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How did you make your first Kes million?
Rank: Member Joined: 1/30/2011 Posts: 207
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mv_ufanisi wrote:People are making lots of money in technology based businesses. That is likely where the next millionaires and billionaires will come from. The foreigners have realized this and there are now a lot of Americans and Europeans doing technology businesses here in Kenya looking to make cash. Usiachwe nyuma! I suppose this is what you were referring to...
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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Wororo wrote:mv_ufanisi wrote:People are making lots of money in technology based businesses. That is likely where the next millionaires and billionaires will come from. The foreigners have realized this and there are now a lot of Americans and Europeans doing technology businesses here in Kenya looking to make cash. Usiachwe nyuma! I suppose this is what you were referring to... Very true...started a tech company 2 years ago...it's worth millions now...far superior returns than the NSE...
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Rank: Member Joined: 1/30/2011 Posts: 207
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the deal wrote:Wororo wrote:mv_ufanisi wrote:People are making lots of money in technology based businesses. That is likely where the next millionaires and billionaires will come from. The foreigners have realized this and there are now a lot of Americans and Europeans doing technology businesses here in Kenya looking to make cash. Usiachwe nyuma! I suppose this is what you were referring to... Very true...started a tech company 2 years ago...it's worth millions now...far superior returns than the NSE... @thedeal, very encouraging indeed... Hope to realize the success too in the near future... Also realized that there are infinite opportunities in the tech space ... ;)
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Rank: New-farer Joined: 6/27/2011 Posts: 63
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Was fortunate enough to land a relatively well paying job (40k pm back in 2004) straight out of campus. Bought 2 plots through my dads sacco for a 100k each - gave one to my dad for being a stand up guy and kept the other. Was quite frugal - lived at home and never bought a car even as peers did.
Dabbled in NSE and won some and lost some - in long run broke even.
Joined Big 4 - in Kenya and was fortunate to land a Big 4 job in the Islands paying roughly 500k tax free when I was 27. Was quite frugal and aggressive at saving. Bought more land. After two years in Islands, financial crisis hit and relocated to kenya with roughly 5 m in Cash and dreams of building an empire.
Found a clearing and forwarding fella who owned a transportation biz with 3 prime movers - said he was consolidating shipments for Thika road imports and was required to move to Dubai so was selling trucks and guaranteeing at least 3 containers a week per truck. Math was amazing – worked out to roughly 600k gross per week and a payback period of less than 12 months based on projections. Did as much due diligence as I could at the time and signed agreements with him in front of lawyers. Got in only to realise the chap was full of BS. Barely a container a week and even then was not paying when he did deliver.
Contemplated suing him for breach of agreements but learnt that the fella was broke so was not worth the litigation cost. After a year of trying to make it work, gave up and sold trucks at a loss - probably lost 1.5 m over the time.Went back into employment and decided to focus on real estate.
Have several rental properties now which provide decent monthly income and happy with direction.
Lessons learnt - transport biz is not for faint hearted. Everyone is out to get you. Owner is always last to get paid after employees, agents, police, government etc- yet he takes all the risks.
Real estate has been good to me- especially rental properties. Have both income and capital gains. Only downside is unlike shares limited liquidity should I want to cash out.
In business, you will get taken no matter how much DD u do. So never invest in an operational business, you are not willing to lose significantly on - and chalk it up to learning.
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Rank: Member Joined: 12/1/2007 Posts: 539 Location: Nakuru
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guru me wrote:Was fortunate enough to land a relatively well paying job (40k pm back in 2004) straight out of campus. Bought 2 plots through my dads sacco for a 100k each - gave one to my dad for being a stand up guy and kept the other. Was quite frugal - lived at home and never bought a car even as peers did.
Dabbled in NSE and won some and lost some - in long run broke even.
Joined Big 4 - in Kenya and was fortunate to land a Big 4 job in the Islands paying roughly 500k tax free when I was 27. Was quite frugal and aggressive at saving. Bought more land. After two years in Islands, financial crisis hit and relocated to kenya with roughly 5 m in Cash and dreams of building an empire.
Found a clearing and forwarding fella who owned a transportation biz with 3 prime movers - said he was consolidating shipments for Thika road imports and was required to move to Dubai so was selling trucks and guaranteeing at least 3 containers a week per truck. Math was amazing – worked out to roughly 600k gross per week and a payback period of less than 12 months based on projections. Did as much due diligence as I could at the time and signed agreements with him in front of lawyers. Got in only to realise the chap was full of BS. Barely a container a week and even then was not paying when he did deliver.
Contemplated suing him for breach of agreements but learnt that the fella was broke so was not worth the litigation cost. After a year of trying to make it work, gave up and sold trucks at a loss - probably lost 1.5 m over the time.Went back into employment and decided to focus on real estate.
Have several rental properties now which provide decent monthly income and happy with direction.
Lessons learnt - transport biz is not for faint hearted. Everyone is out to get you. Owner is always last to get paid after employees, agents, police, government etc- yet he takes all the risks.
Real estate has been good to me- especially rental properties. Have both income and capital gains. Only downside is unlike shares limited liquidity should I want to cash out.
In business, you will get taken no matter how much DD u do. So never invest in an operational business, you are not willing to lose significantly on - and chalk it up to learning.
Wow... quite a journey For investors as a whole, returns decrease as motion increases ~ WB
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Rank: Veteran Joined: 8/10/2014 Posts: 966 Location: Kenya
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mv_ufanisi wrote:People are making lots of money in technology based businesses. That is likely where the next millionaires and billionaires will come from. The foreigners have realized this and there are now a lot of Americans and Europeans doing technology businesses here in Kenya looking to make cash. Usiachwe nyuma! The margins in this business are amazing and expansion worldwide is much easier
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Rank: Hello Joined: 8/29/2018 Posts: 3 Location: Kuwait
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net worth: 5m usd and growing.
old job: regular on Wazua, tracking the NSE 24/7.
money from: technology business
age: below 40
prediction: we'll have a tech USD billionaire from 254 by 2030.
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Rank: Veteran Joined: 7/8/2008 Posts: 947
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kitabu_chako wrote:net worth: 5m usd and growing.
old job: regular on Wazua, tracking the NSE 24/7.
money from: technology business
age: below 40
prediction: we'll have a tech USD billionaire from 254 by 2030.
@Kitabu_chako. Welcome to Wazua. Just as an introduction, Wazua hatupendi ujinga. Predictions straight out of your a$$ are not good. Your prediction is very wrong. Here is why Kenya GDP in 2030 is estimated to be between 200-250 billion dollars. Up from 75 billion now. When you look at other countries the top richest people (0.01% of the population)own between 0.5% of the total economy in portugal to 2.7% of the economy in Colombia. Let's say in Kenya its higher than the highest at 3%. Basically the super rich(0.01%) of the population will own 7.5Billion dollars). This combined population of the super rich will be 6000-10000 people based of the population estimates will own 7.5 Billion I dont see how one of them will have a whooping 1 billion dollars to himself. Your prediction is highly unlikely but if you have some facts or you can elaborate a little more we will highly appreciate to get some insight. Welcome to Wazua na usome Kitabu! Prrriss!
