Tag Archives: business

How Do You Negotiate to Win? Lessons from Natalie Reynolds Masterclass

I entered the lower floor auditorium at Cass Business School with the intention to learn how to negotiate. I sure did learn so many lessons to apply not just in business but in my day to day life transactions. Yes transactions – we’re constantly negotiating in something. We negotiate our time, money, effort, values, decisions and so much more. We find ourselves negotiating with our spouse, friends, family, colleagues, boss, customers and even the society at large for different things. How do you manage all that without losing your balance?

Negotiation experts Tanya Tarr and Natalie Reynolds delivered a stunning lecture which summarised this extensive subject matter in 1 hour. And I’m happy I attended. Here are some key points and takeaway which you can reflect on and apply to your lives:

  • You don’t need experience: Don’t you find that whenever you want to talk about negotiating a price and you ask for someone’s opinion. You may get an answer like “..but you need experience”. I found out in fact that you don’t. You don’t have to have 30 years’ experience to negotiate. Negotiation is universal and it’s not only a business skill. It’s a way of life that has impact in every one of our lives.  However, you have to have confidence to negotiate

 

  • It’s all about process + psychology: You have to understand the processes involved in a negotiation. Negotiation is all about people. We assess facts differently, we bring ourselves to every negotiation so does the other person. The more we know of the person sitting opposite us, the better

 

  • You have to prepare: This must be done from all angles and intelligently. Have a clear understanding of the issues that may arise during your talk and have a thorough study of your client or opponent. Fact –based research always helps but also look at the profile of your client to know what they like, dislike, admire, who their icons are etc.

 

  • You have to plan: Planning is recommended at all times but it’s crucial in negotiation. From the team you’re going to the meeting with to the seating. When do you speak? Drop your price? Challenge? Increase your price? When do you walk away? How far will you discuss an issue? What are the valuables for your go or no go decisions? According to Natalie Reynolds, planning helps prepares you to win

 

  • Have a figure to propose: Talking about money can be difficult even with a customer or boss. Natalie mentioned that we don’t have to be stagnant and not move our price (including our body movement). Always be prepared to propose a figure and adjust as necessary. During the course of the conversation you may find yourself making multiple proposals but always have something to work with even when stress and pressure kick in

 

  • Persevere even with a NO: In this day and age when winning is more celebrated than losing, we sure have to learn how to accept a NO and move on. Of course review the lesson learnt and prepare for another meeting. She also said we have to be cautioned about getting an immediate YES – this is a clear red flag that the offer may be substandard. So, always make a proposal until you reach a decision

 

  • Every person involved should feel like a winner: It’s not always a win-lose situation especially if you want to maintain a long term relationship with your opponent. As the world becomes digitally connected, guess what? It becomes even smaller. Reputation and brand have become very important in business. And of course nobody wants to be branded as a loser publicly or privately. Think about how the other person feels

 

  • Anchors are your friends: Anchors can help you win in negotiation if you know how to use them well. When your opponent makes the first move, take that information to your advantage as it will influence the outcome of your negotiation. The first proposal is used to test the waters, it’s never the best offer. This is used to see how low or far the other person is willing to go. Don’t waste time asking your opponent to explain the price or break down the price, instead adjust accordingly based on their proposal

 

  • Always have your facts and market research ready to back up your price point or salary proposal. Even in a situation of bias, that neutralises it. If your employer has a fixed range, then you can think about bonuses, share options and other skills you can offer and bring to the discussion

 

  • Don’t forget to use these sentences when needed: “If you…then I will” and “I appreciate there’s a range but…”

 

Tanya Tarr and Natalie Reynolds also shared some reading list on how to negotiate:

First offers in negotiations: Determinants and effects: https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/11691/first_offers.pdf

Watch this Ted Talk by Adam Galinsky: Speaking up is hard to do, even when you know you should. Learn how to assert yourself, navigate tricky social situations and expand your personal power with sage guidance from social psychologist Adam Galinsky. https://www.ted.com/talks/adam_galinsky_how_to_speak_up_for_yourself

Image: Art by Rewa

Nominate A Startup for LBS Africa Club Accel Entrepreneurship Awards

Have you been thinking of new opportunities for your startup? The London Business School (LBS) Africa Club is launching their inaugural Accel Entrepreneurship Awards and you’re invited to nominate or put up your startup for the award. The target is mainly early-stage startups. If you fall into that category, apply now!

