FOUNDERS 101: Starting up a business with wisdom

For one to move a milestone, you need to make a step. Usually this first step is usually important and at the same time difficult. This applies even in business. When starting a business for it to be successful you need wisdom to drive you to that path of success.

TheFounder’s Club business training was held on the 10th December 2017 in Karen. The training had two facilitators.; Welly Odendo, a corporate trainer,author and the club’s patron and Susan Ngacha who is a business consultant. We had 11 participants. They began by introducing themselves and talking about their business.

In the training, the trainees were taught on how to start and run a business.
Welly Odendo tackled the issue of demystifying capital.He defined business as creating an environment where talented partners and financial partners can exist. Capital is Conversion. It is not creation.

It is not limited to the tangible assets of the industry. Think like a fundraiser. Convert what you have as capital, family members,friends and phones. I am not talking about selling these items or people to get capital. Mr. Odendo gave us an example of when he was selling his book titled ‘BREAKING THE BACK OF LACK’ , he converted his mother and brother into capital by turning them into marketers for his product by telling people about his book.

For start-up business integrity and honesty is key. Most startup business do not pick up due to lack of honesty.Take for example one person invests in your start up business or does business with you but when it comes to sharing the returns it becomes a fight.

Therefore the investor or consumer goes disappointed and hence tells others about their experience and we all know negativity spreads like a wild fire. Priorities your business. Your business should be like your spouse or children,taken care of and faithful. Do not neglect your business because it will not prosper since it needs attention.

Create a business not a product. Businesses are long lasting compared to products sales are dependent on demand in the market. A business can incorporate many products and services. Take for example Safaricom it has various products like M-Tiba, M-Pesa etc yet it started out with one product which is network service.

Susan Ngacha talked about branding. She told the trainees that the secret of successful businesses is to be known for something. Consistency is key. Hoping from one business to another is not advisable because for one it shows your lack of commitment.

Even for musicians branding is very important because ,your music is just a product. You need to sell your brand. Take for example Uganda’s Jose Chameleon he has branded himself so once you hear him you will automatically tell its him.

Strategic Plan. When starting up a business have a plan. Breakdown the vision into goals. This means you should set goals both short term and long term. Have a defined structure on how you will achieve these goals you have set.

Have a calendar. This enables you to review your strategies and change when necessary. However when doing a change of plan do not change your original idea.Incorporate your plans to fit your idea.

After the session, there was a question and answer with Susan Ngacha and I can tell you for sure everyone who attended this training will never be the same again. They were channeled to a different form and way of thinking.

The next Founders Club training will be in January 13th. Register to attend and come let’s be successful together.

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