Jimnah Mbaru is an investment banker and a business mogul whose journey to success is an inspiration not only for the existing entrepreneurs but also for the upcoming ones.
The tycoon has significantly contributed to the development of capital markets and financial institutions in Africa. These include the Nairobi Stock Exchange and the Africa Stock Exchanges Association.
His entrepreneurial journey was inspired by his passion for “creating something new and solving problems.” To him, he was born with business, as he started it at a very tender age.
While in Primary school, Mbaru was a scrap metal dealer and could earn a few shillings in this business. He continued trading various products while in High school and became a trader at the Nairobi Stock Exchange (NSE) as a student at the University of Nairobi.
His journey was not smooth sailing, as he struggled with many challenges. One of his biggest challenges was access to funding and capital, which he overcame by establishing a strong relationship with investors and lenders.
“I have also overcome this by developing a solid business plan and financial projections to demonstrate the viability of my ventures. This is why am very keen to ensure that I use my lessons and networks to establish a bank that will focus solely on African Start-Ups.
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This is a critical area in the development of Africa, and I believe I have what it takes to establish one institution that is true to SMEs,” he said in a recent interview with Soko Analyst.
And just like Albert Einstein puts it, “The only mistake in life is the lesson not being learned.” Mbaru learned many lessons in his career that both existing and aspiring entrepreneurs need to hear.
Do research before launching a product
Mbaru said that it’s important for an entrepreneur to understand the target audience and their needs before investing time and money into a new venture. He noted that research also helps in managing risks. Â
Passion and Purpose are essential
According to Mbaru, to establish a thriving business, one must focus on creating a sustainable business model that aligns with their passion and values to stay motivated.
“My advice to young entrepreneurs is to take the time to explore different industries and opportunities and to focus on finding a problem that they are passionate about solving.
Passion and Purpose are essential for success as an entrepreneur, so it’s important to find something that inspires and motivates you,” he said
Time Management is essential
Time management is usually key in every activity, and every minute wasted will cost you in the future. Mbaru said he uses tools and techniques such as time blocking and setting deadlines to manage time and stay productive.
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Mentorship is key in entrepreneurship
He said that he learned valuable lessons through mentorship from experienced mentors who provided guidance, advice, and support throughout his journey.
He believes that through mentorship, aspiring entrepreneurs can develop skills and qualities, including vision, resilience, adaptability, creativity, and leadership, which are the bridge between successful entrepreneurs and struggling entrepreneurs.
Failure is inevitable
To succeed in business without failures is like to triumph without glory. Mbaru said failure forms an integral part of entrepreneurship. He uses failure as an opportunity to grow and improve.
“I also stay positive and focused on my long-term goals, and I surround myself with a strong support network of mentors, colleagues, and friends,” he said.
Learn from setbacks
Mbaru encouraged young entrepreneurs to stay positive and resilient and learn from every setback. According to him, any entrepreneur with a vision for his business will always soldier on, no matter the circumstance.
“I keep on reminding myself of why I started my entrepreneurial journey in the first place,”
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Team building is critical for the success of any business.
He noted that team building is critical for the success of any business, adding that he has invested in training and development to help his team grow and develop their skills. Mbaru also hires individuals who share his “vision and values.”
Prioritize self-care and make time for family and friends
While balancing personal life and business can be challenging, he said true success comes when one realizes that the entrepreneurial journey and family life must be aligned.
“My advice to young entrepreneurs is to set boundaries, schedule time for self-care and relaxation, and find ways to disconnect from work when necessary,” he added.