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Monday, August 10, 2020

Nancy Amunga: A loan to buy furniture is good for your ego, bad for your pocket

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Nancy Amunga is the founder and director of Dana Communications Limited, a communications and transport company, which majors mainly on courier services.

Making it in business: My secret has been consistency. However, from my experience, I have learned that in order to make it, you must first know why you want to get into business and what problem your enterprise will solve. Don’t take the entrepreneurial journey just for the sake of making profit without contemplating on its sustainability.

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Getting started: It is likely that you are surrounded by numerous money-making business ideas. You just have to look keenly. For example, I came up with the idea of starting a transport and communications company after buying a television online. It took more than a week to be delivered which made me wonder how many other consumers might have been getting inconvenienced by delays in the delivery of good and services. Here was a problem that needed to be solved, and I jumped right in. Today, I have branched into communications as well.

Making money: It is one thing to make wealth and it is another thing to maintain and grow the wealth you have made. My way of building and growing it is re-investing any bit of wealth that I make, be it large or small. This means that as long as my business remains stable, I will always be on the look-out for other business opportunities. There’s no millionaire who relies on one line of business.

Making money mistakes: Buying on impulse has at times been my biggest weakness. This was such a problem that at times, I would buy single dresses for as much as Sh. 15,000 and never wear them again. I did this on several items and when I looked back, I realized that I was spending money on things I did not need in the long run. In business, I have observed that it is also easy for you to get trapped by the urge to take business loans. Before you rush to that sacco or micro-finance, have a plan on why you need that cash, and how you will use it. Don’t apply for a loan to buy furniture or rent a big office. It will be good for your ego but bad for your finances.

What I’d do differently: I don’t regret being in business. However, if I were to start again, I’d take my time before launching. When I started, I got swindled because I was too excited to launch. I trusted anyone that came my way. Always take your time to think when a deal is put on the table.

Young women in business: Having been ranked among the country’s top 25 under 25 entrepreneurs, I can say that for young women to succeed, they must start hanging around the right people. This not only gives you entrepreneurship ideas, but confidence, contacts and network to launch and establish yourself. Nancy Amunga.

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