The BusinessDay CEO Magazine December 2017
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B R E A K I N G T H E V I S I B I L I T Y S T R U G G L E<br />
STORY TELLING. WHEN WILL BRANDS FINALLY GET THIS?<br />
SHOLA<br />
LADOJA<br />
ON KEEPING IDEAS<br />
HR GUIDE FOR STARTUPS<br />
“simply green!<br />
“<br />
DECEMBER <strong>2017</strong><br />
A GUIDE ON HOW YOU CAN CREATE AND EXTRACT VALUE FOR YOUR BUSINESS
CON<br />
ON TENT<br />
ENT CON<br />
TENT<br />
04<br />
17<br />
ENT<br />
48<br />
Story!<br />
Story!<br />
When Will<br />
Brands Finally<br />
Get This?<br />
BREAKING<br />
THE VISIBILITY<br />
STRUGGLE<br />
HR<br />
GUIDE<br />
FOR<br />
STARTUPS<br />
08<br />
GUIDE<br />
26<br />
&A<br />
ON<br />
HOW<br />
YOU<br />
CAN<br />
CREATE<br />
Copyright, <strong>2017</strong><br />
Design/Illustration: www.getupinc.com<br />
Content: <strong>BusinessDay</strong> & GetupInc<br />
Cover Photo: Oyebola Famuyiwa (PotterClay Photography)<br />
EXTRACT<br />
VALUE<br />
FOR<br />
YOUR<br />
BUSINESS<br />
CONTENT
ART BY: COLIN O'MARA DAVIS, KELLI FUCHS - ROSEN, MELISSA MAXTED-HENDERSON
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 04<br />
Story!<br />
Story!<br />
When Will<br />
Brands Finally<br />
Get This?<br />
-Ebuka Ezeji
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 05<br />
<strong>The</strong>re's a reason why so many<br />
of us flock to the movies or<br />
spend hours reading novels –<br />
it's because we love to get lost<br />
in a good story. And if you ever<br />
listen to a good conversation,<br />
you'll notice that a lot of<br />
connection happens when<br />
people share stories with each<br />
other.<br />
Storytelling is a powerful<br />
technique for building<br />
relationships. It's an age-old<br />
concept that brings people<br />
together and keeps them<br />
engaged. It doesn't matter<br />
where in the world you're<br />
based or how much funding<br />
your startup has.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 06<br />
A good story holds the listeners'<br />
interest, builds feelings of<br />
connection between narrator and<br />
audience, and provides a satisfying<br />
conclusion.<br />
Good stories give big voices to<br />
small ventures. That's why it's<br />
mission-critical that brands take the<br />
time up front to fully develop their<br />
approaches to storytelling.<br />
On a daily basis, consumers<br />
(myself included) face advertising<br />
overload. Marketers are constantly<br />
competing for my attention. But<br />
truthfully, only the best story tellers<br />
gets my attention.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 07<br />
Let me tell brands the secret of how to get my<br />
attention in this age of advertising overload.<br />
· Make truth the cornerstone of everything<br />
you create. Your story should feature real people,<br />
real situations, genuine emotions and facts. As<br />
much as possible, it should show, not tell. It<br />
should explain--in terms people can relate to--<br />
how your company adds value to my life.<br />
· Your story should offer a fresh perspective:<br />
What's interesting about your company? Why is<br />
it important to me?<br />
· Even if your company sells to other<br />
companies, focus on how your products or<br />
services touch the lives of actual people. By the<br />
way, when writing about people, follow this rule:<br />
Be specific enough to be believable and<br />
universal enough to be relevant.<br />
Email: ebukaezeji@gmail.com<br />
Instagram: @BuksMostFly | Twitter: @ebukaezeji
A<br />
GUIDE<br />
ON<br />
HOW<br />
YOU<br />
CAN<br />
CREATE<br />
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 08<br />
&<br />
EXTRACT<br />
VALUE<br />
FOR<br />
YOUR<br />
BUSINESS<br />
This article will test your<br />
understanding of some<br />
basics concepts related<br />
to business models. A<br />
business model is<br />
simply a detailed<br />
answer to two<br />
questions: How do you<br />
create value and how<br />
do you extract some or<br />
all of that value?<br />
-Oris<br />
Eddu<br />
@oriseddu<br />
Business models are important for you to understand<br />
because your company, while unique in some sense, will<br />
probably make money in one of four broad ways.<br />
Understanding these four categories will allow you to<br />
more easily build a business plan, determine prices,<br />
identify customer segments, develop marketing<br />
campaigns, and other important activities.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 09<br />
<strong>The</strong> four types of business models represent<br />
different ways of thinking of your company and<br />
the way it relates to customers, partners, and<br />
investors. <strong>The</strong>y help you tell a logical story<br />
about your business.<br />
one<br />
Customer Intimacy businesses<br />
operate by knowing and addressing<br />
the customers' needs. <strong>The</strong> emphasis<br />
in these businesses is getting to<br />
know each customer by collecting<br />
information about them. This<br />
information mostly comes from<br />
marketing, survey forms, interviews,<br />
and observation. Businesses that<br />
operate according to this model are<br />
able to predict and fulfill very specific<br />
needs that other companies do not<br />
notice, or don't care enough to<br />
address.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 10<br />
two<br />
Product Leadership businesses<br />
set themselves apart by<br />
offering new and different<br />
features on an existing product,<br />
or even an entirely new<br />
product. <strong>The</strong>y are often<br />
described as “reinventing” an<br />
industry, and their products are<br />
immediately copied by<br />
competitors.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 11<br />
three<br />
Operational Efficiency businesses create products or<br />
services faster and cheaper than their competitors, often<br />
while sacrificing very little quality. <strong>The</strong>se companies build<br />
dependable but comparatively simple offerings. Large<br />
clothing and food stores are good examples of the<br />
operational efficiency model in practice.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 12<br />
Marketplace businesses are a more recent type.<br />
<strong>The</strong>y allow multiple groups to interact in a<br />
common environment, creating value by sharing<br />
