The Truth About African Entrepreneurship: Why 90% Fail (And How to Be the 10%) - Francis Kofigah

Summary

---

Podcast Summary: The Truth About African Entrepreneurship: Why 90% Fail (And How to Be the 10%)

Konnected Minds Podcast with Derrick Abaitey — Guest: Francis Kofigah (CEO, Dolman Foods) Date: October 17, 2025

---

Main Theme & Purpose

This episode is a deep dive into the realities of African entrepreneurship, focusing on why the vast majority of small businesses fail and sharing actionable lessons and strategies to join the top 10% that succeed. Host Derrick Abaitey interviews Francis Kofigah, CEO of Dolman Foods, who draws from his own journey of dramatic family wealth loss, starting from scratch, navigating partnerships, fundraising, and the importance of mindset, systems, and financial literacy in building resilient African businesses.

---

Key Discussion Points & Insights

Francis’s Personal Story: From Privilege to Adversity to Entrepreneurship

• Background and Family Loss (03:03 – 07:41)

  • Francis grew up in a wealthy Ghanaian family but suddenly lost everything due to family disputes and betrayal regarding inheritance.
  • The loss forced the family into hardship: “I didn’t know what poverty was before. It was a word in a dictionary. But after going through… say no, not anymore.” (04:18 – Francis)
  • He became proactive to avoid poverty and help others escape it: “Can we make a million people millionaires? That’s where everything started from.” (04:45)

• Early Initiatives and Hustle (10:31 – 13:02)

  • His entrepreneurship started out of necessity while in school, learning graphic design and small trading (phones, design services), mostly self-taught via YouTube.

• First Major Business: Donuts (17:00 – 20:00)

  • The origin of Doman Foods stemmed from helping a lady with a sales bottleneck for her donuts.
  • “What if we partner? You make the donuts, I'll do the selling... That’s the beginning. So we take the donuts, put them in plastic containers, move from shop to shop selling donuts.” (17:54 – Francis)
  • Early business grew informally, with branding emerging organically (“DoMen” became "Doma" as brand name).

---

Realities of Partnerships in Africa

• Partnerships in Ghana (20:13 – 25:00)

  • Most partnerships are verbal, without written agreements. When money appears, people change.
  • “People change. I've seen it happen too many times.” (24:54 – Francis)
  • Francis’s initial partner (the original donut supplier) wouldn’t expand with him due to loyalty to her own financier—illustrating how relationships and allegiances deeply affect business evolution in Africa.

• Written Agreements vs. Verbal Trust (25:00 – 27:16)

  • Derrick emphasizes: “Put a contract together… It’s a difficult conversation, but have it.” (26:24)
  • Francis: “I didn’t think… anything bad could happen.” (25:26)

• Value of Honoring Early Team (26:35 – 27:25)

  • When unable to pay co-founders (girlfriend, church friend), Francis wrote a promissory note to backdate salaries once investment came. He honored this in full after fundraising.

---

Fundraising: Attracting and Managing Investment

• How They Raised Their First Funding (27:40 – 30:46)

  • Professionalizing systems after landing a deal with Uber (producing donuts for their March 6th ride promotion), which also attracted investor attention.
  • Key: fast, reliable delivery and adaptability to client specs.

• Business Documentation & Structure (31:03 – 33:20)

  • Investors want to see evidence—inventory, sales ledgers, documented processes: “Most businesses… never write it down… Documents, at least if you have it down, that’s the beginning of the conversation.” (32:10 – Francis)
  • “It’s more of attracting [investment] than chasing.” (33:08 – Francis)

• Accounting, Financial Records, and Storytelling (33:28 – 36:29)

  • Money hasn’t left the economy; it’s just moved, and entrepreneurs must present data-driven cases to attract capital.
  • “What proof do you have that if I put my money here, my money will grow?” (31:03)
  • “Tell the story of your financials, your data… When somebody hears it, it’s music to their ears financially.” (35:21 – Francis)

• Pitfalls of Equity Deals (37:01 – 40:40)

  • Gave away more than 50% of the business in their first investment deal: “Unfortunately, that's the one I had… Ownership of the business changed hands. However, I insisted I still be CEO.” (37:38)
  • Key regret: “If I could go back, maybe I’d do debt and grind my ass off and then pay it off. Equity [can be] dangerous.” (39:16 – Francis)
  • Advice: “If you're starting, work it off. Grind, work hard, do the sales, use debt if you must—not equity.” (40:40)

---

Mindset, Systems, and Why Most Businesses Fail

• Product-Market Fit & Listening to Customers (50:55 – 52:17)

  • Most African businesses fail because they focus on the product, not market needs, and ignore feedback: “The market will tell you what they want. Most people never listen… We were trained not to hear.” (51:13)
  • Don’t just copy what works elsewhere—adapt for your customer base and context.

• Cash Flow and Financial Illiteracy (52:17 – 55:55)

  • Many entrepreneurs wrongly view margin as profit (e.g., revenue minus expenditure = ‘profit’ to spend, but the real profit is less and must be reinvested).
  • “If you don't know what managing money means… the business won’t last.” (53:45)
  • Recommendation: “Rich Dad Poor Dad” and “Cashflow Quadrant” by Robert Kiyosaki (54:01)

• Role of Mentors (43:15 – 44:16)

  • “Mentors, excellent… Can open doors for you you’d never find in a thousand years. Back then, I didn’t know; some of the grinding, someone could’ve made a phone call.” (43:32 – Francis)

---

Key Business Lessons & Practical Advice

• Sales & Marketing in Ghana (60:34 – 65:29)

  • “Show, don’t tell”—visual proof and social validation sell better in Ghana than just big talk.
  • Simple tracking of customer data (names, spending) and following up via phone are underutilized but powerful retention tools.
  • Embrace local adaptation of modern tech, especially AI, for marketing automation.

• Discipline Over Motivation (65:29 – 66:21)

  • “Discipline 100%. In order to make money, you need to do the same boring things over and over… You can’t grow anything if you’re not disciplined.” (65:32 – Francis)

• Dealing with Limiting Beliefs & Mysticism (56:09 – 60:34)

  • Many attribute business difficulties to spiritual causes or bad luck.
  • “The deception is woven into our fabric—we think things are mystical.” (56:40 – Francis)
  • Knowledge is the ultimate solution, not supernatural intervention: “God gave you your brain not to just pray for rain, but to think.” (57:47 – Francis)

---

Memorable Quotes & Moments

• On Partnerships:

  “Agree and sign before the money comes, because when the money comes, people change.”
  — Derrick Abaitey (24:54)

• On Entrepreneurship Realities:

  “If you’ve not been in wealth before… you think there’s no money in Ghana. The money hasn’t gone anywhere—it’s just changed hands.”
  — Francis (33:28)

• On Financial Literacy:

  “Margin means this money, I must turn it around to keep working for me… Most people never grow because of discipline.”
  — Francis (54:17, 66:21)