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Rank: Member Joined: 6/6/2016 Posts: 165 Location: Nairobi
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watesh wrote:mv_ufanisi wrote:People are making lots of money in technology based businesses. That is likely where the next millionaires and billionaires will come from. The foreigners have realized this and there are now a lot of Americans and Europeans doing technology businesses here in Kenya looking to make cash. Usiachwe nyuma! The margins in this business are amazing and expansion worldwide is much easier The barrier to entry is very low as well...what is this tech business? if you don't have a patent or competitive advantage you are wasting your time. Copy cats will pop up faster than you imagine
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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snifadog wrote:watesh wrote:mv_ufanisi wrote:People are making lots of money in technology based businesses. That is likely where the next millionaires and billionaires will come from. The foreigners have realized this and there are now a lot of Americans and Europeans doing technology businesses here in Kenya looking to make cash. Usiachwe nyuma! The margins in this business are amazing and expansion worldwide is much easier The barrier to entry is very low as well...what is this tech business? if you don't have a patent or competitive advantage you are wasting your time. Copy cats will pop up faster than you imagine If thats your thinking then you will not start or succeed in business...if you have succeeded so far then you are lucky 1. Never mind copy cats...nobody succeeds by copying another...if they beat you with your idea then you failed to implement it... 2. Many big businesses today never started with patents or have no patents! 3. There are a lot of things which drive a business forward i.e customer service
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Rank: Veteran Joined: 7/8/2008 Posts: 947
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the deal wrote:snifadog wrote:watesh wrote:mv_ufanisi wrote:People are making lots of money in technology based businesses. That is likely where the next millionaires and billionaires will come from. The foreigners have realized this and there are now a lot of Americans and Europeans doing technology businesses here in Kenya looking to make cash. Usiachwe nyuma! The margins in this business are amazing and expansion worldwide is much easier The barrier to entry is very low as well...what is this tech business? if you don't have a patent or competitive advantage you are wasting your time. Copy cats will pop up faster than you imagine If thats your thinking then you will not start or succeed in business...if you have succeeded so far then you are lucky 1. Never mind copy cats...nobody succeeds by copying another...if they beat you with your idea then you failed to implement it... 2. Many big businesses today never started with patents or have no patents! 3. There are a lot of things which drive a business forward i.e customer service I agree bwana deal, But to the original question what technology things are people doing. Is it content creation, e-commerce stuff, consulting or slay queening on instagram(Ata hii ni technology business) Which areas are you talking about. You can't finish all the grass in the field!
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Rank: Member Joined: 6/6/2016 Posts: 165 Location: Nairobi
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tech businesses in this part of the world are overrated especially b2c. Most market research is based on buzzwords and glossy stats of internet/smartphone penetration. It will take another 10 years to move another considerable size of the offline market (with spending power) online. The real business is still happening offline where the real spenders are, if you can enter into a field offline you have a much better chance there than online. look at facebook which has managed to dominate the market online, it's still making a loss per user in SSA.
Not everyone has to start a business.. you can do very well (and financially too) by being great at your corporate gig (with good networking). You can climb the ladder or jump to bigger players. It is shocking how many young professionals have a lacklustre attitude to their job/career
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Rank: Veteran Joined: 7/8/2008 Posts: 947
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snifadog wrote:tech businesses in this part of the world are overrated especially b2c. Most market research is based on buzzwords and glossy stats of internet/smartphone penetration. It will take another 10 years to move another considerable size of the offline market (with spending power) online. The real business is still happening offline where the real spenders are, if you can enter into a field offline you have a much better chance there than online. look at facebook which has managed to dominate the market online, it's still making a loss per user in SSA.
Not everyone has to start a business.. you can do very well (and financially too) by being great at your corporate gig (with good networking). You can climb the ladder or jump to bigger players. It is shocking how many young professionals have a lacklustre attitude to their job/career I agree with a job is not a bad choice and people should focus on their jobs. Correct however that not everyones route. On technology the early adopters will be ready when the market arrives 10 years from now and will be well known brands and will be minting money. My question is still around what "properties" or business are Kenyans making money off now in the interim. I agree this market is just starting out but would be great to know what are tech hustles now. E commerce, coaching, online consulting, what are we referring to when we say technology??
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Rank: User Joined: 8/15/2013 Posts: 13,236 Location: Vacuum
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obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us If Obiero did it, Who Am I?
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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Swenani wrote:obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us Serious Kenyans moved away from Kes to $$$. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 6/23/2009 Posts: 13,497 Location: nairobi
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Angelica _ann wrote:Swenani wrote:obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us Serious Kenyans moved away from Kes to $$$. @angel wealth is blind to currency.. there are wealthy men and women in countries as small as the Gambia or Seychelles, a country with only 95,000 people.. @swenani real estate and stock trading in Africa will give you unimaginable returns if timed right and done with the correct partners. expand beyond Kenya and you realize other Africa nationals are leaving money on the table..
