Paul Muhami is a seasoned entrepreneur, business coach and the founder of Empower Advisory Services Limited, a firm that offers capacity business services to entrepreneurs and business professionals.
He shares his experience and some of the top lessons he has learned in his entrepreneurial journey.
What inspired you to become an entrepreneur, and what are the highlights of your entrepreneurship journey?
For over ten years, I was used to structure and a regular salary. As would be expected, I thought this would last until retirement, not knowing that God had other plans for my life.
Through a restructuring exercise in 2007, all that came to an end. I was then thrown into the deep end of the pond, and in a bid to find my bearing, the business bug bit me really hard. After the initial transition period, it was time to move on.
In the last 17 years, I have started and managed various business ventures. Some have died along the way, and several are still standing by the grace of God.
As they say, experience is the best teacher. Through my experience in business, I have gained invaluable insights into the challenges entrepreneurs face and how to foresee and perhaps pre-empt them.
Because of that, I found myself talking to fellow entrepreneurs and helping them overcome challenges and take on new opportunities. Over time, it morphed into a new career for me.
I have even taken professional courses in business management and coaching. This inspired me to enroll for the Master’s degree in entrepreneurship.
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Tell us about your business: How you started the current business(es).
As I mentioned earlier, my experience in business has taught me many lessons, which I enjoy sharing with others. Through that, I established Empower Advisory Services Limited, a firm that offers capacity business services to entrepreneurs and business professionals.
Through business coaching, mentorship, and trade events, we expose our clients to business development best practices to help them face the marketplace with confidence.
Above that, I am involved in various family businesses in real estate and manufacturing, among other sectors.
What is the range of your products and services?
At Empower Advisory, we offer coaching and mentorship services. We coach in sales and marketing, strategy formulation, and operational efficiency, as well as financial management.
We also offer related services like branding and marketing, trademark/patent registration services, audit services, business registration, venture capital as well as placement services.
Our dream is to be a one-stop shop for all business solutions for the SME space. In fact, in 2024, we will establish the EMPOWER SME Centre to help our entrepreneurs.
What are the greatest achievements and challenges in business so far?
Empower was born just as the Covid-19 pandemic was entering Kenya. This forced us back to the drawing board, and we had to shelf various projects. This affected our projections as many of our clients closed shop or relocated.
However, this also opened new doors for us as more entrepreneurs sought our advice and mentorship to stay afloat. Most of this was offered pro bono as our corporate social responsibility.
We continue to get good business referrals from our satisfied clients. We have received great suggestions and offers to improve and increase our offerings, and I am excited at what the future holds!
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What lessons have you learnt on managing people: staff, customers, partners, and other stakeholders?
The best way to attract and retain talent is to value people and reward them well. You need to identify people who are a good fit for the organization, place the square pegs in square holes, and then empower them to run the show.
This way, everyone will feel valued, and they will invest themselves in the business. What gets measured and rewarded gets done, so take care of your team, and they will take care of the business.
For customers and partners, be a man of your word. Under promise and overdeliver. Observe timelines and communicate regularly. Once you gain the trust of your customers and stakeholders, you won’t have to advertise your business.
How would you describe the business environment in Kenya?
The business environment in Kenya can be described as both exciting and challenging. Exciting because there are so many opportunities everywhere, and challenging because of various factors, both local and international.
From volatile exchange rates and inconsistent weather patterns to geopolitical dynamics, I would say Kenya is indeed a very resilient nation with many untapped business growth opportunities.
Who has been the greatest influence in life/business and why?
I have many people who inspire me in business. In the international arena, I admire Richard Branson of Virgin Group, Tony Elumelu of Heirs Holdings, and Aliko Dangote of Dangote Group, among others.
Locally, I am inspired by my friend, Dr. George Wachiuri of Optiven Group and Dr. James Mwangi of Equity Bank. All these are people who have overcome amazing challenges to achieve seemingly impossible levels of success, in one lifetime!
This teaches me that, as Barrack Obama taught us, “Yes You Can! Only Believe!”
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What are your views on business financing in Kenya?
Am excited because a new order is emerging in Kenya. Traditional finance platforms, like banks and SACCOs, are not business-friendly, especially startups.
This has given rise to alternative options like angel investors, venture capital, and private equity. These offer more legroom to entrepreneurs as they don’t interfere with your cashflow.
Additionally, you receive crucial support from investors, including referrals, exposure and mentorship.
Anything you ever regret not doing? Anything you wish you had done differently?
My biggest regret is that I didn’t start business and investments earlier. We should have been taught about financial intelligence and wealth creation in school. Perhaps that’s why I love teaching the same in schools, colleges, universities, and corporates.
Given another chance, I would save and invest more from an earlier age. I would capitalize on the power of compounding and pursue my purpose earlier.
Most importantly, I wish I accepted Jesus Christ earlier. The delay caused me to lose many opportunities and brought too much pain and losses!
What advice you would give to a young person starting out in business?
“In the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.” (Harold Geneen).
Do not get into business blindly and emotionally. If possible, get a job first to gain some experience, confidence, contacts, and seed capital. Preferably, start your business while still in employment so that both can complement each other.
A business is like a baby and must grow through baby steps. Do not rush the process As you gain more experience and confidence, the business will dictate whether you should do it full time or which direction you should take.
