Creating a startup is challenging enough. So, when you want that startup to also address social problems, the pressure on entrepreneurs to succeed and scale can be even more intense. Meet Sadaf Rehman of codeschool.pk in Pakistan and Sarika Kulkarni Pathak of Cresa GreenTech in India, and hear how these two women entrepreneurs are struggling and striving to make the world a better place.Many of the challenges faced by social entrepreneurs are no different than those of for-profit startups. Understanding who your customers are, the problems they face, and how you’re going to solve them — known as your value proposition — remain the same. But when you set out to improve children’s literacy and women’s health, the stakes are higher.For Sadaf Rehman, the failing education system in Pakistan drove her to create a coding school to prepare kids for the modern job force. Rehman believes that “the education system has to prepare children to think. We have to retool how and what we are teaching our kids and who is teaching our kids as well. And so what code school is trying to do is introduce a programming curriculum for young children at primary and secondary school.”Rehman reflects on the tensions of scaling to create impact vs. revenue: “I don't think that as an entrepreneur or as a person, I would feel like I was successful if all I wanted to do is make money. If you want to scale really fast, an easy way to do that is to lower your revenue. But there are always these forces and tensions pulling you in different directions as an organization.”Sarika Pathak’s master’s study and work with Johnson & Johnson led her to make a 100 percent chemical-free and biodegradable sanitary napkin which dissolves immediately in hot water. Pathak explains why she’s so passionate about her business: “According to a survey, around 23 percent of girls drop out of school just after starting their period, just because of unavailability of menstrual hygiene products. And 56 percent of girls face urinary tract infections due to unhygienic conditions in the washrooms and toilets. And because of the social and cultural taboo, people are not ready to talk about it. If they don't talk about it, how are these problems getting solved?” Her business idea has an environmental impact as well. “India has 12 billion sanitary napkins to take care of every year,” she explains “and it's very difficult to biodegrade any single sanitary napkin that takes 800 years to decompose. So, imagine the kind of waste that has been generated over the years.”Listen to some of the obstacles Rehman and Pathak are facing — from targeting customers to managing supply chains — as they seek to build and scale their social enterprises.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

To submit a story for our episode on corruption, send a voice memo to Stanford Seed via WhatsApp at +1(650) 206-3055.Women represent about 50% of the global population yet own only ⅓ of the world’s businesses and still get paid 37% less than men. Georgette Barnes, a Ghanian entrepreneur, and Stanford professors Dr. Deborah Gruenfeld and Margaret Neale share experiences, advice, and strategies for navigating the workforce as a woman — from power dynamics and negotiations to gender expectations and harassment.The challenges women face working in a man’s world keep stacking up, even as female entrepreneurs like Georgette Barnes learn how to overcome them. As a supplier of mining support services in West Africa, Barnes faced resistance from her very first interview, “I said nobody wants to give me opportunities. Nobody wants to give me the experience that you are asking for.”Dr. Deborah Gruenfeld is not surprised. She has been researching women and power at Stanford Graduate School of Business and says Barnes’ experience reflects a broader trend of who gets opportunities and why. Gruenfeld says “We tend to think a leader looks like a man. And so it's very easy to see leadership potential in a man because a man looks like what we expect to see. But a woman doesn't actually look to us like what we think a leader is supposed to look like. So, that's a way in which women are sometimes held back and not chosen first for leadership roles.”Gender expectations also impact the way women negotiate, according to Professor Margaret Neale. Her research shows that women negotiating face more challenges than their male counterparts because there is a societal expectation about how women should be in society. And to make matters worse, Neale says “women have systematically lower expectations for what they can achieve in negotiations than their male counterparts.”Barnes experienced this self-doubt when she explored the idea of starting her own business. “I knew I wanted to set up my own company,” Barnes reflected, “but I didn't think I could do it. And I didn't think that a young African Ghanaian woman should have that dream.”Barnes prevailed but Dr. Gruenfeld suggests women need to develop their personal power to “deal with the narrative in your head…to make sure that you take charge of how you interpret the situation that you’re in.”Listen to Barnes’ firsthand experience on the stereotypes and obstacles she contends with every day and hear Gruenfeld’s and Neale’s advice on how women — and men — can shift the paradigm for themselves and future generations.