Eng. Emmanuel Kinara is the founder of Goldleaf Revenup International, a VVIP Transport Management firm that specializes in Heli-Charter, Dignitary Movement, and Valued Vehicle Acquisition. He is one of the richest young men in Kenya.
Money mistakes: Although mistakes are part of an entrepreneur’s journey, it is better to learn from the mistakes of others than your own. For one, at the age of 23 we came together as a “chama” which had no vision. The idea of having a chama is always great but only if there is a measurable and achievable goal. Ultimately we learned the hard way: we were naïve with zero knowledge and skills to execute any wise decisions and two, we were lazy in thought and practice. We got wind of a retail distributorship that apparently was easy to run, had employees and most importantly had a chain of clients with a weekly turnover of some enticing amounts. We thought this was an easy, get-rich-quick business. We ended up losing slightly over Sh. 1 million within 11 weeks in a classic con triangle while trying to get into a business buy-in that didn’t exist and that none of us had any clue on how to run it (if it would have existed). It really hurt for years. We were slapped with a heavy welcome pat in the back into the unforgiving business realms.
Biggest loss: In my current business, we lost two contracts at the beginning of the year worth Sh. 17 million, after investing extensively on equipment and resources to acquire the new clients. We failed mainly because of a lapse in the chain of communication within the team. What I have since learned is that, pushing through together as a team cannot be over emphasized. For this to work, structures not only need to be defined but also well versed by all team members.
Building a business: In my journey, I have come to understand that a business does not just become. It’s vital to learn through failure, of which I am well acquainted. A firm foundation is built by nurturing an efficient, motivated functioning team that is naturally confident in executing roles without fear of failure or reprimand, and a circle of trusted mentors. Your business must have an image, be exclusive and have adept deliverables. It has taken my business over six years to build trust, create confidence and present reliable custom packages to our clients. Now, 70 per cent of our business comes from our referral platform. Be honest, transparent and show genuine, best effort. These attributes make the best valued currency acceptable to trade.
Entrepreneurship vs Employment: I have been in both at the same time. I would encourage employment for two specific reasons: To instill discipline on handling your own finances, saving and investing the little salary being paid and learning how to work with people, managing human capital and handling your future employees from how you are treated as an employee.
Saving method: I have three types of savings that I maintain. I have a savings docket for my business and personal emergencies, a Sacco for my business investments, and an educational fund for my son under an insurance savings cover policy. This comes in handy as it compounds interest which is accessible while maintaining the principle amounts. Previously, I have made horrible money decisions, gotten in and out of debt and lost money through unstructured lending of business funds. It is important to maintain an accounting arm to separate earnings from profits and manage finances from your business from the onset.
Secret to making it: The rush to make it disappoints me. The overnight millionaire bubble is a lazy thought process that is killing a lot of potential. Kenyans go wrong when they only look at the outcome and not the work put into it. To make it we must plan and create a habit of making progress, not matter how dismal.