Quiz/Trivia Answer: A

Table of Contents

• Main Issue: How Far Can You Go On Your Own?

• Knowledge Corner: Unlocking the Blue Ocean Strategy

• Book Of The Month: The E-Myth Revisited: Why Most Small Businesses Don't Work And What To Do About It

• Tech: Google Releases Tech To Watermark AI-Generated Text

• StartUp Spotlight: PickApp

• Local Heroes: Dr. Akinwumi Adesina

• Inside Africa: Volcanoes Natonal Park

• Culture: Gerewol Festival - Niger

Business Phrase/Word Of The Day

Blue Ocean Strategy

: Creating a new market with little competition or barriers standing in the way of innovation.

News RoundUp

• South Africa's G20 Presidency: South Africa assumes the G20 Presidency, prioritizing African and Global South issues on the global stage. The G20 represents 85% of the global economy, 75% of world trade, and 67% of the global population.

• US Dollar Hegemony: Trump plans to reinforce the dollar's global power. A stronger dollar could worsen inflation and borrowing costs in African economies.

• Namibia Elections: SWAPO party leads in presidential and parliamentary races despite claimed technical glitches in the voting process.

• Zambia's Infrastructure Bet: Zambia seeks US support for a major 500-mile copper export corridor to the Atlantic, marking one of Washington’s biggest African projects in decades.

• Angola Airline Restructuring: Angola will continue overhauling its state airline, TAAG, with plans to privatize it by 2026.

• Nigeria’s Eurobond Success: Nigeria raised $2.2 billion through its first Eurobond since 2022, exceeding expectations, with funds aimed at reducing its budget deficit.

• BRICS Currency Rumours: South Africa denies plans for a BRICS currency amid Trump’s threats of 100% tariffs on bloc members advocating alternatives to the dollar.

• Mozambique Election Dispute: Mozambique’s judiciary reports death threats as it reviews contested election results.

• Zimbabwe Debt Talks: Zimbabwe's negotiators aim for a debt restructuring deal before August 2024, while inflation runs rampant despite the introduction of the ZIG a form of gold-backed currency.

• Malawi's Energy Innovation: Malawi is building its first battery-energy system to safeguard its grid from cyclones, bolstering resilience against climate challenges.

Main Issue

Africa’s entrepreneurial spirit is as diverse as its cultures. But if there’s one thing we share, it’s the power of belief - whether in God, ancestors, ourselves, or the promise of a better tomorrow.

As a continent, we are deeply rooted in spirituality. There is no question about that! It’s rare to meet an African who doesn’t believe in something greater than themselves.

But before you picture ancestral worship, voodoo practices, or other stereotypical images often painted on us, let’s set the record straight. Spirituality in Africa transcends these narrow portrayals.

Firstly, it’s a belief in a higher power. Some call it Modimo, Mwari, Unkulunkulu, God or whatever name there is in your region for a Supreme Deity.

Secondly, it’s the conviction that there is a moral order to life, a structure that governs what’s right, moral and just.

But here’s a million-dollar question for you:

How Far Can You Go Without A Belief System?

Whether rooted in religion, spirituality, or sheer faith in oneself, belief systems play a critical role in shaping our entrepreneurial journeys.

Before applying for tenders, some entrepreneurs consult sangomas (traditional healers) for muti — believed to enhance their chances of success.

Others pray without ceasing, seeking divine favour from a God in the heavens. Some call upon their ancestors, trusting them to clear obstacles and open doors.

Meanwhile, others rely on affirmations, speaking to themselves or the universe, confident that their words possess the power to manifest their goals and aspirations.

These diverse practices highlight the many ways belief systems fuel the journeys of entrepreneurs.

Strive Masiyiwa, the Zimbabwean billionaire and founder of Econet, has openly spoken about how his faith helped him persevere during years of legal battles to establish his telecoms company. He contends that it wasn’t just business acumen that led to his success; it was also belief.