information and discovering new opportunities<br />
to buy or sell things. While physical marketplaces<br />
are a good starting point, newer digital versions<br />
can grow quickly across countries and even<br />
continents.<br />
In any case, the core issues that you must<br />
consider are the same. Create value, then extract<br />
as much as possible. You must validate your<br />
business by answering tough questions. Please<br />
consider these all as you think more about your<br />
particular business.<br />
four
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 13<br />
P lease consider these<br />
as you think more about your<br />
particular business.<br />
How is the customer and<br />
what am I offering them?<br />
How will I reach<br />
the customers I want in<br />
the marketplace?<br />
What is<br />
my idea's<br />
differentiated<br />
value?<br />
What are the costs<br />
What<br />
of<br />
are the unit<br />
production?<br />
What are my<br />
sources of revenue?<br />
Instagram, Twitter: @oriseddu<br />
economics of my product<br />
(i.e. revenue and costs or<br />
selling one single product<br />
by itself )?
Art by MUTI
Art by MUTI
Art by MUTI
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 17<br />
Nnanke Essien<br />
BREAKING<br />
THE VISIBILITY<br />
STRUGGLE<br />
A fight for online<br />
entrepreneurs to be<br />
seen, found and<br />
patronized in an<br />
overcrowded<br />
market place.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 18<br />
Working from home, financial freedom, owning a<br />
business, being a <strong>CEO</strong>, sacking your boss, time freedom<br />
is the dream life most online entrepreneurs envisage<br />
when they set out to begin their online businesses. I mean<br />
who wouldn't love the prospect of literarily staying<br />
indoors and hearing the phone buzz with deposit alerts<br />
every single minute. Whilst these perks sound super<br />
awesome and genuinely have many benefits, my<br />
experience as a visibility expert has shown a different<br />
version of this dream life. Many entrepreneurs whom I<br />
work with are literarily up to their neck in frustration, a few<br />
of the complaints I hear from my clients are; poor online<br />
sales, poor visibility and reach, poor engagement, how to<br />
get more clients and to sell more product,attracting<br />
customers who are ready and willing to pay e.t.c and this<br />
tells me immediately that something is fundamentally<br />
wrong with the way entrepreneurs position their<br />
businesses online.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 19<br />
To survive and stand out, emerging brands must<br />
understand a few fundamentals about visibility marketing;<br />
sure enough posting your business, your products and<br />
your services online as well as social selling are all parts of<br />
visibility, but the often overlooked and frankly the most<br />
important part is the perceived value of your brand by<br />
your clients.<br />
It's in the way your client's see you as the best option over<br />
your competition, in the words you use, in the tidbits and<br />
trails you leave online, it's in the way you make your<br />
clients win all the time, it might surprise you to know that<br />
your clients are not really interested in your product or<br />
service, they are rather interested in how it solves THEIR<br />
wants and needs, so you have to pay attention to those<br />
needs and feelings for them to in turn pay attention to<br />
you.<br />
Value driven visibility takes time and should be planned,<br />
studied and implemented over time.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 20<br />
I have outlined below, 5 simple steps to help you<br />
start your journey to breaking the visibility jinx<br />
and attract the right audience for your business.<br />
1. Mindset: What is your mind saying to<br />
you? It is no news that the online space is<br />
saturated and filled with all sort of stories (good,<br />
bad and ugly). To survive in this environment,<br />
your mindset must be stellar, you must have<br />
ammunition to fight back each time your mind<br />
begins to play tricks on you. In my experience,<br />
affirmations, daily success routines and<br />
surrounding yourself with success triggers and<br />
people have helped me tremendously and I am<br />
certain they will help you too.<br />
2. Clarity, Confidence, Competence:<br />
As with any business, you need to have a clear<br />
vision of exactly where you want to be. It helps to<br />
identify your goals early on, be clear on your<br />
business message and how it will help your<br />
clients. In addition, confidence attracts, so you<br />
must have the potential to share your message<br />
with authority or else you stand the risk of losing<br />
your potential clients (people will follow you if<br />
they know you have a direction and you are<br />
leading them to it). I must also add that<br />
competence increases by acting and doing but<br />
ultimately you increase your competence level<br />
by self-development.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 21<br />
3. Identifying and understanding<br />
your ideal clients: I can't stress enough how<br />
important it is to know who your customers are.<br />
<strong>The</strong>se are the people you want to add value to, the<br />
people you want to jump out of bed every morning<br />
to impact, to serve, and the best part is you get<br />
paid doing it. You want to genuinely identify their<br />
core, their desired outcome, frustrations, pain point<br />
and struggles, so that you can position your<br />
business message effectively as their desired<br />
solution.<br />
4. Visibility marketing: In a bid to remain<br />
relevant and visible in the market you must<br />
consistently lead with value. To achieve this, you<br />
should have a good sense of where your clients<br />
hang out regularly, thereby choosing the right<br />
platform to share your message for maximum reach<br />
and engagement (social media platforms, website<br />
or blogs). You should also understand the kind of<br />
words unique to them and the type of messages<br />
that resonates with them (long texts, audio or<br />
visual). Consistency is another way for your brand<br />
to remain relevant, stay visible and stand out in the<br />
eyes of your ideal clients. NEVER FORGET!!!
