Bonnie Kim is the founder and CEO of the corporate consultancy, motivational and training firm, Bonnie Kim Corporate Training & team Building Consultants.
Biggest money mistake: I left my Sacco because I had a seven figure account. I thought I could make it on my own but this was a big mistake. If I needed capital and approached banks, they’d ask for collateral which I couldn’t satisfactorily offer. Consequently, I got into financial troubles as I tried to purchase assets on hire purchase from individual lenders who ended up taking advantage of my financial vulnerability. Yet, I would have bought such assets from my first major job if my relationship with my Sacco was still intact.
Biggest milestone: I have several milestones up my sleeve, starting with my major job after registering my company in 2015. This was a training conference I did for my former employee, Nakumatt, which rewarded me with a seven figure pay. In 2017, I was also among the Business daily’s Top 40 Under 40 Men, which propelled me to offer a series of keynote addresses at a congress organized by the United Nations.
Saving method: Previously, I saved without a goal in mind, which made me a passive saver and active spender. Now I save depending on my set goals. It is very effective. For example, there was a time I didn’t have a car. I figured that the best way to own one at that time was through a Sacco loan taken on a reducing balance basis. I started saving and within six months, qualified for it and purchased it very easily. I ask myself what do I need, how much does it cost, how much money do I need to save to qualify for that loan, how do I break it down so that it seems realistic to me and I put in the urgency of what I need instead of putting timelines? Placing timelines on my goals used to delay most of them. There are some goals I thought should take 5 years which took less than a year. There were others I thought should take a year, but ten years later are still not achieved.
If I could go back in time: I would spend more time building my capacity, networking with the right people more and getting clients who can pay and appreciate my worth in the market. At first I thought it was about marketing my services but I was wrong; it should have been about building content and getting known by clients for services that set me above the cut. Initially, I was excited about having a full diary week after week, but after six years, I realized that I was so busy and broke.
Secret to success: Put God first, think big, have a positive self-image, associate yourself with the right people, and focus with persistence and humility. I remember joining Nakumatt as a shop assistant at its warehouse. I had a dream that someday I might become an internal trainer among my fellow 5,000 colleagues. I rose through the ranks from the warehouse, cook, cleaner, receptionist, internal trainer, and finally head of training at only age 22.
Biggest loss: Early on in my career, I lost a major consultancy job that could have paid in eight figures simply because the decision makers did not know me. Ironically, my pitch had received approval of everyone. This taught me the importance of trying as much as possible to deal with the final decision makers. Major corporate decisions aren’t made at the bottom. Getting stuck at the bottom is the surest catalyst of failure.
Business or employment: Entrepreneurship is king. It forces you to focus, be disciplined and aggressive. What I have achieved in entrepreneurship is incomparable to what I would have ever achieved as an employee.