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Why You Should Nurture Your Business Like A Human Child

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Nobody enjoys investing his hard-earned money on businesses that crumble shortly after it kicks off. It hurts when you give someone money to start a business because you believe in helping others to grow only for the person to call you a few months later to say he has lost interest in that business and wants to go into another one. This is something many of us have witnessed.

A lot of people have lost credibility before their sponsors and investors because they couldn’t sustain their businesses. Some jump from one business venture to another without giving the previous one a chance to grow before closing it down. The reason behind this migration, most times, borders around seeking ventures that yield a lot of profits, especially the ones that require little effort. But what these business migrants fail to realise is that businesses, like babies, are meant to be nurtured until they grow.

When a woman becomes pregnant, she starts getting things ready for the baby’s arrival. She registers for antenatal, begins to take her routine drugs, and does everything the doctor and the midwife tell her. She drops her habits that might hurt the foetus and becomes careful not to do things that might jeopardize her own life. She looks out for herself and her unborn child.

This is also what happens when people incubate plans to establish businesses. Like the woman that put things in place to prepare for the baby’s arrival, business owners prepare for the setoff of their businesses. However, many of them fail to drop their bad habits that will harm their businesses and they do not take routine drugs (such as training) that will help the businesses to kick off on a good start. By the end of the day, their businesses start poorly like the malnourished babies from careless mothers. Businesses like this, just like those babies, can easily die on arrival.

When women give birth, whether to healthy or unhealthy babies, they begin another round of nurturing. Today, mothers practice exclusive breastfeeding because they want their babies to have a high IQ, develop strong immunity, have less contact with germs, and grow properly while meeting all their milestones at the right time. Some add good baby formula to the diet to ensure that their babies do not starve. Babies are taken to health centres for immunizations to prevent childhood killer diseases. As they grow into infants and toddlers, they are monitored closely because they can easily harm themselves or have accidents. Even as all these were going on, the children’s behaviours are modified to align with the values of their parents and society as well. A lot of works take place in the life of a child from the time he was born to when he turns five. Coincidentally, many businesses become stable at the fifth year of conception.

From the moment a business venture is established, as far as I am concerned, the owner has given birth to an individual. If you look at it, you will see that the same way a birth certificate is created at the birth of a human child is the way a certificate of business registration is given to an individual when he registers his business. As a child is a legal being, so also is a registered business a legal entity. But many people want their businesses to start running the day it was born, forgetting that it took a baby an average of two years to start learning how to run. This is the mistake of many business owners; they expect magic from the moment they start their business.

What am I trying to say here?

The same way we have patience with raising our children from birth is how we should be patient with growing our businesses. The same way we passed through sleepless nights while our babies kept us awake, is how we should endure sleepless nights as we figure out how to take our businesses to the next level. The same way our babies go to sleep healthy and wake up with fever is how our businesses can make a profit today and huge loss tomorrow. And the same way we take our children to hospitals, change their diets if it doesn’t stay well with them, keep them warm and cool, and monitor their abilities to reach the next milestone at the right time is also how we should monitor, evaluate, insure, invest, and seek help when necessary to make our businesses grow.

There is no magic in building a thriving business; you must work for it. Even if you move from one business to another till thy kingdom comes, if you don’t settle down and nurture one of them, you will remain a rolling stone until you burn out. Be patient and grow your business.

Jiji Acquires Cars45

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Barely two years after its acquisition of its rival company OLX, Jiji is the news again for another acquisition, this time, outside its traditional business.

The classified online market on Monday, announced the acquisition of transactional car marketplace Cars45. The amount was not disclosed. It is an unpopular business move though OLX has done a similar deal in the past.

In 2019, OLX invested $400 million in Frontier Car Group (FCG), a Berlin-based company that builds used-car marketplaces focusing on emerging markets. The investment gave the classified online market place a controlling stake in FGC. In 2020, OLX Group, via its OLX Autos brand, acquired Cars45 from FCG. The deal, coupled with the growth in the used car sales on its platform, is believed to have spurred the interest of Jiji to acquire Cars45.

Per Tech Crunch, the plan is to merge Cars45 operations in Nigeria (primary market), Ghana and Kenya with Jiji as the classifieds marketplace wants to consolidate its position in the space. In addition, the acquisition of Cars45 will help mitigate problematic trust and safety concerns that have sometimes plagued Jiji and offer a different car buying and selling experience via its transactional marketplace model. In turn, Cars45 users will benefit from Jiji’s dominance in online classifieds. The acquisition is expected to see Cars45 grow the vehicles category.

