From The Editor’s Desk

Ever wonder what it takes to be successful? Is it being book-smart, street-smart - or maybe something more?

Think back to your school days. Was the brightest student the one who ended up the most successful? Probably not. One of the downsides of being “too smart” is that it can sometimes trap you in old ways of thinking, making it hard to spot and seize new opportunities as they come.

Don’t get me wrong - I’m not saying you should stop being smart. I’m just thinking aloud, and hopefully get you thinking along the same thought trajectory.

Look at Mark Zuckerberg, Ray Kroc, Bill Gates and Steve Jobs... we all know their names, but their stories are even more interesting. Mark may not have come up with the original idea for Facebook, Ray didn’t start McDonald’s, Steve didn’t build Apple’s gadgets, and Bill? He didn’t write every line of Windows code.

Their success? It wasn’t just about being smart - it was about knowing when to be cunning, when to pivot, and when to think beyond the textbook.

If you want to learn about thinking beyond the box, today’s issue is for you!

ONwards & UPwards

In This Issue

• From The Editor’s Desk

• Phrase/Word Of The Day: Blue Chip Stocks

• Main Issue: The Power Of Unconventional Thinking In Business

• Knowledge Corner: Marketing Psychology 101

• Book Of The Month: The Lean Startup

• Tech: Hope For The Blind With Neuralink

• StartUp Spotlight: It's Jamboo Time

• Local Heroes: Magenje The Wheelchair Doctor

• African Proverb Of The Week:

• Inside Africa: The Grand Tour Zimbabwe

• Culture: Ovahimba and Ovazimba Tribes of Namibia

Word Of The Day

BLUE CHIP STOCKS

: A blue-chip stock is stock issued by a large, well-established, financially sound company with an excellent reputation. Normally, such companies have operated for many years, have dependable earnings, and usually pay dividends to investors.

(Source: Investopedia)

Main Issue

The Power of Unconventional Thinking in Business

How many millionaires do you think live in your community?

Globally, there are around 58 million millionaires - a number comparable to the population of South Africa - among 7.8 billion people. This means millionaires make up just 0.8% of the global population.

Meanwhile, we live in a world where 90% of people have completed primary education, 66% have finished secondary school, and 40% possess some form of tertiary education. Clearly, education alone does not guarantee financial success.

So if many people are logical and rational, breaking into the select 0.8% will require more than just rationality and logic! Unconventional thinking is the right approach to achieve different results from the millions of entrepreneurs all fighting for conformity.

Unconventional Thinking = Unconventional Acts = Unconventional Results.

Breaking Away from the Herd

Most entrepreneurs approach business with logic and reason as their guiding principles. While important, this mindset can lead to a "herd mentality" where everyone follows the same safe, predictable path.

If you watch TED Talks, you might have come across Rory Sutherland. Sutherland, a renowned behavioural economist, argues that logic is often overused.

When everyone follows the same playbook, innovation is stifled, and opportunities for differentiation are lost.

Consider how Apple revolutionized the smartphone market. At a time when technology companies focused on creating more powerful, feature-rich devices, Apple introduced something entirely different: a sleek, minimalist touchscreen phone. While others continued to iterate on what they knew, Apple pursued an unconventional approach, one that transformed not just the smartphone industry but the way we interact with technology as a whole.

The Pitfalls of Pure Logic

There’s no denying that logic plays an essential role in solving business problems, but an over-reliance on rationality can lead to stagnation.

Too often, entrepreneurs apply a "checklist mentality." They somehow believe that by rigidly following tried-and-tested strategies, they will replicate past successes. While this approach might yield consistent results, it rarely produces groundbreaking innovation.

A study by Harvard Business Review found that companies with strong innovation cultures, such as Google, Amazon, and Tesla, actively resist rigid strategic thinking. These companies recognize that innovation thrives in environments where irrational or seemingly foolish, ideas are given space to develop.

The Value of Irrationality

Sutherland argues that irrationality - often dismissed as nonsensical or illogical - can be a potent tool for innovation. When we embrace irrationality, we challenge conventional wisdom and open ourselves to unexpected possibilities. This mindset creates the conditions for disruptive innovation.

Take Uber and Airbnb, two companies that defied the norms of traditional business models. Uber dared to believe that car owners would be willing to use their personal vehicles to drive strangers around town - a concept that seemed laughable to industry experts.