• On Local Beliefs:

  “You think that God gave you your brain not to think, but for him to rain money on your roof—is an abuse of the mind he gave you.”
  — Francis (57:47)

• On Mindset:

  “If you’re playing life not to lose, you will lose. Most people don’t know the game they are playing.”
  — Francis (55:55)

---

Timestamps for Important Segments

• 03:03 — Francis’s privileged background and sudden loss
• 13:00 — Early side hustles and skill-building
• 17:00 — Founding the donut business
• 20:35 — Partnership mechanics and the impact of money
• 24:54 — “People change” with money—need for contracts
• 27:40 — How Dolman raised its first funds (Uber partnership)
• 31:03 — Structuring for investment and documentation
• 37:01 — The pitfalls of dilutive equity deals
• 43:24 — Why mentors are essential
• 50:55 — Top reasons Ghanaian businesses fail
• 52:17 — Misunderstanding cash flow and profit
• 60:40 — Three key marketing and sales strategies for Ghana
• 65:29 — Discipline as the entrepreneurial superpower
• 56:40 & 57:47 — The danger of mysticism and limiting beliefs in African business

---

Book Recommendations

• "Rich Dad Poor Dad" & "Cashflow Quadrant" by Robert Kiyosaki (54:01)
• Daniel Priestley’s works: "Key Person of Influence", "Entrepreneur Revolution", "Oversubscribed", "Scorecard Marketing" (67:19)

---

Closing Thoughts

Francis urges aspiring entrepreneurs to focus on record-keeping, understanding the local market, and building systems rather than relying on inspiration or copying Western models. Partnership agreements, disciplined operations, and seeking mentorship are repeatedly emphasized as game-changers. Above all, he encourages listeners to “think and do,” not just pray or spiritualize business problems.

“With all the wisdom you have, why would you pay somebody to be richer just to get your shares back? Rather use that money to start something new.” (66:26 – Advice from Francis’s auntie)

---

For more insights and resources, follow Konnected Minds on YouTube, IG, TikTok, and join their community at connectedacademy.com

Transcript

[A]

Have you ever complained about anything Ghanaian? Could be delivery time, asking for direction. All those things are problems that we can solve, but we don't like solving as much. We think that a lot of things are mystical.

[B]

We end up spiritualizing things.

[A]

I was a victim. I got into a relationship. This lady brought me donuts, lovely donuts. So I said, okay, fine. What if we partner? You make the donuts, I'll do the selling.

[B]

When the money comes, people change.

[A]

People change. I've seen it happened too long time. Three years after we started a business, we were able to raise funding. And then I went to this one and I said, we've got you money now we need to move to a bigger space. I want you to come with us.

[B]

I'm a young man that just started a business based on your experience in raising money. What can I do?

[A]

Hey. Investors are looking for ways to multiply their money, not ways to help. What proof do you have that if I put my money here, the money will grow?

[B]

When an investor is coming into your business, usually what percentage are they asking for?

[A]

Some investors are being asked for just a piece of the pie. Some investors want too much.

[B]

If you had the option to start again today, what would you have done? So you're welcome to Connected Minds podcast and and I'm very excited to have you here to watch and listen to this conversation. My name is Derek Abayte. Today I'm speaking with Francis Kofiga. He's a CEO and the founder of Dolman Foods, Another Ghanaian man who has been able to do it on the African soil. An entrepreneur who also helps other businesses in their businesses. Such a great calling that he has to be able to support other businesses with the strategies that has helped his company get to the level where it is today. He's a student of light, I say it. A man who has taken upon himself. But everything that he's learned in his business, most people can also benefit from it. And he's not going to hide it under his pillow. People must get to know. Here's a conversation that will shift the way you think about money, how you perceive the African soil and the opportunities that this land has got for you. So stick with me and don't move anywhere. You're welcome to my studios.

[A]

Francis, thank you so much for having me. I'm doing so, so, so well. How are you doing too?

[B]

I'm all right. I'm all right. I like to believe I'm fine.

[A]

Yeah, you're fine. Yeah. Yeah. You look good. Thank you. Thanks.

[B]

You know you're On a mission to help millions of people become millionaires and then also be able to reach their full potential.

[A]

Right.

[B]

How exactly has your journey been?

[A]

Let me take you back to where it starts from. I grew up in call a very wealthy family. Everything was fine. To put it in context, everybody was bringing a refresh. You know a refresh.

[B]

Nah.

[A]

So refresh is today. We call it Calibu. That's that box. Box juice. And back there was refresh. It was bringing refresh to school. I was coming with can mineral with can Fanta. Everything was fine. When my, when my brother was going to school, he would go to school with. I mean it's like they offloaded the supermarket into his chop box. Fantastic. When I got to JSS3, everything vanished. Literally. Family said blah blah blah. All the properties of my dad lost literally everything. I couldn't afford to go to computer school. Back there was like, let's say 99 cities. That's 990,000 CDs. Today is 99 cities. We couldn't afford it. But my school fees was like three, four times that amount. Things were hard. And I look at what like what life was like before and then what is going on now? Say no, this is hard. Nobody should go through this thing again. I should figure it out, get back to that state and even do more and not let people go through poverty. I didn't know what poverty was before it was. It was a word in a dictionary. But after going through say no, I'm not anymore. So the mission is simply to help people, not to, not to be comfort. And I see the target that can we make a million people millionaires? And that's, that's, that's where everything started from.

[B]

Tell me exactly what was happening at home in the beginning.

[A]

So it's. My grandfather was very wealthy. Houses, hotels, lands, properties, cars. And my dad is the firstborn. So in my tribe, the firstborn inherits the. The properties. Right. So he before, before he passed on. Ideally my dad would have been the one to administer all the wealth. Now his sec. His stepmother, that is my, My grandfather's second wife is. I mean for whatever reason she's password now. Whatever reason, he said if this my stepson gets all the wealth, my children will not get some. So things happen. Things happen. They connived and then start framing my dad to have stolen wealth or to have stolen things from my grandfather. My grandfather believed it for some reason. I mean he sacked my dad. I mean my dad went to prison for some time. He had to run away from the House. He became like a fugitive. And they came for everything from home, even our tv. Tv they took our tv. They took. I mean I remember back then. So my favorite food is pork. And when. When I can't think of what to eat. Default Kinky and pork. I went to my mom one time, I said, matt, can I have Kinky and pork today? Not this time. Wow, like what happened? So then we have had to live through. We had to live through. In fact, when I go to ss, people make this joke that oh, it's because I was a Daniel Prefect. That's why I'm selling donuts. I became a Daniel Prefect because food was not enough. The food from home, the provisions was not enough. And then the first day I get to the table, it was beans, beans and plantain. The, the senior at the time that was sharing the food, he divided the plate to half, put half on my table, give me like one spoon of beans, said that that's yours. He took the saucepan and went away like. Like you, you couldn't report. I didn't know what to do. I said ah, so who, who gets better food here? Then he said, oh, if you become a Daniel or preferred, you become better, you get better food. I said, ah, that became the. So the reason why I came DHP in presec is because things were hard at home. So I mean from SS to even uni days, things are not. It's today that now we can breathe in small.