“We will integrate this into one company because this acquisition has a lot of benefits for both. It’s a very common practice when marketplace and transactional business models work together as one project,” co-founder and CEO Anton Volyansky said regarding the integration of both platforms. “For instance, a seller of a car, it’s convenient to sell both ways via a marketplace or auction model. So, it would be like a seamless process for selling the car.”

Jiji said sales of used cars have upped in its classified market place, buoying the decision to acquire Cars45, but the acquisition will set the company on a new path of practice that requires more vehicle inspection than it is done with cars on Jiji market place. Jiji’s CFO David Ojo, said Cars45’s key value is its network of inspection centres where cars are inspected by more than 200 parameters.

But unlike the classified marketplace where it has dominated for long in Africa, and only recently has Facebook Marketplace to compete with, Jiji will have to face a big rivalry in the car business. Swiss-owned ROAM, Jumia Deals, and Autochek, are other players Jiji will have to compete with.

Volyansky believes bringing the classified marketplace experience into Cars45 will spur growth, setting the company apart from other players, as it will have the advantage of being the first classified marketplace to venture fully into traditional car dealership.

“In terms of classifieds, we’re looking at opportunities, but we are already a leader in Africa, so I think there’s very limited space for whom to acquire. However, we’re primarily interested in deals like Cars45, where we bring our leadership positions from classifieds and acquire very close business models that give us exposure to the transactional marketplace. So for us, a major interest will be to acquire adjacent business models,” he explained.

Besides leveraging on existing markets, Jiji is also planning to explore new markets using combined resources from the two companies.

“We are proud to have built a trusted buying and selling experience in autos. It makes sense to combine online and offline expertise. Merging with Jiji is aimed at creating a new kind of automotive retail experience for users in Africa. We are confident of jointly building an African Champion in the O2O Automotive Sector. Together we look forward to making transactions transparent and convenient for our customers, dealers and franchisees across all our current and future markets,” Soumobroto Ganguly, CEO of Cars45, said.

Cars45’s Brake Pad Was Indeed Burnt After the Exit; Jiji Acquires It

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Cars45 has been acquired by Jiji. But that is not the main story of this piece. The key thing is this: an extremely vibrant innovator with first mover advantage scored a massive own-goal. Yes, Cars45 came into the Nigerian scene with something amazing: buy or sell your car within 45 minutes. I wrote about this business and even visited the team during a trip to Nigeria

As we celebrated it and as it raised tons of money, the ascension rose higher. But then, something bad began to happen: Cars45 CEO and about 11 employees  left the company; South Africa’s giant, Naspers, had just invested $400 million in the European parent firm.

In 2017, Cars45 raised $5 million from Frontier Car Group (FCG), the Berlin-based company that builds used-car marketplaces focusing on emerging markets. This made FCG the largest shareholder and parent company in the Nigerian car business. Two years later, FCG received $400 million from OLX Group (a division of Prosus, the Netherlands-based separate tech holdings of South African tech giant Naspers). The investment valued FCG at $700 million, with OLX Group taking a controlling stake. In 2020, OLX Group, via its OLX Autos brand, acquired Cars45 from FCG.

[…]

Therefore, the acquisition will see Cars45 grow the vehicles category. Furthermore, Cars45 will merge its operations in Nigeria (primary market), Ghana and Kenya with Jiji as the classifieds marketplace wants to consolidate its position in the space. In addition, the acquisition of Cars45 will help mitigate problematic trust and safety concerns that have sometimes plagued Jiji and offer a different car-buying and selling experience via its transactional marketplace model. In turn, Cars45 users will benefit from Jiji’s dominance in online classifieds.

I summarized the paralysis thus: “This is hard braking for Cars45; we hope the pad is not burnt.” With the Jiji acquisition, I am extrapolating that the pad was indeed burnt. I do not think this acquisition was done on the position of strength for Cars45 considering that the guy who made it amazing has started a competing company, and raised tons of money.

Ladies and Gentlemen, while your economics textbook might not have included knowledge as a factor of production, do not play with it. Nothing matters in business than knowledge. Sure, everyone talks about capital but what really runs the world is knowledge. With the visionary gone, Cars45 became a shop!

For Jiji, it just added a great new category – cars – after real estate which continues to drive the classified-marketplace.

Comment from LinkedIn Feed

Comment #1: This statement “With the visionary gone, Cars45 became a shop” got me thinking. This implies that Cars45 was person-Centric other than system-centric. My question is, how can we avoid the pitfall of making an individual or group of individuals live-wire of an organization ?