Airbnb bet on the idea that homeowners would rent out their homes to complete strangers, another proposition many viewed as unsafe or impractical. Both companies embraced ideas that, at the time, seemed irrational. However, by doing that, they created entirely new markets and achieved exponential growth.

Just yesterday, as I was killing some time watching YouTube shorts, a clip of Jeff Bezos laughing off criticism from Jay Leno in 1999 about Amazon losing billions and never making a profit popped up. Amazon was once famously unprofitable.

Bill Gates was mocked for his view on the internet on The Late Show with David Letterman back in 1995 for believing the internet was the next big thing.

Should we even mention Bitcoin? Even now, 15 years after the launch of Bitcoin, many Africans are still sceptical of cryptocurrency! It’s too unconventional for them.

The Risk of Appearing Foolish

I don’t want to look stupid, and you probably don’t want to either! But what if that is the price to pay to achieve everything we have ever dreamed of?

Thinking outside the box can come with the risk of looking foolish or facing scepticism. Yet many of the world’s most successful entrepreneurs endured early ridicule for their bold ideas.

I recall vividly the episode of Shark Tank where the founder of Ring, Jamie Siminoff, was rejected by the sharks - with the latter questioning the practicality of a wifi-enabled doorbell. Ring was not logical enough for them. Years later, Ring became a billion-dollar business and was acquired by Amazon.

The risk of appearing foolish is often a necessary step toward groundbreaking success.

The Importance of Being Unconventional

For entrepreneurs looking to make any significant impact, the message is crystal clear. EMBRACE THE UNCONVENTIONAL. Challenging the status quo and questioning accepted norms can lead to breakthrough products, innovative business models, and competitive advantages.

Look at what Elon Musk has done with SpaceX, Neuralink and Starlink. That alone is a pellucid demonstration of the power of unconventional thinking.

Unconventional thinking allows entrepreneurs to explore opportunities others overlook and disrupt industries dominated by established players.

Humans are not always rational actors, and business decisions should reflect this.

Practical Applications for Entrepreneurs

Experiment with Irrational Ideas: Just because an idea doesn’t immediately make logical sense doesn’t mean it’s worthless. Encourage creative brainstorming sessions where “crazy” ideas are not only allowed but celebrated.

Test, Don’t Assume: When Airbnb launched, they didn’t know if anyone would actually want to stay in strangers’ homes. Instead of making assumptions, they tested their concept on a small scale and learned from real-world feedback. Similarly, entrepreneurs should adopt a mindset of experimentation, testing unconventional ideas before scaling them.

Leverage Behavioral Insights: Understanding human behaviour is key to innovation. Entrepreneurs can benefit from studying the behavioural patterns of their customers, identifying opportunities to challenge expectations and deliver novel experiences.

Dare to Be Different: Don't be afraid to challenge industry norms or to venture into new territories that others avoid. By embracing the unconventional, you open the door to breakthroughs that can set your business apart.

Entrepreneurship is not just about logic and numbers - it’s about creativity, innovation, and sometimes, embracing the illogical. To truly stand out, entrepreneurs must be willing to think differently, experiment with irrational ideas, and take risks that others are too afraid to consider.

Knowledge Corner

Marketing Psychology

Marketing is more than just promoting a product- it's about understanding how your target audience thinks and feels. Marketing psychology, the intersection of psychology and marketing, allows entrepreneurs to design more effective strategies by tapping into the core drivers of human behaviour. Here’s a breakdown of key psychological principles that every entrepreneur can use to improve their marketing efforts:

The Power of Social Proof

People tend to follow the actions of others, especially in uncertain situations. This behaviour, known as social proof, is why reviews, testimonials, and user-generated content are so impactful. For entrepreneurs, showcasing satisfied customers or highlighting how many others are using your product can build credibility and encourage new customers to take action.

Scarcity and Urgency

Scarcity creates value. If something seems limited, people perceive it as more desirable. Urgency, when time is limited, compels people to act quickly. These principles play on the fear of missing out (FOMO), which is a strong psychological motivator.

Discover more marketing psychology principles in one of our previous articles here.