It’s not just Masiyiwa with a belief system. Consider an entrepreneur in Lagos navigating Nigeria’s complex business environment or a farmer in South Africa facing erratic rainfall. Both might turn to prayer or traditional rituals for guidance and strength.

At face value, it’s all hocus pocus I know. But many African entrepreneurs find peace amid chaos and clarity in uncertainty through faith, religion and spirituality.

Entrepreneurship is tough. Social media has somehow made it look glamorous. But it is one hard nut. Without a belief system, the journey often feels overwhelming. Faith- whether in a deity, ancestors, or oneself - more often than not, provides the mental and emotional strength to keep moving forward.

What keeps you moving forward?

Every entrepreneur faces tough calls - whether it’s pivoting a business model, firing an employee, or taking on a risky investment. A belief system acts as a compass, helping them navigate these decisions.

For some, this compass is prayer. For others, it’s a gut feeling rooted in experience and trust in their intuition. Either way, belief systems reduce paralysis and encourage action.

Have you seen the astonishing success of founder-led businesses? Talk of NVIDIA or Tesla! When entrepreneurs bring their belief systems into their businesses, it often translates into strong organizational culture.

Ventures that align with their founders’ values are, amongst other things, more authentic. Customers, partners, and employees can sense this authenticity, creating deeper trust and loyalty.

For many African entrepreneurs, spirituality is not just a private affair - it’s a guiding force in their work. It shapes how they see the world, approach challenges, and make decisions.

Let’s circle back to the big question: Can you succeed as an entrepreneur without a belief system?

Some might argue that grit and skill are enough. But consider this: when the road gets rough - and it will - what keeps you going? When you are faced with setbacks - whether it’s funding struggles, a failed venture, or economic instability?

Is it just your discipline alone? Or perhaps faith in yourself? A higher power? A belief that your work serves a greater good?

Purpose fuels perseverance. Belief sparks resilience. Without them, even the most talented entrepreneurs risk burning out or losing their way.

As you navigate your entrepreneurial journey, ask yourself:

What do I believe in?

What drives me to wake up every day and build something extraordinary?

Your belief system doesn’t have to fit anyone else’s mould. But it’s worth reflecting on because it might just be the key to unlocking your full potential.

What role does spirituality or belief play in your entrepreneurial journey? Share your thoughts in the comments - we’d love to hear from you.

Knowledge Corner

Unlocking the Blue Ocean Strategy

Most entrepreneurs are playing a zero-sum game - fighting over the same limited customers in what is often referred to as the "red ocean." These crowded markets are characterized by fierce competition, shrinking profit margins, and limited growth potential.

But what if there was another way?

Enter the Blue Ocean Strategy, a groundbreaking concept pioneered by W. Chan Kim and Renée Mauborgne. At its core, this strategy challenges the status quo by urging businesses to move away from saturated markets and create uncontested market spaces.

For African entrepreneurs, the Blue Ocean Strategy offers not just a pathway to success but an opportunity to redefine industries and spark transformative growth across the continent.

What is the Blue Ocean Strategy?

The Blue Ocean Strategy is about creating value innovation - simultaneously pursuing differentiation and low cost to open up new market spaces. Unlike traditional competition-focused strategies, it asks businesses to focus on untapped opportunities where competition is irrelevant because you're offering something unique.

Why is this Perfect for Africa?

Africa is a land of opportunities and contradictions. While it is home to a billion people with diverse needs, many industries remain underdeveloped or overly reliant on imported solutions.

1. Abundance of Underserved Markets

   Many sectors in Africa, from healthcare and education to renewable energy and agriculture, are teeming with unmet needs. Entrepreneurs who create solutions tailored to these specific gaps can bypass competition entirely.

2. Flexibility in Resource Utilization

   With constrained resources, African entrepreneurs often excel at frugal innovation. The Blue Ocean Strategy complements this by encouraging resource-efficient solutions that deliver high value.

