Ephraim Wainaina is the founder and CEO of I-Clean EA Ltd, a professional commercial and residential cleaning company.
Biggest milestone: In entrepreneurship, there is no milestone that can surpass the successful development and implementation of a profitable business model and a winning marketing strategy. My business model has evolved over time and it basically involves identifying the gaps in our line of duty and providing the necessary customer oriented solutions. This has taken the distinct knowledge of our target clients, their needs and coming up with ways to meet them satisfactorily. I have also learned that you must include a lot of research and market study and incorporate the best practices and available technologies and equipment.
Secret to business success: Patience, taking calculated risks, hard work and a positive attitude have been the key to my business success. This being a service industry, you need to develop a good culture that everyone can follow, a culture that every cleaning steward and employee can learn, own and execute. Getting repeat business is solely dependent on efficiency and good customer relations. Also, I believe in the power of committing what I do to God. Always continuously build and improve on your capacity.
Why entrepreneurs go wrong: I have observed that the problems with many entrepreneurs is that they don’t fully understand their terrain and their strengths. This eventually reduces their passion in business, which is a key component to the survival of an enterprise. Giving the best, whether in employment or business is very critical. I always believe in the phrase, “Whatever your hand findeth to do, do it with all your heart”. Many fail to understand the market and also fail to learn the basics of business. Basic accounting and financial knowledge is important in tracking your performance.
Biggest money mistake: When I got started, I failed to separate the business from myself. I would spend directly from the company accounts. Also, I did not budget as appropriately as I should have.
Biggest business loss: Sometime back, I set up a plastics recycling plant in Thika. Two months later, the government banned the usage and circulation of plastics. The prices of shredded plastics nose dived. And even though I had heavily invest time and resources, this business was no longer viable and had to go down, leaving behind heavy losses. Perhaps this loss could have been averted if I had done enough research, understood the market and gathered information on the pending government plans and regulations.
If I could go back in time: I would take more calculated risks. I would also keep better records and do away with non-essential or luxurious expenditures.
Saving method: Saving in investments works for me. Keeping money on the move is the best way to handle excess money. Saving in banks is safe but does not have good returns.
Entrepreneurship vs Employment: I advocate for entrepreurship. It is the best way to manage growth and success. Though life can be unstable and unexpected, if you do it well, you can do unimaginable things and get to unthinkable places through it. This is because entrepreneurship is better at stretching your limits than employment. Avoiding risks is avoiding progress. And above all, there is fulfillment in creating job opportunities and giving room for innovation.