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 22<br />
5. Defining your brand voice:<br />
Your clients are naturally drawn to the<br />
experience your brand provides as well<br />
as the way your brand makes them feel.<br />
Think about it, the last time you went to<br />
your favorite perfume or shoe shop, how<br />
was that experience for you…awesome I<br />
guess! In that same spirit think about how<br />
you want to delight and engage your<br />
audience…will you do that in your<br />
message, your logo, the words you use,<br />
the freebies you give them, the promise<br />
land you are taking them to, your colors,<br />
your genuine empathy and care for their<br />
needs and everything in between.I will<br />
leave you with these words by Walt<br />
Disney.<br />
“People spend money<br />
when and where they feel good” -<br />
Walt Disney
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 23<br />
It is my<br />
genuine wish that you<br />
succeed in business and<br />
the more we have<br />
entrepreneurs do things<br />
right, the more successful<br />
and profitable businesses<br />
we have.<br />
Cheers to profitable<br />
businesses every day.<br />
XO<br />
Nnanke Essien
y JULIA GALDO & JUCO PHOTO
y JULIA GALDO & JUCO PHOTO
Shola Ladoja<br />
Shola Ladoja is a pioneer and<br />
example of the agricultural potential<br />
on the African continent. He started<br />
his company Simply Green after<br />
noticing that fresh juices and farm to<br />
table products were not readily<br />
available in Nigeria. What started as a<br />
passion project driven by curiosity<br />
and the need to fill a gap in the<br />
market, quickly became one of the<br />
most recognizable franchises and<br />
brands in Nigeria today. Simply Green<br />
has spearheaded agricultural<br />
initiatives with farms in Oyo and Ogun<br />
state, thus steadily contributes and<br />
enriches Nigerians' ability to enjoy<br />
farm to table produce.<br />
We met with Shola Ladoja, at his<br />
Simply Green location at Workstation<br />
in Victoria Island. Let’s read through<br />
the transcript of the interview given<br />
by Lehlé Baldé.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 27<br />
Lehle: What was your inspiration when opening Simply<br />
green?<br />
Shola: Simply green started as a farm. It started as adding<br />
value to the produce we were growing. <strong>The</strong>re is the brand<br />
and then there is the store, Simply green juices. I started<br />
the brand because I wanted to add value since I was<br />
farming and adding value to things, one of them<br />
happened to be juices. I decided to open the stores<br />
because when I was working in New York I would drink<br />
green juice every day. When I moved back to Nigeria, I<br />
wasn't able to pop in anywhere to buy fresh juice. I<br />
thought it would be simple to have a place where people<br />
can walk in and get farm to table products.<br />
Lehle: Out of all the products at Simply Green, which is<br />
your favourite?<br />
Shola: Funky Beet and Kale.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 28<br />
Lehle: What has<br />
been your<br />
biggest<br />
challenge in<br />
business so far?<br />
Shola: Dealing<br />
with people<br />
(Laughs)<br />
My biggest<br />
challenge would<br />
be staffing. After<br />
that, it would be<br />
infrastructure<br />
problems,<br />
bringing things<br />
like farm<br />
produce,<br />
specimens etc.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 29<br />
Lehle: You entered agriculture at a time when it was not<br />
popular among millennials especially, what advice<br />
would you give as padding for those who are trying to<br />
start a business venture in agriculture?<br />
Shola: I am going to be very honest. A lot of people<br />
have gone into agriculture thinking it is pretty simple.<br />
<strong>The</strong>y think it is the new cool thing and there is this new<br />
noise about it being the new oil and gas. I believe it is<br />
still the same as it used to be. Most people do not<br />
understand the culture. People go into agriculture and<br />
make the biggest mistake thinking it is cool. You see<br />
me now on this chair but if you see me on the farm you<br />
won't know I am the same person. It drains you<br />
physically. It is a very expensive venture. You have to<br />
buy diesel to make sure you can till the ground,<br />
process it, transport your goods, and preserve it in a<br />
cold room. All these things need power hence you<br />
need diesel all the time. My major advice is that you<br />
need to be patient. You cannot expect it to happen<br />
immediately. Regardless, it is very rewarding.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 30<br />
Lehle: That's very essential. It has to<br />
be worth it.<br />
Shola: Yeah, it is worth it. I am<br />
naturally stubborn, if not I would<br />
probably have left. I decided to focus<br />
on it as something I really wanted to<br />
do. I saw another side of it which a lot<br />
of people have not; and that is, you<br />
need to add value to whatever you<br />
are doing, you cannot grow<br />
something and expect to make<br />
money if you do not add value. <strong>The</strong><br />
finished product is someone else's<br />
raw material. So it is about adding<br />
value. I don't do things unless I feel I<br />
am adding value.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 31<br />
Lehle: You have a background in engineering. Would you<br />
say that helped your business in any way?<br />
Shola: Engineering gives you the ability to solve<br />
problems. It is simple, there is just one answer.<br />
Lehle: 1+1 is 2<br />
Shola: Exactly!It gives you the ability to solve problems.<br />
My farm is still growing hence I am still doing a lot of<br />
things by myself. Things such as plumbing, irrigation,<br />
setting up of my solar system, building my farm house<br />
e.t.c I had to manage that by myself. So yes, my<br />
engineering comes into play for some of these tasks. We<br />
have a lot of machinery on the farm, so when something<br />
breaks down and the nearest town is 3 hours away I am<br />
not going go looking for it, I will jump in and try to fix it<br />
myself.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 32<br />