The Accel Entrepreneurship Awards aim to showcase emerging entrepreneurial talent from Africa to venture capitalists (VCs) and industry specialists.

The awards is happening this Spring in London and will see 3 top startups get a portion of £15 000. You have until 23 March to send your applications.

The top 3 winning startups will get a share of £15000 Accel Entrepreneurship Awards

For entrepreneurs to be eligible they must have a proof of concept or a minimum viable product.

In addition, applicants must be able to demonstrate interest in getting mentorship and ability to secure further funding for their ideas.

Entrepreneurs that make it to the top list will receive a fully sponsored trip to London in April where they will participate in a mentorship programme with London Business School members.

All the participants will get ready for their May pitch and present their enterprises in front of business professionals, industry experts and investors at the London Business School African Business Summit (LBS ABS). The winning team will be selected from the Summit.

Good luck to all the applicants.

Featured image: LBS Africa Club via Twitter

Be Part Of The Africa 2017 Young Entrepreneur Day

All African promising entrepreneurs have been invited to register to attend the ‘Africa 2017 Young Entrepreneur Day’. This event is part of the Africa 2017 Forum held under the high patronage of H.E. Abdel Fattah Al Sisi on 7th to 9th December 2017 in Sharm El Sheikh, Egypt.

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What should young entrepreneurs expect from that day: Connection with Africa’s brightest talent and most promising young entrepreneurs with investors, incubators, accelerators and some of the most established names in business across Africa.

Over 350 young entrepreneurs and established businesses are expected at Africa 2017’s Young Entrepreneurs Day (YED).

Date:  7th of December

Guest speakers: 

SACHA POIGNONNEC, Co-Founder and Co-CEO, Jumia
BEN WHITE, Founder, VC4Africa
ELIZABETH ROSSIELLO, Founder and CEO, BitPesa, Kenya
ISSAM CHLEUH, Managing Director, SUGUBA, Mali
ASHISH J. THAKKAR, Founder, Mara Group and Mara Foundation, Uganda
AHMED EL ALFI, Founder of Flat6Labs, Sawari Ventures and TATP, Egypt
REBECCA ENONCHONG, Founder and CEO, AppsTech, Cameroon

Guest speakers for Africa 2017 will include Rwanda’s President, H.E. Paul Kagame, who heads YouthConnekt and Smart Africa and Tony Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation.

Why you should attend:

  • Hear first-hand from experts
  • Attend specially designed workshops: Run by McKinsey, the London Stock Exchange Group, VC4Africa and
    others and get the support you need to take your business to the next level
  • Meet new partners who can help you transform your startup
  • Get the financing for your business: Through special Young Entrepreneurs Day initiatives such as the Deal Room, the Elevator Pitch session, and unparalleled networking opportunities
  • Engage with Africa’s leading CEOs and investors through out the rest of the summit

Links you need: Register | More Information | Brochure

 

These 15 Young African Entrepreneurs are Finalists for the Anzisha Prize 2017

15 young African entrepreneurs made it to the final stages for the Anzisha Prize 2017, Africa’s premier award for her youngest entrepreneurs. Run by the African Leadership Academy (ALA) in partnership with the Mastercard Foundation, the Anzisha Prize celebrates and cultivates the next generation of young African entrepreneurial leaders.

“We are excited by the number of young women finalists and thrilled that the prize is contributing to their economic empowerment,” Anzisha Prize associate Melissa Mbazo said. “The success of these women-led businesses will be accelerated by access to Anzisha’s financial and mentorship support.”