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Negotiation is at the heart of almost every business transaction — whether working on terms with potential investors or communicating with colleagues. Listen to Ghanian educational entrepreneur Charles Yeboah as he shares his real-world negotiation challenges and get surprising tips and insights from Stanford professor Margaret Neale on how to turn your next negotiation into a win-win.Charles Yeboah never imagined he’d be in the business of education. But after searching for a school for his daughter, necessity became the mother of invention. Today, International Community School is educating over 2000 students across Ghana with plans to expand to other countries. When it came time to expand, Yeboah needed to put his negotiation skills to the test with potential investors. He learned firsthand what Professor Neale researches and teaches: that walking away from a deal is sometimes the best outcome…even when a $20 million dollar investment is on the line.Professor Neale believes that negotiators require a different mindset, moving from the idea of negotiation as a battle to an opportunity for collaborative problem-solving. She advises to never begin a negotiation without understanding what your alternatives are or what happens to you in the case of an impasse? “If I have a really good alternative, then you're going to have to pay a premium for me to stay and play in this interaction. Otherwise, I can just walk” says Neale.Yeboah followed that advice in his own negotiations. “Whether it's talking to a banker or talking to a potential equity investor, you think about what you want to achieve with that investment and what they want to achieve with that investment. And then you want to make sure that you marry the two aspirations,” he says. Listen to Yeboah’s real-world experiences of sticking to his values when negotiating and get Professor Neale’s practical tips for preparing well and negotiating better.To find out more, or apply for Professor Neale's Influence and Negotiation Strategies Program, visit: https://www.gsb.stanford.edu/exec-ed/programs/influence-negotiation-strategies-program See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The deadline to apply for our 2023 Seed Transformation Program is June 1st! To find out more, visit: stanfordseed.co/applyMeet Tony Elumelu, a Nigerian businessman, billionaire, investor, philanthropist, champion of African entrepreneurs, and steadfast believer in luck. Hear how and why he’s committed to catalyzing entrepreneurship across the African continent.Ask almost any entrepreneur about their secret to success and more than likely they’ll credit a combination of hard work and luck. Tony Elumelu is no exception. After an illustrious career running Africa’s largest bank, United Bank of Africa, and currently serving as its chairman, Elumelu says he decided “to commit the second phase of my life to helping, to impact humanity, to helping democratize the luck that I had growing up to help expand access to opportunities.” And he has done just that, funding thousands of early stage startups and empowering over 15,000 entrepreneurs across 54 African countries to solve the continent’s biggest problems.Elumelu says “I've come to appreciate the significance and importance of entrepreneurship in transforming families, in transforming communities, in transforming countries, societies, and humanity.” He strongly believes that the private sector has a role to play in developing the continent and making that transformation possible. Listen as Stanford student Chisom Obi-Okoye interviews Tony Elumelu about his career path, philosophy of African capitalism, and vision for the future of the continent.View From The Top is Stanford Graduate School of Business' premier speaker series. To hear more of their amazing line-up, subscribe to their podcast or visit their YouTube page.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Welcome to Grit & Growth’s masterclass on corporate governance, featuring Alexey Volynets of International Finance Corporation. From what structures make sense to employ, and when in the life cycle of your business you should use them, Volynets provides advice and insights on how corporate governance can be a powerful tool for your business.While many entrepreneurs fear corporate governance because they believe it means more legal constraints and less control, Volynets wants to change the way founders of small to medium-size enterprises think about governance. He has been researching and teaching companies about the ins and outs of corporate governance for years and understands why it’s  so challenging. “It's really hard to let go. It's hard to delegate. It's hard to allow people from outside the company to make huge strategic decisions on what it should do,” he acknowledges. But Volynets believes there comes a time in every company’s journey when leaders have to delegate and formalize systems and structures to support growth.Top Six Masterclass Takeaways Corporate governance goes beyond boards. Volynets defines it quite simply: it’s about how companies are directed and controlled. And second, it’s when companies have created structured policies that “mean you can take a vacation for three weeks and not be afraid your business will fall apart while you’re away.”The stage of your business makes a difference. You don’t have to have all your corporate governance structures done on day one. What makes sense for a mature, expanding business is far different than an early stage startup.Don’t be afraid to ask for external advice. And the earlier you start thinking about it, the better. It can be formal or informal, but relying on others with expertise you don’t have in-house is essential.Build a good management team, too. A good board of directors needs to have a partner in the company beyond the CEO. And realistically,  in the early days when resources are strapped, your management team can perform many of the functions you’ll later assign to a board. Don’t wait to create an organizational chart. While you’re focusing on growth, adding people and units, you need to start formalizing your organization’s key functions, and what those key functions actually do. And it might just come in handy for succession if one of your key people suddenly leaves. Ease into corporate governance with an advisory board. It can be a great stepping-stone as you formalize governance structures.Listen to Volynets’ insights, advice, timing, and strategies for how you can ease into and ultimately formalize and manage a board when the time is right.