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The 45 days Rule for Business in Africa: Day 6  African summer school
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The 45 days Rule for Business in Africa: Day 6 African summer school

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In Africa your business should be profitable in 45 days or Die. …

In Africa your business should be profitable in 45 days or Die.
Rules for first time entrepreneurs who don't have money or someone in their family who could guide them

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  • 1. lundi 11 août 14
  • 2. lundi 11 août 14
  • 3. TODAY LESSON «THE 45 DAYS RULE» 1. Our progress so far & the end lesson 2. Definition of the 45 days rule & Why 3. The 5 steps to Epiphany 4. Q&A 5. Your Homework presentation lundi 11 août 14
  • 4. 1. Our progress so far lundi 11 août 14
  • 5. OUR WEEK STUDY PLAN - DAY 1: Where to Start Your business in Africa: Overview of the hottest countries and cities to start business - DAY 2: Where is the money? How to find and select your business idea? - DAY 3: 100 ideas to Start a Profitable Business in Africa - DAY 4: The Startup Box: Tools and methodologies to get started - DAY 5: Business model creation workshop - DAY 6: The 45 days Rule: In Africa your business should be profitable in less than 45 days or Die lundi 11 août 14
  • 6. 2. Definition of the 45 days rule & Why lundi 11 août 14
  • 7. Your Business Should be Profitable in 45 days or Die This is a rule for first time entrepreneurs, who don’t have money (not a lot), and don’t have people in their family to guide them. Short Cycle profitable business model lundi 11 août 14
  • 8. lundi 11 août 14
  • 9. 2. 5 steps lundi 11 août 14
  • 10. Step 1: Target Dreamers with a Deadline A story said: “During the gold rush toward the West in the United States, entrepreneurs who were selling shovels, Jeans, and wheelbarrow carriers to the gold seekers made more money than the gold seekers themselves, and still are in business today” * Your goal here is to discover what are the desires or priorities of people who already have money or lot of money, then proceed to find out what kind of products and services would better serve their desires. * You don’t want to be the celebrity in town, but you want to help people who dream to become a “Celebrity”. lundi 11 août 14
  • 11. Step 1: Action Plan 1. Make a list of people and companies which are already successful or growing very fast, and have money to spend on anything they want 2. Put in front of each entry, the kind of human desire that is their current priority (to expand to new markets, to be elected, to be famous, to be recognized, to be distinguished, etc.) 3. Then, enter in the next 2 columns how old is the desire, and how hard was it to realize it. lundi 11 août 14
  • 12. Step 2: Build a List This is the core activity of any business. There is no business without a prospects list or past clients database. So this is the first thing to do.. lundi 11 août 14
  • 13. Step 2: Action Plan 1. Make a list of 100 people or companies with the same “desire”. At this stage your list will be based on your assumptions. 2. You should have their name, address, email, telephone and a quick description of what is their business, what are their current expansion plans, or what are possibly their current challenges or threats to their industry or business 3. Make sure everyone on that list share the same desire, and now, try to quantity how many in total are these people in your city, country or in the world. (just to give yourself an idea of how big is your market). lundi 11 août 14
  • 14. Step 3: Ask What problems they need help solving At this step, your job is not selling any idea or product, but finding out the problems these people have now, what are their current desire (or priority), how old is the desire, and how hard was it to realize. So focus on solving a customer’s “pain points” with must- have-yesterday solutions. Customers will rarely pay for fancy, nice-to-have solutions.” lundi 11 août 14
  • 15. Step 3: Action Plan You don’t have a product or solution yet. So the job here is to conduct interview to find out what problems these companies or people are ready to pay for. 1. Take the list you’ve made on step 2 2. Pick 3 to 5 to meet with for Interview 3. Ask bluntly «We are a group of ... competent and ready to work. What problems do you have, we could help you solve?» lundi 11 août 14
  • 16. Step 4: Find out solutions “As you have no money, you don’t want to create a solution for these problem by yourself. You should act here as a trader or a commissioned sales person. Remember what we’ve said above: “Great entrepreneurs start their business venture with phrases like “I want to bring this innovation to market”, or “I’m looking for innovation that could solve this pain/problem”. lundi 11 août 14
  • 17. Step 4: Action Plan 1. Make a list of solution that would solve your target list problems 2. Create customized proposals for your prospects 3. Review them carefully and send them out or go to present them to them 4. Be Polite, flexible, and honest to build trust and connections lundi 11 août 14
  • 18. Step 5: Put a system into please to measure Here you need to put a business system into place to measures your performances: lundi 11 août 14
  • 19. Step 5: Action Plan 1. Create a model for your presentation to clients or proposals 2. Install an invoicing app to be able to create quickly invoice and follow up 3. Track when you call your clients and make sure you have a place to write down what they tell you as important to them 4. Track how long it takes you to close a new customer 5. Track how much revenue do you make per customer 6. Track what are your fixed expenses lundi 11 août 14
  • 20. Summary You goal should be: My business should be Profitable in 45 days or less. Think of everything as a “Test” When you start thinking of your business as a test, in your mind things no longer have to be perfect because, after all, it’s just a test. Most people never move on their ideas because they are waiting for the conditions to be perfect before they launch. Get your stuff out there and then improve it while it is making you money. A less then perfect site that has been launched will be significantly more profitable than a perfect site that is waiting to be launched. lundi 11 août 14
  • 21. Reference: - «The God Approach» - «The 45 days rule» - Go to: SiliconAfrica.com - Search: «45 days» - Check the results lundi 11 août 14
  • 22. Q&A lundi 11 août 14
  • 23. 3. Example of Business Plan lundi 11 août 14
  • 24. - Speed is everything. Think fast, Act fast, Be everywhere through friends, family and informants lundi 11 août 14
  • 25. Break lundi 11 août 14
  • 26. 3. Your Homework Presentation lundi 11 août 14
  • 27. Homework - Chose the name for a fictional company - Write a sales letter to your first customer - Write a press release about your company opening or product launch - Write your post description and the post description for your team members lundi 11 août 14
  • 28. Contact me 1. Email: mk@linkcrafter.com 2. Skype: linkcrafter.com 3. Facebook: Mawuna R. KOUTONIN 4. Everytime you see me bored lundi 11 août 14