Patricia Okello is the founder of Conferencing In A Box Limited, a corporate events logistics company and Willart Production Limited which specializes in brand development. She is also the co-author of A Candid Handbook for Women Doing Business in Kenya.

Biggest Money Mistake: I failed to start investing as soon as I started earning. This would have been after graduating from the University and getting my first job. If I had invested in Unit Trusts for example, I would be reaping great rewards today. About ten years ago, I had the opportunity to invest in a Fund that crippled its value. I had the fore sight, I would have reaped great profits that I would have utilized in growing my businesses.

My saving method: I find SACCOS to be a great saving channel. They are especially helpful when looking for cash to finance jobs. This is because they offer much friendlier terms in comparison to banks. Similarly, they allow you to use your contributions as collateral which isn’t the case with banks. I wish I had learned to utilize SACCOS much earlier.

Secret to building wealth: You must have clear definition of what wealth means to you. Do you want to run a large business or do you want to run a successful business? What does success look like to you? Once you have determined what wealth means to you, keep that determination in mind during your journey so that you are not always chasing after the huge numbers, which often times may compromise your values.

The side hustle: Women in employment should seriously consider having a side hustle. It will probably give them more confidence to eventually branch into business on a full time basis. The wisdom in this is really dependent on what you are doing when gainfully employed. Ethically, taking time off your employers time to run your side hustle isn’t okay. You can be disciplined, though, to make sacrifices including starting your day early, so that you put in one or two hours before heading to work, or working late into the evening or weekends. Remember that as soon as you begin to ‘steal’ time from your employer, you may need to consider leaving your job or working part time. Nonetheless, if you are employed and considering venturing out, some retrospection would be very insightful. Are you a good employee? Are you a hard worker, do you respect deadlines, are you present and involved in the growth of you organization? These are the same skills that you’ll require as a business owner.

Biggest business money mistake to avoid: The failure to bank your income, however little it is, is one of the biggest mistakes that you can make when running your new business. I have come to learn that it is important to begin by creating your financial history from the beginning of your entrepreneurial journey. This will prove invaluable when you begin to look for financial assistance, as your business grows.

Getting rich in business: I am inclined to think that one should not primarily aim at getting rich. Instead, they should aim at filling a need. When starting a business, you should ask yourself what need your product or service is meeting and whether you are adding any value to your customers. When you focus on getting rich as the end product, you’ll end up losing the reason why you are in business. On the contrary, if you focus on easing your customer’s daily needs, they will be willing to compensate you for your services. Personally, I have found out that the satisfaction of creating a product and bringing it to market to be one of the most fulfilling experiences regardless of its monetary gain.