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Is it time to consider an advisory board? And if so, why? What skills do you need? And how do you find the right people who are willing to help? Aashish Agarwaal, founder and chairman of the Enerji Group, and Alexey Volynets of the International Finance Corporation share entrepreneurial perspectives and corporate governance advice to help you figure out what’s right for your company.Rare is the entrepreneur who is an expert at everything. Turning to others outside your company for advice can be essential for success. Formalizing that process with an advisory board is helping Aashish Agarwaal strategically transform Enerji Group, the digital publishing enterprise he founded in India. But it took awhile to figure out exactly what he needed, who could help, and how to run the board effectively.Alexey Volynets understands what Agarwaal had to go through to create the ideal advisory board. As an expert in corporate governance at the International Finance Corporation, he has been teaching companies about corporate governance  for years.The most common manifestation of corporate governance is a board — fiduciary or advisory. Whereas fiduciary boards have financial liabilities, advisory boards are simply there to provide expertise that you may be lacking. “As you are growing, and when you are on the top of the world, it's important to have a check,” Volynets explains. “External advisors, especially very independent voices will ask you the right questions and will challenge your assumptions.”Agarwaal figured out who he needed by first identifying the skill gaps in his company and what strategic initiatives he needed help with and how often. He suggests “I would say first what are the gaps, and second, do you need that help on a consistent basis or intermittent basis? Because again, you have to decide how much investment you're going to make in it.” Finding the right people isn’t easy, either. Volynets suggests the best place to look is your own networks to find the business people you trust with the criteria you need. But Volynets cautions entrepreneurs to avoid adding friends, suppliers, contractors, etc. to an advisory board, even if they have the requisite skills. He says “The most important characteristic is emotional independence.”  Listen to Aashish’s first hand experience on creating an advisory board and Alexey’s insights on how to do it strategically and successfully when it’s time to tap into the experience and expertise of other business leaders.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Welcome to Grit & Growth’s masterclass on power, featuring Dr. Deborah Gruenfeld, Stanford Graduate School of Business professor of organizational behavior. From the body language of power to the authority vs. authenticity debate, Gruenfeld provides insights on how and when to use your power to gain the trust and respect of others.Professor Gruenfeld is a psychologist by training and she’s been researching and teaching about the psychology of power and powerlessness for decades. So, she has a deep understanding of why this invisible force can have such a profound social and business impact.There are plenty of myths and misconceptions about power, starting with the fact that most people believe that only other people have power and that power corrupts. Gruenfeld says the research disproves this idea, explaining, “It’s having power while feeling powerless that leads people to behave badly.”So, how do people in positions of power use it as a force for good? If you want to have a positive impact on others and on your organization, Gruenfeld suggests there’s no advantage career-wise to being a jerk. Instead, she recommends “behaving in a way that leads others to trust you more.”Top Five Masterclass Takeaways Your body language can communicate power … or powerlessness. Gruenfeld advises entrepreneurs to imagine putting on a headdress or crown before you walk in a room full of strangers. The stillness and physical expansiveness you convey will provide nonverbal cues that you’re comfortable and in charge.Sometimes it’s better to lead with deference than dominance. While dominance tends to look more authoritative, deferential behaviors are more approachable, show respect for others, and help build relationships.Effective leaders need to balance authority and approachability. You need to be equally capable of behaving in a way that commands respect and shows respect to others because people will need different things from you in different situations. Leaders need to practice types of power that may not come naturally. More than likely, you’ll be more comfortable with either an authoritative or approachable style. Use this as an opportunity for growth so you can be the leader whom others need you to be.Often the best way to use your power is to empower others. While not intuitive for most leaders, showing vulnerability and asking for help can be highly motivating for teams.Listen to Dr. Gruenfeld’s insights, advice, and strategies for how entrepreneurs can use power more effectively as you manage growing teams, pitch investors, and negotiate deals.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

