Dear business owners, I want to share a story with you all and I hope you learn a thing or two. I still remember very vividly the day my friend launched her cake business while we were in the university. We were in our second year and were looking for alternative sources of income asides our “pocket money”. She had a clear vision: to make the most delicious and beautiful cakes. But, just a few months in, the market changed. Big bakeries started offering cheaper alternatives, and her sales dropped like a stone. It was heartbreaking!😐😐 Even though it was not my ‘business’ per say I was still devastated. Because we had worked tirelessly to build ‘Adetbakes’ from scratch, perfecting our recipes and designs. But, I realized that we had two choices: give up or adapt. I counseled her to pivot. In the context of business and entrepreneurship, "pivot" means to make a significant change in direction or strategy, often in response to new information, feedback, or changes in the market. It involves shifting your focus, approach, or plans to adapt to new circumstances, without necessarily abandoning your original vision or goals. Then, we started experimenting with new flavors and designs, incorporating high quality ingredients into our cakes. We even collaborated with event planners and food bloggers on campus to showcase our unique products. It wasn't easy. There were countless late nights, failed experiments, and tough decisions. But, we persisted. And, slowly, our efforts paid off. Our cakes became the talk of the town, with customers raving about our unique flavors, and sumptuous treats. Why am I sharing this story? That experience taught me a valuable lesson: adaptation is key to success in business, just like in life. It's not about being rigid in your vision but about being open to growth and evolution. Embracing adaptation as a core business strategy allows you to pivot, innovate, and thrive in the face of uncertainty, turning challenges into opportunities for growth and success. Here's what I have for you today!
Trending NewsSMEDAN Partners with NIPOST to Reduce Logistics Costs for Nigerian SMEs
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced a strategic partnership with the Nigeria Postal Service (NIPOST) aimed at reducing logistics costs for SMEs across the country. READ MORE Federal Government to Launch N110 Billion Presidential Program on Youth Entrepreneurship Across Nigeria
Vice President Kashim Shettima has announced the Federal Government’s plan to establish a Presidential Initiative on Youth Enterprise Clusters, with an allocation of N110 billion. READ MORE PressOne Africa Sponsors Lagos Startup Week 2024, Raises $600,000 to Support Entrepreneurs
PressOne Africa, a leading provider of cloud-based phone systems for small businesses, has announced its sponsorship of Lagos Startup Week (LSW) 2024. The annual event, which will take place from July 8th to 13th, aims to support and foster entrepreneurship across the continent. READ MORE Johnvents Trading Launches 2nd Annual Input Disbursement to Empower 6,000 Farmers in Northern Nigeria
Johnvents Trading, a member of the Johnvents Group, has announced the commencement of its 2nd Annual Input Disbursement Flag-off program. This initiative aims to promote sustainable agriculture, empower farmers, and prioritize environmental sustainability across Northern Nigeria. READ MORE Ooni of Ife and SMEDAN Launch N1 Billion Fund for Women-Owned Micro Businesses The Ooni of Ife, Oba Adeyeye Ogunwusi, in collaboration with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), has inaugurated a N1 billion fund aimed at supporting women-owned micro businesses. READ MORE Feature ArticlesCrafting a Solid Business Plan There are common pitfalls that SMEs face when creating their business plans, such as unrealistic financial projections, lack of market analysis, and unclear business models. Can you craft a solid business plan? READ the Article Here. By Kehinde Bisola Oyenegbin Understanding the Four Pillars of Startup Risks By Kelvin Annorson Embarking on an entrepreneurial journey is akin to navigating uncharted waters. As a startupper or young entrepreneur, understanding the risks involved is crucial for a successful voyage. READ this article to explore the four main risks every entrepreneur should assess: Opportunity GaloreCall For Applications: African Union Enterprise African Network (EAN) Fellowship Program 2024
Are you a young African entrepreneur or innovator with a passion for driving economic growth and development on the continent? Then, we have exciting news for you! The African Union Enterprise African Network (EAN) Fellowship Program 2024 is now accepting applications from talented individuals like you. Apply NOW and unlock your potential to drive growth, create impact, and shape the continent's entrepreneurial ecosystem! Call For Applications: Global Health Corps (GHC) Africa Leadership Accelerator 2024 (Funded)
Are you a passionate and dedicated young leader in the field of global health, eager to amplify your impact and accelerate your career? Look no further! The Global Health Corps (GHC) Africa Leadership Accelerator 2024 is now open for applications, offering a unique opportunity to join a cohort of talented individuals driving health equity and social justice across the continent. APPLY NOW Call For Applications: Fidelity GreenTech Innovation Challenge 2024 (GHS 1 million in grants)
Fidelity Bank Ghana Limited, through its Fidelity Young Entrepreneurs Fund (FYEF), has launched the GreenTech Innovation Challenge, which aims to support the development of groundbreaking GreenTech solutions that address key challenges within Ghana’s agricultural value chain. APPLY HERE Call For Applications: LAG-UP Lagos State Youth Upskilling Program( Comprehensive Upskilling to Youths And SMEs)
The LAG-UP Upskill Program is a visionary initiative aimed to provide youth and SMEs comprehensive support in areas such as digital literacy, entrepreneurship training, access to finance, mentorship, as well as placement for jobs, and income generation opportunities. APPLY HERE Call For Applications: Utidia & GetBundi Empowerment Program For Over 3 Million Nigerian Youths In Career Opportunities
Utidia, a leading edtech company, and entry-level talent marketplace, has partnered with GetBundi, a renowned STEM education platform, to provide over 3 million Nigerian youths with access to short-term internships and full-time entry-level career opportunities. APPLY HERE Call for Applications: Business Optimization Workshop for Women Entrepreneurs
Are you a woman entrepreneur based in Lagos, Nigeria? We are excited to announce an upcoming Business Optimization Workshop exclusively designed for women entrepreneurs. This transformative workshop aims to equip you with the knowledge and tools needed to enhance your business operations, streamline processes, and drive sustainable growth. APPLY NOW Entrepreneurial OriginsLast week's trivia What is the name of the popular African e-commerce platform founded by Nigerian entrepreneur Sim Shagaya? A) Konga B) Jumia C) Paystack D) Andela Answer- A) Konga Today's Trivia What is the name of the Pan African network that facilitates networking opportunities for business angels, entrepreneurs and startups? A) African Business Angel Network (ABAN) B) African Entrepreneurship Network (AEN) C) African Startup Network (ASN) D) African Innovation Foundation (AIF) MSME Africa Tip of the WeekLeverage Africa's growing digital economy to scale your business. Why: Africa's digital economy is projected to reach $300 billion by 2025, driven by increasing internet penetration, mobile usage, and innovation. How: 1. Embrace e-commerce: Sell your products or services online to reach a wider audience. 2. Leverage social media: Use platforms like Facebook, Twitter, and Instagram to market your business and engage with customers. Remember: The digital economy presents vast opportunities for African entrepreneurs. Embrace it, and you'll be ahead of the curve! Till next time Ododoola, MSME Africa MSME Africa Pulse is free today. But if you enjoyed this post, you can tell MSME Africa Pulse that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments.
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Saturday, 20 July 2024
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