[B]

Okay, so daddy had some money. So your upbringing was okay. At some point you would have called yourself a dadaba.

[A]

True.

[B]

And then at some point everything was taken away. Now when you had it, what were you thinking? What, what, what did life mean to you at a time when money was at home? Oh, if you can remember.

[A]

I mean like I didn't have any problems. There was nothing to worry about.

[B]

I.

[A]

All I just needed to do was to get close to your phone. Once I can call my dad. Oh, name it. Is it, Is it, is it shoes? Is it clothes? I mean we had. I don't know if you were, if you remember, Super Nintendo and then game, it was Sega, Sega back to back, right? Cartridges, plenty things were Playboy or something. Game Boy, Game boy, Game Boy. P.S. you had everything this issue one PSBO. But everything left.

[B]

And then when things started going away from the house and the things you could find comfort in, you no longer had access to it initially. How did you start feeling? Huh?

[A]

Have you, have you ever been to or maybe spoken to somebody and they are shaking, They've not Eating for like days. And it's like they are on the verge of committing suicide. Life was tough. Life was hard. My mother at the time, my, my mom is my late mom. So the one I'm living with is she. I mean, she would cry. And you are seeing your mother cry. Like, think about it. She's crying because back then she could provide. Today she can't. It felt like she had failed and it wasn't her fault. Somebody wanted to be. Somebody chose to be greedy. Greedy. In fact, one of my biggest enemies is greedy. So like today, the reason why I won't hold anything back is because of that. Greed is more serious than measuring all devices.

[B]

Where's your father now?

[A]

He's still alive.

[B]

And how is his life at the moment?

[A]

Oh, things have changed. Things have changed. He's into, into construction now. So like he builds for people. People send him money from abroad. He builds, does all those things.

[B]

When did you start thinking of taking charge of your life?

[A]

So I started taking, I started thinking about it critically when I got to university, when I finished, when I finished ss, you know, I went to best ss. So it's fine. When I finished SS and, and I got to uni. The biggest, the biggest issue for me then wasn't. Wasn't even food became accommodation. Then my uncle, by God's grace, got me a laptop, right? And the only thing I knew to use laptop for was watch movies. But at the point I got B.O. then I said, okay, what do people do to earn money? Then someone said, oh, you can learn graphic design. So I went to YouTube, learned all the how to use Photoshop, how to use After Effects, how to Premiere Pro. I was learning all the software, learning everything. Then I said, okay, now how do you sell? How do you, how do you market these things? And then someone said, oh, do it for people for free. I said, okay, fine. That's what I started doing. Then eventually what struck, what brought the difference was that I couldn't sell. Like, I didn't know what selling is. Today is a different story. But I didn't know what it means to sell. So in my bid to sell, then I said, okay, fine, if I can master these things, I can change people's lives.

[B]

And what did you do after that?

[A]

So my roommate at that time wanted to, to do this Valentine's Day. What do you call it? Valentine's Day. Like you buy things. Packages. Yes. Thank you. Yes. Yeah. So he went on to do packages and then he asked me to design the flyer. That flower was so bad. So I took A picture of him and I asked him to pose with one of the hostel ladies and then push together. Then I took a picture like going to Photoshop and I did something that looked like a flyer. I mean that flyer today, I don't know where that fly but it was horrible. It was horrible. But it ignited something like somebody trusted me to be able to do this. The energy, the vim, the drive came alive as ah. So I would spend sleepless nights just studying after effects Photoshop making all the mistakes, trying, trying trench until I was able to figure it out how did.

[B]

It translate into money.

[A]

So it didn't bring money immediately.

[B]

Okay.

[A]

But what it did was it exposed me to it computer. Like it's, it's brought my passion for it. So final year when we're about to graduate then a group of a team came, came to my class and they said we're from not of Century School of Technology and that they are training people to become software engineers, software entrepreneurs. Okay. So they teach how to, how to code and, and because of the background and because of that new newfound passion, like it was a, it was a merger. It was like oh, so I can learn how to build software and they'll give me free food. Free food, free accommodation, free laptop, free, free tuition, like literally everything free. And then teach you to build a globally successful software company. Ah, who doesn't like applied out of 600 and something. I think six, six, 20 or so people that apply for that thing really choose 20. I was one of them. So that was like the, the genesis. So went to, to, to, to me the, the. They taught us for two years software, business, pitching, communication, all that, all that, all of those things. And then I forgot, I forgot the dreams I was chasing. Globally successful software company. Like it became like a tag, a slogan. If you didn't become a Facebook, right? If you didn't become like the Ghana's Facebook or Ghana's version of. Or even Dropbox, right? You've not achieved anything so ever God's helping. And it wasn't in depth, it sort of evaporated. And at that time I think by God's grace things were a little okay. Right. Other family members came to support my dad. We were able to get a car, things were fine. Then we participated in a hackathon and I won. I mean my team were four. We came second place and you would have thought second place. I think we got maybe 800 series or so and we're six in the team. So we shared it and everybody was fine. Then our team Lead it was a UNICEF hackathon. He sent an email to UNICEF and said we came second place. But the project that we, we, we pitched, we want to actually develop it. You said, I was like ah, who is this guy? Bold confidence, you send us something. And so they invited us, went to pitch, then they signed the contract, we won, we, we got a contract, we, we built it for them. Then the money, I said, this money, if we, if, if I don't take it to finish, okay, the money will finish. So what do I do with it? So I touched it somewhere. It wasn't even something then. That's where I got into a relationship. Now this lady brought me donuts, lovely donuts, soft. It took me back to those days when things were fun at home and my uncle would drive us to bar stop, Ring road and Ring road, there's a popular joint there called Bus Stop. We'll drive it to bus stop and then we'll get donuts, Sugar coated donuts, lovely. So then that's nostalgic effect. Everything came back, said, where did you get this thing from? She said oh, there's a joint near my office. I said tali, tomorrow when you're coming, I want, I said buy the same thing Tali. So she goes, said the donors are finished. Okay, you tomorrow when I come in, she goes and said it's not finished. I said ah, why? Then after like two, three times I said what's the. Oh, sometimes when they go, they say it's finished. Some, when they go you say something, some story after the other. So I said okay fine, I actually forgot about it. So one time I go and visit her. Then I remember ah, the donuts, where did they sell it at? Then she showed me, I want to see the woman. The woman said the place that they are, when she does the donuts, everybody moves from there to say the like that it's residential. So when they move in the mornings if you do, if, if it does painting and the things like they'll be left over, right? So should rather do small than when people are going and they buy their things and the finish is finished so she wouldn't do extra. So then I thought it's a sales problem. But at that time I now started studying sales. So I said okay fine, what if we partner? You make the donuts, I'll do the selling. You say oh Charlie, everybody wants money, yeah, so you will do. And that's the beginning. So we take the donuts, we put it in plastic containers, move from shop to shop selling donuts.