What are the unique challenges facing the African entrepreneurial ecosystem? How is the rapid growth of fintech startups impacting the Nigerian economy? And what does it take to become a modern business leader? Hakeem Belo-Osagie, accomplished businessman, philanthropist, and educator, has the experience and expertise to tackle all three.Few business leaders understand the systemic challenges facing African finance as well as Hakeem Belo-Osagie. For three decades, he’s been a driving force in the Nigerian economy, working across the energy, finance, and telecom sectors. He left a decade-long career in the Nigerian government for the life of an entrepreneur — and he hasn’t looked back. But it didn’t start well, as Belo-Osagie explains:“I think I mightily over-estimated my abilities, and my first entrepreneurial venture in finance was a complete failure, the bulk of which was entirely my own fault. It was a wonderful lesson. And I was able to pick myself up. The second venture of mine, which was a securities trading company, went very well. Subsequent to that, I staged the takeover of a large government-owned bank that I realized after buying was effectively bankrupt.”Managing a hostile workforce at that bank, UBA, and working with seemingly hostile government regulators has taught Belo-Osagie about the importance of empathy, patience, and courage. Being aware of how much your employees and regulators really understand about the situation is key to success. As he explains about the bureaucratic mindset, when government officials don’t understand something, the instinctive reaction is to say no.Ultimately, Belo-Osagie defines success, especially in Africa, this way:“We have to measure how well we're doing, not by how many people are on the Forbes cover, or by how many billionaires Africa has, but basically what has happened to the bottom 40 percent. Business success has to enable people to make good sums of money, but it also has to be a system that lifts people out of poverty, large proportions of the overall population.”Listen to Belo-Osagie’s turnaround story at UBA, his thoughts on the role of regulation in the future of fintech, and what it takes to be an effective leader … in Africa and beyond.As we said at the beginning of the episode, the Seed Transformation Program will open applications for the 2023 class on April 1st, 2020. Founders and CEOs of companies based in Sub-Saharan Africa and South Asia with annual revenue of at least $300,000 are eligible to apply. To apply or find out more, visit: https://www.gsb.stanford.edu/seed/transformation-program/admissionSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Welcome back to Grit & Growth from Stanford Graduate School of Business. We’re tackling the complex issues facing entrepreneurs who are building businesses in Africa and South Asia. These emerging markets are exploding with opportunity and obstacles. And you’ll hear firsthand from entrepreneurs about their trials and triumphs, along with insights from Stanford faculty and global experts on how to overcome challenges and achieve success. We dig deep on product innovation, negotiation, corporate governance, regulation, and retention. We hear stories about corruption, women in business, and the role of power. Listen in and learn from entrepreneurs and experts on Grit & Growth Season 2.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

After a year of Grit & Growth podcasts, Darius Teter, our host and executive director of Stanford Seed, looks back on his conversations with intrepid entrepreneurs from Africa and India. He not only shares powerful moments but also some of the lessons he’s learned along the way about the struggles and opportunities of entrepreneurship in emerging markets. It’s hard to pick favorites, but some stories held special resonance and, in retrospect, revealed key themes about the long, often lonely, yet rewarding journey of entrepreneurship. No surprise, grit is one of the qualities that stood out in the entrepreneurs Teter spoke with, especially in the face of unprecedented adversity. Kwami Williams, whose company suffered from two fires, the pandemic lockdown, and personal tragedy, talked about the importance of taking one step at a time to stay resilient and recover.Working to solve important problems is a red thread throughout many of the conversations. “It got me thinking that much of what we take for granted are really fundamental human rights — access to food, water, basic health care, and information,” Teter explains. “The phrase ‘purpose and profit’ may be overused, but these remarkable people are solving important problems as a business, not a charity.”Teter points to Dr. Shuchin Bajaj, who built a network of affordable yet sophisticated hospitals across India and staffed a 1,000-bed hospital in weeks during the darkest days of the pandemic, and Samuel Appenteng, whose company brings drinking water to seven countries in Africa. Often, just doing business in some of these markets is a problem worth solving, from providing access to markets or using machine learning to providing short term financing.From creating dignified work and highlighting the importance of mission to considering the role of governance and securing financing to scale their businesses, these entrepreneurs showed true grit and growth.As Teter looks back and to the future of entrepreneurship in the region, he says, “What I have learned through my association with these incredible people is that the locus of innovation is rapidly shifting to these emerging markets, where a combination of necessity, untapped consumer demand, network penetration, and new technologies is leading to an explosion of business activity. And I learned that being an entrepreneur in these markets can be a lonely journey, and they value the opportunity to network and learn from each other.”Listen to highlights and observations from our first season, tune in to the full stories of these amazing entrepreneurs, and get ready for Season Two.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.