Saturday, July 13, 2024

Chris Odongo: Formula I use to save money in Sacco monthly without failing

Chris Odongo is the entrepreneurship director at Wylde International, a management consulting firm that  and provides strategic market opportunities for small and medium enterprises.

The secret to making it

This is actually not a secret. It is getting the basic ingredients of success and money right. For example, you must start by setting a goal, working hard towards bringing it to life, and regularly reviewing your progress towards that goal.

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I’ve gotten to where I am today by working hard and remaining focused on my career and financial goals. I have made a habit of reviewing my goals every year. Also, within the year I regularly check and evaluate if I am still on course in fulfilling the resolutions I set at the beginning of the year.

Similarly, in the growth of my career, being open to growing my mind and broadening my outlook through self-paced learning has been one of my most effective tactics. I am always looking to learn something new that can help my clients to accelerate their businesses.

This is because my growth is pegged on the growth of these clients. I only grow and succeed if my clients are growing and progressing in their careers and ventures.

NCBA

Why you won’t be successful

Unfortunately, I have observed that many people go wrong when they think that there is that one financial secret that they ought to unravel or a magic monetary bullet that they have to acquire so as to achieve spectacular success.

Consequently, many spend almost their whole lives looking for that one thing that is really never there or which is very amorphous, and end up missing the prize that is success and wealth.

NCBA

There is no shortcut or mystery secret to success. You must have deep, undistracted focus on executing, iterating, implementing and correcting what you’re good at or what you’ve ventured into until success comes. It can come sooner, but in some cases, it might take much longer.

If I could go back in time

I would focus on one thing intensely. I have learned that this is the fulcrum of every successful business. Focus on one thing and build mastery on it. Don’t try to be many things to everyone.

Stick to that one thing even when you have achieved huge success. There is still a lot you can offer the world with that one thing you focus on everyday rather than many things for which you have little or no mastery at all.

Joram Mwinamo: How I have managed to build two multi-million businesses in Kenya

Saving money

I save through a Sacco. I have set aside a monthly target amount that I can comfortably manage to save regardless of the income I get at the end of the month. This ensures that I not only save consistently, but that my saving is backed up by a working formula.

Biggest milestone

My fondest milestone has come from my line of work, where we have managed to take over 400 small and medium businesses through the entrepreneurship program known as the Greatness Business Club (GBC).

This program began as a small avenue where we could address problems facing SMEs by providing locally relevant business development solutions.

Entrepreneurship versus employment

I advocate for entrepreneurship. It will show you who you are and it will keep you awake in the night. Entrepreneurship does not only teach you what it means to sweat for success and to enjoy the fruits of a good business.

It also serves as a life-long lesson on how to work with and improve on humanity through innovation and provision of solutions to both every day and future problems.

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