[B]

That's how you started your business. Dormant Foods. This is incredible. You basically saw a woman that was making it and she had a sales problem and then you did the sales for her.

[A]

Exactly.

[B]

Were you not concerned about she giving up on the idea?

[A]

We didn't. I was not helping her to start a business like I was just helping her to sell, that's all. It wasn't. If she stops, it's fine. I, I don't, I don't lose anything. So.

[B]

And what was your percentage cut out of that?

[A]

So it wasn't giving. Like she was giving a percentage. She was selling to me at hair price. Hair price. Then I'll add my markup. So whatever I wanted to add on it didn't concern her. She didn't have a brand then. I mean, till now.

[B]

Right.

[A]

She didn't have a brand. So we had to even now put the branding thing all together.

[B]

And the brand name you started with was.

[A]

It was no one, in fact. So I remember after, after, after I entered the partnership, I didn't know how to sell it. So I was speaking to a friend in church and I said, charlie, I want to start selling donuts. He said, donuts? He said, I'm with you. I said, okay, fine. Then he asked, what will you call it? Said do not Men. Then he said, said, do not men is too long. Ah, yeah, it's true. Doma. That's how we called it because we had two guys going to sell donuts.

[B]

Right. How many people are in the business now?

[A]

So we. So now my girlfriend. Now she was the brain behind all the aesthetics, all the graphics, all the everything. She now did the logo and the branding, the website. I did the website. But everything that was asset, even the packaging. Okay. It was here. So three of us together started. Yourself, myself, your friend in church, girlfriend at the time.

[B]

At the time, your wife.

[A]

Now my wife now.

[B]

Right, right. Yeah. Because I wanted to get it right. So it's you.

[A]

Yes.

[B]

So between you, your wife.

[A]

Yes.

[B]

And a business partner. So there's three co founders of the business and you are the ce. Exactly. Fantastic. Now there's something about when people go into business and partnership, this part of the world. How has it been for you guys?

[A]

Hey, this matter. So when we started, it wasn't. In fact, it still isn't a written partnership, it's just a verbal thing. I'll buy from you, give it to me at this price, I'll sell it. Whatever I make, can I pay back your money? So that was everything. Then 2018, three years after we had Started the business. We were able to raise funding. And then I went to this woman. I said, charlie, I am. We've gotten money now, okay? We want. We need to move to a bigger space. So let's move from here to. From Jolie to East Lagoon. I want you to come with us. Do it big money has come too big. No one said no. Okay? I know you want to stay with your shop. You've trained people. So you know what? Give me one. One lady to go with me. She made a donut. She'll count. If maybe we'll do a thousand, two thousand, whatever it is, she'll count. She'll tell you the figure. I'll pay you X percentage. Okay, Mommy. See, teach me the recipe. Give me the recipe. Just write it, the steps and everything. I'll employ people, then every month I'll pay you X royalties or whatever it is. He said no. I mean for like months, just going back and forth. She said everything. I offered. She said no. So eventually we had to still part ways. We brought in a chef from Ivory Coast. It took him say, I think maybe two, three months just to figure out the recipe. He would eat it. So we're buying from the lady. We transport it all the way to East Lagoon, then put it in there. I mean. I mean, we'll do it then. Eventually we started mixing what the ibico chef was doing. And then. And then the one we're buying from, the lady put it together in the box. Therefore, complaining. Don't worry, let's have change. Don't worry, don't let's have change. We knew what we were doing. So I'm saying all that because partnership.

[B]

Yes.

[A]

Human beings change. Human beings change. Right. And the amplifier of this change is money. So starting partnership.

[B]

Okay, what was your reason?

[A]

Okay, good. So fast forward later, when we had now figured out the recipe, or at least we had standardized rs, we had moved on. I met one of her.

[B]

Workers.

[A]

Workers? Yes. Then I said, what is the reason why your madame never wanted to help us? She said, no, it's worthing about you. Ah, what's about? She said, it looks like she lost her parents or something. And then this woman from UK was the one that was taking care of her person, took care of her through school, Even the catering school that she went to learn this thing that she's using to do endurance for aforesaid. And so. And even the shop that she was in, the person was sort of like the financier. So she has this high allegiance for the person and so helping you felt like she was betraying that person. And that's what she said. No.

[B]

Wow.

[A]

So wow. Loyalty. She's loyal to the core. And so I understood that it wasn't because of us. It wasn't going. It was, we're fighting loyalty. And that's why she never helped us.

[B]

Let me stop you here for a minute. We are on the journey of changing the minds and the lives of people. So if you haven't subscribed and become part of the family, please hit the subscribe button and turn on the notification. Thank you. Now, let's carry on with the conversation. You see, I posted this on Twitter the other time. I said, agree and sign before the money comes. Because when the money comes, people change. Do you agree?

[A]

People change. I've seen it happen too many times.

[B]

Why do you think people don't agree and sign before the money comes?

[A]

In the initial stages, it doesn't look like the thing works. Sometimes it doesn't look like a thing works. So to agree on future things is a little hard. You want to agree on like unforeseen or things that look some way. So I don't know. I know.

[B]

Why didn't you do it in the first place?

[A]

I didn't think. I didn't. I didn't think she would. I didn't think anything bad.

[B]

In 2014, yes. Edward and I put a contract together. I actually put the contract together. Partnership contract, 50, 50 rules were signed, everything before we even started the business. I don't know where I learned it from, but I've always. I've always been very meticulous with certain things. I always felt that people would change when money comes.

[A]

Might have learned it earlier, didn't I?

[B]

I don't know where I learned it from, but you know, I've been a student of self improvement for years. Okay, maybe somewhere in the books that I've read, it said something about putting contracts in place and things like that, but it's something that I'd always think about. It's. It's my go to thing. And I really want entrepreneurs and young business people, no matter who you are speaking with, they may be 20 years ahead of you in business to pull a contract together. It's a difficult conversation to have. But have the conversation because partnerships fail everywhere, unfortunately.

[A]

But let me tell you two people that didn't change. My co founders. When we started, I couldn't pay them. In fact, I couldn't afford to even pay them. My girlfriend quits. Now my wife, right, she quits. She quit her job to come and work full time in doorman. This other gentleman from church, full time in doorman. I couldn't pay. I couldn't afford their salaries then. So this is what we did. I wrote a small note. I said, I, Francis, CEO of Dohman, will pay you X amount of CDs every month. However, we don't have money to pay you. And so when money comes, starting from this date, I'll pay you.

[B]

Wow. You would backdate.

