Tony Kamau is the Co-founder and CEO at Zelie Limited, a supplies business that deals with medical consumables, office supplies and construction equipment.
I started the business as an electronic supplies venture back on campus. I started by selling ex laptops, iphones and second hand shoes. I started with Sh. 20,000 capital which were savings from my job back in 2018. At the time, I was employed as a research assistant working in ASAL (Arid and Semi-Arid Lands) in the north eastern part of the country with an International NGO.
It took me 33 months to break even. The main challenge was competition from substandard and cheap goods. Negotiating and competing with well-established competitors who’d lower the cost by a quarter of my buying price was also a challenge, as well as raising working capital and securing tenders.
My biggest money mistake was expecting to get rich quickly if I found the right investment. Back in 2017, I started my search for a get rich quick scheme, looking into binary forex trading which, back then, was the number one side hustle that appeared to make millionaires daily.
The returns were as high as 98% for every $1 invested if you found a good broker and a good indicator. I did my research and had numerous conversations with those who made big chunks of cash from this. The unison answer I got was ‘EToro’ the best broker at the time. They showed evidence of earnings of up to Sh. 8 million per day. I was sold.
Mumo Mutisya: Why I stopped saving my money at the bank
If I could earn just $35, 000 for 6 years each day, by the time I’d be a multi-millionaire by age 30. I engaged all my savings and started trading. Then came the shock of my life. I realized that the market was volatile and most of those traders had done years of training and practice to have such remarkable returns.
The lesson that kept hitting me as my investment shrunk was, “nothing is as straight forward” especially when it comes to money, getting rich or life. Long term investments that have a solid foundation and enough research will keep you wealthy.
I learnt that wealth beats rich every time and no one will share their source of wealth with you.
My greatest business moment so far has been sealing the partnership with Finnish companies. This has happened through the help of a trusted friend who has been supporting my business.
When we discussed my strategy to grow beyond the boundaries of Kenya, to source for quality products and still promote local business, they came up with long term alternatives and made sure I committed to finding a suitable path.
However, looking back, Â If I could get a start over, I would focus on making an impact as opposed to focusing on profits. I would look into creating sustainable business relationships and network with more experienced business owners. I would also ensure I find a mentor from the start.
I keep foreign currencies for short term goals and save through the money market for long term goals. With foreign currencies, I am not tempted to pull out cash any time I feel the itch, because doing so means going through the hustle of looking for a good Forex exchange to get good rates which takes an awful lot of time.
For the money market, there is an interest higher than the banks’. There’s also a welcomed delay of between 3 to 5 working days, which means I have to plan well to access the money. This eliminates the need to spend money on impulse.
The method I used previously was to keep money in the bank, cash under my mattress and in my ‘home piggy bank’. I often ended up munching on my savings and opening the home piggy bank to withdraw some notes in the name of “I will return it”.
Good business is about how best you create value and how much impact you have on the community. When the drive is value and impact then respect, humility and passion will see you through each huddle. Create wealth through relationships and self-improvement. Get yourself that mentor, get yourself that course or class or friend who is willing to get you to the next level.
The biggest loss is the loss of your ability to adapt and stay motivated in life. Most of my seniors continue to drill the idea that complacency is the death to all dreams.
This profile feature on Tony Kamau of Zelie Limited was also published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.