Response: “My question is, how can we avoid the pitfall of making an individual or group of individuals live-wire of an organization ?” – not sure your comparison is fair. When you have a CEO and about 11 employees at leadership positions leave a startup at the same time, your connotation may not be right. Go to GTBank (or Apple, Dangote Cement) and ask the CEO and 11 management staff to leave and still come and claim if it was built around one person. And add the shock for a startup, then your argument may not be balanced. Cars45 was even GREAT to have not folded a week after that exit; so, we need to celebrate it to have survived that!

Comment #2: Sir, book shouldn’t be judged by it cover. Saying Cars45 became a shop is quite harmful to jiji as a business person I believe you know better what that means. Moreso time will tell if Cars45 would do better than the yet unknown (to be found company by the ex-CEO) or not.

Response: “Saying Cars45 became a shop is quite harmful to jiji as a business person I believe you know better what that means.” – it depends on what you understand to be a shop. You need to visit Onitsha or Aba. A “shop” is a business available to be sold. Today, Cars45 has sold itself. Jiji has bought a “market” because that “market” is a good product.

Jiji Acquires Cars45

Facebook Joins The $Trillion Club – And Becomes Most Impactful Company in Africa

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The Americans continue the ascension, and the world is doing nothing but watching. While China is giving them a real fight, other global citizens are simply recording America just as I am doing. Yes, Facebook is now a trillion dollar company. It joins Apple, Amazon, Google, and Microsoft to hit that mountaintop which Saudi Aramco also boasts of; PetroChina had an effervescence therein a few years ago. Of course, you can get two $trillions in both Apple and Microsoft since they have also recently hit $2 trillions.

Facebook has joined the ranks of companies valued over a trillion dollars as of today’s market close. The company’s market cap is sitting at $1.008 trillion according to Yahoo Finance, putting it over the mark for the first time in its history.

Some of the most notable of Facebook’s divisions are the Facebook site itself, along with Messenger, as well as Instagram, WhatsApp, and Oculus. On the list of US tech companies that have passed the $1 trillion valuation mark, Facebook is the only one founded in the 2000s, making it the newest — as long as you’re counting from the date that Google was started (which was in 1998), instead of Alphabet (which was created 2015).

The news comes alongside the dismissal of the FTC’s case to unwind Facebook’s Instagram and WhatsApp acquisitions, after a federal judge stated that the FTC did not offer enough evidence that the company is a monopoly.

In Nigeria, specifically, the most important Facebook Inc product is WhatsApp. That is followed by Facebook and when you look at all of them, you will see that Nigeria is a Facebook Inc nation with Instagram, WhatsApp and Facebook under the command of one company.

As you look at the impact of Facebook Inc in Nigeria, one thing is evident: Twitter might have annoyed the government, but Facebook is eating many piles in markets. I was discussing with a company Board yesterday on the difficulties they were having in their merchant tool, and quickly reminded them that everything began to slow down immediately WhatsApp arrived at scale. In other words, WhatsApp is disintermediating many solutions at scale and today, it is the most important digital product in Africa. Many run schools on WhatsApp! Who cares for a customer support tool when there is WhatsApp? Indeed, can you imagine a sales system without WhatsApp in Africa? If they add payment to WhatsApp, a new dimension of asymmetric competitive force will evolve.

And in politics, the most divisive tool today in Nigeria is WhatsApp: those groups are mean. If they remember you, you are a toast. Arewa, Igbo, Yoruba, etc are congregating on WhatsApp and group-herding hatred at scale. Look at the plot below – 93% of Internet uses in Nigeria use WhatsApp! That tells you how valuable the solution has become. 

Now, add Instagram which is the largest showroom in Africa, muting many ecommerce players and you will see why Facebook ascension to $2 trillion is just a matter of time. Today, there is no person with broadband Internet access in Africa who does not use a Facebook Inc product at least once a week. That makes it the most impactful company in Africa in the emerging digital world!

The Sure But Secret Path To Growth, Strategic Positioning for Opportunities and Success.

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The worst time anyone should prepare for an opportunity is when the opportunity is available.

The closer opportunities are to your preparedness the farther your chances of mastering its leadership. When you show expertise on anything, it is because you have spent a significant amount of time on growing your skill and refining your talent in that thing.

Being rich is not the issue, being valuable is the real problem. Value is not determined by the person giving it. It is the person receiving it that determines whether the value is valuable. That is where the problem lies. Getting to solve this problem lies in the dynamism of value provider. This surely comes with experience and unique sellable skills. Value do not jump on the value giver when it is needed, it comes from the place of preparedness and overflow.

Just after the 9/11 historic event in 2001, the US army sent a team of 12 called the Operational Detachment-Alpha (ODA) 595 who worked closely with anti-Taliban groups in Afghanistan to deliver a phenomenal victory for the US and most importantly, Afghanistan.

