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3 Reasons why you are an impulsive spender and what to do about it: Lydia Chinery – Hesse

This September, we’re out here on these streets trynna secure the bag. If you’re an impulsive spender, this one is for you. As a financial advisor working with Holborn Assets, Lydia Chinery-Hesse has helped clients put measures in place to control their spending while increasing their savings and growing their wealth. She has been working with various nationalities to help them plan their financial future by giving them transparent, objective and honest advice. Lydia helps them visualize their personal (and business) goals and structure a plan towards achieving them. Earlier this year, she created a Facebook group called Love Yourself Financially, a community of global women who are dedicated to being the boss of their finances. Their goal is to be financially secure and free – which has a different meaning to each member. The Scenario You’ve just finished a successful meeting and decide to take a short walk through the mall, for some window shopping. Before you know it, you’ve spent money shopping for more clothes you don’t need! It’s 4:15 pm and you’re absolutely famished. While you could wait another hour to get home and eat some leftovers from last night’s home-cooked supper, you decide to order food that would cost the same amount as your groceries for the week. Even if you haven’t found yourself in one of these situations before, you’ve definitely spent money impulsively in one way or another. Why is this? Why are we so impulsive? More importantly… What can we do about it? Here are the three main reasons for being an impulsive spender, and a few ways you can improve your spending habits. 1. You’re using a credit card Studies show that when we pay using our credit card, we’re more likely to spend money. With a credit card, your thinking will be more along the lines of “out of sight, out of mind”, as you don’t see the money ‘leaving’ your wallet. Conversely, when we spend with cash, it hurts a little, and you tend to think twice before spending it. What should you do about it? • Until you get to a point where you have significantly improved your discipline in this area, ditch the credit card. • Ditching the card means spending cash only. • Withdraw your cash allocation for the week, and carry only what you need on a daily basis. 2. Because money should be spent If you’re able to spend money impulsively, consider yourself fortunate to have the money to do so. That being said, just because you can, doesn’t mean you should. As an impulsive spender, It’s likely you’re not tracking your expenses by writing them down or through an app. If you did, you’d be less likely to spend mindlessly as you’d always be aware of what you’re spending on and how much you’re spending.  What should you do about it? • Before you’re about to buy something, you want, pause. Wait a day, a week, a month or longer to determine if you really need it. Chances are you don’t. • Track your expenses, create a budget and live by it. • Get an accountability buddy. When you’re itching to spend, call a friend you trust who will talk to you straight. • Meal prep. Don’t give yourself an excuse to buy a meal.  • Try no-spend days a few times per month. In addition to all of these, it’s worth considering…what else could you be doing with that money? This brings me to my last point: 3. You are not thinking long-term Living for today will most likely mean scrambling or struggling in the future. Perhaps it would be wiser to live according to this African Proverb, “For tomorrow belongs to the people who prepare for it today”.  What should you do about it?  • Set your savings goal and reward yourself for achieving them (without spending money – be creative!) • Save towards future plans. Put some money aside monthly towards that goal, whether it’s a vacation, car purchase, etc. • Be intentional about your long term goals. This begins by figuring out how much you’ll need to either live comfortably in retirement or to reach financial security (where passive income pays for your expenses). Once you have that figured out, work backward from there to determine how much you should be saving (and investing) in order to reach your target. It takes some self-reflection and being honest to admit that there are areas in which we need to be more disciplined in order for the impulsiveness to end.  How are you improving your spending habits this month? Click here to share your story with us.

MUST READ -The Misadventures of a New Entrepreneur: 5 Things They Won’t Teach You in Business School

