, but she says “still like air, I rise”, you know? It’s

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