Keys to Success as Female Entrepreneur (II)

Omolabake Fasogbon

Two weeks ago, we commenced a series on ‘Keys to Success as Female Entrepreneur,’ where the Chief Executive Officer of Emerging Africa Group, Dr. Toyin Sanni, shared tips on how female entrepreneurs can thrive.

This week, Sanni, we spoke further, explained that having decided on business direction, the entrepreneur must have a knowledge of the chosen profession.

“This is where skills come in. While running a business, continuous learning and unlearning is a must for you as a founder and the team”, she asserted. 

She pointed out that despite her several years in business, reskilling has always been a routine. 

“I am always looking ahead and preparing for a new phase of growth. For instance, I have concluded two levels of the three phase Owner President Management program of the Harvard Business School and I’m rounding up Year one of my Doctorate in Business Admin with the Paris Business School, researching on the Internationalisation of African Family Businesses,” she hinted. 

The mother of three enlightened further that knowledge of a business also comes handy during stormy period to help navigate through, stressing that as the business advances, headwinds are almost inevitable, hence should be prepared for. 

Citing an experience with Emerging Africa, she recalled that economic fluctuations, currency devaluation, interest rate hikes and retaining talents were some of the interfering hurdles that forced some adjustments. 

Sharing some of the losses to the shocks, she said, “The impact of recent currency devaluation and interest rate hikes didn’t come so easy on us, but then we do not expect it to be a smooth sailing ride all of the time.

“For instance, our largest debt capital deal was being closed right in the middle of the hike and almost collapsed as all parties refused to proceed at previously agreed rates, so we had to begin again.

“One of our lowest moments too was undoubtedly when the pandemic hit, disrupting operations and creating unprecedented uncertainty. In the early period, we had to resort to significant salary cut and that was painful to do, of course I personally took the biggest hit. 

“Another challenge was managing the threat to key talents on account of the migration of young Nigerians to the developed world. We have had to manage that in various ways, including new remuneration design and retaining migrated personnel on contracts, amongst others.” 

According to her, getting over this period was not a child’s play, however, the experience offered valuable lessons and reinforced the organisation’s commitment to its mission.

“In the midst of business turbulence, constant adaptation and resilience remain crucial”, she maintained. 

“It is also important to cultivate resilience and a growth mindset, viewing setbacks as learning experiences rather than failures. By staying persistent, leveraging support networks, and continuously investing in personal and professional growth, the sky is just the starting point for women,” she stressed.

That Sanni was not weighed down by these distractions, the organisation under her leadership has been able to pull several landmark deals within six years. 

“Some of our largest deals are the ongoing N100 billion NEN Infrastructure Bond program, the first tranche of N40.9 billion – largest private bond in Nigeria closed recently. More so is the proposed $100 million AAA impact fund MOA signed in Singapore as well as our $50 million Technology Fund registered in Mauritius,” she disclosed. 

As a way of supporting women- led businesses, Sanni said several initiatives were being floated by Emerging Africa for this cause. 

She said, “One notable offering is the Balanced Diversity Fund, as well as other initiatives through our VC Division. Our affiliate, the Toyin F. Sanni Foundation focuses on serving underserved African women and children, providing them with resources and opportunities for empowerment and development.

“These initiatives demonstrate our commitment to supporting women and promoting gender equality within our organisation and beyond.”

Sanni insisted that women must be engaged to contribute meaningfully to the economy and for other reasons as achieving personal and professional goals, psychological well-being and family support. 

“Financial independence is a strong buffer against emotional and physical abuse by spouses and other family members as it reduces the vulnerability of such women. Besides, they can be able to create opportunities for other women and help uplift their communities.

“For instance, I founded the NGO Women in Finance NG, which provides a platform for networking and mentorship, empowering women in the financial sector.

“My activeness has also had a profound impact on my family and dependents. My daughters are actively involved in the business and are inspired by my journey, seeing firsthand the importance of hard work, resilience, and the impact they can have on others. Through my efforts, I aim to create a ripple effects that encourage and supports more women to pursue their ambitions and contribute to their communities,” she said. 

She pleaded with government at all levels to multiply support for women- led businesses, assuring of its multiple gains. 

“They should implement targeted policies and programs focused on easing access to financing, provide training in key business areas, and create a supportive regulatory environment. 

“By collaborating with various stakeholders and prioritising the needs of women-led businesses, government can significantly contribute to women’s growth and by extension, Nigeria’s prosperity,” she added.