Koffi Assouan, programme manager for youth livelihoods at the Mastercard Foundation, said the calibre and diversity of finalists was improving each year.

“As the pool of Anzisha fellows continues to grow, so too does their impact and influence on local communities and economies,” he said.

Selected from 14 countries, nearly half of all candidates are young women representing sectors as diverse as clean energy, agriculture, waste recycling and youth empowerment.

For the first time, candidates from Angola, Liberia, Mauritius, and Sudan entered the competition.

The finalists will fly to Johannesburg to attend a 10-day entrepreneurial leadership bootcamp where they will be coached on how to pitch their business to a panel of judges for a share of US$100,000 worth of prizes and support.

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Meet The  finalists for the Anzisha Prize 2017:

  1. Ajiroghene Omanudhowo, 22, Nigeria: Ajiroghene is the founder of three businesses operating under the parent company 360 Needs. ASAFOOD delivers food to universities, ASADROP is a logistics company specializing in parcel delivery and Beta Grades helps students prepare for their exams by providing computer training.
  2.  Victoria Olimatunde, 15, Nigeria: Victoria is the founder of Bizkids which teaches high school students about financial literacy, savings, money management, and small-scale business management. Bizkids encourages young people to create jobs as entrepreneurs, not just seek jobs as employees.
  3. Dina Mohamed Ibrahim, 22, Egypt: Dina is one of the founders of Metro Co-Working Space, which rents work spaces to entrepreneurs and provides workshops and resources from them to thrive.
  4. Edgar Edmund, 17, Tanzania: Edgar is the founder of GreenVenture Tanzaniawhich recycles plastic waste into cheap and affordable building products like paving blocks. GreenVenture helps people build houses while promoting environmental sustainability.
  5. Fadwa Moussaif, 22, Morocco: Fadwa is the founder of Boucharouette Eco Creation (B.E.C.)which empowers local women to become independent by using quality fabrics to revive the art of Boucharouette rug-making.
  6. Gerald Matolo, 20, Kenya: Gerald the founder of Angaza Africa Technologies, which makes briquette-machines, solid waste carbonization kilns, and processes biomass briquettes.
  7. Ibrahima Ben Aziz Konate, 22, Cote D’Ivoire: Ibrahima is the founder Poultry d’Or, a company that processes and distributes poultry products and agro-foods the same day.
  8. Ignatius Ahumuza, 21, Uganda: Ignatius is one of the founders of Art Planet Academy, which provides practical agriculture training in schools. Art Planet creates and innovates climate-smart farming technologies, tests them at demonstration farms and incorporates them into a practical agriculture training curriculum.
  9. Jessan Kumar Persand, 22, Mauritius: Jessan is the founder of Crab Aquaculture Project (Jessan Seafood), a business that breeds and raises crabs. Jessan produces about 2,000 crabs per month which are sold to hotels and restaurants.
  10. Maemu Lambani, 21, South Africa: Maemu is the founder of Fearless Trendz, a digital marketing agency whose aim is to transform growing and local businesses into global brands by using social media.
  11. Moonga Chowa, 22, Zambia: Moonga is the founder of Chilimba, a mobile platform that works on any mobile phone and allows savings groups to manage their contributions in an efficient and transparent manner, enabling them to migrate to safer digital money.
  12. Rebecca Andrianarisandy, 20, Madagascar: Rebecca is the founder of GasGasywhich supplies affordable, environmentally-friendly and sustainable bio-fertiliser made in Madagascar for Malagasy people. It is easier to spray on crops because it is liquid fertilizer. GasGasy acts as an insecticide and is gentle on the soil.
  13. Satta Wahab, 21, Liberia: Satta is founder of Naz Naturals, a Liberian cosmetics company that creates organic hair care products from unrefined shea butter and empowers young girls and women to feel beautiful and confident with their natural hair.
  14. Thowiba Alhaj, 20, Sudan: Thowiba is one of the founders of Work Jump-Up Sudan, an organisation that intends to empower university students by linking them with job opportunities. Their primary activity is to search for potential employers and encourage them to offer students part-time jobs.
  15. Vicente Zau, 19, Angola: Vicente is the founder of Vicente News Company, an online platform that aims to promote African music, mainly Angolan music, across the continent to encourage the growth and development of African music in foreign countries.Image credit: Anzisha Prize 2017

Letter To My Younger Self: Your future Will Always Be Bright – Obi

If you were to communicate to your younger self, what would you say? How would yo begin to write and pour your hard-won wisdom to your 15 year old self? What do you know now that you wish you’d known then?

