Rich men and women in Kenya: Learn from the mistakes of others. You won’t live long enough to make them all: this is a quote that was made famous by Eleanor Roosevelt, a former US first lady and political leader. Apart from applying in the general spheres of daily life, this principle should also be applied to your career and money. Today, we look at some of the things entrepreneurs wish they could do different if they were to get a second chance:
Carole Kariuki, CEO at Kenya Private Sector Alliance (KEPSA): I would be more deliberate in what I want and go for it head on. I would also invest more. This would include taking loans to invest if I need to rather than wait until I get enough resources and end up missing great investment opportunities. I have learned that there is a difference between good and bad debt. I grew up believing that all debt was bad.
Maggie Ireri, researcher and Managing Director of TIFA: I started tracking my monthly income and expenditure using an excel worksheet about five years ago. I wish I had started doing this when I got my first job over fifteen years ago. Today, having a visual plan of my income and expenses has helped me make smarter choices on money.
Manyara Kirago, founder of Financial Counseling Limited: I wasted my first five working years in a dead end career and hesitated for months before I started taking a course that helped me get out. If I could get a second chance, I would not waste even one month in a job that is unfulfilling.
Dennis Asiema, Managing Director of Infotech Africa: I would manage my cash flow better by avoiding the unnecessary costs and expenses that I have incurred and paid for dearly. I would avoid copying what is already in the market. Over time, I have learned that much as you may sell products that are in the market or that have existed for a long time, there must be some uniqueness in your product or service and the solutions it provides.
Florence Nyokabi, head of Human Resource at Standard Chartered Bank: My first investment would be a house – not a fancy, black Mitsubishi Lancer aptly named Winnie. I would also seek advice from experts early enough. I would find a mentor in money management at an early age.
Sylvia Moraa, CEO of Tech Hub Holdings Limited: I’d be bolder in making shareholding demands in my partnership businesses. I’d also be very clear that my partner or partners share the business vision fully and know the terms of engagements and roles expected of them.
Robert Mwiti CEO of US-based IT firm Appstec America: I would focus more on my core competencies and avoid any business ventures that I find too risky for my appetite.
Sammy Chepkwony, CEO at PeopleCentric Limited: I would be clearer about my long term vision from the start. This would ensure that I have the right focus on both career and investments. Nevertheless, it is never too late to get money and wealth right. I can say that mine has been a journey of learning, especially in managing my career and investments.
Louis Were Mattew, founder and producer of HQue Media: I would invest more time in creating valuable relationships both in my personal and business life. We need connections to continue growing in these two areas and such relationships make it easier when networking or building bridges. It is also important to have a circle of relationships that will stand by you during your shiny and stormy days.