The Captain of the team, Mark Nutsch, was never informed earlier that he would be leading a team to fight a war on horseback. Mark Nutsch never expected he would use horseback riding in battle. Horseback riding was a skill he learned growing up on a Kansas cattle ranch. Most of his team members were novices on horseback but were all experienced soldiers. They had to learn to use the gear and the gun. They were to liberate Afghanistan from the Taliban without tanks or trucks. All they had were horses.

In the end, the team recorded a stunning victory that a book was written about the operation – Task Force Dagger – and a movie was released – 12 Strong – in 2018 to further visualise the victory. It is on record that Military planners predicted the victory would take two years. Task Force Dagger did it in three weeks. And the best part? None of the 12-man ODA 595 team members was lost nor seriously injured. According to a narrator, even Al Qaeda considers that as their worse defeat.

Imagine Mark Nutsch, the ODA 595 Commander didn’t know how to fight on horseback. How would he have been a support system for his team? Imagine Mark didn’t grow interest in learning horseback riding while growing up thinking he didn’t need it at that time. If the team would have won – by the slightest fluke and or on the strength of combat experience – they would have lost some of their men.

Business leaders, senior professionals, those ahead of us are willing and making themselves available to help those who are willing to grow.

No matter your age, as long as you are willing to grow, to get better, you will find help. Help can come from anyone, younger or older.

Knowledge is a commodity that you do not have because of your age, you get knowledge because of your state of mind. It is your state of mind that determines the actions you take. Your choices and decisions determine your actions. Your actions create the reality of whom you are to the world.

I once lived in denial thinking my actions didn’t really portray whom I truly was. I thought I was better in my heart and intentions than I, in reality, expressed through my actions.

In one of his leadership development training sessions, Leslie George, the Lead Consultant at Orizon Boon, a leadership development and management consultancy organisation, said,

‘You cannot perform better than you know.’

Taking responsibility for your actions and receiving feedback as a personal development mechanism than an attack on your person, you will expedite your progress by almost 70%.

When you see genuine feedback as a way to grow, your growth will be verifiable and genuine. It will bring about an inside-out transformation that will be felt by those around you. Each of your step in growth will mean a step higher in value. The more people see you as value in any way or at any level, the more they naturally gravitate towards you.

You have no enduring value until you have grown your person. It is the person you are that holds the knowledge you have and helps you transform it into any form of value desired. Whether perceived or real.

It is also great to note that part of what validates your growth is knowing what is good for you per time. Usually, especially in this age and time, we are loaded with information everywhere we turn. The truth is, it is not all you read that is valuable to you. You must grow enough to know the difference between entertainment and education.

Spend more time educating yourself than entertaining yourself. When you find this balance, your life will balance. Your growth will be steady and meaningful.

Choose your learning wisely. Grow strategically and favour order of importance. Do not embrace a zigzag progression. It will cost you unnecessary time, efforts and money.

As a fresh graduate, I made some wrong course decisions for growth and positioning which greatly impacted negatively on my career as a Communication/PR, Relationship Management and Leadership Development professional. My choice of certificate courses then was triggered by my desire to get a job after graduating from the National Youth Service Corps (NYSC). My experiences after graduation exposed my mindset. I realised I had to make a change.

That was after about 7 years into my career. During this experience, I realised one great truth.

Survival instinct has the potential of stripping an individual of destiny.

As much as there is information overload on the internet, you must also have a metering system to measure what is important to you per time. There are very garmain skills and knowledge any growing professional must have. To get this straightened out, you have to check the industry or profession within which you practice and look for courses that will increase your value, speed up your growth and take you higher up the corporate or industry ladder.

As a case in point, you might want to consider taking a Mini-MBA – an abridged, carefully curated version of the regular professional MBA programme that is highly affordable. A great place to get that is at Tekedia Institute, coordinated by Prof. Ndubuisi Ekekwe. I am presently taking the course at Tekedia Institute and so far, it has been really educative and helpful especially in having a good understanding of the market matrices and have what it takes to navigate the entrepreneurial journey to the finish line of success and continuity. It is not enough to call your company a Start-up. Your ability to grow that Start-up into a category-king is the differentiating factor.

There’s one tool that every professional must have in the toolkit. That is leadership capability. Professionals must grow and learn to first lead themselves and then grow others around them. Without leadership capability, no professional can get to the peak of his/her career.

You know why? A leader is a combination of these three things –

  1. Soft Skills
  2. Hard or Technical Skills
  3. Experience.

Whoever masters these three will end up a successful leader either as an employee or entrepreneur. Do not be deceived, employees too are great and successful leaders. Do not buy the lie that you must be an entrepreneur before you can be called a leader. This is another reason professionals must learn leadership.