3. Cultural and Contextual Uniqueness

   African cultures and local knowledge are rich with potential. Entrepreneurs can design products and services rooted in African traditions, solving local problems in ways that Western companies cannot replicate.

4. Scalability Beyond Borders

   By solving localized problems with scalable solutions, African entrepreneurs can expand to other emerging markets globally, taking advantage of shared challenges in similar economic contexts.

How African Entrepreneurs Can Apply the Blue Ocean Strategy

1. Look Beyond Existing Demand

   Stop focusing on traditional customer bases. Consider non-consumers who are not using current offerings due to affordability, accessibility, or cultural misalignment. Micro-lending platforms like M-Pesa thrived by addressing financial exclusion in Kenya.

2. Reimagine Value Propositions

   Instead of competing on price or features, consider how can you solve a problem in a better way. Nigeria's Hello Tractor ("Uber for Tractors") didn’t sell machinery but offered access to affordable tractor services for small-scale farmers.

3. Eliminate, Reduce, Raise, Create

   Eliminate: Which features or services can you remove that the market doesn’t value?

   Reduce: What can you reduce to cut costs?

   Raise: Where can you deliver superior value?

   Create: What new elements can you introduce that the competition hasn’t considered?

4. Tap into Collaborative Ecosystems

   Leverage Africa’s growing entrepreneurial networks and public-private partnerships to amplify impact. Collaboration fosters innovation and reduces the financial risk of exploring uncharted markets.

5. Embrace Technology

   Technology offers a cost-effective way to create new markets. Whether through mobile platforms, AI, or renewable energy tech, entrepreneurs can leapfrog legacy systems and reach underserved populations.

Book of The Month

The E-Myth Revisited: Why Most Small Businesses Don't Work And What To Do About It

Michael E. Gerber’s The E-Myth Revisited is a mirror held up to the illusions that ensnare small business owners. Gerber dismantles the "Entrepreneurial Myth" — the idea that every small business is started by someone extraordinarily gifted.

The heart of Gerber’s thesis lies in his archetypes of the Technician, the Manager, and the Entrepreneur — roles that every business owner must master but often doesn’t. He argues that most small businesses fail because they are started by Technicians who believe that expertise in their craft is sufficient to run a business.

How many bakers assume they can run a bakery, or photographers a studio, simply because they excel at their craft?

Gerber’s mantra —“Work on your business, not in it” — is particularly relevant to African entrepreneurs who often wear too many hats. By investing in systems, businesses can transcend reliance on one individual’s brilliance and become scalable enterprises. This shift from survival to sustainability is critical for the continent's long-term economic health.

Gerber proposes balancing vision (Entrepreneur), organization (Manager), and skill (Technician) as an antidote to burnout and a pathway to building generational wealth.

Tech

Were you using AI to write and pass the text as your own? Woe unto you!!

Google Releases Tech To Watermark AI-Generated Text

Google has developed a watermarking technology for AI-generated text called SynthID Text. This tool detects AI-generated text by analyzing a sequence of words. Large Language Models (LLMs) use tokens to process information and generate responses. These tokens can represent a single character, a word, or a phrase, and LLMs predict which token is most likely to follow another, one at a time.

SynthID assigns a score to each token based on its likelihood of appearing in the output in response to a given prompt. It also embeds imperceptible watermarks directly into the text during the tokenization process. When verifying a text output, SynthID compares the expected score patterns of watermarked and unmarked texts to determine whether the text was generated by an AI tool or came from another source.

However, there are limitations to this technology. It requires at least three sentences for accurate detection, and its effectiveness increases with longer texts. Additionally, it is less effective for factual content and for AI-generated text that has been thoroughly rewritten or translated.

