Muthoni Njakwe is the founder and chief executive officer of StedComm Limited, a digital marketing and advertising agency working with SMEs transitioning to the emerging digital economy.
I am building a brand that I never got a chance to work for. That’s a brand that balances profitability and social consciousness. I come from a very humble beginning, I have experienced poverty first hand and as I grew up, all I wanted was to change the world. I envisioned a world without extreme poverty. Empowering small businesses is the surest way we can eradicate extreme poverty. Being able to serve hundreds of small businesses through my company is an honour of a lifetime.
As the first born in the family, I had to grow up quickly. I grew up with a lot of challenges that molded me into the woman I am today. After starting my business, I spent the first 5 months making thirty cold calls a day. I sent endless business proposals. I knocked on many doors. Cold-calling was a big lesson. It taught me to think on my feet. So many doors slammed on me that I had to develop a thick skin. But the work fascinated me, and I kept my sense of humor and adventure. I thrive on competition. I try to be the best, to be noticed, to provide the best services. I have learnt that the secret to success is to love what you do. Your motivation must be absolutely compelling in order to overcome the obstacles that will come your way.
I once took a Sacco loan to start a business. It wasn’t a good idea. Just like most entrepreneurs, I did not take into account how long it would take to break even and make profit. I started the businesses and expected people to walk in the door on day one and start buying our services. It doesn’t happen that way. It’s most likely that a business will run at a loss for a year or more while it builds a clientele. When you start a business, there are operational costs you have to cover, whether the business is making profits or not. When you start thinking about opening a business, the first question you must ask yourself is “How long can my business survive without making profits?” If the answer is less than two years then you need to reconsider the plan.
The pandemic has greatly affected the marketing sector where I operate. Many companies have cut marketing and advertising budgets, gone silent on social media, and simply stopped communicating with their clients and customers. There is no doubt that businesses across the board are experiencing hard times. But big problems always create even bigger opportunities. I believe that companies should not cut their marketing budgets. During tough economic periods, a business’s best course of action is to double down on marketing and advertising. But companies that maintain their investment in branding and marketing through great depressions always come out ahead of others, and better than they went into the recessions.
I had no mentor when I started my company. I took time to think, I had to learn and do things on my own. I was afraid to expose my vulnerabilities. In retrospect, I should have walked with the right mentor. Get a reasonable mentor if you have a young business. Don’t be afraid to admit you don’t know what you don’t know. When you acknowledge your weaknesses and ask for advice, you’ll be surprised how much others can help.
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I save my money with a sacco. The more savings I have, the higher the amount of loan I can be able to access. Saccos offer loans to members at very low interest rates as compared to commercial banks. The model of saving is also very supportive in the development of a saving culture.
The most powerful and enduring brands are built from the heart. I’ve also learnt that success is a process. Expecting your business to take off right away is like expecting your one month infant to walk right away. Business is like a baby. You have to nurture it, give it constant attention, and constantly feed it. As it gets older, you become more experienced as an entrepreneur. You also learn. Seek to constantly learn; Stay hungry. With fast paced development, you constantly evolve and innovate to remain relevant. On money, every coin counts, if possible avoid unnecessary spending, as it can be the difference between failure and survival for your business.
This feature on Muthoni Njakwe was first published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.