2016 – Page 2 – Ozisco.com

F.I.V.E Questions with David McMenomey, Owner of Redemit 1

I’m excited to launch the “Find Insights Via Engaging™ (F.I.V.E) Questions with an Entrepreneur” series. The series will feature answers to 5 unique questions posed to an entrepreneur. Their answers will enable every reader to learn how they got started in their venture, discover how they mastered their unique set of skills, and gain from any piece of advice that has continued to deliver dividends. It will be fun, insightful, and inspiring. The goal is that you are able to take at least one actionable tip from each conversation.

My first conversation is with David McMenomey, Digital Strategist at Redemit One.

1. Briefly describe how you got started and what is the most exciting or rewarding aspect of what you do?

It was early 2012 and my very pregnant wife was at the store getting groceries for the week. I received a phone call that no one wants to get, the kind of call that stops your heart. “David, I am in the line to check out and none of our credit cards are working. Do you know what is going on?” You see at this point, I had been nursing along a startup that had zero revenue for 8 months, in the heart of the Silicon Valley. Every credit card was maxed and we had a baby on the way in a few short months. To say I was desperate would be an understatement…

The one thing I did right while starting my first company was I focused on the digital side of the business. I knew that growing a business online would be better than going door to door as I had done to start my career. So I started devouring Internet marketing training for hours on end, reprogramming the way I thought about marketing and scalability. The 2 trainers I had been listening to were Jeff Usner and Hans Johnson and you will never guess who called me just about a week after we hit rock bottom financially…Jeff Usner. I had met him a few times at some business training / personal development events but didn’t even know he remembered me. He offered me a job in Texas and I took it.

This was the start of my career in the Internet, but I started at the bottom making almost no money. To me it didn’t matter, anything was better than what I was making with what I was currently doing, and I would get to learn the skill I passionately wanted to learn, Internet Marketing.

I worked with Jeff for 3½ years and created multiple online products, marketing funnels, and web properties that made millions of dollars. I received hands on experience, and built valuable confidence and belief in my abilities to take an idea and bring it to life online.

In October of 2015 I was laid off from my work with Jeff’s company as they moved out of Texas and back east to Pennsylvania. After a few months of consulting for companies, I decided to launch my own agency, Redemit One. It was one consulting client who pushed me over the edge to go from floundering consultant, to full-fledged marketing agency. This client, Manny, was a non-profit who had a vision to help kids coping with cancer feel like rockstars for a day. Manny had some great material on coping with cancer, and wanted me to create a marketing funnel to promote it. So I sat down with him and created a lead generation funnel that could not only help more cancer patients, but also bring in new and reliable donors to fund his charity.

This is the type of work that keeps me going. I love taking an existing business and creating a way for them to have predictable, scalable revenue. There is so much misinformation out there about getting rich on the Internet, and I like going in implementing simple, proven strategies that drive revenue. That is what excites me. Creating something like this for a client, then handing them the keys to the system and letting them run with it. I don’t want to be the company that creates a system that is dependent on Redemit One. I want my clients to be able to walk away from me at any point and continue to grow their vision and company. As short-sighted as that may sound, my client’s businesses were never mine to start with, so why should I hold them ransom just because I help them grow revenue in a new area?

2. Flash back and then fast forward to the present, what has surprised you the most about mastering your unique set of skills and what advice do you have for others looking to learn a similar skill?

I think the most surprising part of looking back at my journey in this business is how simple what I do really is. With all of the complex training and courses out there, it is easy to get bogged down and never actually do anything online. The key to learning this skill set is something Jeff taught me, find what works and copy that. You always want to emulate success. There are other smarter, more patient people out there who have tested and perfected a business model Online, so find out what they are doing and do your best to copy that.

3. What is your unfair advantage?

My clients will tell you that my unfair advantage is that I have already been there. I have done it. I know how it looks to start with an idea and turn it into scalable revenue, so every project I take on, I have the end in mind for the client. I also never sell them on their own idea. Most new prospective client meetings are me telling them why their idea won’t work and how a few minor tweaks in their perspective will make all the difference. To me, if the idea doesn’t produce recurring revenue for the client, I will not take the project. It is not worth it for anyone…

<br />

4. Describe the results a potential client could expect when they do business with you and how do you plan to WOW them?

The result a client will see when they work with Redemit One is a revenue machine will be created. They will get a completed mechanism that brings them new leads and converts those leads into money. Pretty simple really. I specialize in lead generation, and that really is the heartbeat of what makes clients happy. They are flooded with new leads who convert to cash. That will motivate any business owner to refer Redemit One. I think what wows clients is that I am not afraid to walk away from taking their business. If I can see at the start that the project is not going to produce results of the client, I am happy to walk away from the money upfront and point them in a different direction, or to a different company for the work. The only thing worse than no clients, is unsuccessful ones…

5. What is the best advice (or quote or insight) you received that gave you the confidence to launch your business?

The best insight I was given to launch my company came from 2 different clients on the same day. I was waffling between the idea of going back to work for a big company and continuing to hone my skills and the idea of staying on my own. Both clients challenged me and asked, “With the skill set that you have and all that you know how to do, how could you go back to work for anyone knowing they could never pay you what you are worth?” The advice I would give any entrepreneur looking to going out on their own is this, never let your ego get in the way of your journey. You have to be able to take an honest step back and evaluate whether you need to continue developing your skill by working for someone, or if you really have all the right pieces to be your own boss.