Lehle: You have to be self sufficient basically.<br />
Shola: Yes<br />
Lehle: Where are your farms located?<br />
Shola: I have 2 farms in Oyo state and 1 in Ogun<br />
state. Our biggest farm is in Oyo state, that's where<br />
we do most of our work. We transport to Lagos in a<br />
cold truck and then distribute to stores. Whatever is<br />
left has to be stored so they do not rot.<br />
Lehle: In your opinion, what is the reason for the<br />
heavy reliance of import of fresh produce in Nigeria?<br />
Shola: We actually like the easiest way out of things.<br />
When I look at what I am doing, I think someone<br />
should have done this a long time ago. <strong>The</strong>re is no<br />
company that bags veggies the way we do it. When I<br />
was about to start, I felt, there would definitely be<br />
someone doing the same thing I wanted to do and<br />
found out that there is no one. I think Nigerians are<br />
looking for easy and simple ways to make money. It<br />
took me 4 years to start making profit.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 33<br />
Lehle: I'm sure there were times that you felt like giving<br />
up, how were you able to stick to your vision?<br />
Shola: It is passion. My dream has always been me retired<br />
at 50 years, watching my children being on the farm, just<br />
enjoying life I see it as, if a plan isn't working it doesn't<br />
mean you have failed. It just means you have to find<br />
another way. I believe there have been people before me<br />
farming and if they were not making money from it, there<br />
would be no farms.<br />
Lehle: What is your business structure? Do you have a<br />
board of directors, or advisors?<br />
Shola: It is just me. I do not have advisers however, I have<br />
mentors, not in agriculture but business in general. My<br />
Dad is my biggest mentor. I have even gone as far as<br />
going to bring two business partners who did not know<br />
anything about farming but now they are professionals. So<br />
I am also trying to build a group of farmers. I do not have<br />
advisers because I feel people don't understand farming<br />
in Nigeria enough for me to rely on them. I do not see<br />
anything out there that is better than what I am doing.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 34<br />
Lehle: So basically, you had to<br />
do a lot of research. You had<br />
to spend time mastering your<br />
craft?<br />
Shola: All I used to do is travel<br />
out of the country every 3<br />
months to work on a farm to<br />
learn. I have been to the<br />
Netherlands, Belgium, Egypt.<br />
It helps with staying innovative<br />
and competitive.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 35<br />
Lehle: How do you think<br />
technology helped your<br />
business?<br />
Shola: In terms of farming,<br />
my farm is highly<br />
technological. I monitor a lot<br />
of things on my phone. I can<br />
turn on the irrigation system<br />
online. Imagine if you had<br />
water for a big plot of land<br />
and you can control the<br />
irrigation system from your<br />
phone that just drops water<br />
on each plant. When you<br />
spray you run out of water<br />
faster but when you drop it,<br />
it stays. You give the crops<br />
different amounts of water.<br />
Infrastructure as well, the<br />
tractors, the cold room runs<br />
strictly on solar power.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 36<br />
Lehle: How do you see Simply Green growing in the next<br />
5 years?<br />
Shola: My biggest drive when it comes to farming is the<br />
annoyance I feel seeing things being imported to Nigeria.<br />
Things like tomatoes, lettuce e.t.c, which we have the<br />
capability to grow and sell locally.<br />
My hope is to continue providing farm to table produce<br />
and products for our customers and to further enhance<br />
and innovate the agricultural industry in Nigeria.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 37<br />
It is passion.<br />
My dream has always<br />
been me retired<br />
at 50 years.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 38<br />
For more information on<br />
Simply Green please visit:<br />
www.simplygreenjuice.com<br />
Instagram: @shola_ladoja
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 39<br />
DEAR NIGERIAN<br />
ENTREPRENEUR, YOUR<br />
GREATEST BUSINESS THREAT<br />
IS NON-CONSUMPTION!<br />
-David Afolayan<br />
Sometime last month, it was in the news that a ride<br />
sharing app, GoMyWay decided to shut down its<br />
operations. This followed a decision by its shareholders<br />
to shut down operations as there were no funds to invest<br />
further. This struck like lightening in the tech space<br />
especially as the startup had not shown any sign of<br />
struggle.<br />
While there were attempts to explain the collapse by<br />
some, the bottom line is: Gomyway did not get the<br />
needed traction that may be converted to earnings to<br />
support itself and grow. Consider the figures: 2,000+<br />
members; 106,630 rides offered and rides shared across<br />
16 states in 2 years. Divide these numbers by the actual<br />
pollution of the 16 states and the number of actual rides<br />
shared in these locations. It lost to non-consumption.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 40<br />
What is<br />
Non-Consumption?<br />
In his article, “Non-consumption is<br />
Your Fiercest Competition- and it is<br />
winning”. Efosa Ojomo defined<br />
non-consumption as “the inability<br />
of an entity (person or<br />
organization) to purchase and use<br />
(consume) a product or service<br />
required to fulfill an important jobto-be-done.<br />
This inability to<br />
purchase can arise from the<br />
product's cost, inconvenience and<br />
complexity, along with a host of<br />
other factors”.<br />
Simply said, people cannot buy<br />
what you offer because they cannot<br />
afford to, for a number of reasons.<br />
Like GoMyWay, some businesses<br />
are going under not because the<br />
business plan is faulty but because<br />
the people simply CANNOT buy<br />
what they are selling. But, how<br />
rarely is non-consumption<br />
considered when entrepreneurs<br />
are assessing threats to their<br />
businesses?
