22.2 C
Kenya
Tuesday, October 22, 2019
  • SME

How Raymond Cheruiyot became a multimillionaire from a Sh. 15,000 debt

Must Read

Richard Quest: This is why I would never start a business

Richard Quest Net Worth: Top CNN Business anchor Richard Quest was in Kenya in 2018. The host of Quest...

Grace Mumbi: How I make my 5 cows produce 90 litres of milk daily

How to increase dairy production: Very few dairy farmers can boast of getting 90 litres of milk per day...

Betin fires 2,500 Kenyans, closes 500 betting shops

Betin Employees: Betting firm Betin is shutting down 500 betting shops in Kenya. This has seen the firm sack...

Raymond Cheruiyot considers himself a successful entrepreneur nine years after resigning from his job to run own business. However, the proprietor of Accounts and Financial East Africa Limited says he had a baptism of fire along the way.

He was passionate about setting up and tried partnerships that did not work. Mr Cheruiyot opted for debt to register a company, egged on by the picture of success, therefore ignoring possible risks, storms, and stories of gloom and doom.

But the storm came sooner rather than later. The result of which was frustration and a debt that was building fast; he almost ended up in jail.

“I was 28 when I resigned as a software technologist having studied for Bachelor of Science  degree from Jomo Kenyatta University of Agriculture and Technology (JKUAT) where I graduated in 2003,’’ Mr Cheruiyot says.

He used his savings to buy a laptop “and was sure one computer, one man attitude and one million dollar ideas could unlock my success.”

“I have always wanted to venture into self-employment through technology business but I was not aware that there is a big difference between reality and wishful thinking,’’ he said.

In a small office at Railway Station in Nairobi, he established and paid a rent of Sh22,000, which was the remainder of his savings.

“The office was meant to give me a corporate touch as I did freelance consultancy jobs waiting to register my business. The opportunities were not forthcoming and I had to seek Sh15,000 from a friend as a soft loan to register the company.’’

Must Read: Most profitable businesses to start in Kenya

This did not work, the banks asked for a guarantor for a loan, he had none and was forced to ask for a private consultancy position from former employer.

“A friend who lent me Sh15,000 to register my firm saw me as a joker who had quit a job where I was earning Sh55,000. I convinced myself that I had to breathe again,’’ explained Mr Cheruiyoit, hardly audible.

Continue reading on Page 2 …

- Advertisement -

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

119,396FansLike
11,205FollowersFollow
7,865FollowersFollow
185SubscribersSubscribe

Latest News

Betin fires 2,500 Kenyans, closes 500 betting shops

Betin Employees: Betting firm Betin is shutting down 500 betting shops in Kenya. This has seen the firm sack...

Grace Mumbi: How I make my 5 cows produce 90 litres of milk daily

How to increase dairy production: Very few dairy farmers can boast of getting 90 litres of milk per day from five cows. But Grace...

Betin fires 2,500 Kenyans, closes 500 betting shops

Betin Employees: Betting firm Betin is shutting down 500 betting shops in Kenya. This has seen the firm sack over 2,500 Kenyans. Betin becomes the...

Joe Wanjui Profile: Biography, Family and Businesses

Joe Wanjui Profile: Billionaire businessman Joe Wanjui is a director at UAP Holdings. He is perceived as one of Kenya's most shrewd businessmen with...

Billionaire Chris Kirubi’s 11 ways you can get wealthy

Chris Kirubi Net Wealth: According to billionaire industrialist Chris Kirubi, to achieve success, you must adhere to a number of disciplines that will enable...

More Articles Like This

- Advertisement -
%d bloggers like this: