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Rank: Elder Joined: 7/11/2012 Posts: 5,222
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2012 wrote:Starting a guaranteed successful business
My learning from the US on starting a guaranteed successful business is for people in the same profession coming jumping out of employment after attaining experience to start similar businesses.
I wonder why that is not the case in Kenya. Most people are employed to their death yet they have more knowledge and experience than their employers. Are we too afraid of making money or we're just comfortable with where we are?
Some service industries have very little or require no no capital to start. All you need is your brains - case in point advertising, PR, housing agents, travel agents and consultancies etc. I've seen some very successful businesses started like this here in Kenya and I now believe that the problem is we all want to succeed by ourselves (scarcity mentality). The devil, 2012. The devil is wassup! Case in point, me. Had grand ideas, having been brought up in poverty, I was determined to 'get out'. First job, good money, made friends. What friends? Drink buddies. Drink and chase after women, married men notwithstanding. Dream got diluted. Idea was mutual among several pals, we even sat on a table. But our behaviours had clouded our trust for each other. Will I contribute money, only for these misfits to drink all of it? Satan, I tell you! Salvation has brought me a new set of friends. Selling the idea is hard, but we'll get there, Inshallah.
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Rank: Member Joined: 2/12/2010 Posts: 474 Location: Nairobi
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nairobianhustler wrote:"Some service industries have very little or require no no capital to start. All you need is your brains - case in point advertising"-
I will put this to the test, as i said earlier,i am thinking of starting an agency apart from my 8-5pm slavery shift,i think its feasible,
1. you re selling a product that's not yours,no production cost.
2. your operating from a virtual office, "laptop,mobile phone,and a nose for business"...conveniently avoiding kanjo fees and lisenses plus the tax man's noose
3.you have very little overhead expenses,no salaries,
4. you use your brains to target the right market niche,and enter into commissions payment contracts from both the seller and the buyer,"kula pande zote mbili kama samaki"
5. all you have to do is be aggressive,deliver superior service at a discounted rate...in other words-Nail the deal by all means necessary.
if i survive the first year, i will go to HR and kindly ask them for my wooden sword... The KEY to getting into business just like breaking from prison is GUTS. Ever heard of a commander who ordered his fellow soldiers to burn their boats once they crossed a river to a battle field? If you have a fall back plan, your startup will fail. Its a show of doubt. Go for it in full force. Leave your job. Start the business. If you are not convinced you will succeed that way (with no fall back), there is no need of starting. Avoid negative advice from people who have never done it. Keep it simple
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Rank: Member Joined: 4/18/2011 Posts: 459
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Been considering taking the plunge for a while now, and thus been trying to know the causes of so many failures and so far I can share the following:
Lifestyle: Being a salaried employee has taught so many of us to live some lifestyles which maybe incompatible with a start up.
For a start you may have to cut back on some non essential expenses until the business picks up. E.g In employment for those who drink you can drink every so often which in business may not be sustainable. You may have to ride a matatu for a while and times you may need to carry some sandwiches from home for lunch to spare every penny possible.
Patience: The late Nelson Muguku said that when he started his Chicken rearing business it took him three years to be able to start keeping any money in his pocket, and like they say the rest is history. I.e whatever little he made went into the business for the 1st 3 years.
Saving Culture: very important to always put something aside for a rainy day, especially knowing that no matter how Rosy things may look now the business will reach maturity and stagnate or start going down, cheaper chinese alternatives will come etc etc.
Humility: Accept to be squeezed in that matatu knowing very well you used to ride your own Benz, and when your former partying friends come knocking to go to the parties be bold enough to say I am broke.Some simple and despised businesses might be where the money is to be found so don't be ashamed to switch from the prestigious job to a fruit and or chicken seller. A certain thread here in Wazua had one member do some math which saw a chicken seller earning a Profit of Kshs 510,000.00 per month which compared to the average salary as per a certain newspaper article (KShs 31-35K) leaves one without words. Yet with a salary of 35k when you go to buy the chicken the chicken seller calls you "mdosi ama Boss!"
Those r the few I can think of now.
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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You guys have hit the nail on the head. Employment is slavery. Employment will pay you just exact to barely survive and access loans meaning you'll be enslaved to them. I always urge people not to take company 'negotiated' bank loans as the company has records of your debt which means they know how vulnerable you are. Here's a tip I was taught a long time but made sense much later in my life after I had squandered a lot of cash. 'Be in charge of your life, become the CEO of your life. Your life is your business and as the CEO success and failure of this business depends on you. This business only sells one brand; You. Thinking this way makes it easy for you to say Yes or the hardest word, No to what is not acceptable to your business, be it in employment, business or life in general.