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 41<br />
Who is buying what you are selling?<br />
A 2016 report by Ericsson revealed that 53% of<br />
Nigeria's population operates a bank account. That<br />
implies that 5 out of every 10 Nigerians do not<br />
operate a bank account. That implies that a near half<br />
of the entire population cannot make online transfers,<br />
pay with credit cards or even own BVN numbers. <strong>The</strong><br />
World Internet statistics report of September <strong>2017</strong><br />
also indicates that only a total of 47.7% of Nigerians<br />
have access to the internet. That also implies that 1 out<br />
of every 2 Nigerian has a problem with internet<br />
connection.<br />
Other indices such as exposure to quality health<br />
services, access to power and quality education all<br />
point to one fact: the majority of Nigerians are still<br />
struggling with enjoying the basics of a quality life:<br />
electricity, health, broadband, quality education and<br />
access to financial services. How come most of the<br />
solutions we come with (ecommerce, transport,<br />
hospitality etc.) are designed to service the smaller<br />
privileged populace? Think about it. How many cabhailing<br />
apps exist in Lagos? How many FinTech<br />
startups? How many ecommerce giants?<br />
If you estimate how much is being spent on clothes<br />
daily at Yaba market versus how much Konga/Jumia<br />
sells on clothes daily, you can decide who is really<br />
leading the market? How many Lagosians would<br />
rather buy fruits from an online store than buy it in the<br />
neighbourhood market? How many market women<br />
make daily contributions rather than go to the bank?
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 42<br />
<strong>The</strong>n,<br />
who<br />
is actually<br />
buying<br />
what we<br />
are<br />
selling?
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 43<br />
Non-Consumption Exist when solutions<br />
are for Non-existent Problems…<br />
It will surprise you to know that ride-sharing is an old<br />
phenomenon in the transport sector. I traveled<br />
recently to a part of Osun state. When I got to the<br />
park, I found an empty bus with the driver screaming<br />
their destination endlessly.<br />
As I was contemplating joining the bus, my guide<br />
told me that I would find a bus quickly and at a<br />
cheaper rate, if I walked a few meters away. Guess<br />
what? I did find a bus 25% less than the garage price<br />
which picked passengers along the way. What is<br />
more? <strong>The</strong> driver was a private owner. We sat<br />
comfortably, discussed almost everything, shared<br />
drinks and paid less. That was a solution GoMyWay<br />
sought to provide. <strong>The</strong> real question is why should<br />
an average daily traveler use the app rather than<br />
walk few meters away and flag a car? People pay for<br />
solutions.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 44<br />
Non-Consumption:<br />
Because we are<br />
Nigerians!<br />
Certain things are not going to<br />
change. Nigerians love to<br />
bargain before buying. <strong>The</strong>y<br />
somehow believe that a phone<br />
could be gotten at a cheaper<br />
price at Computer Village even<br />
when they see 80% discount on<br />
an e-commerce site. Any<br />
commerce solution that does<br />
not factor-in this fact will remain<br />
a luxury option.<br />
At this point in our existence,<br />
certain things do not constitute<br />
priority for the majority: making<br />
payments by scanning a code,<br />
searching for the nearest<br />
restaurant or recharging with<br />
an app. <strong>The</strong> solutions that are<br />
disrupting the developed<br />
climes may not stand the times<br />
here.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 45<br />
What shall we do to be saved?<br />
Efosa talked about Entrepreneurs investing in<br />
a type of innovation called 'market-creating<br />
innovation'. This involves transforming<br />
complicated and expensive products into<br />
simpler and less expensive products, making<br />
them accessible to significantly more people<br />
in society. Most solutions that appears to be<br />
for rich and skilled only today can be<br />
consumed by the rural majority if we go the<br />
extra mile to create those that suit their<br />
needs.<br />
Similarly, Nigerian entrepreneurs should start<br />
thinking about problems first then solutions.<br />
It should be clear that Silicon Valley models<br />
will not thrive here.<br />
Our challenges are different.<br />
Rather, we should look at creatively solving<br />
those challenges that seems to be holding us<br />
down: power, infrastructure etc. After, we<br />
have solved these minor problems, we can<br />
then sell our solutions on a larger scale.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 46<br />
Putting<br />
it all<br />
together.<br />
It bothers me to know that<br />
almost everyone wants to do<br />
the same thing that sells.<br />
<strong>The</strong> result is that we compete<br />
for a small niche until someone<br />
discovers a new potential.<br />
<strong>The</strong> millions we seek are in the<br />
hands of those that are outside<br />
the loop and how we get them<br />
depends on how much we are<br />
willing to sacrifice to reach<br />
them.<br />
THIS IS<br />
NIGERIA!