“Never let your ego get in the way of your journey.” – David McMenomey

Connect with David on LinkedIn.

39 Sir Alex Ferguson Quotes to Ignite the Champion in You

Growing up in Nigeria, you were either a Manchester United, Arsenal, Chelsea or Liverpool fan. Manchester United was my team back then, and still is. We consumed football for breakfast, lunch and dinner. When we were not glued to the TV screen cheering on our favorite teams, we were in the streets, often barefoot, practicing the skills we had witnessed.

Sir Alex Ferguson was the mastermind behind Manchester United’s successive years of dominance. In his 39 years at the helm, he led Manchester United to 2 Champions League titles, 17 Domestic League titles, 14 Domestic Cups, and 2 Other European titles. I had the pleasure of reading his book, Leading: Learning from Life and My Years at Manchester United, and below are 39 inspiring quotes in honor of his 39 glory years as manager of Manchester United.

Listening

“If you are leading people, it helps to have a sense of who they are- the circumstances in which they were raised, the actions that will draw out the best in them, and the remarks that will cause them to be spooked. The only way to figure this out is by underrated activities: listening and watching.”

Watching

“It sounds simple to say you should believe what your eyes tell you, but it is very hard to do. It is astonishing how many biases and preconceived notions we carry around, and these influence what we see, or, more precisely, what we think we see.”

Discipline

“I always felt that our triumphs were an expression of the consistent application of discipline.”

Work Rate

“When winning becomes a way of life, true winners are relentless.”
“In a perfect world I would have filled every team-sheet with 11 men who had as much determination as talent. But life is not like that, and if I had to choose between someone who had great talent but was short on grit and desire, and another player who was good but had great determination and drive, I would always prefer the latter.”

Drive

“For me drive means a combination of a willingness to work hard, emotional fortitude, enormous powers of concentration and a refusal to admit defeat.”

Conviction

“I cannot imagine how anyone, without firm conviction and deep inner beliefs, can be an effective leader.”

Preparation

“…Preparation had a lot more to do with our success than a few fortunate breaks.”
“The way to win battles, wars and games is by attacking and overrunning the opposing side.”
“On our own team, the best players tended to be sticklers for preparation. That’s part of the reason why they were good or great.”

Mentorship

“There is a lot to be said for either picking, or being lucky enough to land, the right mentor. The best ones can change your life.”

Teamwork

“Each player has to understand the qualities and strengths of their team-mates.”

Excellence

“Part of the way you develop excellence in an organization is to be careful about the way you define success.”
“Winning anything requires a series of steps.”

Inspiring

“You don’t get the best out of people by hitting them with an iron rod. You do so by gaining their respect, getting them accustomed to triumphs and convincing them that they are capable of improving their performance.”
“Much of leadership is about extracting that extra 5 percent of performance that individuals did not know they possessed.”
“Unless you understand people, it is very hard to motivate them.”
“Another crucial ingredient of motivation is consistency. As a leader you can’t run from one side of the ship to the other. People need to feel that you have unshakeable confidence in a particular approach. If you can’t show this, you’ll lose the team very quickly.”
“Anyone who is in charge of a group of people has got to have a strong personality….a strong personality is an expression of inner strength and fortitude.”
“People perform best when they know they have earned the trust of their leader.”

Complacency

“Complacency is a disease, especially for individuals and organizations that have enjoyed success.”

Networking

“A network takes time to develop. Part comes through the passage of time, part from the way you treat others and part from reciprocity.”
“It’s easy to forget about the troubles of others but, if you take the time to remember, it goes a very long way.”

Time

“Don’t lie, don’t steal, and always be early.”

Distractions

“I have yet to encounter anyone who has achieved massive success without closing themselves off from the demands of others or forgoing pastimes.”
“If you have two people of equal talent it will be the way in which they marshal their ability that will determine their eventual success.”
“There’s only one way to enjoy a final and that’s to win it. Nobody ever remembers the losers.”

Failing

“At some point in my life the desire and need to win outstripped my fear of failure.”
“There’s some merit in getting defeated – even though I’d never want it to be a habit. Team members who are hungry for victory and take great pride in their performance will be eager to avenge defeat.”

Speaking

“Whether the audience is one person or 75,000, you need to assemble your thoughts, know what you want to emphasize and just say it.”

Boss

“The greatest bosses also take pride in making sure that if employees who have served them well choose to leave, they go on to greater and better things.”

Control

“I just don’t believe that you can get the most out of people if they are perpetually afraid of you.”

Delegation

“My job was to make everyone understand that the impossible was possible. That’s the difference between leadership and management”

Decision Making

“When you are in the football world, and I suspect in almost every other setting, you have to make decisions with the information at your disposal, rather than what you wish you might have.”

