AWEC Live in Nigeria

AWEC Live in Nigeria: Navigating Entrepreneurship Amidst Global Inflation

In a world grappling with the economic challenges brought about by soaring global inflation, AWEC convened an in-person alumnae meet-up that marked a pivotal moment for entrepreneurs seeking tangible solutions in these challenging times. Recognizing the power of face-to-face interactions, the event brought together local alumnae, staff members, and Live Session leaders Kola Osinowo, CEO of Baobab+ Nigeria, to discuss and share experiences on navigating economic uncertainties.

Two alumnae, Oluwadamilare Temitope Igbayilola, Yoruba Language Educator and Founder of Akonilede Yoruba, and Titilope Adewusi, Co-Founder of 9ijakids, shared their experiences and explored the significance of AWEC's in-person gathering. Their stories illuminated the importance of collaboration, adaptability, and innovation in dealing with global inflation. They offered valuable insights for women entrepreneurs and navigating today's complex economic landscape.

Why did you attend the event?

Titilope: I was drawn to the timely and crucial topic of inflation, considering the significant challenges Nigeria faced in the past year. The nation was grappling with economic uncertainties. And the opportunity to connect with my AWEC sisters compelled me to attend.

Why did you attend the event?

Oluwadamilare: I attended the event to listen, learn, and share valuable tips with fellow entrepreneurs.  

What were the most valuable insights or lessons you gained from the discussions on navigating inflation during the AWEC live gathering?

Titilope: Emphasize customer-centricity! Every aspect of our business should revolve around meeting and exceeding customer needs. It’s prompted a reassessment of our priorities and ensures that customer satisfaction remains at the forefront of our operations.

Another pivotal lesson was the importance of being data-driven. Reflecting on our data collection practices pushes us to ensure that we gather enough relevant data. Additionally, Osinowo stressed the significance of understanding unit economics. It has us reevaluating the economic viability of each product that we offer.

What were the most valuable insights or lessons you gained from the discussions on navigating inflation during the AWEC live gathering?

Oluwadamilare: My two main takeaways were the significance of cost-cutting and exploring new opportunities. A standout strategy I learned was the implementation of proactive client payment reminders, departing from the conventional practice of seeking payments after a class. This adjustment has improved my company’s payment process.

How have you implemented the lessons you learned?

Titilope:  The discussion on sales recruitment highlighted the crucial role relationships play in business. It was a valuable reminder that, beyond skills, building strong relationships is fundamental to successful sales. This prompted me to reevaluate my focus on networking, recognizing that (acquiring valuable) clients often results from cultivating meaningful relationships.

The session made me reassess my daily priorities which enhanced our focus on revenue-generating activities. I reschedule non-essential meetings to later in the day, and now dedicate my mornings to sales, marketing, and relationship-building. 

How have you implemented the lessons you learned?

Oluwadamilare: One specific strategy that I have successfully implemented in my business is the creation of a unique offer—a one-time Yoruba class that allows students to learn immediately upon their desire. This initiative not only caters to the needs of my clients but also contributes to the overall growth of the business.

What aspects of the in-person session did you find most valuable in addressing inflation and economic downturns?


Titilope: Being in the same physical space and connecting with my AWEC sisters face-to-face was a highlight. The session also included engaging exercises that allowed us to examine each other's businesses, offering advice and fostering a sense of connection.

The collaborative activity opened up opportunities for addressing inflation-related challenges and enhancing support among AWEC sisters. I highly recommend such sessions, especially considering the current global events affecting not just Nigeria but the whole of Africa.

What aspects of the in-person session did you find most valuable in addressing inflation and economic downturns?

Oluwadamilare: My one practical lesson, inspired by Mr. Kola, involves using solar power to reduce electricity expenses. I've been able to preserve my inverter for essential functions, enabling non-teaching staff to work from home on specific days. This approach has made us operationally efficient and cost-effective. 

What changes have you seen in your business due to AWEC Live? 

Titilope:  In terms of changes in my business, three significant shifts occurred:

  1. Firstly, we revamped our monthly reports to focus on key decision-making data.
  2. Secondly, we updated our financial plan and examined unit economics.
  3. Lastly, the session prompted a clearer understanding of what to look for when recruiting for sales—prioritizing attitude and emphasizing the importance of relationships. This has led me to prioritize networking and invest in existing relationships, recognizing their pivotal role in successful sales efforts.

What changes have you seen in your business due to AWEC Live? 

Oluwadamilare: Since AWEC Live, I’ve seen higher sales. We now request payment ahead, which ensures an efficient financial process and a stronger bottom line. We have returning students from our new Yoruba class. 

Your Turn!

What practical steps can you take away from these experiences? Here are a few suggestions to get you started.

  • Consider revamping your payment collection systems such as offering advanced payment options. This will boost your cash reserves.
  • Additional offerings to your services increases their perceived value which delights your customers and builds brand loyalty.
  • Get together with another entrepreneur in your industry or location. X-ray each other's businesses and provide constructive feedback from customer service to data collection practices. Simulate negotiation scenarios with vendors and lenders and run role-play exercises.

Collaboration, continuous learning, and a pragmatic response to inflation can build endurance for a business in the face of economic challenges. These stories speak to the resilience demanded by the ever-evolving entrepreneurial landscape in Africa.

We were thrilled to gather with the following entrepreneurs:

With special thanks to our session leader, Kola Osinowo (CEO, Baobab+ Nigeria) and our AWEC support staff: Didi Agbahor (Deputy Managing Director), Akinola Odunlade (Director, Alumnae Network) and Magdalene Uzoechi (Senior Program Advisor).

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