Entrepreneurship is not for the weak at heart. It is a journey that sometimes no one can tell when it will come to an end.
Those who choose to embark on this journey fall, not once but many times, but what depends is how many times you manage to rise after every fall.
While there are a number of small businesses in a broad range of industries that perform well and are continuously profitable, statistics indicate that about 33 percent of small businesses fail in the first two years, 50 percent after five years, and roughly 33 percent make it to 10 years or longer.
Various factors have been blamed for the collapse of these businesses, among them lack of capital, faulty business models, and unsuccessful marketing initiatives, among others.
To mitigate business failure, experts advise aspiring entrepreneurs to research the field they are intending to step into to understand what can lead to business failure and how each obstacle can be managed.
With so many years of experience in entrepreneurship, Former Chief Administrative Secretary Ministry of Industrialisation, Trade & Enterprise Development David Osiany never shies away from sharing his business lessons.
Osiany is the chairman of Crestwood Communications, which deals in public relations, media relations, government relations, communications, marketing, and advertising.
He founded the company in 2014. Throughout his journey, Osiany learned many lessons that he believes can help young entrepreneurs better their businesses.
Identify Someone you Admire
According to Osiany, Mentorship plays a crucial role in helping entrepreneurs navigate obstacles, capitalize on opportunities, and enhance personal and professional growth.
He credits his business’s success to good mentorship from various professionals, among them Azimio leader Raila Odinga. He adds that the mentor should have a credible background of his success.
“Credibility is everything. We are in a world where today we admire funny characters because they live lavishly, but when you ask them how they made it, they start blabbering.
“Once you choose someone who is credible and you admire, seek them actively because they are busy and they have millions of people,’’
Borrowing is a component of Growth
This is one of the powerful quotes Osiany learned from his mentor Raila Odinga which has since helped him navigate financial obstacles.
“He told me if you want to do big business, you will know that borrowing is sometimes a component of your growth, but you must think big. When you think big, you can borrow big and do big.
“If you go looking for a million shillings in a bank, they will look at you and question your idea. But if you show a business plan for your idea and tell how the idea will turn into millions, everybody will respect you,’’ he added.
Start a business in an area where you have passion
According to Osiany, Passion and purpose are essential for success as an entrepreneur, so it’s important for one to find something that inspires and motivates them.
The more passionate the entrepreneur, the more likely they are to succeed. He noted that his company was born out of a passion for communication and advertising.