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14/08/2017

The biggest secrets for turning your small business into a big business (Part 3)
__When you get knocked down, get back up.

Sometimes in life, you get knocked down by something you do not expect, despite all your advance planning and hard work. It can be heartbreaking. In London last week at the IAAF World Championships, a virus knocked several athletes out of their events. Some had trained for years and even decades for that big day, then didn't even get a chance to compete and lose... they had to watch from the sidelines, even worse!

A few athletes came back to win glorious Gold Medals after years of injuries. Others were expected to get the Gold in historic races but didn't, maybe getting "only" a Silver or Bronze... And then there's what happened in the last race of the great running legend Usain Bolt... who just literally got knocked to the ground by a hamstring cramp as I was starting to think about this next post.

Life when things like this happen can be heart-wrenching.

The choice of what you do next is what ultimately determines your destiny -- whether in business, in sport, or wherever you are or do in life.

Sometimes it's entirely out of your control, like an illness or injury, drought or earthquake, or even a war. Other times, it's you and you alone who made a wrong judgment call.

The late writer Maya Angelou once said something like this: "You will face many defeats in your life, but never let yourself be defeated."

# Never let yourself be defeated.

If you want the "thrill of victory" as the old saying goes from the Wide World of Sports, you have to be prepared to bounce back from the agony of defeat, time and again.

If you choose to turn your small business into a big business, one thing I can guarantee is that things will not always turn out like you planned, and things will definitely go wrong from time to time. You may lose for a short while or even for a long while, but...

# Never let yourself be defeated.

The main difference between most of the greatest characters in history and everyone else? The choices they made after they got knocked down.

Notice I keep saying the word "choose." Getting back up is a choice. "Course correcting" when you need to, is a choice. Giving up is a choice. Innovating is a choice. Remembering that your business must have a life separate from you, like we talked about a few weeks ago, that is a choice, too...

What do YOU think are main differences between a business destined to stay small and one that eventually grows huge? I can tell you one: Mindset.

__If you get knocked down, you must choose to get back up:

# Re-do your homework.
# Seek advice from credible and trusted people, and don't just listen to what you want to hear.
# Reflect and re-analyze.
# Extract the valuable lessons learned.
# Dust yourself off, if you haven't already!
# Then move forward, onward and upward, this time with more wisdom and experience.

This is how you will transform your small business into an institution.

To be continued. . .

29/06/2017

Reflection: Don't lose sight of the things that matter most...
__"Treasure your family love, love for your spouse, love for your friends. Treat everyone well and stay friendly with your neighbors." (Attributed to Steve Jobs, founder of Apple).


Most people would agree that Steve Jobs is probably the greatest entrepreneur who ever lived, and the greatest tech innovator of our times. The company he founded, Apple, is the most valuable company in the world, with a market value today of nearly $750bn. Now this is more than twice the size of the South African economy, and almost a third of the GDP of the whole of continental Africa!

Apple is a phenomenal company, and will no doubt be amongst the top contenders for the first "trillion-dollar company" (expected within five years).

Steve Jobs died in 2011 at age 56, after contracting a very aggressive form of cancer. As one of the richest men in the world, he tried every possible cure that medical science had at the time, including experimental drugs; it all failed.

A friend recently shared with me something he was supposed to have said just before he died. I say "supposed" because when you read something on the Internet you have to be cautious about its authenticity. Please read these touching words with that in mind, and may I be forgiven if it is not true. It is important wisdom nonetheless.

Words attributed to Steve Jobs, before he died:

"I have come to the pinnacle of success in business. In the eyes of others, my life has been the symbol of success. However, apart from work, I have little joy. Finally, my wealth is simply a fact to which I am accustomed.

At this time, lying on the hospital bed and remembering all my life, I realize that all the accolades and riches of which I was once so proud, have become insignificant with my imminent death. In the dark, when I look at green lights, of the equipment for artificial respiration and feel the buzz of their mechanical sounds, I can feel the breath of my approaching death looming over me.

Only now do I understand that once you accumulate enough money for the rest of your life, you have to pursue objectives that are not related to wealth. It should be something more important: For example, stories of love, art, dreams of my childhood.

No, stop pursuing wealth, it can only make a person into a twisted being, just like me. God has made us one way, we can feel the love in the heart of each of us, and not illusions built by fame or money, like I made in my life, I cannot take them with me. I can only take with me the memories that were strengthened by love. This is the true wealth that will follow you; will accompany you, he will give strength and light to go ahead.

Love can travel thousands of miles and so life has no limits. Move to where you want to go. Strive to reach the goals you want to achieve. Everything is in your heart and in your hands.

What is the world's most expensive bed? The hospital bed. You, if you have money, you can hire someone to drive your car, but you cannot hire someone to take your illness that is killing you. Material things lost can be found. But one thing you can never find when you lose: life...

Whatever stage of life where we are right now, at the end we will have to face the day when the curtain falls.

Please treasure your family love, love for your spouse, love for your friends... Treat everyone well and stay friendly with your neighbors."