To Obi_Letter-Younger-TheGlowingColours

We have invited individuals to take a look back into the past and write a letter. Writing a letter to my younger self ‘can be a very powerful tool to make peace with your past. It is also a way to inspire your present and future. You will find these letters dropping on the site from men and women from all walks of life.

Obi is a law professional and an absolute brilliant young lady. We invited her to pen a letter to her younger self. The letter is so full of wisdom, passion and life-filling words. The future will indeed always be bright!

Enjoy!

Dear young O,

Don’t worry – stop crying. Everything is going to be ok. What you find stressful now is only a stepping stone to where God is taking you. Try and learn to stop, pause and breathe. Whilst doing all of that – pray. Even if you don’t know what to say, you can just whisper in your spirit, Lord help me.

Always remember that you’re destined for greatness and that nothing you go through is just for the sake of it. Everything you do, see, experience and every person you meet is for a reason and sometimes for a specific season. Look at how far God has brought you and where He is taking you. If anything, you should be happy about not knowing what tomorrow may bring or not really understanding what you’re supposed to do now.

Life, if we have faith and belief, has a way of going in accordance to God’s plan. But you have to let go of trying to do everything by yourself and in your own way. Sometimes you don’t always have to know the concrete plan for your life or even the finite details.

Even having a holistic view might be too much detail. As long as you are trying your best and aiming for Heaven then you should be fine. Although this may sound easy or perhaps very simplistic, it’s actually the best.

I think learning to rest and be at peace with your today and with your Maker is key. He will and has always guided you on paths of righteousness. Imagine speaking to your mum and telling her about your worries and she replied with:

“Don’t worry, I got you”. And then every day you still keep telling her problems and asking her to help you – wouldn’t she find that a bit annoying, especially as she’s already reassured you that she’ll handle it? Similarly with God, if He’s already said that the plans He has for you are of good and not evil, it doesn’t matter about you’re A-Level grades or GCSE’s or where you’ll go to University.

Just know that He has the best in store for you. Do your best and He’ll definitely do the rest for you. Remember, your destination and where you are going is far more important than where you started. Don’t worry about your background or your past. Focus on your future and stay positive. Believe that you will be the best in anything you do and have an open heart to change.

Talent can only get you so far. Put in the hard work. Do the networking, send out those emails to people that inspire you, hope that they reply and catch up over a coffee. They may even connect you to another person that will help you with your various goals including; your career, family, spirituality and mental mindset. If they don’t reply, that’s no biggy.

Focus on the end goal; making heaven and fulfilling purpose on earth. Your future will always be bright. Stay positive and remember that you serve an awesome God who loves you to bits. You have such loving and supportive family and friends.

The world out there, albeit cold sometimes, is ready for you to take center stage. Go and shine and use the gifts He gave you. And whilst doing that, be humble, dedicated and loyal to what is in front you.

Love you lots,

Your 24 year old self

 

[ In case you missed Theodora’s letter, click here  ‘Letter to my younger self’.]

Have You Built An Awesome Application? Apply For Apps Africa Innovation Awards

Africa’s leading technology news portal, AppsAfrica.com is now accepting nominations for the best innovations suitable for the AppsAfrica Innovation Awards. With over 200 entries and 21 African participating countries, the awards saw 10 winners.

AppsAfrica provides strategic operational planning services for mobile and tech ventures launching in Sub-Saharan Africa. The AppsAfrica.com Innovation Awards does not only celebrate ventures who win the award with global publicity but it also gives an opportunity to network with over 500 industry peers and investors.

