Have a Dream Download PDF version of this article here Keynote presentation by Washington Kapapiro This is a brief summary of the key issues addressed at the AFMIM Nation Youth Conference 2009. It was a great honour to be given a platform to speak and although the time was limited, it was hugely encouraging to see the positive response from delegates from various backgrounds and professions. I would like to say thank you to all who were so complimentary. I sincerely hope that the encouragement gained from my presentation will soon develop into actions and results. For where there is a will there is a way. And may you find yours with great success.
Entrepreneur?
There are two types of entrepreneurs. The first step in deciding how you are going to set up your business is figuring out which kind of entrepreneur you are. There are those who set up a business in their field of expertise and those that see an opportunity in an area they may not necessarily be experts in and they develop their business. In short, one is a professional in their field and the other is not an expert in the field of business but they see the opportunity. We all fall under one of these general descriptions. What they both have in common is that they have a dream to run their own business. We all have a dream to run our own business and be our own boss. We all would love to be financially independent, knowing we have an income. And yet, despite having this desire, very few of us allow ourselves to dream of how we can make this dream a reality. The main difference between entrepreneurs and employed individuals is that entrepreneurs have taken the bold step to run their own business. We have all met someone who has so many business ideas and yet they are still in full time employment or a really talented professional (i.e. lawyer, doctor, accountant, nurse) who is the backbone of their employer’s organization and yet they are still employed. As Africans, we have inherent problems that systematically keep us in employment. The parent of all the reasons is FEAR. Fear of change. Fear of the unknown. Fear of leaving the comfort zone. The majority of Africans in the UK are 1st Generation immigrants and their children. Rarely do we find an African family whose grandparents where raised in the UK. Our grandparents grew up in a time where most African countries were still colonized and they did not have opportunities to move abroad. My parents grew up in African and spent their working years in Africa. They are here now but they did not grow up here. So, most Africans are first generation or the children thereof. This is significant because it means we hardly have anyone to look up to for experienced mentorship. We are all really paving our own way in the UK. No one created infrastructures for us or showed us the way to succeed in this country. Most of us came to this country as economic refugees and, as a result, we had a goal of simply earning a wage to survive in a foreign country. For most of us this was the immediate goal when we arrived so we can get on our feet. Most Africans I meet have been here for over 3 years now. And yet they still feel like they are in transit, still in their short term incubation period. I contest this feeling and encourage all immigrants to get comfortable. This is now home. We must get over the feeling that we are visitors who can be told to go away and begin to realize that we are going to be in this country for many years to come. Overcoming Fear – Mentorship
The issue of FEAR is a very simple one to overcome. And with the right amount of mentorship and encouragement, anyone can become an entrepreneur. An example I once used is that of a student at school. They need a teacher. They are given lessons and homework assignments to complete. As long as they do all they are ask to do by their teacher and complete the said syllabus, they will graduate. And there will only be their name on the certificate. A mentor is the foremost influential figure who can help you get out of the cycle of employment. Identifying a mentor is often very difficult because not many people are willing to dedicate their time to see someone else’s dream come alive. Especially considering that mentors are seldom paid for their service. A mentor needs to have some personal interest in your businesses success in the same way a teacher has a personal interest in their students’ success. A teacher gains professional recognition for the number of their students who were successful. You want to make sure that your mentor has a personal interest in seeing your success. That way you know they will dedicate their full effort and attention to you.
Your relationship with your mentor is only as good as you make it. You need to be clear in your mind what it is you want out of your relationship with your mentor and put your full commitment into following their mentorship. There is nothing more demoralizing that a student who does not put in the effort. Once you have a mentor you need to establish your dream and clearly outline how you want to achieve it. Strategize – Road Map to Success
When I spoke at the AFMIM Youth Conference 2009, several people were very excited by the information about grants and other forms of finance available to our community. But what I did not perhaps emphasise is how difficult it is to actually become a successful recipient of such monies. As 1st generation Africans, we often do not have an elder who can refer us to a trusted financier because we have not been in this system long enough. So we have to prove our value before we can get any funding. Your business project needs to work. A lot of times, investors want a “proof of concept” before they are willing to shell out any money. In other words, they want to see that your business works before they invest in it. This is where we have to establish an effective strategy. In business, the first and most crucial step is developing your Business Plan. There are no alternatives to a business plan. Your business strategy needs to be clearly outlined on paper in clear concise rhetoric. Establishing your business plan needs you to work with your mentor. Your business plan needs to be developed until it is “Investor Ready”. This means you need to make sure your business plan is ready to be seen by financiers. You only have one chance with a financier. So you have to make sure you impress them when you go to them. So if there are any weaknesses in the business plan, they need to be ironed out before you take the business plan to investors. The best example of this is the popular TV show – “Dragon’s Den". Investors are no nonsense characters and they expect you to be thoroughly prepared. But I assure you this; there is no need to fear them. They are only human beings and not actually Dragons. With thorough planning, investors will buy into your dream and give you the capital to make your dreams a reality. Partnering – Effective Management Team
Most people I have worked with to establish their business have had a common problem. Their business project often needs a set of skills that they don’t have. This problem is more apparent if your business needs these skills to operate. For example, if you want to have a manufacturing business, you will need a sales department to sell your product. You may be a skilled manufacturer but completely hopeless at sales. It is possible to outsource this element of your business but this will become expensive and possibly cripple your young business. The way around this problem is to find a partner who has the required skill set. However, most people have a fear of rejection so they fail to approach potential partners. Your mentor can help you shortlist and decide on a suitable partner. Negotiating with your mentor present also helps show that the project is viable since it already has two minds working on it.