Book of The Month

The Lean Startup

We have moved on from The Psychology of Money. Our new book, The Lean Startup, teaches entrepreneurs to navigate extreme uncertainties by testing scientific hypotheses with a minimal viable product, instead of creating elaborate business plans,

5 Key Takeaways

1. There is a process to entrepreneurship that can be learned.

2. The goal of a startup is to figure out the right thing to build – the thing customers want and will pay for – as quickly as possible.

3. Customers do not tell us what they want. They reveal the truth through their action or inaction.

4. Test and validate your value and growth hypothesis.

5. Use MVPs to cycle through the Build-Measure-Learn feedback loop as fast as possible.

Tech

Hope for the Blind With Neuralink

Elon Musk's brain-computer interface implant startup Neuralink has received FDA breakthrough device designation for Blindsight, an implant that aims to restore vision in individuals who are blind.

Blindsight implants a microelectrode array into the visual cortex of a person’s brain. The array then activates neurons, providing the individual with a visual image.

According to Musk, the Blindsight device will enable even those who have lost sight in both eyes and their optic nerve to see as long as their visual cortex is intact. It will even allow those blind from birth to see for the first time.

The visual cortex is the part of one's brain that receives and processes visual information from the retinas.

This development might not be happening on Africa’s doorstep but the implications are enormous for the blind populace which is usually disenfranchised from access to economic and educational opportunities.

StartUp Spotlight

Jamboo: The Digital Banking Platform for the African Diaspora

Jamboo is a financial services company specializing in banking, international transfers and investment opportunities for the African Diaspora residing in the UK and Europe.

Through its digital banking platform, Jamboo's vision is to provide banking and investment opportunities for the African diaspora in the UK and Europe, who often face challenges and barriers when trying to access financial services in Africa. Jamboo wants to bridge the gap between the African diaspora and the African continent.

According to its pitch deck, African migrants are the main financiers of Africa. In recent years, remittance inflows to sub-Saharan Africa have increased significantly, surpassing foreign direct investment (FDI) and official aid.

Jamboo's main value proposition is to enable its customers to invest in various sectors and projects in Africa, such as microfinance, infrastructure, and technology.

Its competitive advantage over traditional banks and other fintech players is that it offers a unique and differentiated value proposition that caters to the specific needs and aspirations of the African diaspora.

The co-founders of Jamboo are Takwana Tyaranini and Tawanda Chitapi.

Local Heroes

Ernest Majenge - The Wheelchair Doctor

Ernest Mongezi Majenge is the founder of wheelchair manufacturer The Wheelchair Doctor. “I started operating in August 2018 as a wheelchair repair service,” Majenge says. “We’re busy developing an off-road wheelchair that will cater for people in townships, rural areas and on farms.” Majenge’s company produces the Ruby wheelchair, which can neatly climb and descend stairs, making it ideal for urban areas.

The Wheelchair Doctor offers customised and specialised wheelchairs. Majenge’s innovative wheelchair has won him several awards, including the South African Breweries Foundation disability empowerment award and the Transnet Matlafatso Centre pitching competition in 2021 and 2020, respectively. He aims to restore dignity through mobility for wheelchair users.

African Proverb Of The Week

Inside Africa

The Grand Tour - Zimbabwe

I have just watched the final episode of the Grand Tour and couldn’t stay away from spotlighting Zimbabwe. Formerly known as the “breadbasket of Africa”, the regions that make up the best places to visit in Zimbabwe vary in topography, geography, and captivating opportunities.

From UNESCO World Heritage sites to breathtaking wildlife havens, Zimbabwe offers its visitors the opportunity to embrace the raw beauty of a country that demonstrates the wonders of the wilderness and the intricate details that create the famous luxuries of a safari excursion. From sunrise to sunset, the country’s wonders will inspire you.

Culture

Ovahimba and Ovazimba Tribes of Namibia

Imagine passing through the Ovahimba tribe and needing a place to rest your head for the night, and then you remember an old friend and decide to stop at his house. You’re given a warm welcome, and his wife offers to satisfy your sexual urges. What would you make of that? The millennials would say: smash or pass. 😉 

Amongst the Ovahimba and Ovazimbas of Namibia, this is quite normal. If a man has a guest, his guest is given his wife for the night. When the woman spends time with the guest, the husband has to sleep in another room, and if there are no other rooms, he sleeps outside.

What happens when the guest comes with his own wife? The women are swapped if the men agree to do so.

AND THAT’S A WRAP

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