It's another Wednesday and if you have been actively reading, you will remember that time we read about Adebayo Ogunlesi, the Nigerian titan who built a massive company (GIP) and then struck a crazy deal with BlackRock? Well, the African business scene is buzzing again, this time in the music world!
Mavin Records, the label founded by the legendary Don Jazzy and home to behind Afrobeats superstars like Rema and Ayra Starr, recently joined forces with Universal Music Group (UMG), one of the world's biggest music companies. This deal, valued at an estimated $125 million, with the potential to reach $200 million, is a major boost for the African music industry, similar to how the BlackRock deal was for infrastructure.
So, what can we, regular folks, the small and medium-sized business owners (SMEs), learn from these big moves?
1. Squad Up for Success: Both deals show the power of collaboration. Just like Ogunlesi found success with partners, you can too! Look for people or companies who complement your skills, like a tech wiz partnering with a marketing maestro. Together, you can create something magical.
2. Stay True, Slay Anyway: Mavin gets to keep its unique flavor while working with UMG, just like how Ogunlesi didn't lose his own fire when he changed careers. Don't be afraid to be yourself and chase your dreams, even if it means stepping outside your comfort zone. Your authenticity is your superpower and as an SME, remember that.
Your unique approach and values are what set you apart. Collaborate strategically, but don't be afraid to say "no" to partnerships that compromise your vision.
Focus on maintaining your brand identity even as you grow and scale.
3. The World is Your Stage: These deals prove the world is paying attention to the incredible things happening in Africa, from music to infrastructure. This is your chance to shine! Keep creating, keep innovating, and the world might just be blown away by your talent too. Here's how:
Research and identify international market opportunities relevant to your business.
Participate in international trade shows and conferences to connect with potential global partners and customers.
Utilize digital platforms and online marketing strategies to reach a wider audience beyond your immediate location.
4. Think Big, Start Small: While both Ogunlesi and Mavin secured significant deals, their journeys began with smaller steps. Remember:
Start by building a solid foundation for your business locally.
Set achievable goals and celebrate milestones along the way.
Continuously learn and adapt to stay ahead of the curve.
5. Build Strategic Partnerships: Network and build relationships with other businesses, mentors, and industry experts. Identify potential partners who share your vision and can complement your strengths.
Negotiate mutually beneficial partnerships that contribute to your long-term growth.
Embrace Continuous Learning: Just like Don Jazzy honed his talent scouting skills and Ogunlesi constantly sought new business opportunities, remember:
Continuously learn and upskill yourself to stay relevant and competitive.
Encourage lifelong learning within your team to foster innovation and growth.
Stay updated on industry trends and adapt your strategies accordingly.
Here's the TL;DR (too long; didn't read) for all our busy bees:
Team Up: Find your dream team to help your business soar.
Stay You: Don't lose your spark as you grow.
Think Big, Start Small: Build a strong foundation, set achievable goals, and adapt.
Partner Up: Network, find complementary partners, and negotiate win-win deals.
Keep Learning: Upskill yourself and your team, stay updated on trends, and adapt your strategies.
Remember, you are part of a vibrant community of African entrepreneurs making their mark on the world. Keep hustling, keep dreaming, and the future is full of possibilities!
Regards,
Ayo Bankole Akintujoye
Convener & Co-Founder.