[A]

Backdate, wow. So when the investment came in 2018, the money was passed. Francis didn't change.

[B]

Before we even go back and talk more about partnership and the reason why they did not change and the support that your now wife has given to you, I want you to really break down how you were able to raise funds for the business.

[A]

Fundraising. So let me take it slower. We 20. 2017, right? 2017, we wanted to move from where we were because our landlady was giving us issues. She said we're causing too much rubbish, okay? We're causing too much rubbish in a place. And so she wants to let us go. And so she recommended like a different place for us. And then we had to raise money to go. We didn't have the money at the time. So just when, like it looked like all hope was lost, like nothing was going to happen, then a certain lady from Uber, she came. I mean at that time I didn't know her from anywhere. She just came and she said she's looking for a certain type of donuts. Almost like this was like this one. Like I'm like, ah, this thing is. Oh, well we, we'll try, we'll try. So she gave me the specs. Then I went back to the kitchen, spoke to my lady Karen, said, this is the they want Ghana themed donuts, right? And she's like, oh, this thing can do easily. We'll do this, we'll do this, we do this. Within like minutes she was able to pull the thing off. Then I called the lady, I said, oh, please, we are done. The lady was shocked. She was lacking, ah, I thought like two, three, this thing. So later on she told me that the reason why they went with us was because we're like the fastest. Like everybody shared reach out to. They said two, three days, but we like in minutes. And why I'm bringing up this story is this. When is that that deal with. With Uber. Uber the. The right hailing app. And they sent an email to all their contacts, every single person on the database. And what was it was. It was the deal if you ordered a ride on 6th March 20, 2017, if you order the ride on, on 6th March, there'll be free donuts in the car. Uber was paying, we were producing. So Ghana themed donuts in the car. When you, when you order the Uber. So he sends everybody. Then this gentleman from. From where? I didn't know. So got that email, they started digging in who is this doorman thing? Where is this demand from? Where is this demand from? So then his secretary reach out and said, my boss has seen you, My boss has seen you. My boss says that he wants to invest in your business. Come, let's talk. And that's. That was the beginning. So I had to now, like records, records, taxes, formalization, hush that work. So that's how we like in natural ways of funding. We had to in quotes, structure the business right, so that we could please him for him to give us the money.

[B]

Okay. Structure the business right, so that you could please.

[A]

Yes.

[B]

The potential investors. And the reason I really want to stress on this, what sort of documents, what structures do you have to put in place?

[A]

Okay.

[B]

To be able to invest for people to invest in the business.

[A]

Think about it like this. To please an investor, you need to think not like an investor. Let me explain. Investors are looking for ways to multiply their money, not ways to help you, Right? So what proof do you have that if I put my money here, the money will grow from your inventory, where you buy things, then production, how you turn raw materials into Phoenix goods, then your sales, even how to how you get your customers. Do you have records for all these things? Is it written down? Most businesses, I mean, I coach a lot of businesses and they've done this thing so many times, so often, they never write it down. As simple as we buy flower from this woman at the market. As simple as it is, they don't have it written down. And so if the prices change, it changes only in their head. If a customer buys, the customer buys only in their head. If something went wrong, it's only in their head. It's never documented, those documents. At least if you have it down, that's the beginning of the conversation. Then how many, how much have you sold? Right, Like a sales ledger. How much have you sold? Is this something that is tracking it? How much did you make yesterday? How much did you make last week? How much did you make last month? Is this something that's tracking it? Then you look at how much have I spent aside raw materials, salaries, rent, utilities, taxes, how much have I spent? It's as simple, but most people never do so all these documents, when you put it together, and then you can, you can now start drawing or even valuing your business, right? You can, you can also start looking at it and say, okay, based on these things, things in the next three years, if nothing changes with this business would have made so, so amount of money, then you cannot even. You can even think I'll even value your business. But if you don't have these things, like nobody wants to even listen to you. By God's grace, I learned these things from mess.

[B]

Okay, Right?

[A]

I learned this from mess. How. How to keep records so that you can attract investments. It's is more. Is more of attracting than chasing.

[B]

Okay, talk to me.

[A]

How do people attract? There's a lot of loose money around.

[B]

If.

[A]

If you've not been in wealth before, if you've not been in money before, you think that Ghana is hard. You didn't like, there's no money in Ghana. I was making a joke and then I said, when you hear the word economy, and I said the economy is bad. Most people think that the economy is bad means that the money is finished. They said, where does the money go to? It doesn't go anywhere, right? It just means that the money has changed hands from X place to Y place. It has gone to a certain place. And so the people who don't have and the people who have, they are. They are a group of people who have that money. So when I say economy is bad, it's not that the economy is bad. You, you don't have. Right? So the group who have money are looking for where to put the money, for the money to increase or to multiply. So. But the challenge is they don't know where or the places that are available are not enough. So when I. What I mean by attracting is that you have made a case based on documentation that what you have sold or what you are selling, you can make profit and increase if more money comes. That is what I mean by attraction. Then you tell that story simple.

[B]

I'm a young man that just started a business starting today. Based on your experience in raising money. What can I do apart from the things you've spoken to me.

[A]

And I borrowed this from you.

[B]

Okay.

[A]

What can you do if you want to attract investment? Today I borrowed from you. You need to tell your story. Yes, story of how you struggled and everything. Those are, those ones are good. But the story of your financials, your data, you know, it's. It's. Let me, let me go back small and I'll come back when I was in school when I was in SS and things were hard. I went into phone business. So I would take money from my peers. Then I'll go to utc, UTC Accra, buy phone. I mean, I'll bargain, buy, bring it back, right? I was in that business. What made me sell was somewhere, somewhere I picked it up. Now what made me sell wasn't really just that I had a phone, but that I could talk, that I could tell a story. I could, I could explain to people that, oh, if you give me money, we'll get you a phone. And the features of the phone, I mean, I mean, the way I'll talk about it, the thing looked good, right? So it's the same thing. After you have the data, the data itself has some wavelength, like some. Was it, was it called it the graph, like a rhythm, something, something about the data. So when, when somebody hears it is music to their ears financially.

[B]

Ah, so you're. Look, at some point, even when you did not have control of the recipe.

[A]

Yes.

[B]

You raised funds, right?

[A]

Yes, yes, yes, yes. One of the, one of the things we said was we're going to move production in house. And all my thinking was the lady will come and then we'll do the thing together.

[B]

How many times have you raised funds for now?

[A]

Once. Once. We are. We're currently in a. In a second one and that one is a little longer, but it's coming.

[B]

Okay, it's coming.

[A]

So there's a green light that is coming.

[B]

There's a green light. Yes, you can see the light at the end of the day when an investor is coming into your business, usually what percentage are they asking for?

[A]

One of the things I wish. One of the things I wish that I had, somebody had taught me this, right? I give away a little too much. Some investors are good. They'll ask for just a piece of the pie so that when you grow, we can exit. Some investors want ownership, so they want more than 50%. Unfortunately, that's the one I had.

