The Female Founder Effect with Arese Ugwu
Female Founder Name: Arese Ugwu
Business Name: Smart Tribe Media
Industry: Financial Media
Instagram Handle: @smartmoneyarese
What inspired you to start your business?
I was inspired by my own personal struggles with money. My marriage fell apart, I had a one-year old child and basically had to start my life again and that process depleted my savings significantly. It was a big “Aha” moment for me because I had not been saving and investing enough in proportion to my income. I realised that it was not about how much I earned, but how much I could keep and grow. I wanted to create financial literacy content for women like me who want to live a good life but also find practical strategies to help them manage their personal finances.
When did you start?
2014.
Why this specific industry?
I’ve always been interested in finance, both my parents were bankers so I was around conversations about money, the capital markets and such from a relatively young age. I have degrees in business and management and development economics from Aston Business School and UCL and my parents made me work in banks every summer from when I was 16 years old. So, I guess you could say that my skills and life experiences led me to a career in financial education.
What obstacles did you face starting up, and how did you overcome them?
The first obstacle was figuring out how to monetise an idea that was impact-driven but had no clear path to profitability or scale. Smart Money started with articles on bellanaija.com but has transitioned to two bestselling books, a pan-African book tour, a podcast and a 13-episode TV series.
Distribution and piracy have also been issues but every day we find creative ways to solve each problem. No nationwide bookstores in Nigeria? Leverage on the distribution channels of pharmacies, beauty supply stores and supermarkets. Turn a book into a TV series in Nigeria with no real production experience? Figure it out. When you are running a business in Africa, there is no end to the obstacles you have to face on your journey as an entrepreneur, from the bizarre to the confidence-shaking, but my approach is to focus on solving problems every day until we get to the goal.
What’s the most valuable lesson you’ve learned since starting your business?
My most valuable lesson would be don’t take the No’s personally. Sometimes rejection can make you doubt your vision but stay the course, no matter how many No’s you get, the Yeses will come eventually and they’ll be worth it.
Why work for yourself when there’s stability in working for others?
I’ve been both and I appreciate each experience, but I guess I’ve always wanted to build something from scratch that makes a difference and entrepreneurship was my way to that.
What is the one characteristic that you possess that has helped make you so successful?
Resilience.
What’s your guiding business philosophy?
Everything we do as a business must be both profitable and impact-driven.
At what moment did this venture become real for you?
When I sold 10,000 copies of my first book… I knew there was something here.
What is the most challenging part about being an entrepreneur?
Being an entrepreneur in a country that isn’t built to support entrepreneurs.
What makes it all worth it?
The joy that comes from seeing the effort I put in my little corner, changing the lives of women across the globe that I have never physically met. The emails, DMs and messages I get on a daily basis with stories of women who have said the books have helped to improve their financial lives. It is mind blowing and makes me want to do this every day. It’s truly a blessing.
What advice do you have for someone just starting out?
Start small but think big.
How do you define success?
Building a legacy that has a positive impact on the world… One that outlives me.
What did you do differently from the rest of us?
Nothing, I just don’t give up easily.
What do you believe is the female founder effect?
Creating value in your own authentic way.
What do you believe is the most impactful and immediate action society needs to move closer to Generation Equality goals?
Actively creating economic opportunities for women.
Which woman has positively impacted you in your career/business? And what is the one lesson she taught you?
Tara Fela Durotoye, the founder of House of Tara International an indigenous Nigerian Cosmetics brand. She’s taught me a lot but I think one of the most practical lessons has been learning not to freak out when there’s a crisis and, instead, break down complex obstacles into smaller tasks while maintaining a positive attitude through the process. I’m still learning but it’s been a useful approach to adopt.
What is your superpower?
My ability to breakdown financial jargon in a way that is relatable to African millennials and Gen Zs.
What centres you?
My daughter, Zikora.
What is your next adventure?
I’m in the process of developing two additional TV series, similar to what we did with The Smart Money Woman, Lagos City Paid and Capital Gains, both fictional with a financial education focus. I’m really excited about creating more relatable visual content that is educative, entertaining and fosters more mainstream conversations about personal finance in Africa.