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The first conversation in our Business Guide Series brought to you by Brass Business Club.

Damilola Odufuwa, Co-Founder and CEO of Backdrop and Ore Runsewe, Founder of Arami Essentials, spoke to us about their journeys getting started in business.

Damilola Odufuwa

One of the things our team did that I really loved early on was reaching out to the first users to get their feedback on the app and one of those users helped us create our backdrop near you feature… I would always suggest to anyone building an app to speak to your first set of early users.

Ore Runsewe

If I had to give anybody advice, if you have a 9-5 and you have a business on the side, try and do it for as long as you can. There comes a time where it’s not possible anymore and you have to respect that but where it’s still possible, I think still do it.

Starting Your Own Business

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Choosing the right co-founder can either fuel or stifle your business' success.

In this Business Guide Series, Charles Dairo, Co-founder of Beezop and Harry Enaholo, Co-founder of Treford, shared insight on the foundations of a successful partnership, equity splits and the legal framework.

Charles Dairo

One of the things I’ve seen people do is they treat equity as a mathematical thing but it’s definitely more emotional. The goal of equity is motivation so bearing that in mind that’s meant to guide the whole conversation. So, if for instance giving someone 40% isn’t going to achieve the goal of motivating the person enough then don't give them 40%. Like Harry said, if you’re looking at is as a long term thing you want this person motivated long term. It’s only short term founders that treat it as mathematical thing, when you’re building for the long term there are things that don’t matter as much.

Harry Enaholo

Things I've noticed that lead to bigger issues and then end up becoming conflicts in startups is really ego. You cannot both have your egos inflated at the same time. There are times you have to learn to manage the relationship by not always trying to make sure that your own point is final or your own idea is the main idea. There are times when it is important for you to be wiling to allow your partner bring an idea, run through with it and commit the support they need to run through successfully for the sake of building that harmony and trust for the long term.

Also communication is key. People on my team are used to hearing me say it’s always better to over-communicate than under-communicate because when you don’t communicate adequately you  leave room for assumptions, which can build up in your mind and turn to something else. 

Another thing is alignment, the most publicised reason startups fail is lack of funding but there are actually subtle reasons that kill funded startups and that is when there is a lack of alignemnet especially with the co-founders. It’s not just important to align at the beginning but align and continue realigning because what you are building evolves and you need to commmuncate with your founder and make sure you both understand where you are now.

Finding the Right Co-Founder

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Starting a business but concerned about capital? All you need is the right strategy and great support.

Gbemi Olateru-Olagbegi, Founder of Gbemisoke Shoes & Co-Founder of TNC Africa and Vanessa Nwuka, Founder of VeeStore shared practical steps to getting started with limited capital.

Gbemi Olateru-Olagbegi

As you go along, you will figure out what works for you. You’re going to make mistakes and you will learn from those mistakes. Look around you, use the people around you. Is there a friend that studied marketing or advertising or works at an agency? Reach out to them for help. You don’t know everything and you can’t do everything yourself

Vanessa Nwuka

Before you take a loan, you have to have your books ready from day one. Your accounting has to be good so they know that you’re serious and they can lend you the amount of money you’re asking for. Be disciplined. If you cannot repay at the date you agreed, you have to communicate with your lenders early enough. It is really important because trust is key.

Getting Started with Limited Capital

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Learn strategies guaranteed to turn your business idea into a reality.

Hear from expert business leaders on branding and marketing, financial strategies, legal preparations and everything else you'd need to launch your business.

Zoom Invitation:

Brass is inviting you to a scheduled Zoom meeting.

Topic: Just Start! Powered by Launchpad
Time: Feb 21, 2023 06:00 PM Africa/Lagos

Join Zoom Meeting
https://us06web.zoom.us/j/86153831459?pwd=RFpJMHF5bm01RVJhWTBxRmlOMERkdz09

Meeting ID: 861 5383 1459
Passcode: WIN23

Kunbi Odubogun

Kunbi Odubogun is an industry leading Business Attorney, Speaker and Digital Media Expert with over 12 years experience in the Legal and Events industries. 

She is the Founder of two digital solutions:  Legally Set - an online shop offering legally sound, attorney-drafted contract templates for entrepreneurs, event pros and creative business owners; and Perfete- an events inspiration publication.

An in-demand speaker, Kunbi has shared her knowledge on other prominent stages and networks such CNN, Buzzfeed, Cosmopolitan, The Knot, Bridal Guide, Bella Naija and more.

When she is not Lawyering or Publishing, She’s juggling life as an over-caffeinated mother of two.

Tos D. Oyetade

Tosin Oyetade is a highly qualified marketing professional with a strong track record of success in driving user acquisition and engagement. She has a diverse work history, including experience in the financial technology, software as a service, arts and culture, and banking industries in Africa and Europe.

Nosa Garrick

Nosa is an experienced Attorney, Chartered Mediator and Conciliator providing legal and Business advisory services in Contentious and Non-contentious matters concerning Start-ups and Established Businesses. His advisory focus covers the areas of Intellectual property,Media, Entertainment, Technology, Maritime, International Trade & Investments. He is the Managing Partner at F.A. Garrick & Co, a law firm with specialism in Intellectual Property and General Commercial Law practice spanning over three decades.

Oluwapelumi Cole

Oluwapelumi Cole is a highly motivated finance professional with experience in Financial Markets, Strategy, Modelling and Analysis. He has a diverse work history, including experience in the financial technology, health technology, consulting, project management and marketing in Africa and Europe.

On his free days, he’s either pursuing a Masters in Financial Engineering or watching football.

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