Speaking with dozens of African entrepreneurs has made it clear that time can be a real business killer. Sometimes, all the success in the world can’t help you if you don’t have the time to build on it. Two Ghanaian entrepreneurs learned that for themselves. They worked hard to make the time their businesses needed to succeed.
##Time to Build Credibility
Ayo Adigun’s company Flexipay knew that the couldn’t simply begin by going around and asking for investment. He decided to use what money he had to run the company on a small budget and build his credibility. He resisted urges to start raising money right away.
Instead, he built enough credibility and took the time to realize he didn’t have a viable business model. But that credibility and knowledge he built during that lead time was still very valuable. Instead of having to tell his investors that he didn’t have a business model and spent all of their money, he could move to the next project with an excellent reputation and some important knowledge.
“We’re a start up and relatively unknown, so it would be difficult for someone to give you money, so what we’re trying to do it build credibility first.”
-Ayo Adigun, Founder of FlexiPay and DAA STEM Academy, Africa Prize 2015
His next project, DAA STEM Academy, has been a tremendous success, in part due to what he learned during that lead time.
##Not Taking Advantage of Lead Time
Nanachi Agyeman-Prempeh, Co-founder of Asoriba, had some regrets when he looked back on the lead time he had while getting his Masters degree.
“If there’s anything I would have done in that initial year or two years ago, it would have been to meet people in the industry, that’s in the Agric engineering industry, that’s what I was doing before coming to Meltwater. The reason why I say this is my background is in the Agric engineering machine systems for my masters and that’s what I was doing before coming to MEST. I realized that whiles being in MEST and discovering technology I wanted a way to use technology in the agricultural sector. I took a day off and I went to talk to my supervisors, lecturers, I think I can use technology to solve problems in there and I didn’t get the best of answers that I was looking for.”
-Nanachi Agyeman-Prempeh, Co-founder of Asoriba, MEST Incubator
That time he spent studying could have been used to make contacts which would have been useful for his business goals. It’s a reminder of how precious that kind of time is. Nana knows that he could be even farther in his business career had he spent it more wisely.
This would have aided him in getting funding because he would have been able to do many things essential for his business goals while he had a place to live. That would reduce his need for funding in the early stages of his business later on.
Looking at both cases together, it’s clear that lead time is a valuable resource which should be taken seriously. Consider whether you have it, whether you need it, how you’re using it, etc.