StartUp Spotlight

PickApp

Founded: 2023
Founders: Joseph, Joshua, and Rebecca Olurin
Location: Lomé, Togo
Industry: Electric Vehicle (EV) Ownership and Ride-Sharing

PickApp is a startup from Togo that’s flipping the switch on electric mobility in Africa. Founded by the visionary sibling trio Joseph, Joshua, and Rebecca Olurin, PickApp is on a mission to make EVs accessible to everyday Africans. And they want to do this while tackling environmental and economic challenges head-on.

PickApp’s listed services are:

• EV Ownership: PickApp’s pay-as-you-go (PAYG) model is breaking down barriers to make EV ownership a reality.

• Ride-sharing: Their app connects users to eco-friendly ride-sharing options, letting you travel sustainably without breaking the bank.

• EV Charging: PickApp is rolling out EV charging terminals in key locations across Togo. Find, reserve, and pay for charging—all in one app.

Intending to introduce 1,000 electric vehicles by 2030, PickApp aims to slash emissions, improve air quality, and fight climate change. They also aim to create jobs and reduce youth unemployment,

Their ultimate goal? To scale up and roll out their services across major African cities, sparking an EV revolution continent-wide.

Local Heroes

Dr. Akinwumi Adesina

Dr. Akinwumi Adesina is a renowned economist and development visionary, celebrated for his transformative impact on agriculture and economic empowerment in Africa.

As the President of the African Development Bank (AfDB), he has spearheaded initiatives like the "High 5s," focusing on feeding, lighting, and powering Africa, among other critical development goals.

Adesina's leadership shines brightest in his commitment to making agriculture a lucrative business for African farmers. As Nigeria’s former Minister of Agriculture, he introduced groundbreaking reforms, including the e-wallet system that revolutionized access to fertilizers and seeds, benefiting millions of small-scale farmers.

For entrepreneurs, Adesina is an inspiration through his relentless advocacy for youth empowerment. Under his guidance, programs like the AfDB's "Enable Youth" initiative have supported the rise of agripreneurs, showing that agriculture is not just a survival trade but a path to wealth creation and innovation.

African Proverb Of The Week

Inside Africa

Volcanoes National Park - Rwanda

Spanning a 160 km² area in the northern part of Rwanda, Volcanoes National Park is part of the great Virunga volcano conservation region spanning Virunga National Park in Congo and Mgahinga Gorilla National Park in Uganda.

Just a short two-hour drive from Rwanda's capital Kigali, the park is a central location for exploring some distinctly Rwandan experiences. While a visit to the mountain gorillas is often at the top of visitors, the dramatic landscape also offers thrilling hiking.

In addition to mountain gorillas, Volcanoes National Park is home to golden monkeys, spotted hyenas, buffaloes, elephants, black-fronted duiker and bushbuck. The park also harbors 178 bird species including at least 29 endemics to Rwenzori mountains and the Virungas.

Culture

Gerewol Festival - Niger

Every year, at the southern edge of the Sahara, the Wodaabe Fula people come together for an extraordinary event — the Gerewol Festival. This centuries-old celebration is primarily a courtship and matchmaking ceremony.

During the festival, young Wodaabe boys transform into living works of art, painting their faces with striking designs, donning vibrant clothing, and adorning themselves with beads, feathers, and ornaments.

The highlight of this event is the Yaake dance, where these boys line up, dance and sing, vying for the attention of marriageable young women.

Girls assess the boys’ appearance, charisma, and dance prowess. When a girl follows a boy’s dance and puts her hand on his heart this signifies that she has chosen him.

The Gerewol is more than a matchmaking affair. It’s a cornerstone of the Wodaabe’s social fabric, fostering unity, preserving cultural values, and celebrating their unique identity. For the Wodaabe, who are part of the larger Fulani ethnic group spread across West Africa, this festival reaffirms their heritage.

Quiz/Trivia

What is the name shared by the currency units of "Algeria and Tunisia?

A. Dinar
B. Shilling
C. Kwacha
D. Dollar

AND THAT’S A WRAP

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