[B]

Okay.

[A]

That took more than 50%. And so ownership of the business changed hands. However, where I insisted was that I will still be CEO. I handle certain key aspects of the business so that at least you own it. But I still have some kind of control.

[B]

If you had the option to start again today based on investment, what would, what would you have done differently?

[A]

Interesting. Maybe I would ask more questions.

[B]

Okay, ask me.

[A]

Because. Because like you said, people change. Yes, they changed. Okay. They changed.

[B]

Right.

[A]

And they changed also because money came. Money came to them, right? There's funds from other sources. And they forgot me. They forgot that we got married. Think about it like you got married and then your wife makes money and then forgets that you are married.

[B]

You see, you're a very intelligent man. So I understand that over time.

[A]

Yes.

[B]

The skills, the value that you've built for yourself and the experience of your business, you've been able to set up several businesses. Yes, I know that based on the profile that I have of you. But what I really want to stay on is that what would be your best advice for the new business owner?

[A]

Looking for investment number one, Equity. Equity over debts. Maybe I should have done debts.

[B]

Okay.

[A]

Maybe I should have done it. If I. If I've gone back, maybe I'll try debt and grind my ass off and then pay it off. Equity dangerous. But.

[B]

But then also, let's look at the equity. You gave something away. Has it helped your business?

[A]

It has.

[B]

Okay. I used to. As far as this business is concerned, are you comfortable?

[A]

No. Okay, so. So then that's. I mean, I wish I didn't. I wish I didn't back then, but back then it made sense then. People change then. When they change, everything else changes. So one of the advice I give to people is if you can do debt first before you even think equity, or maybe more debt. Less, less equity.

[B]

Okay.

[A]

Maybe I would have at the time.

[B]

What would less, less equity mean to your business? What. What would that be?

[A]

It would have been the same amount, but we'll pay back some faster.

[B]

Okay, so if, so if, If I was the investor today coming into your business, what percentage would you have been comfortable owning? 100 of the business, what would you have been comfortable?

[A]

Maybe I'll give you 20. Right, right. Okay. Yeah, I'll give you 20. And then the other one, which would have made it more than 30, more than 50.

[B]

I'm just starting a business today. I'm just starting a business today. What's the maximum percentage you think I should give off my business for equity?

[A]

Don't do any of them. Okay. If you're starting, work it off. Like, find the best way to make the money without. I'm speaking Ghanaian context. Okay, Ghanaian context. I'm saying this because based on all the books I've read, people I've seen, I mean, movies, movies we've watched in outside Africa, these things work fine. Or at least to a large extent, investment. These kind of things work fine. Local context, at least Ghana, the dynamics are little different. So if I was advising you, starting a business, try to grind, work hard and then raise and then do the money, do the, the sales use. Okay, so let me give you a contest. What, what we did with Doman when we started. God bless this woman again, right? She. She will sell to us. Instead of taking the money up front, should wait a week before she take it. Sometimes two weeks, sometimes one month.

[B]

Wow.

[A]

Before she takes the money. So that's one month as cash flow. I tell you, I had money to pay salaries to do, do one to one to one to turn the money and then pay back. But I was honest. Oh, auntie Tariq, today we can't pay you. But auntie, you please keep doing next week. We'll pay you. Then she called me. Oh, at least can you give me half? Then I'll give half. But at least I had money there, right? So at least before we even raise investments, we're able to use debts to.

[B]

So you see, for me, whenever I'm trying to invest in a business, right. The question I always ask is, are you building the business to sell or building it to keep?

[A]

Interesting question, interesting question.

[B]

I'd really like to know what entrepreneurs are trying to do with the business.

[A]

Local context appears. You build to keep it.

[B]

Okay. And usually when people are building a business to keep, they want to have ownership for the long term. They want to be able to transfer it into kids names.

[A]

It's today that I now understand that you most. Most. The best part is when you sell it off.

[B]

Yes.

[A]

And then the other part two is you are. You should go into the business to systemize it so that you can free yourself out. Yeah, I didn't know that part.

[B]

Did you have a mentor.

[A]

Apart from Mesno?

[B]

Do you think are mentors important for business owners today?

[A]

Yes. Big capital. Yes.

[B]

But then you know why, why is it important?

[A]

So in business, most likely you make mistakes. Yeah, it's sort of constant. You make mistakes. But somebody who has made those mistakes can tell you that don't pass here, don't pass here, pass here, do like this. They can even open doors for you. Okay. Call this my friend. Okay. Unless my friend call you, they can even connect you to certain opportunities that in thousand years you will never get. Mentors. Excellent. Back then I didn't know. I didn't know. So some of the, some of the grinding were grinding and somebody would have made a phone call. By God's grace, you kind of feel.

[B]

Like you've worked for another entity to enjoy most of it. Especially when there's three of you in the business, three co founders, right. You will not even get 33% each.

[A]

Currently. No. Yeah.

[B]

I just thank God you're entrepreneurial enough.

[A]

Right.

[B]

That you've moved on.

[A]

Oh, yes.

[B]

To do other things. But let's look at this then. You started a business and you had a lovely girlfriend at the time to support. Right. Who's now your wife.

[A]

Right.

[B]

I mean, how is it, how is it going in the business? What role does she have in the business? And how are you guys able to do it together? So lovely.

[A]

I think because I'm. I understand things. So how do you run a business with your partner? Understanding. Communication. If you don't talk, the thing will happen. Whatever it is that you don't talk about will happen, but it will happen in a way that because you didn't talk, this person didn't know. And so the thing fell apart. If you. It's. It's. It's a. It's a simple word, right. Communication. When it's simple, not because it's like long talking, but most, most Marriage. Marriage. Business in quotes. Business where both parties are in there. One big reason why it feels is less of cash flow, less of financials. Communication. So how are we coped? Communication. And I'm an understanding person, so sometimes the communication doesn't go right. But I understand. I understand sense. You have to stomach some of the things in. Like we say, you chest it like a man.

[B]

Yeah.

[A]

Yes. And then let it go because you understand.

[B]

Let me stop you here for a minute. We are on the journey of changing the minds and the lives of people. So if you haven't subscribed and become part of the family, please hit the subscribe button and turn on the notification. Thank you. Now let's carry on with the conversation. You've done well.

[A]

It's hard.

[B]

A few years ago.

[A]

Yes.

[B]

I was driving around East Legon.

[A]

Okay.

[B]

And then I saw that you were putting up a shop.

[A]

Okay.

[B]

I won't mention names.

[A]

Yes.

[B]

But I know the exact location. You know what I'm talking about?

[A]

Yes, yes, yes.

[B]

You started off, you did great. The shop was open and then all of a sudden we couldn't see again what was happening in the business.

[A]

So I thought people got tired of donuts for some reason.

