Advice for young Kenyan Entrepreneur
In this era where the employment rate in Kenya is very low, it’s becoming eminent that young people are starting to venture into businesses. In order to have successful business the following are tips to all the young entrepreneurs
1. Appreciate and overcome failure
In 1879 Edison and his research team took more than 3000 test and failures to design and patent for an electric lamp. Had his team given up on the 2999 attempt then the patent would not have materialized. Entrepreneur should understand that failure is not a sign of defeat. Positive focus on failing allows someone to understand that failure is not a conclusion. Lack of failure in a person’s life only indicate that one is in a comfort zone where they are afraid of making attempts..
2. Let your dream become vivid
Every entrepreneur should become a big fan of “visualizing” their big goal, in specific, concrete ways. Mr. Kamau one of millionaire in the hotel industry in Ruiru, Kenya indicated how visualizing your dream can lead to turning the idea into real picture. In January 1998, he asked a friend to put his dream into a actual picture. After receiving the picture Mr. Kamau hanged the picture on the wall. Every morning, he would look at it and say, ‘thank you Lord for giving me a wonderful five-star hotel. Today he owns Rainbow Ruiru Resort, one the big hotel in Kiambu county.
3. Keep it low till the basic are done.
Good idea shared can easily be stolen or killed. Sara Blakely, one the world female millionaire in the fashion industry explained how she kept her idea of making a fabulous new undergarment for women for an entire year while working on developing the sample. She revealed the idea to her friends’ only after she was 100% committed to it and ready to launch. Entrepreneur should know that every time they explain their ideas to people before they idea are fully hatched, vulnerability is created as the idea may face unnecessary competition or opposing.
4. Learn to negotiate
In the market it’s common to face struggle when launching a new product. Many people will ask questions like -Who are you? How strong are you financially? The secret behind overcoming this challenge is good negotiation skills. In answering this question, it’s important to clearly bring out the expected or attained success regardless of the magnitude. Clearly paint the ability of your product to your customers.
5. Build trust and courage
Its important to hire people that are trustworthy even if they don’t know a great deal about what you need them to do. Customer trust and courage is also very important, many entrepreneurs spend so much trying to get one customer but with time they forget the value of each client. To build royalty from clients it requires consistence and quality service or goods, Even though advertisements may get one new business, referral customer tend to be more royal.
6. Don’t conform to the norm
In Kenya idea copying is something that is very common. It’s possible to see more than ten ‘Duka’ in the same area. People want to conform to the successful ideas tried by others. Entrepreneurs should learn how to come out the box of the ordinary and generate ideas with improved services and products. In situation where idea copying is necessary then it’s advisable to add personal touch, segregation or even specialization.
7. Explore the unknown potential
You don’t have to figure out everything in order to be a successful entrepreneur. Several businesses have been created without the ‘know how’ but the passion and interest to learn have led to successful businesses. You can research what is needed to, hired out what you cannot do, and march it with undying commitment and energy. Stopping yourself from pursuing an idea because you don’t think you have what it takes is not the right attitude
8. It’s possible to start small
You can build a business worth millions with a low capital as Kshs 10,000. Let not money be a hindrance to starting a business. Many people are willing to invest in good ideas. In fact the Kenyan government has created youth fund to finance businesses owned by the youth. You don’t have to be wealthy to move onward with your wonderful new idea.
9. Be patient and positive
Believe in your idea, trust your instincts, and don’t be scared to fail. The problem with many young entrepreneurs is that they expect results immediately. Some business take years to bring back the money invested and hence with no patience less will be attained. Success business owners are not always money minded. It’s possible to hear the word “no” many times, only the zeal inside will help maintain a positive attitude.
10. Don’t take more than you can swallow
Its very important to avoid unnecessary expenditure unless its unavoidable. You can start by working in your house other than rent premises. Avoiding investing in other marketing and business tools until the product had taken off. Don’t develop expensive websites until you are sure you need it.
Even the world wealthiest had to believe in their potential. To make in any venture you have to believe in the power created in you by God