So, you want to be an entrepreneur? There’s bad news and good news. The bad news is that it may not be at all like what you see on social media—the serene photos on the beach, overnight insta-fame, and the perfect work/life balance. The truth is, only a handful of people get to experience those things consistently, and they typically have to pay their dues for an average of 15 years. Research shows that only half of new businesses survive for the first five years, and only 35% are able to survive for 10 years. Even grimmer, Bloomberg research shows that 8 out of every 10 businesses fail within the first 19 months. But don’t be discouraged! There’s good news too, which is that freedom and autonomy are real, and so is the thrill of doing something that you love day in and day out. The question is: how do some people do it? In my latest book, The Misadventures of a New Entrepreneur: I share 5 Things They Won’t Teach You in Business School and share the secrets that every new entrepreneur should know. From the value of infrastructure to remaining relevant, aspiring and operational entrepreneurs will learn: How to build a sustainable business from within; How to create a healthy work/life balance; How to stay true to their original vision, while creating a model that consistently engages their audience; How to avoid common reasons for business failure including leadership and management failure, weak value proposition, unprofitable business model, and poor financial management; and How to create cash flow streams that will enable them to defy the odds and beat the statistics. Want to be part of the success stories this year, then The Misadventures of a New Entrepreneur: 5 Things They Won’t Teach You in Business School is a must-read. Here’s what readers are saying: “…I bought this book and I’m so glad that I picked it up. The author, Andrena, explains her own personal journey of entrepreneurship and TRULY breaks down her struggles and triumph in the area of finances, making a profit, health journey, love and all. The reality is that (as) an entrepreneur it will affect all areas of your LIFE, Sawyer talks exactly about the things that they don’t teach you when you’re getting your MBA. Quick read as well!” “…This book is worth the read. It has incredibly insightful information on what people tend to not address in business school. A must for anyone that wants to pursue owning their own business. Definitely recommend, it is a keeper.” What are you doing to gain a global perspective? We want to share your story! Click here to share.

How to overcome the fright of starting a business

If you have decided to ignore all the advice of well-meaning individuals and friends and have still gone ahead to start a business this year, you must have some real guts. Starting a business is no easy task. There are endless challenges that often discourage you from even starting.  When looking at all the challenges entrepreneurs face, it’s easy to question how your business would thrive. If your business was a soft, supple, newborn baby, your goals as a business owner is to see that this business survives its first years.  But how do you achieve this and start your business like a boss? 1. Face your fears Spending nights rolling on your bed, worrying about your business goals won’t make you cause you to achieve them. Unfortunately just thinking about your business will not turn it into reality. You may have several doubts about the likelihood of people getting your products and services, but until you put your business out there you won’t know for sure. Start by creating your sample products, sell them to family and friends and get feedback about them. With every action, you take you to become less and less afraid.  Every action you accomplish will help your confidence grow and you’ll begin to see your fear diminish. 2. Surround yourself with positive people Surrounding yourself with positive people can make a huge difference on the success of your business. There are people who would do nothing to encourage you and will not give any positive feedback. If you stay close to such people, you will begin to doubt your ability to reach your business goals.  The truth is, the people closest to you may be more susceptible about your business than strangers. Expect it. They may not believe in your ability to drive your business to fruition, you shouldn’t make it your aim to prove that point to them. On the other hand, having a supportive people chip in a suggestion or two will stir your faith in your business, you’d start to believe in this brand becoming tangible as you hear them talk about it like it already exists. 3. Be Patient If there is one thing you will most likely encounter, is roadblocks! And when you do, you will need lots of patience. When things get tough, don’t through your hands in the air and shout “I don’t have time for this”. Firstly, try and understand that the problem you face is not always your fault. If you cannot go through the problem, find a way to go around it. Do not compare yourself with what you see on the news and social media. Seeing everyone move on a much faster pace may be discouraging.  When you do his a roadblock on your journey, figure out how to deal with it while putting other aspects of your business in track. You should always be ready to take off when the roadblock is removed. 4. Dance upon disappointment As an entrepreneur, managing disappointment is a skill you can’t afford to live without. So what if things do not work out as you plan? What if a key team member decides to leave at the last minute, or a trusted supplier fails to supply your ingredients on time? What would you do when people fail you?   You cannot always control all circumstances when working with people. When things go wrong, you shouldn’t beat yourself over. Try and come up with new alternatives. Though this may be tough, it will become a lot easier if you stay positive about it.  Take a break, play some music and dance away your disappointments. You can also create a warm environment where everyone can come together and decide on the next steps for the business will be. If you’d like to get featured on our Facebook page, click here to share your start up story with us.

