How do you turn an idea into a success when everything seems to be working against you?
In an inspiring masterclass, a visionary entrepreneur—head of a pioneering credit rating agency in Côte d’Ivoire—shares the lessons learned from an extraordinary journey. From creating a market that didn’t exist to expanding into more than 20 countries, this experience highlights a fundamental truth: entrepreneurship is not about a magic formula, but about universal principles that increase the chances of success.
Through powerful anecdotes and practical strategies, this session speaks to both aspiring entrepreneurs and seasoned leaders, offering a roadmap for navigating the challenges of a complex environment like Africa.
This article breaks down the key insights from the masterclass, where boldness, adaptability, and creativity come together to build lasting success.
1. No Universal Recipe, but Fundamental Principles
There is no magic formula for success in entrepreneurship. Every journey is unique, and when you ask an entrepreneur to share their story, you’re really asking them to explain how they succeeded. That said, certain principles are nearly universal. While they may seem basic to experienced entrepreneurs, they are essential for maximizing your chances of success.
Today, we’ll explore these concepts through my own journey, and open a discussion to enrich this topic together.
2. The Project: Meeting a Real Need
It all begins with the project. An entrepreneurial venture must respond to a societal need—either through innovation or by improving an existing solution. There are two main scenarios:
An Improvement Need:
If the product or service already exists, you must bring added value. For instance, imagine opening a dry-cleaning business in a saturated market with 50,000 competitors—why would customers choose you? Maybe you offer a home pickup and delivery service via an app, solving a time constraint your clients face. If you can’t clearly answer that question, your project likely lacks a compelling reason to exist.
An Innovation Need:
If the need isn’t currently being addressed in your environment, you must introduce a new solution. Innovation is contextual—a concept that exists elsewhere can still be innovative in your region. For example, a service widely available in the U.S. could be brand new in Africa if it hasn’t yet been introduced there.
In both cases, your project must fill a gap. That is the first condition for having a chance at success. Innovating is often harder than improving, as it requires educating the market—you must first convince people that the need exists, and then that your solution meets it.
3. Find a Niche to Stand Out
In a competitive market where established players already have experience and loyal customers, finding a niche is essential. By pioneering a niche, you avoid direct competition and give yourself time to establish a presence before others catch on.
Let’s go back to the dry-cleaning example. If most dry cleaners require customers to drop off and pick up clothes themselves, you could launch an app allowing users to select their garments, enter their address, pay online, and have you collect and deliver their clothes. Even if the service costs an extra one or two euros, it meets a clear convenience need—one strong enough to make customers switch from the other 50,000 options.
In short, when improving an existing service, always look for a niche where you can offer unique added value.
4. Understand and Master Your Environment
To succeed, you must understand the psychology of your environment—your customers, partners, and the local culture. Starting a business in a context you don’t fully grasp is a recipe for failure. Here are some practical tips:
Immerse Yourself in the Environment:
Talk to local stakeholders, observe behaviors, and adapt your project accordingly. For example, if you plan to invest in Africa without ever having been there, get on a plane—feel the energy, connect with the place. If it doesn’t feel right, there’s no point in pushing further.
Conduct Your Own Market Research:
External reports are useful, but often subjective. Go into the field, speak directly with potential customers and even competitors. If you’re opening a dry-cleaning business, ask people what they’re dissatisfied with in the current services.
Adapt to Local Psychology:
In Africa, for example, relationships are often emotionally driven. If you criticize local practices too directly, you risk offending people. Instead, offer suggestions and show how they can lead to better results.
My personal journey illustrates this point. Born in Côte d’Ivoire, having lived in France and the U.S., I returned to Africa with a multicultural perspective. Rather than imposing foreign practices, I observed, made suggestions, and adapted my project to the local mindset. That allowed me to turn a hostile environment into an opportunity.
5. The Right Mindset: Positive Arrogance
Mindset is everything. You need what I call positive arrogance—an unwavering confidence in your project’s success, even in the face of high odds of failure. If you think there’s a good chance you’ll fail, why bother? You might as well travel and enjoy your money.
When I founded Bloomfield in 2007, the odds were against me: there was no regulation, no clients, and no understanding of credit ratings in Francophone Africa. Everyone said it wouldn’t work—and they were right, given the context. But I chose to transform the environment rather than wait for it to change.