Once you have a partner on board, the next step is to establish your roles. Partners do not need to be friends. It is better that you keep your relationship professional so you all have a duty of respect to one another. Your partners and mentor are crucial to sourcing finance because they will make up your Management Team. This is the single most important element to finally receiving any finance. Investors want to know that when you receive money you are not going to misspend it. So checks need to be in place to ensure the goals set out in the business plan are met. You must learn early on to differentiate between capital and your wages and dividends. As a business owner, you still only receive a wage and must not liberally take money from the business coffers. False Economy – Outsourcing to the Pros
In this day and age, it is possible to learn to do anything using resources available on the internet. You could give yourself a course on accounting and eventually be able to file your own tax returns and more. But, as long as you do not already have the knowhow and experience, you must use the services of professionals. Many entrepreneurs look at saving money and starting their businesses on a shoe string budget, but I assure you, this has been the reason for many business failures. The failure results from you taking time away from what you are supposed to be concentrating on in order to complete tasks you are not skilled at. Because you are not skilled at the task, the task will take considerably longer to complete. This is what is called “False Economy”. Instead of concentrating on your business and making money to pay for professionals, you are trying to save money by doing it yourself whilst you are actually not doing any work. Money spent on professionals is frightening to start with especially when your business hasn’t started making a profit. Have no fear. Remember that your business is more likely to fail if you do not use the services of professionals. Resilience – you are in it for the long run
Typically, businesses become profitable after 2 years. Some take three years. In this time you will have established customers who bring repeat business. You will have partnerships with other organizations who present new opportunities. You will have created a track record with your bank and financiers so that if you need further working capital, all you need is to ring them. You will have staff in place who you understand and trust. You will be earning money even if you don’t get into the office because your business will be a going concern. To reach this point you will need to be resilient. The two to three years it will take you to reach this level will be difficult and challenging. Every instinct will tell you to quit and get a steady job. You will endure months without a wage and no money in your bank account. Bailiffs may send you post or even visit. But as long as you are committed to achieving the milestones in your business plan, your business will succeed. Attitude – what defines your success
One of the greatest pleasures in life is doing what people say you cannot do. The difference between a successful entrepreneur and the others is not a lack of strength, nor a lack of knowledge, but rather a lack of will power. You have to want to succeed enough to go through the bad times; never losing focus of your target. But it does not stop there. As Christians in business, we need to realize it is our duty to fight for our inheritance and blessings passed down from Abraham. We must enter the world of business with as much or more tenacity as every other business person. We must be ruthless and focused. However, we must not confuse this aggressive business approach with immoral business practice. We do not have to compromise our character to succeed in business. Your mentor will help you with your attitude to work. There are times when other life obstacles will divert your attention and affect your attitude. Your mentor is the person you will have in position to help draw you back on track. An attitude adjustment every now and then will keep you in focus. Our Pastor in the Church also plays a vital role. A sermon can help you realize that you can call on the Lord as you source of strength when things are hard. A pastor’s door is always open to share a prayer with you for encouragement and intercession. It is not by our strength alone, but our Lord. We must also draw encouragement from people like Nelson Mandela who was resilient for several years and did not compromise his character. We must draw motivation from President Barak Obama, an African boy from neighbouring Kenya, who overcame all odds to become the president of the USA. Here in the UK there are several role models we can draw encouragement and inspiration from. A lot of these will be showcased in our forthcoming publication – The Ambassador Magazine. Seeing and knowing that other people with a similar background to yours have achieved goals you are trying to achieve can help alleviate the fear that stops you from getting started in business in the first place. Conclusion – Your new beginning
“You are not limited by what other people think of you, instead you are limited by what you think you are not. “ The single most important thing you can draw from this article is, to have a dream and to dream big. Do not limit your dreams to small businesses that only service a small local group. Think of projects that can benefit the nation or nations. Let us scale our projects to a high level of ambition, “shoot for the moon. Even if you miss you’ll land among the stars”. But remember, dreaming is not enough. Figure out an effective route to success. Garner the right support around you. Get reliable partners and a mentor to help you monitor your success. Remember that there is no alternative to a well thought out strategy and a thoroughly scrutinized business plan. Be prepared to go the distance regardless of how hard things get. Work with professionals where the need arises. Be aggressive and focused without compromising your Christian character. Above all don’t be scared! Fear is false evidence appearing real. Surround yourself with like-minded individuals. Attend seminars and networking events and gain as much information as possible. The Association for African Owned Enterprises (UK) will be arranging exciting events for networking and learning more. Register with the association for up to date information on forthcoming events and seminars. Be amongst the first to receive a copy of the magazine when it is launched. If you are ready to begin on your business, contact the association and enquire about our Investor Readyness Program.
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