Robert Mwiti is the founder and chief executive officer of the US-based Appstec America, an Information Technology firm that specializes in the provision of IT staffing and business management technologies and solutions.
Building a business: No thriving and long lasting business is ever built in a day. It takes time, patience and hard work. From what I’ve learned in running my business, an entrepreneur will mostly attract both customers and success if they provide a unique and needs-oriented product or service that is neither in the market nor a replica of a competitor’s. Many of the failed businesses that I have observed came down due to elements of greed. Many people want to make quick money overnight and through shortcuts. This is a recipe for failure.
Entrepreneurship vs Employment: I would advocate for entrepreneurship. Personally, running my own business has not only been a catalyst to wealth, but a fountain of personal satisfaction. I always wanted to venture into entrepreneurship, not necessarily to become rich, but to found and nurture my own business from infancy to a self-reliant stature.
My money and life regret: When I was in my 20s, I spent lots of my hard-earned money on things that added no value to my life or finances. I was a party animal. This is one of my biggest regrets. I should have started to save early or put my money in more profitable investments and ventures. It is important that you get rid of habits that throw your money in bottomless pits. The earlier you get your finances right, the more successful you will be in the coming years.
My greatest milestone: Whether we are in employment or business, our common primary goal is to become financially self-sufficient. Achieving this financial freedom for my family and myself will always be my highest ranking monetary achievement. Do not relent in your pursuit of financial freedom. Maintain a continuous focus and work on your targets and you’ll find out that your money aspirations are possible.
My biggest loss: Some time back, I ventured in the transportation business without proper planning and preparation. It didn’t go very well and I ended up incurring some losses. The only way to avoid such a misstep is by having a thorough business plan and preparing on how to launch, execute or exit the business.
If I could go back in time: I would focus more on my core competencies and avoid any business ventures that I find too risky for my appetite.
On saving: Over the years, I have learned to make sure that I only spend what I can afford. Spending within my means allows me to not only adhere to my budget but also have an adequate space for saving. This is unlike my younger years when I graduated from the university and got my first job. My financial priorities at the time were very misplaced.
On building wealth: Building wealth is not a lottery game. You can’t do it overnight. It starts with little financial habits that set the foundation for financial accumulation, investments, income streams and re-investments. It is also imperative that once you get to your financial destination, you work just as hard as you did to get there to uphold that level. A financial dress down is always quicker than a financial dress up.