Mumpreneur Tour Diary Day 5: Capital Square Ikoyi

Mumpreneur Tour Diary Day 4: The Plectrum Hub, Ikeja
April 20, 2017
Mumpreneur Tour Diary Day 6: Capital Square, Lekki
April 22, 2017
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Mumpreneur Tour Diary Day 5: Capital Square Ikoyi

I was excited when I got into the Capital Square space; Mumpreneur Modupe Macaulay has an eye for detail. The wall art at the reception got me like “aah”! Lol. I am sure your ideas will flow like milk and honey working in that environment, no kidding.

Also, Indomie came through as a sponsor, supporting the tour with products. Getting that call gave me extra energy to keep going. Thank you Indomie Nigeria. You made my day. Mumpreneurs in attendance today were Titi Medunoye, and Maureen

As usual, here are some key takeaways from the sessions.

 

1. Don’t be afraid to hire competent staff for your startup

At the Ace Awards over the Easter break, one of the speakers, Mrs Toki Mabogunje said something that got me thinking. As startups, we tend to focus on bootstrapping; we take on the role of the customer service agent, the production manager, the general be all and know all of our companies. We convince ourselves that we cannot afford to hire competent staff or train staff without considering the fact that there is a cost to this. Your startup cannot grow without competent hands on your team.

My first participant was a mumpreneur with not just a startup, but also a 9 – 5, a toddler and another on the way! Talk about having your hands full. She expressed her concern with hiring a professional to join her team; her fear being that she cannot afford to pay one. This is a valid fear that many entrepreneurs have starting out. There are ways around this and from my interaction with other entrepreneurs, some of them include,

– Get a Co-founder who is also hands on
– Outsource or hire remote staff
– Consider flexi-work arrangements
– Hire contract staff

An important point to note for attracting and retaining competent staff is to make them part of the big picture. Also give them room to shine.

 

2. Offer Value and don’t be afraid to demand payment for it

Every business should be about solving a problem. If you look at it from this angle, you won’t be afraid to demand a price for whatever you are offering. When I started out as an entrepreneur, I was driven by so much passion that so many times I got carried away and was overstretching myself to please customers, even at my own loss. I have come to realize, many mumpreneurs face this challenge with pricing appropriately and not apologizing for it too.

I always have two critical questions for the women I speak with – 1. What problem does your business solve? 2. Who does it solve it for? Answering these critical questions sets the foundation of all your business activities. A person who does not perceive the value you offer, if you are communicating it effectively is probably not your target.

Know the solution you offer, identify who you solve it for, find those people and communicate your offer effectively. Lastly, place a price on that offer and don’t apologize for it.


Tomorrow we will be at the Capital Square Lekki!

Mofolusade Sonaike is the CEO of Branded.ng and Creative Director of Mumpreneur.ng, a network of mum owned businesses that delivers capacity building and support. She's an entrepreneurship advocate and coach as well as an entrepreneurship content creator

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Mofolusade Sonaike is the CEO of Branded.ng and Creative Director of Mumpreneur.ng, a network of mum owned businesses that delivers capacity building and support. She's an entrepreneurship advocate and coach as well as an entrepreneurship content creator

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