Within two years, I convinced authorities to implement regulatory frameworks, created awareness around the concept of financial ratings, and landed my first clients. That mindset—the belief that everything is possible and that solutions are in your hands—is what makes the difference.
6. Communication and Branding
Communication is key, especially in the era of social media, where visibility can be gained with minimal cost. There are two main components:
Personal Branding:
Especially in Africa, your personal identity matters more than your business branding in the early stages. People associate your project with you. For example, I wore bright red socks as a distinctive symbol. It sparked conversation—sometimes controversial—but it made people talk about me and Bloomfield. Today, I’m known as “the man with the red socks,” and it has boosted my public profile.
Corporate Branding:
Choose a business name that’s catchy, evocative, and easy to remember. Avoid acronyms or generic names. “Bloomfield” sparks curiosity—unlike names such as “French Development Company.” A strong brand name captures attention and sticks in people’s minds.
When I launched Bloomfield, I leveraged the 2008 subprime crisis to position myself. While international agencies were being criticized, I focused my messaging on the need for African-owned rating agencies. That’s how I carved out a niche: credit ratings in local currencies, tailored to each country.
7. Patience and Interim Revenue Streams
Success takes time. Bloomfield landed its first client in 2009—two years after launch. In the meantime, you still have bills to pay. The solution? Offer spinoff services or products that are immediately marketable.
In my case, I organized training seminars on financial ratings, targeting banks, insurance companies, and pension funds. Each seminar generated €22,000 per quarter—€88,000 per year—enough to cover operating costs. These seminars also helped educate the market and build our credibility.
Whatever your project, identify a service or product you can offer quickly (like training sessions) to generate income while your core business gains traction.
8. Company Culture: An Extension of Yourself
Company culture reflects your vision and values. It must be established from the start and reinforced through your behavior. At Bloomfield, I implemented a culture of discipline and professionalism by leading by example: I don’t answer phone calls unless it’s an emergency, and I stay focused at the office. My employees adopted these practices, creating a serious and efficient work environment.
Today, Bloomfield has 51 staff members in Abidjan, and our culture is so strong that even our former employees are recognized for their rigor. A minister once told me that my team was “just like me, but even tougher,” because they remain unfazed and professional in all circumstances.
9. Diversification: After Success
Diversification (whether sectoral or geographic) is a strategy to manage risk, but it should only come after achieving success. Launching several businesses at once is a recipe for failure, as it scatters your resources and undermines your credibility.
Once Bloomfield had reached “cruising speed”—meaning the company could run without my constant presence—I was able to consider expansion into 20 African countries, three European countries, and one Asian country. This recognition makes launching new projects easier, as people associate my name with success.
10. Adapting Your Project to the Informal Economy in Africa
The informal economy is a major challenge in Africa, representing a significant portion of economic activity. Formalization requires political will, as it is often sustained by corruption and opaque administrative practices. However, entrepreneurs must adapt to this environment while proposing formal solutions.
For example, in Côte d’Ivoire, the law requires companies to withhold 7.5% of payments to informal service providers and remit it to the tax authorities, but this is not enforced due to lack of follow-up. As an entrepreneur, you need to understand these dynamics and find ways to formalize your operations while meeting local needs.
11. Partnership Advice
Choosing a business partner is a strategic decision. Do not choose someone based on friendship or emotional affinity, but based on a shared vision of the business. You must align on management style, goals, and priorities. If personal tensions arise, you must be able to continue working together professionally. Without this compatibility, the likelihood of failure is high.
12. Avoiding Mistakes in the African Market
To succeed in Africa, avoid these common mistakes:
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Do not compare Africa to Europe: Customer expectations, partner behavior, and business practices differ. Adapt to the local context rather than imposing a foreign model.
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Do not enter into partnerships from the start if you’re not on the ground: Managing a business remotely without knowing the environment is risky. Start alone or with trustworthy local partners, and be present to build your credibility.
Conclusion
Entrepreneurship is, above all, about meeting a need with a clear value proposition in an environment you deeply understand. It requires a positive mindset, strategic communication, patience, and a strong company culture.
My journey with Bloomfield demonstrates that it is possible to turn a hostile environment into an opportunity—provided you are convinced of your project and can find creative solutions to challenges.