You can never lead better than you know how to lead. This is an undeniable truth. Straight forward and very simple at that.

I sat under Leslie George for six months learning leadership through his quarterly online Leadership Development Programme where I learnt so much that I was able to train a set of Senior Civil Servants, gathered from across many states of Nigeria. The feedback from my training sessions was such that was not common in the history of the Ibadan Business School where the training took place.

For the purpose of quick interjection with a sharp consciousness of the subject matter in focus, let me kindly remind you that nobody succeeds in isolation. Do not forget that for a second. I made this infix because it has a lot to do with this subject as I do not want to break this article into Part 1 and 2. So enjoy!

Many business owners and professionals think that they are self-made successes or as often touted, self-made millionaires. It is a big lie and nothing can be higher than that highest degree of corporate or professional deception. No single person becomes a success in isolation. True leaders know this fact. They live by it too and this helps them drop their egos and acknowledge the inputs of everyone that contributed to their successes.

Niyi Adesanya favours this bias as he firmly states that the people you move with or ‘glue’ yourself to determine how far you achieve success in life.

No marverick underdog succeeds alone. There are solid relationships backing the underdog up. There is usually somewhat impenetrable volunteer system holding the person up and sponsoring his/her cause. Sometimes, sponsors or senior solicitors or volunteers gift you their Networks, time and support regardless of what you do or don’t do.

That is the power of learning and growing a very strong relationship building and management system. This is a signature of true leaders. Relationship Management skills do not jump on anyone. It takes time, patience, conscious commitment to increasing your own value, becoming a person of strong and verifiable trustworthiness etc.

A Yoruba proverb accurately cements my point.

Ori nii mu ni joba, iwa nii yo ni loye’ (Destiny or fate bestows on one kingship or leadership. It is character that strips one of honour)

It is your duty as a beneficiary to find ways of adding value to those who would do anything honourable and legitimate to see you succeed. Being result-oriented, technically savvy, committed to a legitimate cause or a person of integrity is a value to those you desire to meet. Always remember that. Being technically savvy simply means you know how to do what you claim you can do very well.

Now, the question is How do you create these relationships?

How do you lead yourself first so you can attract these ‘eyes’ as Olakunle Soriyan, the Connector and Futurist, would call them?

To blend the flow of where I started from with the interjection, let me tell you a short story about my personal experience which happened in June 2021.

If anyone had told me in January 2021 that I would be facilitating a group of Senior Civil Servants, gathered from across Nigeria at the Ibadan Business School, I would have doubted it. Not because I did not have the potential to do so, it was because I wasn’t prepared for it knowledge-wise.

I sat under Leslie George’s mentorship on Leadership Development for 6 months and the Taofik Sanni of January was no longer the Taofik Sanni of June 2021. I enrolled for the course not because I had a job that required that knowledge to succeed at hand but because I was preparing myself for opportunities to come. I did not even have a clue that I would be training a set of mixed-age group of Senior Civil Servants.

In June, I got a referral for a leadership training opportunity and I saw an avenue to unleash the Giant in me. To express in the public the leadership skills I had developed in the secret. There are things I have been learning and molding myself to become.

That platform was my opportunity for expression. And at the end of the first day of the training, the learners, remember, they were all Senior Civil Servants, Directors etc, unanimously requested that I come again the next day to continue my session with them.

This feedback was a pleasant surprise for the Deputy Chief Consultant of the Ibadan Business School, who told me that such requests almost do not come to them so I should consider their request.

I agreed at my own sacrifice. The next morning, we went for almost another 2 hours discussing leadership development for achieving results.

The truth is, if I had not developed myself before that opportunity came, I wouldn’t have been qualified, by competence, to perform excellently well the way I did.

The story didn’t end there.

A quintessential academic cum professional, Dr. Dotun Moses Jegede, had had series of online encounters with me so much that he trusted me with that opportunity that he recommended me to facilitate that training to another Dr. friend and colleague of his who had the direct contact with the Ibadan Business School. Can you see where relationship is playing its own part in accelerating the growth of a professional before competence can be proven?

To further seal the point in your memory dear friend, on the 24th day of June 2021, the DCC of IBS called me to help her with a referral to facilitate a leadership development training session who would train participants in a far location from where I was because they needed to cut the cost of long distance travel.

The lesson here is that, if I hadn’t done exceptionally well when I had my training in Ibadan, she wouldn’t have had me in mind for further discussions.

Dear friends, do not wait until an opportunity for growth comes before you grow your capacity through learning a new skill or upgrading your knowledge.