***

When I had my team try to find the original source of this quote, they came back and said they couldn't confirm when these words were said by Steve Jobs and that many reports said they weren't. I then asked myself, "Does this take away from this profound message about the things that matter most?"

I have reserved my comments for my afterthoughts.

End.

20/06/2017

Africa needs us to have FAITH
GROWTH THROUGH FINANCIAL INVESTMENT.

13/06/2017

"13 Tips on How to Deliver a Pitch Investors Simply Can't Turn Down" (Part 3)
__Know your product, your customers and your investor!

When investors listen to a "pitch," establishing whether or not someone has a good business idea is the easy part. Most investors walk away because they're not convinced they can trust you with their money. It's really that simple. If I don't tell you this, I will have done you a disservice. It's nothing to be angry or bitter about.

This post must be read with the other two posts I've done on this subject. If you haven't yet done so, I suggest you read them carefully, including my comments and those of your colleagues.

For those of you who missed last week, here's a summary of Neil Patel's first four pitching "tips": 1) Take only ten minutes; 2) Turn your pitch into a story; 3) Be laser-focused; and 4) Explain EXACTLY what your product or service is.

Neil's article continues with Tips #5 thru #8:

"5. Explain EXACTLY what is unique about your product or service.
If you are not producing or providing anything different from the run-of-the-mill widget, don’t even go to the meeting. Go back to your drawing board, and design something better.

6. Explain EXACTLY who your target audience is.
Use demographic and psychographic features to pinpoint your customers. Show investors a picture of a customer along with relevant data points.

7. Explain EXACTLY how you intend to acquire these customers.
Business success comes down to marketing. If you have a marketing idea, method, technique or process, this is your chance to showcase it. Contrary to pithy maxims, great products don’t sell themselves. You sell the product. To be persuaded, investors have to see an airtight strategy for getting the product to market.

Most VCs are well aware of the advantages of digital marketing and won’t take a second glance at a product that isn’t backed by a tactical plan for online marketing.

8. Explain your revenue model.
Investors invest because they want to make a return on that investment. An investor will care about your pitch if you can answer this question: 'How will my company make you rich?'

The answer, in investor-speak, is your revenue model. Specifically identify which type of revenue model you are embracing, and how you intend to apply it. . ."

***

__By now you know that one of my favorite TV shows of all time is Shark Tank. I hope Neil's excellent tips #1 thru #8 are preparing YOU to "swim with the sharks"! In my comments last week, I drew your attention over and over again to the need for you to understand investors. When you do your pitch, you must remember:

# Investors are not donors.

# Investors are not tourists.

# Investors are not philanthropists or charities.

# Investors have options.

If you have the opportunity to pitch to an investor, consider it a privilege rather than an entitlement:

# A good investor will never put money into a venture run by someone who comes across as arrogant, cocky or argumentative.

# A good investor will never put money behind someone who is dishonest, corrupt, or a thief. If you have a tendency for dishonesty or misuse of other people's money, a good investor will find out before they give you a cent!

# A good investor will not put money behind someone who is careless or disorganized.

# A good investor will not invest in someone who is highly emotional. Being passionate is one thing, but being emotional is not acceptable!

# A good investor will not invest in someone who is political. You should understand the politics of your country from an economic perspective, but not come across as an active participant in politics.

Being a good investor is very hard!

__Your job is to show them that you can be trusted with someone else's money.

To be continued. . .

07/06/2017

"13 Tips on How to Deliver a Pitch Investors Simply Can't Turn Down" (Part 2)
__Be laser-focused.

Many of you asked me this week to say a bit more about "pitching," including what the word really means. For an entrepreneur, a "pitch" is what you say and present to potential investors to market yourself, your idea and your business concept -- not just to inspire them to invest, but to rush to be first in the queue!

Like I said before, our great reality shows on Kwesé Inc are now the best place for African entrepreneurs to see and hear from the best of the best in the world on this topic... and also watch people who "fail" to get investment (which is the majority). You can learn a lot from them, too!

Today though, in response to your requests, let me share the first of three parts of an excellent article from Entrepreneur magazine, written by Neil Patel, a young entrepreneur who gave me permission to republish it (remember the importance of intellectual property). It's called: "13 Tips on How to Deliver a Pitch Investors Simply Can't Turn Down." Today I'll share #1 thru #4.

I urge you to study and discuss each of these tips with your friends. You can also use them to assess the pitches and business approaches made by others on Kwesé Inc shows like Shark Tank, Adventure Capitalist and The Profit, because it will help you understand what it takes to secure funding from investors, when you get your chance. It's important not to treat such shows as mere entertainment because they're there to help you sharpen your skills!

Neil Patel's "13 Tips" are excellent, and I will republish them all. But let me give you the most important tip of all: Securing funding from investors who require you to make a pitch, is won or lost long before you arrive to make your pitch!

__It's going to be decided by the PREPARATIONS you make in the months and weeks leading up to that pitch.

In his article, Neil writes:

"Your pitch is the single thing that could either get your business off the ground or plunge your idea into eternal oblivion. It matters.