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 47<br />
KABANGU by: OSBORNE MACHARIA & KEVO ABBRA
HR<br />
GUIDE<br />
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 48<br />
FOR<br />
-Emmanuella Unuode<br />
STARTUPS<br />
– Develop you<br />
People Operations<br />
Strategy.<br />
Dear Entrepreneur Do you think<br />
of Organizational Structure?<br />
I always advise Entrepreneurs not<br />
to wait until there is a crisis or<br />
sudden growth before they begin<br />
to think of structure in their<br />
startups. Let's face it, building and<br />
developing structure in the
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 49<br />
business landscape today is<br />
almost as important as<br />
getting your daily breath of<br />
air. Some might think that<br />
this statement is a little over<br />
the top, but if one really<br />
looks at the impact of clear<br />
structure on funding and<br />
scalability, the above point<br />
proves to be true.<br />
Ultimately, I advise<br />
entrepreneurs to consider<br />
the current and future<br />
structure of their companies<br />
early on. Taking this<br />
proactive approach has<br />
several benefits.<br />
It helps you build the<br />
company in a thoughtful<br />
way by guiding you and/or<br />
your leadership team to<br />
consider what positions you<br />
will need.<br />
It also creates clear<br />
responsibilities and roles<br />
when you begin hiring<br />
people to fill those needs.<br />
Finally, it will help you
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 50<br />
identify the types of skills you need<br />
in early employees and/or<br />
business partners.<br />
Having a clear organizational<br />
structure will make your company<br />
more attractive to investors.<br />
<strong>The</strong>y gravitate toward companies<br />
that have well thought out ideas<br />
and a clear direction.<br />
Today's workforce population<br />
includes millennials, who have<br />
been raised on technology, and<br />
see their jobs less as a career and<br />
more as a stepping stone to<br />
something else, in order to attract<br />
and retain the best talent from this<br />
millennial pool, you must step up<br />
your game and develop a<br />
compelling brand.<br />
One important part of this step is<br />
to ensure that you have a define<br />
organizational structure &<br />
articulated strategy, a defined<br />
structure including job<br />
descriptions and documented<br />
people operation processes is an<br />
important marker for serious<br />
investors/talent.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 51<br />
When your company starts growing, some of your<br />
employees may be in cross-functional teams<br />
reporting to different managers.<br />
An organizational structure will allow you to clearly<br />
identify the reporting relationships.<br />
Document the various roles and duties for the<br />
company;be specific and avoid vague titles for job<br />
descriptions.<br />
I strongly recommend startups should have job<br />
descriptions for various positions even if those<br />
positions don't yet exist or one person is handling<br />
several positions
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 52
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 53<br />
I recently engaged in a conversation<br />
about people operations with a spa<br />
services owner in Lagos.<br />
She said:<br />
“Emma, I don't care about structure<br />
right now, I applied for money from<br />
investors, once I get it, I'm taking my<br />
business to the next level”<br />
My reaction:<br />
“hmmm Excuse me, I am confused???<br />
Next level? Funding? With no<br />
structure??”<br />
Anyways, I suggested - among other<br />
things - that she works on building the<br />
necessary people infrastructure that<br />
would reflect her vision & values to give<br />
off the right perception to investors or<br />
partners.<br />
An investor may over look her because<br />
she may be perceived as a failure<br />
waiting to happen due to a lack of clear<br />
structure.<br />
When potential investors or partners or<br />
employees approach your business,<br />
what do they see? How do you want<br />
them to feel? How do you want them to<br />
perceive you?
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 54<br />
It is important to understand that<br />
developing organizational structure<br />
require planning; I know it is a big<br />
step to take, one that can leave you<br />
wondering where to begin.<br />
<strong>The</strong> main thing to do is take stock of<br />
things & familiarize yourself with<br />
everything people operations (HR).<br />
Ask yourself these questions before<br />
investing in your organization<br />
structure-<br />
Ÿ Who will report to whom?<br />
Ÿ How will teams be<br />
structured?<br />
Ÿ Why do you want your<br />
workforce structure set up<br />
that way?<br />
Ÿ Does it meet the basic<br />
company priorities efficiently<br />
and effectively?<br />
Ÿ Can it sustain the company's<br />
vision should any type of<br />
disaster strike?