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: New-farer Joined: 9/4/2018 Posts: 64 Location: Nairobi
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obiero wrote:Angelica _ann wrote:Swenani wrote:obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us Serious Kenyans moved away from Kes to $$$. @angel wealth is blind to currency.. there are wealthy men and women in countries as small as the Gambia or Seychelles, a country with only 95,000 people.. @swenani real estate and stock trading in Africa will give you unimaginable returns if timed right and done with the correct partners. expand beyond Kenya and you realize other Africa nationals are leaving money on the table.. Eish @Obiero jatello share insights
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Rank: New-farer Joined: 9/4/2018 Posts: 64 Location: Nairobi
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mv_ufanisi wrote:mv_ufanisi wrote:Made my first million within a year after campus. Was working at the time but I decided to start a business on the side and just kept looking for jobs and tenders and applying for them. After about 4 months of endless applications, finally landed a small contract which I over delivered on and that led to another that paid 4.8million with me taking a 2mill profit in 2 months. I was barely 25 yrs old then. Invested 1M in a new business and 1M in the NSE, quit my job. Fast forward 3 years later. I'm in a much better spot financially than I was in 2014. I have learnt a few more lessons 1. It was a much better use of my time to start a business which I could control and had ultimate responsibility over than speculate on the NSE. This is especially as I saw how some company management on the NSE e.g. Centum give themselves huge bonuses while leaving shareholders high and dry. Also notice how most of the fortunes made at the NSE have been by business owners that listed companies not by speculators which also suggests that the best way to make money on the NSE is to build a company that eventually gets listed on the NSE. There is nothing worse than being a spectator on your investments when you could use your skills to improve your chances of success. It also helped me to avoid looking at the stocks every hour of the day and my mood going up and down with the market. 2. What you have to do is the following; identify a business with good fundamentals i.e. where it is not too difficult to make money and even average players are making money, ensure that your education, skills, personality, experiences and talent give you an unfair advantage in that business i.e. don't get into land just because everyone is getting into it. Find a niche where few can outcompete you. 3. Do your best to grow that business and stay disciplined and patient. 4. Think big and stay hungry 5. Keep some perspective. No matter how much money you make, there is a whole lot more to life than money. You still have to take care of other aspects of life such as your relationships, health and happiness. 6. Try to be lucky by always looking out for more information, learning from mentors etc. Luck does play a big part of it but most times you get lucky by trying to put yourself in situations where you could get lucky. My goodness.This post MV Ufanisi hits the nail on the head and is ditto to the point and brilliant!thanks.
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Rank: Member Joined: 1/3/2011 Posts: 264 Location: Nairobi
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Muthawamunene wrote:How i plan to make my first million.
After wasting alot of time and money partying and boozing for about two years, my 20th birthday resolution last october was to get serious about life. So i cut down on spending and for december break i did some farming and by end year i put all i had made on stocks. So i did my research, did some math( I so thank my mom for forcing me to go for cpa's as i waited for uni) and kidogo speculation i have been able to grow my portfolio from 8k to 13k( thank you coop) and it would have been more coz my math on K.Q was all on the green and hadi sasa i have no idea whats wrong.
i know ths is a small portfolio but am savin up for a massive buy out wen stocks go a bit lower. I have managed to get stable demand for skuma and spinach and make about 1300 a fortnight, my paroz give me good money for skul ana on a good month i kill about 800-1000 in savings and all this goes straight to the bank and with the ka-helb loan i hope to get am goin to do some wise investing ths year for the long term (before my paroz kick me out)
i hope to find a good investment group, maybe even get my friends to join and may make that millie as i get outta uni, and if i dnt, at least i will be on my way. What the f*** was I on in 2011? Between then and now; -reared chicken. -finished university. -low paying job. -freelance jobs. -freelance jobs + mid level Job. -have some rental property. -have some stock -have invested in a diversification of businesses and groups -that first million came through 5 years later in 2016. Now I need to take more risk.
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