🤐 The Secret to Longevity in Entrepreneurship

ISSUE #077

☕ Hey! Sippers,

When asked about the relevance of gender in entrepreneurship, Sarika Kulkarni, the founder of Raah Foundation, responded.

She despises being referred to as a woman entrepreneur. In her view, she is simply an entrepreneur, and her gender should hold no bearing on that fact.

The role of an entrepreneur is crucial for fostering economic development and maintaining vibrant, flourishing economies. Entrepreneurs serve as catalysts for job creation, offering numerous opportunities and sustainable livelihoods. She questions the relevance of gender in this context. Why is it that the term “entrepreneur” is typically associated with men, while female founders are often labeled as “woman entrepreneurs”? Could it be an expression of societal stereotypes that categorize women rather than recognizing their significant contributions to development?

(Click Me) : to read the full Interview.

SIP WORTHY

The Secret to Longevity in Entrepreneurship: Insights from Africa’s Fintech Industry 🌍

📉 High failure rates have plagued entrepreneurial firms for years, leaving us wondering what sets the successful ones apart. Recent research reveals a surprising perspective: the key lies in change readiness rather than investor readiness. Join us as we delve into the strategies employed by Africa-based fintech companies to thrive in a competitive landscape.

💡 Three Misplaced Priorities: Lessons from African Entrepreneurs 🌱

1️⃣ Focusing on investors vs. the market: Western startups often prioritize securing venture capital, neglecting market acceptance. African entrepreneurs, like Payhippo, Sycamore, and Bankly, prioritize developing marketing materials that resonate with their target customers. By directly addressing their needs, these companies build loyalty, improve products, and generate organic cash flow.

2️⃣ Engaging individuals vs. communities: Western culture’s individualistic nature can hinder strategic alliances. In contrast, entrepreneurs in communal societies, such as Africa, build affiliations and relationships with other firms. Sycamore leveraged closed networks, while Bankly worked with community influencers to effectively reach their target audience.

3️⃣ Celebrating fundraising vs. external validation: Western startups often celebrate capital raising, even with unproven business models. African startups, on the other hand, focus on milestones that demonstrate impact on the operating environment. Payhippo’s viral thread showcasing their collections rate garnered free press, while Sycamore’s FCCPC approval elevated their credibility.

🌐 Embracing the African Entrepreneurial Mindset

📈 By adopting the priorities of African entrepreneurs, startups can enhance their change readiness and longevity:

1️⃣ Tailor storytelling to customers, not just investors.

2️⃣ Engage stakeholder communities for greater resource acquisition.

3️⃣ Celebrate concrete milestones that validate impact and compliance.

🌟 Take the Next Step: Assess Your Business’s Change Readiness!

🔎 How change-ready is your business? Evaluate your strategies and embrace the mindset of African entrepreneurs. Thrive by making a positive impact on society and ensure your startup’s long-lasting success.

HOT SIP

Amazon Defers Offer Letters to Campus Hires from IITs and NITs

What’s sipping? ☕ Amazon, the tech giant, has deferred employment offer letters made to campus hires from prestigious Indian institutes, IITs and NITs, as reported by Business Today’s sources. This unexpected move has left many recent graduates uncertain about their future plans.

📝 Offer Deferrals: A Disheartening Reality

A software development engineer recently hired from IIT Bombay shared his experience, revealing that his offer letter had been deferred to January. He expressed his disappointment, saying, “I was recruited by Amazon as an SDE-1 with a CTC of around 30 lpa. I was supposed to join in June, but I received an email from HR stating that the offer has been deferred. My new joining date is now set in January.”

This delay seems to affect not only IITs but also NITs, as confirmed by another source. Students from NITs received intimations about their offer letters being deferred, and some even had their offers revoked.

💬 Seeking Clarity: Reaching Out to Amazon

Business Today has reached out to Amazon for their official comment on this matter, seeking clarification on the reasons behind the deferred offer letters.

⌛ The Waiting Game: Frustration and Alternatives

For these recent graduates, a six-month delay is far too long to put their career plans on hold. Many are now actively seeking new opportunities, connecting with alumni, and exploring alternative paths. The challenging job market has compelled them to be proactive in finding promising prospects.

🌐 Amazon’s Recent Developments: SEC Filings and Layoffs

In the midst of this news, it’s worth noting that Amazon recently announced its Q1 FY 2023 results. The company reported an increase in operating income to $4.8 billion, compared to $3.7 billion in the first quarter of 2022. However, it’s important to acknowledge that first-quarter 2023 operating income includes approximately $0.5 billion in charges related to estimated severance costs.

Net sales of the tech giant also witnessed growth, with a 9% increase to $127.4 billion in the first quarter, compared to $116.4 billion in the first quarter of 2022.

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