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 55<br />
By analyzing these questions, you can begin to pick the<br />
areas to design and implement while you still have the<br />
time and resources available.<br />
<strong>The</strong> question then becomes “Do I have to have a fullfledged<br />
structure immediately?” <strong>The</strong> answer is No, you do<br />
not have to have a fully-fledged organizational foundation<br />
in place immediately, however, a basic structure will help<br />
you with many of your decisions, especially related to<br />
manpower planning and outsourcing any work.<br />
In the constant changing entrepreneurial world we<br />
operate in, it is imperative that you have the right<br />
structure & guidelines in place to help sustain even the<br />
smallest amount of growth, reflect your values as a<br />
business and attract the type of clients and employees<br />
that you desire.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 56<br />
Misconceptions of<br />
Millennial body<br />
positivity<br />
By Tamara Ncala<br />
When we speak of millennials and the general<br />
understanding of them, there tends to be a focus on their<br />
social liberalism that characterizes their approach to life<br />
as well as the digital age that has created a new era of<br />
communication and expression.<br />
With this social liberalism, millennials are seen to go<br />
against the discriminatory and oppressive norms that exist<br />
in Western influenced societies much more than<br />
generations before did.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 57<br />
Within this atmosphere, we have seen a<br />
rapid rise in advocating for the reevaluation<br />
of beauty standards related<br />
to body image and health and how the<br />
media plays a vital role in this.<br />
IT IS ABOUT<br />
WEARING<br />
WHAT YOU<br />
WANT AND<br />
EXPRESSING<br />
YOUR<br />
HAPPINESS<br />
AND<br />
PROUDNESS.<br />
We live in a social media infested<br />
society today where social media<br />
platforms have allowed for the<br />
millennial generation to express<br />
themselves and be proud of their<br />
bodies through imagery, articles, blogs,<br />
and many other media outlets.<br />
Millennials are much more aware of how<br />
marketing and manipulation in the<br />
media influences the ideological<br />
perception of beauty. We have therefore<br />
seen a shift in the body image narrative<br />
but with this, there has also been a rise<br />
in the misconceptions of what body<br />
positivity advocates for.<br />
This has created a tension-filled<br />
atmosphere that has formed antibody<br />
positivity movements by default, which<br />
stir away from the truth.<br />
<strong>The</strong> ideological shift is progressing but<br />
there is still a wide sense spread of<br />
discrimination concerning body<br />
positivity.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 58<br />
Body positivity emphases loving one's self at<br />
any size and feeling confident at the same time.<br />
<strong>The</strong> movement focuses on not shying away<br />
from exposing bodies that are not seen as<br />
conventionally attractive or normal within the<br />
mass media spaces and Western societies in<br />
general. It is about wearing what you want and<br />
expressing your happiness and proudness.<br />
Millennials are fundamentally fighting against<br />
the restricted standards of body<br />
representations within Western society, by<br />
pushing for an equal stance.<br />
Being within this space has created a negative<br />
perception that this movement has given way<br />
for 'fat' people to stay fat and not face scrutiny<br />
with unhealthy eating habits.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 59<br />
”<br />
Essentially as soon<br />
as something<br />
diverts away from<br />
the norm in society<br />
it creates almost an<br />
automatic defense<br />
which in this case<br />
centers on body<br />
desirability and<br />
body health.<br />
“
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 60<br />
<strong>The</strong>re is the misunderstanding<br />
that body positivity is directly<br />
correlated with an unhealthy<br />
eating lifestyle creating these<br />
antibody positivity movements.<br />
This perception is continuously<br />
expressed with the comments<br />
or responses on the media<br />
platforms that promote the<br />
body positivity movement.<br />
Essentially as soon as<br />
something diverts away from<br />
the norm in society it creates<br />
almost an automatic defense<br />
which in this case centers on<br />
body desirability and body<br />
health.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 61<br />
<strong>The</strong> concept of what is desirable and what is<br />
healthy I would argue is almost solely linked to<br />
media representations and the dissemination of<br />
what health and desirability look like.<br />
Mass media continuously promotes norms of the<br />
ideal body type.<br />
In a general sense, this body type would be<br />
described as slim with a small waist, flat stomach,<br />
small legs and small hips.<br />
Body positivity disrupts this norm and encourages<br />
people to love themselves at any size which is not<br />
something that is taught.<br />
Anyone that possess the traits of a 'slim' body<br />
is seen as 'healthy' because it is the<br />
‘standardized representation’ of what health<br />
looks like. If a 'fat' person and a 'slim' person<br />
stand together almost always the slim person<br />
will be seen as ‘healthy’ and the fat person as<br />
‘unhealthy’.<br />
People have different metabolisms, therefore,<br />
one person can eat healthily and still be a<br />
larger size, just as much as a slim person can<br />
eat extremely unhealthy but still be slimmer.<br />
This poses the question, 'how can we really<br />
judge health based on body shape when<br />
metabolism indicates that people process<br />
foods differently?'