[B]

Okay.

[A]

So in the business, at some point our revenue hits a ceiling. In fact, that is even the reason why I started studying and things. Our revenue hits a ceiling. Everything we did we would like in Ghana say you go some hit and then come back. Right. So we wanted to see if people had gotten tired of our donuts and wanted to diversify to other products. At the time we had this shop that's the lease was about to expire. He had I think 11 months to go. So and they were moving out. So they said okay, fine, why don't you come and take our show, see what you can do within this 11 months. If everything goes fine, then you continue paying. So I went to the drawing board with my team. Then we said, okay, let's do series finger foods. Not just donuts, chicken sandwiches, sandwiches. We added pork to it. You know, everything was in there. We launched a shop, flashy shop. I saw it knowing celebrities, influencers, the whole thing. Then after like a month revenue, same thing. Like ah, we spend all this money, we do all these things, we're still at the same revenue.

[B]

Nah.

[A]

Month 2, month 3, month 4, month 5, 8, 9, 10, 11. If I buy by month 11, it was even dropping. We couldn't, I mean the cash flow from the shop couldn't match the income exactly. And the rent, I mean the rents. Right, the rents, the expenses. So I thought about 10 said better we close it. Take the disgrace in quotes, better we close it. Then we keep this thing. And then now we have to bring money in from outside to come and keep this thing running. So we had to close it down.

[B]

So my, my thinking was, was, was that you probably got an investor that came in to try to expand it and take it into shop, you know, shop fronts. And then, you know, if it's all.

[A]

That it was, it was an attempt to increase revenue.

[B]

As a matter of fact, the shop you took over from, I thought that person had bought a share of yours.

[A]

Oh, okay. Well yes, well yes, yes. Okay. It's the same people.

[B]

Same people, yes, same people are in the business.

[A]

Yes. That's why they could afford to give us that 11 month rent to, to, to play around with then. Yeah. So we, we closed the shop because of the expenditure and all that. Now think about it. Within those 11 months, the top selling product was donuts.

[B]

Wow.

[A]

We, we sold more donuts than every other thing that we're selling on the menu there. And it wasn't even from walkings, it was from delivery because of records. Right. So I'm like, we have this nice shop, you don't come in, you still order donuts and then we still deliver it. So what are we doing there? Went back to, to what we know best. Delivery of donuts. That was how I close our shop.

[B]

Amazing. I think you're very analytical and your data really teaches you something. It happens with a lot of entrepreneurs who are also tech savvy they know how to analyze data and make decisions based on data. Why do you think is the. What's the main reason why most Ghanaian businesses fail?

[A]

Why most Ghanaian businesses fail? I will tell you. Number one. Products versus market. Chasing the product and other markets. See the people that you are selling to, most likely they buy the thing that you are selling elsewhere. What makes yours different, right? So the market will tell you what they want. Most people never listen. In fact we were trained not to listen. We're trained not to hear. They are speaking but we don't hear. I was thinking about it. Have you, have you ever complained about anything Ghanaian? Anything? It could be delivery time, it could be looking for a place, it could be asking for directions. All those things are problems that we can solve but we don't like solving that one. We want to buy the thing that everybody's buying and sell like the way everybody's selling. And we never differentiate One reason why people feel product over market. They don't listen to the markets, listen up to your products. And then even when they get the products, they want people to buy their product because they are selling it, not because they would need it.

[B]

Never thought about it.

[A]

Right. So it's. It's like then the other, the other side to it. So other story on my blog. Same thing then number, number two. Cash flow. Like managing money, your profits is not what is not the revenue minus the expenditure. If that were your profits and you spend it, the business will keep. Keep moving. But let me, let me, let me take it slower. You made 50,000 cedis this month. Your expenditure was 45,000 cedis. That difference of 5,000 people will call it profits. And because they call it profits then it is money to chop. But that is your margin, not your profit. Margin means this money. I must turn it around to keep working. For me, I didn't know myself. So why our revenue got stuck? One of the reasons was because we didn't know how to. We didn't have financial literacy. We didn't know anything. Money, managing money. All we knew is ah. Today the money remaining is 20,000 Ah huh. Buy things, equipment, pay salary, everything. But once you start understanding that this is margin. Margin means I must do something with the money to increase. That makes people. Is one of the reasons that people feel they don't know what managing money means.

[B]

I'd like to recommend a book for people.

[A]

Yes.

[B]

Who have not read this book. Please read it. Rich dad, Poor dad, the Cash Flow Quadrant. Please read those two books. It's very important. Yeah, read Those book my son is reading at the moment. He's eight years old.

[A]

Interesting. Solid guy.

[B]

Solid guy. Anytime, anytime I get home. And that he was trying to remember the word that he. Today I was reading. He says financial, literally. And I say literacy.

[A]

He's getting excited.

[B]

I think we should really educate ourselves. It really should.

[A]

We need to.

[B]

You don't have to be an entrepreneur to educate yourself in business. Listen, financial literacy cuts across even your pay. Your pay.

[A]

When you get your money, what happens to it?

[B]

There you go.

[A]

Something as small as budgets.

[B]

Yep.

[A]

When I'm teaching budgeting, right. I'm teaching budgeting. First question, first question I ask is, what is your net worth? It's a simple question, but almost the whole class never answers it. And so if you don't know what the question is, you don't even know what the answer. You don't even know the answer. Right. Like what is the game of life you are playing? Are you playing to. Are you playing to survive? Like in a. In a football match? In a football match, there are those who are playing to win and those who are playing not to lose. Most people are playing not to lose until they end up losing. If you don't know that we are. We are playing to score. And so all are all at you. When the money comes. You are not trying to use your score. When the money comes, you are thinking of, okay, how I go feature.

[B]

Francis, you have an incredible mind. Yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah. Even if you find yourself, you yourself, you find yourself playing any game with your friends and you are playing not to lose.

[A]

Yes.

[B]

You will not win.

[A]

So what's the game of life? Most people don't know. Most people don't know that this life that they are in, they are playing a game they don't know. And let me know, let me not go there. I almost went into religion, right? It's. And, and. And the deception has woven into our fabrics. It's moving inside itself that we think that of things are mystical.

[B]

We end up spiritualizing things.

[A]

Mysticism. I was a victim.

[B]

Okay, talk to me, bro.

[A]

I was a victim. So I know like to think that God gave you your brain not to think. But for him to rain money on your on your roof is an abuse of the mind that he gave you. We will pray. I pray a lot. We fast. I fast a lot. We bless people. We give alms. I do that a lot. But the brain must wake for lack of knowledge. My people perish. You know, one of the funniest things is when you think that the knowledge there is knowledge of his word. It was knowledge of his word, then you wouldn't have found out. But Solomon said, wisdom is the principal thing. Get wisdom, you know, like getting understanding.

[B]

Understanding. That's my part.

[A]

Right.

