General

You are the boss. YOU make your world go round. Your proverbial sun rises and sets where you command. The moment you allow outside money into your camp, all that changes whether you like it or not, whether you know it or not, whether you accept it or not. Celebrating the mere raising of capital is a mistake. The keyword there is “mere”, which means ‘being nothing more than’. Capital is good. It is however a total disconnect from reality celebrating the mere raising of capital, as I often do witness. It’s the good that the money does that’s a win. “Kofi & Ama Enterprises gets funding from ABC Capital and doubles its revenue”.  Now THAT is the kind of headline I am talking about. The hype around just raising capital is a disconnect from reality and reality is that a lot of new challenges are going to manifest with the raising of capital. It is prudent to celebrate the conquering of those challenges rather than its commencement of them. MANY ENTREPRENEURS FAIL UNDER PRESSURE Most people, especially entrepreneurs, forget that when it comes to money, it’s in very few instances that people care about anything else other than the subject matter: THE MONEY. Has anyone owed you money before? When it was due, how did you feel? What did you think? It’s already difficult raising capital, especially during a pandemic. Limited access to capital is one of the main reasons why entrepreneurs and SME’s fail. Yet, when the money comes, many do not have what it takes to stand the added pressure, or understand why the added pressure. Raising capital adds to your responsibilities. You’re merely trading one headache for another and that’s a fact. When you’re not ready for the responsibility and it comes, that’s when it turns out to be discomforting. Even when you think you’re ready, the path of growth is generally hard, also for successful people you look up to. The journey has always been hard for entrepreneurs. It still is. So, yes, discomfort will come. It is the recognition of that discomfort… the management of that discomfort… the mental labelling of that discomfort… the rationalisation of that discomfort that’ll make you a great entrepreneur, or not-so-great entrepreneur. WE ALL NEED TO BE MORE PREDICTABLE We are almost done with our company’s 5-year strategic plan. Over the next couple years, we want to be more predictable. We want to be more focussed. And most importantly, we want to be calculated. During a pandemic, predictability is credibility. When people do not know what will happen next, they move towards constants, something they can depend on, like their faith, or a company that’s open and predictable. Research on how many more people have bought Apple shares during the pandemic. Apple feels safe, and predictable. People are scared. Everyone is having some irrational “what if” at the back of their heads. So what do you do when everyone is scared, even the big, massive companies? We figure that breeding predictability starts with reporting and communication. We need to communicate our intentions, our plans. We need to communicate our operations when they’re happening, and retrospectively when they’re over. You also have to be genuine, to others and to yourself. Remind yourself of who you are and who you aspire to gradually be. Life is evolution. Many people will invest in the vision but the vision bearer is always part of the package. It’s just as bad lying to yourself as it is lying to someone else. Arguably, it’s even worse. Lastly when all is well, capital raising isn’t easy. Imagine uttering the words “trust me” during these times. That won’t work. So we need to also be honest about our strengths and be transparent about our dealings. Don’t expect much of blind trust these times. YOUR LACK OF INFORMATION CAN COST SOMEONE MILLIONS As I just stated, do not expect much of blind trust these times. It’s the harsh truth. I’ve been telling this guy Nii about how he uses the words “trust me” too many times when speaking with me. He’s very guarded. In response, he tells me the commonest story ever told among entrepreneurs, of how many people pass behind his back and cut him out of deals so he’s admittedly scared of sharing vital information. The harsh reality is that at a certain age, time flies, I wake up at 4am, blink, then it’s 6pm. If I started seeing opportunities as a factor of time, I wouldn’t have babysat some ideas for too long, especially when the downside costs me nothing. Nii’s million dollars might be the next person he talks to. But he seldom reveals anything and that makes me antsy. Because even though I know he’s a bright young man with lots of lucrative opportunities for him and I to collaborate on, his privacy can cost me a lot, literally. That’s when Alan came to mind because one of his favourite words is “report”. I suddenly started seeing things from his side of the telescope. Without reports, even if all is fine through my side of the telescope, all he sees through his end is RISK. WHEN YOU RAISE CAPITAL, YOUR PRIVACY IS DEAD So understand this: when you raise capital, accept that your corporate privacy is dead. When you want to raise capital, accept that a sizeable number of good, prospective investors will need to hear every secret you have under your sleeve to make a decision, that is if you don’t want to be rationally questioned. You can nail the pitch better than anyone but without adequate information, investors will pass. It’s just the truth. In that same line, after you raise capital, you no longer hold the only key to company information and processes. Members of the funding party, through regular reporting should get to know your supply routes, your most dependable suppliers and customers, how much money you make, how much money you spend, and many more. I feel like reading thing can maybe

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