23 C
Kenya
Tuesday, September 29, 2020

How Sh. 15,000 debt turned Raymond Cheruiyot into a multi-millionaire

Must Read

Shiv Arora: How you should save, invest and create wealth in Kenya

Bizna Kenya spoke with Shiv Arora, the Chief Operating Officer at Cytonn Investments, on the secrets to investing, saving,...

James Mugambi, the man who sold Sh. 1.8 billion business to Equity Bank

The 2008 acquisition of a Uganda-based micro-lender by Equity Bank was a dream come true for serial entrepreneur James...

Sarah Karingi: How I rebuilt my business after losing Sh. 20 million

Sarah Karingi is the chief executive officer of Sarma Enterprises Limited, a company that is involved in the supply...

Did you know that you can turn your debt around into riches? That debt can actually turn out to be a ray of hope? This is what the story of Raymond Cheruiyot, popularly known as Ray of Hope, shows. The story was written by Simon Ciuri:

Raymond Cheruiyot considers himself a successful entrepreneur about a decade 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.

NTSA suspends issuance of digital driving licenses

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.’’

Why no Kenyan bank wants to serve Edenville estate billionaire

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 …

Leave a Reply

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

189,241FansLike
11,005FollowersFollow
199FollowersFollow
294SubscribersSubscribe
WhatsApp
Telegram

Latest News

MP Waluke out on Sh. 10 million bail, Grace Wakhungu Sh. 20 million

John Waluke Appeal Case: Sirisia Member of Parliament John Waluke and his business partner Grace Wakhungu have been released...

More Articles Like This