Adebola Adeniran, the Chief of Staff of Moni, recently shared his experiences and insights on the Everyday Leader podcast. He discussed several topics, including leadership, decision-making, innovation in the fintech sector, and his participation in the Coffee Chat peer coaching network. Here are three key takeaways from his interview:
Knowing When To Shut Down A Business Model
Adebola shared a story about how his team had to make a bold decision to kill one of their projects with Moni. Despite having experimented with different products and offerings, they realized that lending to a different segment of the market would be more stable and profitable. The decision to change their business model was not easy and took some time before they finally made the move. However, they looked at the data and iterated on the product to see if they could crack the segment they were targeting.
This experience highlights the importance of being data-driven, willing to iterate, and making tough decisions when necessary. Adebola credits this mentality in part to advice shared with their company during their participation in the Y Combinator accelerator program. In today's fast-paced startup environment, it's crucial to be able to pivot quickly and adapt to changing market conditions. By being willing to kill an unsuccessful business model, Adebola's team was able to focus on a more profitable segment of the market and ultimately grow their business.
Leveraging Peer Coaching
During the interview, Adebola talked about his participation in the Coffee Chat peer coaching network, where he meets with other professionals to discuss leadership challenges and share insights. He emphasized the importance of having a support network, especially when working in a fast-paced startup environment. Through the network, Adebola has been able to learn from others' experiences, gain new perspectives, and build meaningful relationships with other leaders in his industry.
Adebola shared specific examples of how the peer coaching network has helped him. He talked about a call he had with another member of the network, where they discussed how to set organizational goals and communicate them to the team. The insights he gained from that call helped him find direction and clarity in what he was trying to do. Adebola also talked about how he met Caroline from Turaco through the network, and how their conversation eventually led to a partnership between their companies.
Innovation in the Fintech Sector
As Moni operates in the fintech sector, Adebola shared his views towards innovation in the industry. He emphasized the importance of staying ahead of the curve and continuously exploring new technologies and trends to stay competitive. Adebola also talked about the need to strike a balance between innovation and regulation, as fintech operates in a heavily regulated industry.
Adebola shared specific examples of how Moni is innovating in the fintech sector. He talked about how Moni is using machine learning to automate credit scoring and make lending decisions faster and more accurate. He also mentioned how Moni is partnering with traditional banks to expand its reach and offer more services to its customers.
In conclusion, Adebola Adeniran's interview on the Everyday Leader podcast provided valuable insights into leadership, decision-making, and innovation in the fintech sector. His experience killing one of their business models highlights the importance of being data-driven and willing to make tough decisions. His participation in the peer coaching network emphasizes the value of having a support network, while his views towards innovation in the fintech sector underscore the need for continuous exploration of new technologies while maintaining compliance with regulations.
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