Dear Entrepreneur

By Chidi Nwaogu

On April 2, 2019, Jason Njoku, a Nigerian entrepreneur tweeted about how entrepreneurship abuses and consumes us if we let it. This is nothing but the truth.

Entrepreneurship isn't glamorous at all, and often it affects our mental health. However, in contrast to Njoku's opinion, I believe there is true happiness in entrepreneurship if we share our pains, mistakes, worries, failures, and shortcomings with other like-minded entrepreneurs, and receive feedback and help from them, and grow from there.

In a bid to achieve this, I started a podcast for entrepreneurs called "Dear Entrepreneurs” in April 2019. Olamide Akomolafe, a colleague, and I anchored this podcast in Accra, Ghana, from April to July 2019; recording eight episodes within three months. In each episode, we talked about our experiences as entrepreneurs, the good, the bad, and the ugly, in order to encourage other entrepreneurs going through tough times.

We garnered hundreds of listeners from Nigeria, Ghana, Kenya, Canada, Germany, United States, and Mauritius, but had to discontinue the podcast, unfortunately, after the eight-episode, as Olamide and I flew out of Ghana and began living several timezones apart.



In December 2019, I somewhat rekindled the podcast, as I began posting across my social media profiles, a series of open letters to entrepreneurs. Since then, I have written and posted hundreds of open letters to entrepreneurs like myself. All letters begin with “Dear Entrepreneur…” and closes with “With love, Chidi”. In March 2020, I decided to collate all letters already posted online and to be posted, into a book called “Dear Entrepreneur”.



It should serve as a devotional for entrepreneurs looking for a companion along their entrepreneurial journey. They will be 366 open letters, from January to December; a letter for each day, including February 29 for the leap years. My hope is that you start your day by reading one of the letters, and it helps you put everything into perspective.


• Language: English
• Publisher: Chidi Nwaogu
• Release date: Apr 24, 2021
• ISBN: 9791220803212

Chidi Nwaogu

Chidi Nwaogu is a serial tech entrepreneur, self-taught software developer, public speaker, volunteer mentor, and startup advisor. Nwaogu started his entrepreneurial journey when he was 16 with the creation of 9ja Boi Interactive, a video game development company that combined AI and gamification to teach fellow teenagers the concept and importance of global warming, and how to mitigate it.Today, Nwaogu is Co-founder and CEO of Publiseer, a digital publisher that has helped over 6,000 underserved African creatives living in low-income and disadvantaged communities to earn over $240,000 in revenue, and has been described by Konbini as "one of the largest digital publishers in Africa" and identified by IFC as one of the startups "that could speed up innovation in Africa". He is also the Co-founder of Savvy, a global fellowship program that has equipped over 3,200 passionate and brilliant young individuals from over 120 countries, with the necessary knowledge and skill that they need to start their own impact-driven business in a post-COVID era and succeed as social entrepreneurs.Since Nwaogu was 19, he has co-founded, grown and sold two tech startup companies, including LAGbook, a social network that garnered over 1-million registered users within three years from inception, and was eventually acquired by the Canadian tech company, Gulf Pearl Ltd.Nwaogu has been described as one of the "Young Innovators making Africa great in 2019" and "50 Top Personalities on LinkedIn". Nwaogu began public speaking as a keynote speaker at the 2012 IT Leaders West Africa Summit, where he spoke on the role of social media and mobile in developing nations, focusing on the Arab Spring. Today, he speaks around the world about publishing, entrepreneurship, business, and technology, including at the 2019 International Publishers Association Regional Seminar in Nairobi, the 2019 Geneva Book Fair in Switzerland, the 2019 Legal & Tech Network Summit in Lagos, and the 2019 African Magnates Summit in Accra.As a volunteer mentor, Nwaogu mentors budding and aspiring entrepreneurs and young professionals through platforms like the Lagos Innovates Idea Hub by the Lagos State Government, and the Investment Readiness Program by the United Nations Sustainable Development Solutions Network. Nwaogu's startups have been featured on several media publications, like Africa Business Review and TechCrunch, for their many strides in the tech ecosystem.For his contributions to the growth of the tech ecosystem in Africa, Nwaogu has won the 2019 Africa 35.35 Award for Entrepreneurship, the 2019 Young Leaders Award for Media and Entertainment, and the 2019 Bizz Business Excellence Award. Nwaogu is an Acumen Fellow (West Africa), Alibaba eFounders Fellow (China), Halcyon Incubator Fellow (Washington DC), Westerwelle Fellow (Berlin), and Yunus&Youth Fellow (New York).