BBI will solve it :)
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Rank: Member Joined: 11/15/2007 Posts: 22
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Great discussion we've got here.
Most of us live in slavery thinking one day something will happen and "a perfect idea and a matching amount of capital" will appear and then we will have the busiest businesses in the land, on that day.
Come-on lets live our life. Failure in business does not mean end of life.Gather as much info and cash as possible then take the plunge. And btw while at it make sure you you burn your boat and that way you will fight with all you might.
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Rank: Member Joined: 2/1/2010 Posts: 272 Location: Nairobi
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nairobianhustler wrote:"Some service industries have very little or require no no capital to start. All you need is your brains - case in point advertising"-
I will put this to the test, as i said earlier,i am thinking of starting an agency apart from my 8-5pm slavery shift,i think its feasible,
1. you re selling a product that's not yours,no production cost.
2. your operating from a virtual office, "laptop,mobile phone,and a nose for business"...conveniently avoiding kanjo fees and lisenses plus the tax man's noose
3.you have very little overhead expenses,no salaries,
4. you use your brains to target the right market niche,and enter into commissions payment contracts from both the seller and the buyer,"kula pande zote mbili kama samaki"
5. all you have to do is be aggressive,deliver superior service at a discounted rate...in other words-Nail the deal by all means necessary.
if i survive the first year, i will go to HR and kindly ask them for my wooden sword... Why not quit your job and jump in headlong...make the business your Plan A (and the only plan at that) The harder you work, the luckier you get
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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SonOfGod wrote:Most of us live in slavery thinking one day something will happen and "a perfect idea and a matching amount of capital" will appear and then we will have the busiest businesses in the land, on that day. True! I heard Joel Osteen saying that 80% of all 1st time businesses in the US fail, 90% of those who try a second time succeed but 80% of the first time business failures don't try a second time.
BBI will solve it :)
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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2012 wrote:[quote=SonOfGod]Most of us live in slavery thinking one day something will happen and "a perfect idea and a matching amount of capital" will appear and then we will have the busiest businesses in the land, on that day. True! I heard Joel Osteen saying that 80% of all 1st time businesses in the US fail, 90% of those who try a second time succeed but 80% of the first time business failures don't try a second time.[/quote) True,very true failure should not stop you from doing things rather it should make you stronger,personally i have failed a couple of times but I have come to realize that through that I have also acquired some bit of knowledge am even able to advise a few people here and there...i,l trudge on,ever so slowly and patiently it doesnt matter how long it will take me to reach there,I know eventually i will get there... possunt quia posse videntur
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Rank: Elder Joined: 2/23/2009 Posts: 1,626
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You forget corruption and politics in Kenya makes business a bit difficult.This thread started getting most of the issues right(IMHO). I agree no looking behind if you have decided to go into business,you can't drive forward looking at the rear mirror. Just get as much information and exposure as you can before.It won't assure you success but it sure does help to be prepared to handle the huddles ahead and also help you build up confidence along the way. There is nothing like a perfect idea. A good idea today is better than a perfect idea tomorrow. Lastly strive to have an emergency fund and an investment fund. At least a 6 month buffer for expenses and the investment fund for researching,exploring and exploiting opportunities. Uncertainty is certain.Let go
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Rank: Member Joined: 7/21/2010 Posts: 249 Location: nairobi
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nairobianhustler wrote:"Some service industries have very little or require no no capital to start. All you need is your brains - case in point advertising"-
I will put this to the test, as i said earlier,i am thinking of starting an agency apart from my 8-5pm slavery shift,i think its feasible,
1. you re selling a product that's not yours,no production cost.
2. your operating from a virtual office, "laptop,mobile phone,and a nose for business"...conveniently avoiding kanjo fees and lisenses plus the tax man's noose
3.you have very little overhead expenses,no salaries,
4. you use your brains to target the right market niche,and enter into commissions payment contracts from both the seller and the buyer,"kula pande zote mbili kama samaki"
5. all you have to do is be aggressive,deliver superior service at a discounted rate...in other words-Nail the deal by all means necessary.
if i survive the first year, i will go to HR and kindly ask them for my wooden sword... way to go!!! nice one..... ..desire to succeed is always fighting with fear of failure..
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