The rule of thumb for investors is that for every 100 investments they make, only 10 will go big.

Let me take that rule of thumb a step further. For every 1,000 pitches an investor hears, he or she will fund only 100 of them. Statistically, the odds for success are not great. You can beat the statistics, however, by crafting a pitch that turns heads and gets funded.

What are the ingredients of an ultra-compelling, irresistible, outstanding, and unforgettable pitch?

1. Take only ten minutes.
Timing is critical. The less time your pitch takes, the better.

A brilliant idea means nothing unless you can distill it to a few moments of sheer power. The more concise you can be, the more effective you will be. Here are a few timing pointers:

# If you say that you’ll take “only X minutes,” then take at least one minute less.

# If you are told, “You only have X minutes to pitch,” then take at least five minutes less.

# If you say, “One last thing” or something similar, then make sure it’s truly the
one last thing.

# Move at a good pace. Don’t rush at the end.

# If you’re using slides, don’t get stuck on one slide for more than three minutes.

Here’s the great thing about taking ten minutes. If the investors are really interested, they’ll ask questions. If they’re not interested, then you will have saved them (and yourself) some time.

2. Turn your pitch into a story.
Storytelling is a scientifically-proven way to capture a listener’s attention and hold it. Besides, it makes your pitch unforgettable.

Investors are bored with spreadsheets, valuations and numbers. If they want that information, they can get it. What you can offer that no term sheet can convey is the story and pathos behind your startup. Everyone loves a good story, even the most data-driven investor.

So, tell your story and tell it right. You're bound to gain attention, and the funding will follow.

3. Be laser-focused.
Investors' time is their most valuable asset. If you convey a respect for their time, they will interpret that respect as your ability to treat their funding with respect.

Because time is important, you need to develop an absolute focus on the core components of your pitch. What are those core components? They're detailed in the following tips.

4. Explain EXACTLY what your product or service is.
Show your potential investors a picture of, or give them the actual product to handle.

Be careful not to drone endlessly on about your product. Honestly, investors don’t really care about your product as much as they care about the money that your product will make. The sooner you get to the good stuff -- the money -- the better. . ."

To be continued. . .

Image credit: Nature Picture Library. African fish eagle, Chobe River, Botswana.

16/05/2017

Who would be on your "dream team"?
__Always look for the "game changer" (Part 3).

One of the ways you strengthen your business is to look for opportunities to partner with the best in your game. You're never too big or too small to look for partners that will fit your needs. When you partner with the best, you learn to improve your business dramatically. In the best partnerships, they win, and you win, too.

Finding a "game changer" for your business through partnerships is extremely important. This is an ongoing process for me. I've always looked for opportunities to partner with those who can help give me access to technology, business systems, intellectual property (IP), and general know-how for my people.

Let me give you some examples: When I started Econet Wireless, I was approached by one of the largest telecoms companies in the world which wanted to buy a stake in my company. Sitting over dinner one evening, the Vice President of the company asked me what was my vision for the business.

I told him passionately that I wanted to run the business myself, and build it as an African-owned company. A deeply compassionate man, who has become a lifelong friend, Jim Myers (an American from Texas) said, "We can help you achieve that, and it really makes no difference to us if we don't own a stake your business. We'll find lots of other opportunities."

"Really? You would do that for me?!"

"Why not? I'm happy to help you in any way I can."

He agreed to let me go to the US and spend a few days looking around their business. Later he agreed to send some people to visit us. Whenever I needed some help, I would call Jim.

He made introductions for me, and gave me access to people and places I could not have imagined. He did it all for nothing! Years later when he retired, he agreed to serve on one of my boards, just to impart his experience and knowledge... all for nothing.

You might not have noticed it, but as much as there are some bad people out there, there are also some really nice people out there, too!

# Finding a "game changer" for your business through partnerships is extremely important.

It's not just about trying to get investors. It's also about finding unique products and services that can enhance your business and make it more competitive. You don't have to invent everything yourself.

Here are two more examples, this time with Kwesé TV:

The National Basketball Association (NBA) recently announced that they're sending two teams to play basketball in Africa in August. If you're a basketball fan, you'll know that it doesn't get bigger than that!

The NBA is a $9bn revenue organization! That''s an absolute behemoth. And yet they are keen to develop this great sport in Africa!

We already show all the NBA games live on Kwesé Sport. We also have a 24-hour basketball channel.

# Finding a "game changer" for your business through partnerships is extremely important.

Have you heard our newest exciting news yet?

__ESPN, the largest sports broadcaster in the world, is now our new partner on Kwesé Sport!

If you have a Kwesé decoder, you'll already know that we just launched a new sports channel called "ESPN on Kwesé."

They're also helping us with our sports website, KweseSports.Com, the fastest growing sports website in Africa, thanks to their help. Can you spot how they're helping us become the best sports broadcaster in Africa?

If you ever find yourself facing an 800-pound gorilla, it makes sense to find a bigger gorilla to stand with you!

What about you? Have you started putting together your own "dream team"?

To be continued...