5 Simple Steps to finally launching your business idea

Was one of your new year’s resolutions to finally get that blog, podcast or business idea off the ground? Well, if so, I’ve got great news for you! I recently sat down with the amazing Tobi Olujumni who shared 5 simple steps that you can take to turn this dream into a reality. For anyone unfamiliar with her, Tobi is the founder of the WTALK, a Multiplatform Entertainment & Faith Network which empowers Women to explore Faith via entertainment. W360 is the membership streaming service of WTALK set to redefine Faith within global entertainment. She is a powerful communicator and sought after preacher of the Word of God. You can read the tips that she shared in our interview below: 1.  Start small but do something First of all, I would say, start small. Start small but do something. I think that in the day and the society and the culture in which we live now, everyone expects you to have ten thousand followers or a hundred thousand followers, or what have you. And you’re almost deemed unsuccessful if you haven’t attained that. All of these things are just massive distractions. If you have something on your heart to create, I would say start small. If you want to start a blog, start writing. Start writing on your notepad. For example, it’s so funny because someone asked me about how I do status updates. Well actually, some of my status updates come on the train and I put it in my notepad. Then I get a kind of a nudge a few weeks later and I think “Oh, that’s for this time!” and I post it. So first, I would say, start small but do something. That’s big! Because, you know, I have a lot of people that come to me and they’re like “how?” or “what should I do” and I’m like “just do something!” It doesn’t have to be fantastic. I am a perfectionist but sometimes that can work against me because sometimes some things need to go out. Some things need to resonate. It’s not about the camera angles, it’s the message that needs to reach the person who needs it most. So that’s why I would encourage whoever it is to start and do something. 2. Be consistent And then I would say, be consistent. Be consistent because people like to trust that you’re going to be around. That’s how you build a community. That’s how you build a following- if people trust you; that you’re going to be around. And, if you think about it, if we look at any of the big, massive brands, we trust that they’re going to work. For example, if I log onto Netflix, I trust that the shows are going to be there. That’s because of their consistency and I think, as you show up and you’re consistent, people will build a trust towards you. People will build a trust towards your voice. 3. Know your voice The third one I would say to everyone is, what’s your voice? It’s incredibly crowded. It’s incredibly noisy. People are getting notifications left, right and center. So, what is your voice? It goes back to knowing your identity because I think your voice flows from your being. For example, I’m not creating anything today that doesn’t flow organically from who I am. You only have got to spend about an hour with me and you’ll know that’s true. So, I would say, what’s your voice? I hear people say they want to be the next Oprah. Good for you but Oprah exists and she doesn’t look like she’s going anywhere for now. What’s your voice? Because your voice will resonate to the place it’s supposed to be sent. 4. Be persistent and be determined And, after consistency and knowing your voice, be persistent and be determined. Your idea is not going to grow overnight. If you get it overnight, you’ll probably lose it overnight. It’s about legacy. It’s about building deep roots. Like at this moment, I’m not overly concerned with having millions of followers but what I am concerned about because we’re in our infancy at this stage (we’re under 5 years as a company), is building deep roots. Roots that are so deep our infrastructure is laid and it’s tight so we can build upon that. If your infrastructure’s dodgy, if the foundation’s dodgy and you’re trying to get to 100 followers, the whole thing’s going to collapse. The fact is, if you don’t want the long endgame, I would challenge you to question why? What is your why? If you just want to make a little bit of money- you can do something else that is less stressful. If you want it now, I would challenge you to question your why. If you get your why, then you’ll know it’s definitely a long run. 5. Be passionate You must be passionate about what you’re doing because you have great wins and you have days where you’re just like “oh my goodness!” And I just think, the thing that keeps me going is my why and my passion. It’s the passion- seeing who you’re hoping to help or who you’re hoping to bless or who you’re hoping to communicate with, it’s those things. Having a little reminder on your phone is really helpful too. Got an article you’d like to share with us? Share your story with us here.

5 minutes with SheHive London 2017 speakers: brother and sister team Emeka & Ifeyinwa Frederick

Chuku’s is the world’s first Nigerian tapas restaurant based in London, fusing authentic Nigerian flavours and the best of Nigeria’s West African culture with the world. Founded by sibling duo Emeka & Ifeyinwa Frederick. On founding Chuku’s The sibling duo’s idea to create a food company, offering a variety of small plates of Nigerian dishes, was born out of growing up in a Nigerian household, and having friends who loved their home meals. This lead them to explore Nigerian cuisine, by fusing traditional recipes with food from their travelling experiences, and their experiences of being part of the diaspora.   Running the operations at Chuku’s Every day is different for this team, with something new to be learned and done each day. They note that creating a routine is one of their main goals in the short term. But, their weeks are broken up into: Shopping days Cooking preparation Events and logistics Administrative tasks Strategizing Marketing This is one busy duo, as we can see! [bctt tweet=” Hear the Chuku’s team speak at SheHive London 2017: http://sheleadsafrica.org/shehivelondon2017/” username=”SheLeadsAfrica”] Long term goals… Their long term plans include: Finding a permanent space to offer their food. Establishing a chain of mainstream Nigerian tapas lounges. To become a UK household brand name.   What trends keeping their eyes on… The evolution of technology in the food space and how it continues to evolve and disrupt the market. The rise of healthy meals and food, which their already onto, with their delicious tapa’s. To learn more about the creative Nigerian foodie duo, get a ticket to our SheHive London event on the 24th of September.