Alison Ngibuini is the CEO of Al Is On Production Limited. She is an award-winning communication entrepreneur and a two-time Business Daily Top 40 Under 40 female entrepreneur.
Financial milestone: At the age of 27, I resigned from employment to venture into entrepreneurship. I had been working in an advertising agency. Armed with a laptop, a mobile phone, and high heels, I started knocking on doors. Some days were good, but there were also days when I would wake up wondering if it was a really good idea to leave employment and when my phone would ring calling for business. What helped me was being focused and goal driven. It is always important to remember that in order for you to get that one ‘Yes’, there will be many ‘No! No! No! and more Nos!’ along the way. Looking back now, I stuck to my guns and built a Pan African brand that made me an award-winning entrepreneur.
Building wealth:Â There can be no wealth creation without first learning to differentiate between an asset and a liability. Once you have acquired this knowledge, spend your money wisely and save as much as you can. When you have accumulated enough savings, begin to invest in long term value assets such as property and bonds.
Saving method: It is important to start saving as early as possible. I started saving when I was 21 and hitherto, I still have my Post Bank saving booklet. Currently, I set a percentage of my income for saving, follow budgets and spend only after saving.
Biggest loss: I have a high risk appetite when it comes to investments. I have lost money at the stock market and in investment funds. Coming out of such losses, I have learned how to manage my risk appetite, and essentially how investment channels such as the money markets work.
If I could go back in time:Â I would still start with hiring an accountant and a lean office team. I would also get advisory board members with varied skills from the onset. Armed with these, I would have a clear strategy to build a business that has a diverse portfolio and have a definite business exit strategy in mind.
Side businesses: As an employer, I expect employees to devote the whole of their time, attention and abilities during working hours to my business. Side hustles need attention to be successful. The question that each employee must ponder is whether running them will interfere with my business. If the answer is yes, then they shouldn’t pursue them. Remember, a bird in hand is always worth two in the bush! It is however wise to have more than one revenue stream and employees can achieve this through smart investments.
Employment vs entrepreneurship: As far as necessities go, money ranks up there with oxygen. Whether we find it through employment or entrepreneurship, the end result is always the same. What you need to always bear in mind is that richness is actually dependent on the size of your goals and your subsequent sacrifices in time, money, and effort.
Success in entrepreneurship: You must be adaptable, and able to diversify, and reduce expectations and reliance on one product or service. Explore new options. Work with what is working now and be ready to make changes as the market shifts. You can only do this by regularly developing innovative ideas and solutions that constantly meet your clients’ needs. This is what will keep you ahead of your competitors.