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 62<br />
People that are against body<br />
positivity need to understand<br />
that the movement is about<br />
eradicating discrimination<br />
against people that do not fit in<br />
the "perfect body" box and not<br />
misconceive it for an excuse for<br />
an unhealthy lifestyle.<br />
<strong>The</strong>re is more to what makes an<br />
individual unhealthy and we<br />
need to focus on not solely<br />
basing it on a person's body<br />
shape.<br />
Millennial groups are<br />
acknowledging that size is not an<br />
overall indicator of health and it<br />
is these group that has the task<br />
of spreading awareness and<br />
changing perspective.<br />
<strong>The</strong> body positivity movements<br />
that exist today are a start in this<br />
direction but we still have a long<br />
way to go.<br />
By Tamara Ncala
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 63<br />
4<br />
UNIQUE<br />
WAYS TO<br />
MAKE YOUR<br />
BRAND<br />
STAND OUT<br />
IN A<br />
COMPETITIVE<br />
INDUSTRY.<br />
-Bassey Ndiokho medium.com/@nathanbassey<br />
<strong>The</strong> concept of disruptive innovation seems to be the goto<br />
strategy for a lot of startups in today's market place;<br />
unfortunately, the idea is gradually being abused.<br />
Everybody wants to be the new ‘Zuck’ but forget the<br />
process and time it took for these companies to occupy<br />
the position they are in today. To put things in<br />
perspective, the average amount of years that Google,
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 64<br />
YouTube and Facebook have been operating is<br />
about 15 years. Include Twitter, Instagram,<br />
Snapchat and Uber in that list and you still<br />
have an average of about 10 years.<br />
Technology has made it easy to promote any<br />
business today. Sadly, this leverage is also its<br />
weakness as more and more businesses are<br />
sprouting up everyday. While the rate of<br />
business supply continues to grow<br />
exponentially, the market size is still trying to<br />
catch up. Looking at industries that have been<br />
around for decades, it's easy to understand<br />
how the tech industry has enjoyed massive<br />
attention and popularity in the past few years.<br />
<strong>The</strong> market was tired of the same<br />
old story and was prepared for<br />
disruption. Borrowing a page from<br />
the tech industry playbook, the<br />
question now is; how can a new<br />
player in an industry stand out<br />
from it's competitors; how can<br />
your brand grab the attention of<br />
the same finite target market.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 65<br />
Be attractive - design with<br />
purpose.<br />
Design is not art. Design is<br />
functional and answers questions,<br />
while art is abstract and makes one<br />
ponder. When you want a website<br />
or logo, do some research. Find out<br />
the design trend in your industry<br />
and decide how you want to look<br />
different. It's saves you both time<br />
and money. A lot of times, the idea<br />
of being attractive is misconstrued.<br />
Some businesses want to start with<br />
a logo but don't have enough<br />
information on the kind of business<br />
they're into and the needs of their<br />
target market.<br />
<strong>The</strong>re is the place of market<br />
research, which a lot of businesses<br />
forget. This is meant to inform your<br />
brand identity and everything<br />
related to it. <strong>The</strong> concept of being<br />
attractive is to bring or 'attract' the<br />
right customers to your doorstep. If<br />
you take care of marketing right,<br />
customers should be so excited,<br />
they can't wait to interact with your<br />
brand. With a customer centric<br />
design, this is possible.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 66<br />
Don't be boring.<br />
Content is king, but boring content is<br />
repulsive. To engage your audience, tell a<br />
story and see how they respond; however,<br />
you tell it also matters. Whether it's visual,<br />
audio or audiovisual, try and spice up your<br />
marketing strategy. A great content creation<br />
idea is to document experiences. Creating<br />
content from the scratch can be a boring task<br />
in itself, but documenting events is a form of<br />
storytelling on its own. It's a content<br />
marketing strategy many brands should need<br />
to explore to stand out in the market place.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 67<br />
Don't sell a product<br />
when you can sell an<br />
experience.<br />
Mass advertising used to be<br />
the norm in the early days<br />
but that is becoming more<br />
ineffective in the digital era.<br />
It's not just enough to tell<br />
people about your product,<br />
you must show them why<br />
they should choose you. An<br />
experience is personal and<br />
memorable. We always<br />
remember how we feel at<br />
certain moments in our lives.<br />
<strong>The</strong>se experiences are<br />
culminations of our senses.<br />
You need to look at ways you<br />
can use visuals, sound, touch<br />
or smell to influence how<br />
your customers interact with<br />
your brand. I don't know<br />
about most people but I like<br />
the way my MacBook feels.<br />
This is an additional<br />
experience despite the<br />
functional value of the<br />
product.
<strong>The</strong> <strong>BusinessDay</strong> <strong>CEO</strong>, Dec <strong>2017</strong> | 68<br />
Be empathetic<br />
This is simply answering<br />
the question; 'Why am I<br />
in business?'. If you're<br />
only out to make<br />
money, then the<br />
business may not last<br />
very long. A number of<br />
businesses we admire<br />
today were born out of<br />
a desire to change the<br />
status quo. After<br />
reading Richard<br />
Branson's, 'Finding my<br />
virginity', I understood<br />
and admired his<br />
passion and drive for<br />
business. Also I learnt<br />
that serving your<br />
market should be the<br />
core of your business.<br />
Any brand that decides<br />
to go the extra-mile for<br />
customers ends up<br />
winning their heart.<br />
Take time to answer<br />
complaints and look for<br />
feedback.
ART-<br />
Kaylan M<br />
<strong>The</strong>odore Levy<br />
High Tide<br />
Maggie Picard<br />
Matteo Meraldi<br />
Happycentro Design Studio<br />
Alexandra Zutto<br />
Nicola Morino<br />
Muti<br />
Si Maclennan<br />
Zim & Zou<br />
Balint Jaksa<br />
Julia Galdo<br />
Juco Photo<br />
Colin O'mara Davis<br />
Kelli Fuchs - Rosen<br />
Melissa Maxted-henderson<br />
Osborne Macharia<br />
Kevo Abbra<br />
Ihor Smishko
ART BY: Udegbunam Tochukwu Bernard Johnbosco<br />
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