“Our mission is always to promote and honour the fantastic innovation across the mobile and tech ecosystem in Africa. We had diverse entries from 21 countries and both the finalists and winners are a testament to how technology is being used to disrupt business models, empower people and drive positive social impact across the continent,” 

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These 10 categories are considered in the award:

  • Disruptive Innovation Award
  • Best Social & Messaging Award
  • Best African App Award
  • Enterprise Solution Award
  • News & Entertainment Award
  • Educational Award
  • Fintech Award
  • Social Impact Award Brand On Mobile Award
  • Women In Tech Award

According to the press release, the awards are judged by an expert panel based on their knowledge and experience within the industry as well as their influence and contributions to tech and business on the African continent.

Two Nigerian companies took home awards last year; check out the other apps involved:

  • Opera’s Web Pass (Nigeria) which took home the Disruptive Innovation Award
  • Bookly (South Africa) took home the award for Best Mobile Innovation
  • GeoPoll (Kenya/USA) received the award for Non-Data Mobile Innovation
  • Tuluntulu (South Africa) took home the award for Best African App
  • VCpay (South Africa) received the award for Fintech Innovation
  • GiftedMom (Cameroon) was awarded the Health Innovation Award
  • mPaper (Tanzania) received the award for EEducational Innovation
  • CodeX (South Africa) which took the Social Impact Award
  • Gamsole (Nigeria) received the Best Entertainment Award
  • Emefa Kpegba of OMobileFunding (Togo) took home the award for Women in Tech

Entries Deadline: 10 September 2016

Winners will be announced in October 2016. The event will be held in Cape Town.

More information about the event can be found here.

Africa Finance Corporation Concludes Debut Swiss Franc CHF Bond Issue

Africa Finance Corporation (‘AFC’), a leading pan-African multilateral development finance institution and project developer, has issued its debut senior unsecured Swiss Franc (CHF) denominated bond, raising CHF 100 million with a tenor of 3 years and 150 days. The bond which pays an annual coupon of 0.85% has a settlement date of 27 July 2016 and maturity date of 27 December 2019.

UBS Investment Bank and Deutsche Bank AG London Branch, acting through Deutsche Bank AG Zurich Branch were Joint Lead Managers on the transaction while J.P. Morgan Securities plc and MUFG Securities EMEA plc were Hedging Banks.

The bond was issued following a non-deal roadshow in Geneva and Zurich held in June 2016. The bond issuance enables AFC to further diversify its funding sources and will provide additional long-term liquidity to support the Corporation’s investment activities. The proceeds of this bond issue will be used to fund vital infrastructure projects across the African continent.

Andrew Alli, President & CEO of AFC, said:

“Through our experience as both a financier and project developer, AFC has over the years demonstrated its ability to deliver essential infrastructure projects in Africa that will help grow African economies. We are very proud to issue our debut CHF bond as this enables us to tap a new and very important investor base as we diversify our funding sources. AFC continues to promote the real opportunities in African infrastructure around the world.

“At a time of heightened international volatility, AFC continues to provide opportunities to invest in African infrastructure to investors around the world. The successful issuance of this bond demonstrates continued investor confidence in AFC and our ability to deliver for our investors and for African economies.”

Ade Adebajo, Executive Director at UBS in London further commented:

“We are very pleased to help AFC establish this debut CHF bond issue. We view this transaction as a further step in AFC’s strategy, to diversify its funding base across multiple currencies and investors, from time to time.”

Henrik Johnsson, MD and Head of EMEA Debt Syndicate at Deutsche Bank, added: “we believe that AFC’s bold and successful entry into the CHF market will pave the way for other new market entrants as investors continue to diversify their holdings”.

To date the Corporation has invested US$3.2 billion in projects across 25 African countries and in a wide range of sectors including power, telecommunications, transport and logistics, natural resources, and heavy industries.

