I got the opportunity to attend the third Abojani Economic Empowerment Conference held at the Radisson Blu Hotel, Nairobi. It was my first time attending an event put together by Abojani.
With more than 200 people in attendance, it was obvious that both the organizers and the sponsors had done a good job. We only see such gatherings at political dinners or comedy shows. Rarely in an entrepreneurial class.
Here are the 10 lessons I picked from the Conference that might help you too.
Hire experts to run your business
This was said by Linus Gitahi, an entrepreneur and businessman. According to him, starting a business does not mean that you must run everything. Get people who are smarter than you to make money for you.
Letting cash sit in the bank is not always a wise decision
This changed my perspective on savings accounts. According to Linus, a savings account is you not wanting to use your own money, so you lend it to the bank for the bank to give it to whoever wants to use the same.
Invest when everyone else thinks you are mad
This was my third lesson from Mr. Gitahi. He says he started investing in properties in remote areas that people never believed would see the light of day. Those properties are now making him millions.
Pursue your path in business
Do not copy what others are doing. A business founded on peer pressure often ends up failing. Sit, plan, and measure the difficulties you might encounter before setting up the business.
Start a business while still employed
Starting a business while employed provides financial stability, access to resources, and a network for potential clients or partners. It allows for gradual transition, risk mitigation, and the ability to test business ideas without the full burden of self-employment challenges.
Take advantage of government securities to invest
According to George Njunge, Senior Portfolio Manager at Britam, Government securities have relatively low risk. However, one major risk in government securities is interest rate risk. When interest rates go up, bond prices go down. But he insists, it is worth taking the shot.
Understand all the underlying concepts of a business or investment you are getting into.
The importance of understanding all the underlying concepts of the investment you are getting into cannot be overstated. It is crucial for long-term financial success as it allows you to make informed decisions, mitigate risks, and ensure that you are making sound investment choices.
Learn to read the times
According to Nancy Matimu, many investors fail to read the shifting of times and investment options, ending up putting their money in ventures that have no returns.
The money has shifted, and the cheese has shifted from NGOs and organizations to the green economy. Learn to ride the wave. She said.
Leave wealth to your children
One of the biggest disservices parents are doing is not leaving generational wealth for their children & telling them to start from scratch. Teach them how to build wealth & be responsible but also leave something for them, said Nancy Matimu.
Face your challenges hard on and solve them. Do not run away.
Opportunities are hidden behind hard work. The people who solve real challenges are the most successful, said Joram Mwinamo.