[B]

Many years ago, I was young when I discovered that 99 of your problems is knowledge God has already given. It is right here. It's right here. It's not.

[A]

Yes.

[B]

It's not spiritual intervention. It's not. But we are spiritualized because we have traditional spirituality. Then we have the modern way. Right. And there are certain people that if they put their shoes a certain way in front of their house and they come back and even if it was a dog that moved it a little bit and they see it, they'll start praying something has happened. We have a.

[A]

Okay, if you finish, I have something funny to tell you.

[B]

I think, I think, I think that most of our problems as Africans is the fact that we have spiritualized things rather than thinking and doing.

[A]

Do you know that I thought that the reason why our revenue was not going was spiritual?

[B]

Oh my God.

[A]

I thought so.

[B]

Limiting beliefs.

[A]

So there's a. Have you heard of castor oil?

[B]

Yes.

[A]

Right. I didn't, I didn't even know what castor oil was. So my, My wife had a boil, right. And she was looking for home remedies, how to solve this thing because she didn't want to go to hospital. We have, we have our issues with medicine and from. Let me not go into, into that side. But someone recommended castor oil and that you should soak some. It's like a handkerchief or something castor oil puts on there on the thing after like three days. I mean all the pain, the, the, the pasta and everything came out, was extracted. Excellent. Then I had this boil on my leg. I mean it keeps coming. Then I'll limp small. Limp small. Then she said, oh, try the castor oil thing. Ah, so I wore socks. I put a cotton castor oil two, three days going. I'm like, ah, this thing, if you are going to the hospital, could be surgery, it could be some castor oil, 50 Ghana CDs. They could have wasted money in the hospital. I'm saying knowledge, it's the same thing when it comes to finances, when it comes to business. If you don't know the castor oil of your problem, you will spend money or you will waste money. And it is just 50 Ghana cities that is your solution.

[B]

So is there anything I could have asked you that we can still talk about?

[A]

Ask me about marketing okay. And sales.

[B]

Great.

[A]

In Ghana.

[B]

In Ghana, yes. All right, so a young business, new business.

[A]

Yes.

[B]

What strategies can they apply?

[A]

Good.

[B]

To improve your business. Give me three.

[A]

Number one, so in, in, in, in foreign context, they'll say sell the, sell the benefits, not know the features. Right? Okay. Our Ghanaian minds don't like big English. They like showing. So show, don't tell. Show, don't tell a lot of people on socials and the reason why we buy a lot on social media is because we get the influencers showing. But most businesses when it comes to showing, they. I don't know why, but we don't show, we tell. And that is one of the challenges when it comes to sales and marketing for the people I advise. Right. Number two, phone call. It sounds very simple, but we don't take the contacts of our customers or we don't treat it as valuable because we don't think that calling them can bring them back. There's a book by Jay Abraham. He said three ways to scale in business. One, get more customers. Number two, get them to buy more. Number three, get them to buy more often. That's all. When you advertise, you do all the noise and then customers come in number. Do you like. Is there a way to retain them? Because if you give advertising at a point your, your market is not going to come anymore. So how are you going, how are you planning to retain them? We never take phone numbers. Someone I buy, I buy something from. I mean there's the shop near my house. The woman doesn't know my name. I've spent close to maybe 10,000 series. The one doesn't know my name and she doesn't care because I keep coming. The day that I don't go, she doesn't know. She doesn't notice because she doesn't record. But assuming I go there one time, she says, Ah, Mr. Francis. I said, you know my name? Yeah. You've been coming here for the past two, three months. Every time you come, you buy this and this and this. You spent a total of 10,000 series. 310,300 series with us. We want to give you 10% off anything you want. You can take it. Just pay 10% of 10,000. 310 30, anything you want offset with from 10 30. And afterwards you can continue paying. Guess what I'll do on this podcast? I'll talk about the shop. I'll tell all my friends. Think of all the business you get. Because I mentioned a shop on characterminds podcast, we don't take data and Then the thing of a phone call, there's a lot of competition over the same thing. If you just get a phone call, just don't even sell. Call me and say I'm going to check up on you. It may be annoying, but I'm still in mind. I'm still in my Then number three, AI. AI has made a lot of things easy, but there are better ways to use it than just deceiving people or like tricking, tricking them out. I'll give an example. When somebody sends you an email, you need to literally go and respond, respond to it. But today you can have AI write an email or let me, let me, let me say. Well, because in email marketing, right, you schedule emails to go out by a certain period. Now assuming that everybody that receives that email wasn't just getting a pre populated email, but a customized email based on their activity on your business, imagine the impact that will have automation. With AI, we can do that, but we don't do it. There's a lot that we can do. There's a lot that we can do. And because we understand the local context, we can marry some of the things that we do locally. With foreign technology. However, I don't call it foreign technology. With technology, yeah.

[B]

Motivation or discipline?

[A]

Discipline 100% in order to make money, you need to do the same boring things over and over and over and over again. You can't grow anything if you are not disciplined. Motivation will start, but discipline is what keeps the fire burning. If you stop putting fuel in your car one day your car will stop moving. If you don't keep feeding your body one day the body will still give up. If you stop doing the things that your business must do, your business will give up. If you don't feed your, if you don't discipline yourself over your finances, you will keep going around in circles. That's why most people never grow. That's why most people never are never rich because of discipline.

[B]

What's the best advice you've ever received?

[A]

Several, but the one that's, that's like it's on top of my mind. The best advice I've ever received is. So it's better to put in a story than to. I went to my auntie and I told her that I wanted money to pay off my investors. And then she said, Francis, with all the wisdom that you have, why would you rather. Why would you pay somebody to be richer, then you get your shares back? Said rather use that money to start something new.

[B]

Wow.

[A]

It makes sense.

[B]

So much sense. Shout out to auntie. Can you recommend a book?

[A]

Wow. I think the the best book I've read so far was not the best but the the one onto my mind is all the books by Donald Priestley.

[B]

Yeah.

[A]

Dana Priestley.

[B]

Key Personal influence.

[A]

Key Personal Influence, Enterprise Revolution over subscribed. Then Scorecard Scorecard Marketing. And then you went for the kids teaching kids entrepreneurship. Yeah. Awesome.

[B]

Thank you very much for your time.

[A]

Thank you.

[B]

I really appreciate you. Grateful. And you know what Francis did when he came to the studio today? He brought us what donuts. Thank you. Really appreciate you. If you've made it to the end all the way from number one to here, I'd like to know in the comments. And I'd like to recommend you to also visit connectedacademy.com to join the entrepreneurs community. We usually would have twice a month calls the guest surprises where I get entrepreneurs who can come to the studio and ask some of my guests questions. I usually like to surprise them. And then obviously you know, there are times where I get to play golf with some of my people in the community as well, teach them how to network and how to grow their business. Thank you so much for making it to the end. My name is Derek Abite. Stay connected.

[A]

I'm out.