Book preview

NWAOGU

Front cover photograph by Ebube Okoli

The fight is won far away from the success people see — it’s first won in the head, behind closed doors, in silence and pain, in the midst of challenges and setbacks, in the workplace, riddled with failure and rejections, and at odd hours of staying awake when everyone was asleep — long before you stand under those lights and smile before a camera.

Chidi Nwaogu

2019

Prologue

WHY DEAR

ENTREPRENEUR?

––––––––

Dear Entrepreneur,

On April 2, 2019, Jason Njoku, a Nigerian entrepreneur tweeted about how entrepreneurship abuses and consumes us if we let it.  This is nothing but the truth. 

Entrepreneurship isn't glamorous at all, and often it affects our mental health. However, in contrast to Njoku's opinion, I believe there is true happiness in entrepreneurship if we share our pains, mistakes, worries, failures, and shortcomings with other like-minded entrepreneurs, and receive feedback and help from them, and grow from there. 

In a bid to achieve this, I started a podcast for entrepreneurs called Dear Entrepreneurs in April 2019.  Olamide Akomolafe, a colleague, and I anchored this podcast in Accra, Ghana, from April to July 2019; recording eight episodes within three months. In each episode, we talked about our experiences as entrepreneurs, the good, the bad, and the ugly, in order to encourage other entrepreneurs going through tough times.

We garnered hundreds of listeners from Nigeria, Ghana, Kenya, Canada, Germany, United States, and Mauritius, but had to discontinue the podcast, unfortunately, after the eight-episode, as Olamide and I flew out of Ghana and began living several timezones apart.

In December 2019, I somewhat rekindled the podcast, as I began posting across my social media profiles, a series of open letters to entrepreneurs. Since then, I have written and posted hundreds of open letters to entrepreneurs like myself. All letters begin with Dear Entrepreneur... and closes with With love, Chidi. In March 2020, I decided to collate all letters already posted online and to be posted, into a book called Dear Entrepreneur.

It should serve as a devotional for entrepreneurs looking for a companion along their entrepreneurial journey. They will be 366 open letters, from January to December; a letter for each day, including February 29 for the leap years. My hope is that you start your day by reading one of the letters, and it helps you put everything into perspective.

With love,

Chidi

JANUARY

Letter #1

January 1

Dear Entrepreneur,

Challenge yourself every day. Let it motivate you. Treat life like one long university education, and learn valuable lessons every day, especially from meeting the worst people and making the gravest mistakes. Also, do work you care about. Do what you love. There’s no doubt that running a business takes a lot of time, and drains a lot of your energy. But the only way to be satisfied in your life is to do work that you truly love, and believe in.

Are you passionate about the work you’re doing? What are your reasons for doing it? Are they genuine enough? Did you venture into your business because you know someone who is successful at it already? How long can you do this work without making a profit, and still maintain your love for it?

Do some deep and honest reflection today.

With love,

Chidi

Letter #2

January 2

Dear Entrepreneur,

Don’t waste your energy on things beyond or out of your control. Don’t worry about things you can’t control. It only gives you negative energy and keeps you from addressing the things within your control.

As an entrepreneur, in every bad situation, you have to recognize that the one thing you can always control is your own response and attitude, and you have to learn to use these attributes well.

With love,

Chidi

Letter #3

January 3

Dear Entrepreneur,

Don’t worry about pleasing people. True entrepreneurs are not people pleasers. However, they don’t go out of their way to displease people as a way of reinforcing an image of strength.

As an entrepreneur, strive to be kind and fair and to please people where appropriate, but don’t be afraid to speak up. You have to be able to withstand the possibility that someone will get upset and try to navigate the situation, wherever possible, with grace.

With love,

Chidi

Letter #4

January 4

Dear Entrepreneur,

Don’t make the same mistakes over and over again. We all know the definition of insanity, right? Yes, it’s okay to fail, but at least learn from it to avoid making the same mistakes again. Doing the same thing over and over again will only bring about failure, except the last timing was wrong.

True entrepreneurs don’t take the same actions again and again, while hoping for a different and better outcome than they have gotten before. As an entrepreneur, you have to accept full responsibility for your past behavior and be willing to learn from your mistakes.

Research shows that the ability to be self-reflective in an accurate and productive way is one of the greatest strengths of spectacularly successful executives and entrepreneurs.

With love,

Chidi

Letter #5

January 5

Dear Entrepreneur,

Never resent other people’s success. It takes strength of character to feel genuine joy and excitement for other people’s success, especially your competition. True entrepreneurs have this ability.

They don’t become jealous or resentful when others succeed (although they may take close notes on what the individual did well). They are willing to work hard for their own chances at success, without relying on shortcuts.

With love,

Chidi

Letter #6

January 6

Dear Entrepreneur,

The world doesn’t owe you anything. You have to understand that the world doesn’t owe you a salary, a benefits package, and a comfortable life, regardless of your preparation and schooling.

True entrepreneurs enter the world prepared to work and succeed on their own merits, at every stage of the game. They don’t wait until something is handed to them. When they know what they want, they go out, and they get it.

With love,

Chidi

Letter #7

January 7

Dear Entrepreneur,

True entrepreneurs are willing to take calculated risks. This is a different thing entirely than jumping headlong into foolish risks.

True entrepreneurs can weigh the risks and benefits thoroughly, and fully assess the potential downsides and even the worst-case scenarios before they take action.

Never fear to take calculated risks.

With love,

Chidi

Letter #8

January 8

Dear Entrepreneur,

Every failure is a chance to improve. Even the greatest entrepreneurs are willing to admit that their early efforts invariably brought many failures. Sometimes, I had to do things twice, to get it right.

True entrepreneurs are willing to fail again and again, if necessary, as long as the learning experience from every failure can bring them closer to their ultimate goals.

With love,

Chidi

Letter #9

January 9

Dear Entrepreneur,

Entrepreneurship is a very lonely journey, especially when you’re still struggling to validate your product or service, and make profit out of it.

But true entrepreneurs enjoy and even treasure the time they spend alone. They use their downtime to reflect, to plan, and to be productive.

Most importantly, they don’t depend on others or public praises to shore up their happiness and moods. They can be happy with others, and they can also be happy alone.

With love,

Chidi

Letter #10

January 10

Dear Entrepreneur,

Whether it’s a workout plan, a nutritional regimen, or starting a business, true entrepreneurs are in it for the long haul. They know better than to expect immediate results.

They apply their energy and time in measured doses and they celebrate each milestone and increment of success on the way. They have staying power. And they understand that genuine changes take time.

With love,

Chidi

Letter #11

January 11

Dear Entrepreneur,

Don’t dwell on the past. There is strength in acknowledging the past and especially in acknowledging the things learned from past experiences—but as an entrepreneur, you should be able to avoid miring your mental energy in past disappointments or failures, or in fantasies of the glory days gone by.

Invest the majority of your energy in creating an optimal present and future.

With love,

Chidi

Letter #12

January 12

Dear Entrepreneur,

True entrepreneurs embrace change and they welcome challenges. Their biggest fear, if they have one, is not of the unknown, but of becoming complacent and stagnant. For true entrepreneurs, an environment of change and even uncertainty, energizes them and brings out their best.

Never shy away from change or challenges.

With love,

Chidi

Letter #13

January 13

Dear Entrepreneur,

Never give others the power to make you feel inferior or bad. Successful entrepreneurs understand they are in control of their actions and emotions. They know their strength is in their ability to manage the way they respond to tough situations.

With love,

Chidi

Letter #14

January 14

Dear Entrepreneur,

You don’t see mentally strong people feeling sorry for their circumstances or dwelling on the way they’ve been mistreated. They have learned to take responsibility for their actions and outcomes, and they have an inherent understanding of the fact that frequently life is not fair.

They are able to emerge from trying circumstances with self-awareness and gratitude for the lessons learned. When a situation turns out badly, they respond with phrases such as Next time, I will get it!

With love,

Chidi

Letter #15

January 15

Dear Entrepreneur,

Address a pain point. Of course, profits are there to keep the lights on; ask any successful entrepreneur, and there's a near-certainty that they have become quite adept at knowing their profit margins. The problem with this is that other startups learn the wrong lesson, thinking that profit margins should be the thing you focus on, rather than a thing to focus on.

Don't just focus on profit margin. Rather (and more importantly), focus on the value your product or service will provide your clients. The most successful companies were not built for revenue motives but ones that solved an issue or filled a need.

With love,

Chidi

Letter #16

January 16

Dear Entrepreneur,

Teach your team that failure is okay. It's not uncommon that entrepreneurs have an intimate relationship with failure. After all, many of us fail on our first, second, and even third businesses before striking it big.

That said, many of us do not teach our teams that failure is part of startup life. Please, ensure to make failure something that isn't frowned upon in your organization.

Instead, challenge your team to take high-risk/high-reward opportunities that have the potential to fuel growth and capacity within your organization.

With love,

Chidi

Letter #17

January 17

Dear Entrepreneur,

Life is an echo. What you send out, comes back. What you sow, you reap. What you give, you get. What you see in others, exists in you. When you’re kind to others, that kindness comes back to you, too. You can make the journey easier for everyone simply by being kind.

When you’re building a business, it’s easy to become so focused on your own goals and progress that you forget about how you’re treating others. But in a world full of entrepreneurs and new businesses, kindness is one quality that can quickly help you to stand out from everyone else. Work on incorporating kindness into your daily routine, and that routine may soon become a joyful experience.

With love,

Chidi

Letter #18

January 18

Dear Entrepreneur,

Be ready to change faster than Superman in a phone booth. Inevitably when building a business, you'll have to respond to unexpected crises at any given moment. It would be a lot easier to do if you had a red cape and super powers. But without that advantage, you'll just have to adapt quickly.

The truth is, even if you have a plan, it may not be worth much in six months or six minutes. Instead of a business plan, think about developing a series of micro-plans. These should not be as forward looking or detailed as typical business plan, a page or two covering a few months will do. It will at least give you a starting point and make it much easier to adjust and iterate on.

See the future, write it down. Guess what? Bill Gates and Steve Jobs didn't have formal business plans when they started Microsoft and Apple. What they did have was a vision for where the products would go.

Your vision doesn't have to be as world-changing as putting a computer on every desk in every home or a computer for the rest of us. What matters more than the content of these visions is that they are very specific and simple to understand. Create a vision that meets these two requirements then make sure you write it down and keep it somewhere visible.

With love,

Chidi

Letter #19

January 19

Dear Entrepreneur,

Most entrepreneurs don't start with a plan. They may have a rough idea of where they want to go, but few have a full roadmap for how to get there. Still, entrepreneurs tell themselves and everyone around them they know exactly what they're doing.

We are right on track, Everything is going as planned, and We couldn’t be better, are common phrases heard in the startup world. But it's a lie. And you know what? It's okay not to have a plan and for many, they may still find success.

To attain success as an entrepreneur, you must think about the 'who' and not the 'how.' Business plans force us to think about how we'll get to our end goal. But it's more effective early on to think about who you're selling to. You may have a general idea of what a potential customer should look like but take it a step further.

Literally come up with a picture of what your ideal customer looks like. If you're artistic you can sketch something out but a stock photo can also do the trick. Take the time to write down as much about your ideal customer as you can including their name, interests, wants and needs.

Put the picture in as many places as possible so that you can consider them every time you make a business decision.

With love,

Chidi

Letter #20

January 20

Dear Entrepreneur,

Connecting with people in college is not the same as engaging with people in the real world. A drinking buddy or roommate who may have been so crucial to you in college won't matter so much as you try to get a startup off the ground.

No matter how tempting it may be to hire friends, they may not be right for your startup. If you majored in business, though, how often do you cross paths with an awesome programmer? Probably never.

When running a startup, be ready and willing to reach out and engage with the right people, instead of just relying on those who are there. With the right network of people, the possibilities are endless.

With love,

Chidi

Letter #21

January 21

Dear Entrepreneur,

An inevitable part of the startup experience is tasting failure. Almost all successful entrepreneurs have failed at one point or other. It’s a learning process that can help you make your next venture a success.

But you won’t learn about this in college. After all, colleges want you to succeed. They want you to graduate and become an esteemed alumni who donates money.

Colleges don’t prepare you for failing a class or not landing a job after graduating. They don’t prep you for failure. Truth is, it’s not the end of the world. This is something that you will have to discover and cope with when joining the startup world.

With love,

Chidi

Letter #22

January 22

Dear Entrepreneur,

Protect yourself from the unexpected. Think about roadblocks you might hit along the way. Expect the best but prepare for those unexpected hiccups.

Things will happen that you can’t control. Do what you can to protect yourself. Set up systems and processes in your business so that you can take a vacation or care for a sick child. Make sure that things won’t fall apart if you step away for a moment. Respect yourself enough to ensure that you can take care of yourself outside of your business.

With love,

Chidi

Letter #23

January 23

Dear Entrepreneur,

Follow your passion and don’t let go. Your business probably stems from something you’re passionate about, but over time, the day-to-day running of the business makes it hard to keep that passion alive.

Fuel it daily by reminding yourself why you started your business. Make sure that you fall in love with a problem, not a solution. If your first solution doesn’t work, fall back on your passion for solving that problem to find another answer for your customer.

Cash is king. Running a business is an art and a science. The art is your passion. The science is your business model. Make sure you understand your own business model. It’s not something to abdicate to someone else. Understanding money-in, money-out, is critical to business success. Ignorance is not bliss.