Salesmanship

“Any leader is a salesman – and he has to sell to the inside of his organization and to the outside. Anyone who aspires to be a great leader needs to excel at selling his ideas and aspirations to others.”

Compensation

“Bonuses get spent. Medals are forever.”

Negotiation

“If you need one person to change your destiny, then you have not built a very solid organization.”

Arriving

“If you want to build a winning organization, you have to be prepared to carry on building every day. You never stop building – if you do, you stagnate.”

Confidence

“It’s one thing to have confidence in your own abilities. It’s a completely different challenge to instill confidence in others.”

<br />

The Most Interesting Thing About Investing in Africa

by Chuki Obiyo and Ozii Obiyo

INTRODUCTION

What is the most interesting thing that you have done, seen, or heard about investing in Africa? Think about it. Better yet, this e-book gives unique insight into how others have thought about it. From executives at some of the largest companies in the world to young professionals just starting out in their new careers, the topic of investing in Africa makes for a good debate and an even better conversation.

In the course of human history, Africa has gone from the cradle of civilization to the last frontier of the global economy. Ah…Ah…Africa, the protagonist of the first and next chapter in the story of human success? To read about Africa is to learn about our shared origin, and more importantly, to decide on how we get to our shared future. Reading is an investment in time, thought, and action. This book gives you an opportunity to invest in Africa by experiencing the most interesting things others have done, seen, or heard about investing in Africa.

There are so many things to learn about investing in Africa. This book explores some of the most interesting things contributed by people from different backgrounds. Each contributor was asked to answer a series of questions about an African investment project broken down into three sections: Situation, Action, and Result. In turn, we developed our proprietary methodology to analyze each project and we refer to this methodology as the Business Idea Metric (BIM). The BIM uses a weighting scale to evaluate the labor, infrastructure, and capital requirements for an investment idea or project.

For the labor requirement, we look at factors such as low, medium, or high skill and assign a value of 10, 30, or 50 accordingly.

For the infrastructure requirement, we examine factors such as electricity/utilities, construction permits, property registration, transportation, and technology, and attach a value of 10 for each factor accordingly.

For the capital requirements, we consider the amount of capital needed to get the project off the ground from $0-100, $101-1000, $1001-10,000, $10,001-100,000, and over $100,000 and assign values of 10, 20, 30, 40, 50 based on the given spend levels.

We have received very positive feedback on our BIM methodology and its LIC (labor, infrastructure, capital) ingredients as a unique way to not only evaluate current projects but to also help prioritize future project ideas for viability. Please see below for one of the investment projects that we profiled from our work. In this write-up, we classify each profile by the contributor’s name (so please continue to watch this space for more project profiles).

We now welcome you to enjoy the reading experience of exploring the most interesting things about investing in Africa.

★★★★★

Wasili Mfungwe, MBA
***
Wasili Mfungwe, MBA is an international market analyst and consultant with expertise in economic research, ALM, stress testing, equity research, and business intelligence. He obtained a Bachelor’s of Social Science Degree in Economics and Sociology (Bsoc Eco) from the University of Malawi, Chancellor College and his MBA from Edinburgh Business School (Heriot-Watt University). He has particular interest in African business development, research, and econometrics.

Investment: Restructuring a corporate loan to promote a public good
SITUATION
Electricity Supply Corporation of Malawi (ESCOM)– the main electricity generator and distributer in Malawi had a loan with Development Bank of South Africa (DBSA) to the tune of MK3 billion (R79 million). The repayment of the loan was hampering the implementation of a program to revamp Malawi’s energy sector in order to provide more reliable electricity, create better non-outsourceable jobs, and improve the lives of everyday Malawians.

ACTION
Standard Bank Malawi Limited stepped in to restructure the loan which ESCOM owed to DBSA. The DBSA loan was secured by a zero coupon note issued by Investec in favor of ESCOM with a maturity value equal to the loan principal. Standard Bank ensured that ESCOM was able to get the highest discounted value for the note which, as part of the restructuring, was being sold before its maturity in June 2019. Standard Bank also advised ESCOM on the various structuring options and negotiated with DBSA and Investec on behalf of ESCOM, discounting the promissory note through its structured sales team and using the proceeds to partially repay the loan. Through its global markets team, Standard Bank built and remitted a total of R37.5 million on behalf of ESCOM to repay the outstanding amount of the loan. Standard Bank’s Investment Banking team structured and negotiated the prepayment with DBSA without any break costs being applied.

“Public-private partnerships should become the rule, not the exception, in delivering services.”
– Bill Clinton, 42nd President of the United States from 1993 to 2001

RESULT
The transaction has helped to engineer a smooth implementation of the energy sector revamp program. In addition, Standard Bank ensured that ESCOM saved R1.5 million in interest payments per month, leading to improvements in its free cash flow position. The transaction has also helped eliminate forex and interest rate risk for ESCOM.

Investment: Restructuring a loan to a corporation to promote a public good
L = 50
I = 50
C = 50
Business Idea Metric: 150

We want to hear your unique story and a unique story of someone in your network. Send us a note here.