In June 2016, the AFC was awarded an A3/P-2 , investment grade credit rating with a stable outlook by international ratings agency Moody’s for a third consecutive year.

Cape Town Venture Capital Firm to Invest $10m into South African, African startups

Silvertree Internet Holdings a venture capital firm which is based in Cape Town has announced a US$10-million investment for South African and African startups in 2016.

The pan-African tech investment firm and incubator claimed it recorded 330% growth per annum revenue for its startups as of 2015.

The firm has invested in startups like Faithful to Nature, Click n Compare, WineCo and more recently We Are Monsters and PriceCheck.

Silvertree together with entrepreneur Kevin Tucker bought the popular price-comparison website, PriceCheck, from global media giant Naspers for an undisclosed sum last year.

Kevin Turker confirms that PriceCheck is expanding its shop listings by including group companies and also aggressively targeting new shops. The company is already active in Nigeria and African countries and now plans to push into new markets alongside PriceCheck’s new sister company, Click n Compare.

Silvertree has previously announced a month-on-month revenue growth of over 10%, and even as much as 40% monthly for some ventures.

“Our meteoric growth in 2015 has been driven by execution-focused delivery across all of our portfolio companies, as well as a number of company acquisitions that are already delivering positive returns,” according to Silvertree co-founder Manuel Koser.

“Our job now is to build on this momentum to maintain our aggressive growth trajectory and cement our dominance in the African ecommerce and price comparison markets,” adds Koser.

Silvertree co-founder Peter Allerstorfer reveals that Silvertree is not an incubator nor a VC. Instead, it’s a “business of building businesses, through accelerated, highly targeted investment and growth strategies, with proven businesses.”

Silvertree Internet Holdings operates an owner-operator model which targets on scaling tech and commerce companies across small, fast growing niches. In 2015, it invested US$5-million in acquisitions and business building.

US$10-million will be allocated to fulfill new investments in 2016 through Silvertree Capital.

“Through our operations across the continent, we are seeing first-hand that the African consumer market creates leapfrog tech opportunities that our portfolio companies, with their expertise and deep understanding of their markets, are poised to capitalise on and grow,” explains Silvertree co-founder Paul Cook.

Photo via Kpmg

Coscharis Boss Cosmas Maduka Covers Forbes Africa November Issue

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CEO of Coscharis Motors Cosmas Maduka graces the November cover of Forbes Africa.The top business man narrates his story from bottom to the top of the automobile industry.

I became an automobile apprentice at age 7 to escape poverty – Cosmas Maduka

 

He tells Forbes how he survived war, tragedy and family fights to turn $1 into $500 million. Dubbed ‘The $500-Million Survivor’, this feature outlines his success story – having worked for Seven years without pay, gone through fights with his brother, fired by his uncle eventually and many more tragedies. Despite the rocky start for the Nigerian billionaire, who started out fixing cars, Cosmas Maduka now makes millions selling them and is the sole distributor for BMW in Nigeria.

Forbes also takes a look into the business of belief which is quickly becoming the fastest growing and most controversial business in Africa. Churches and their pastors are raking in the money while their followers can’t afford food. Let’s not forget the rate of acquisition of private jets by popular pastors across Africa.

The magazine takes readers through Nigeria’s new cabinet as it’s finally being filled and goes on to investigate the individuals that will deal with the business world.

Catch all the detaiils and more of Africa in the November issue of Forbes Africa.

Laurent-Perrier Champagne Hosts Real Estate Unite’s Networking Reception

Real Estate Unite’s Networking Reception-TheGlowingColoursReal Estate Unite’s Networking Reception-TheGlowingColours

Laurent-Perrier Champagne hosted a networking reception at the just concluded 3Invest Real Estate Unite summit held at the Eko Convention Center.

At the reception, guests enjoyed a range of Laurent-Perrier Champagne including Demi-Sec, Brut and Rose as they networked. In attendance were top CEOs and leaders in the real estate sector in Africa.

See photos from the event below in the gallery: