Abstract:
Lulu enjoyed the freedom of running her own business. Over the years she grew to become the largest distributor of traditional African cloth to both large and small shops in and around Nakuru. Her customers valued her creative brands and consistently lower prices. However, on a particular day in March, Lulu paced up and down the reception area of her main supplier’s office in Cameroon. Agitated, frustrated, and yet determined, she psyched herself up for the big meeting with the supplier. She felt compelled to travel to Yaoundé after a recent meeting held the previous week with a friend who just completed her MBA. While Lulu did employ a regular bookkeeper, she did not retain a treasurer or CFO so that her operating costs, she thought, stayed to a minimum. So, her friend’s advice came as a bit of a shock. While Lulu did indeed retain the widest depth and breadth of traditional African cloth in her area, she did not make money on most of her sales. Her friend discovered that she overpaid for her supplies and then she sold most of her material too cheaply to her customers. One phrase that Lulu’s friend uttered stuck in her mind: “It is not enough to be in business for the fun of it, you must also make money.” It made Lulu feel foolish. So, as the doors opened to the conference room and her Cameroonian suppliers welcomed her in to the meeting, Lulu realised that it might be her last chance to strike a deal that would straighten out her beloved business.
Description:
An article on the Business Daily Newspaper by Professor Scott serves as the Director of the New Economy Venture Accelerator (NEVA) and Chair of the Faculty Senate at the United States International University-Africa,
