It takes more than good fortune to establish successful business

Business leaders should work hard and strategise, not just wait for sheer good luck. FILE

By PETER MUTUA


IN SUMMARY
Entrepreneurs should take advantage of opportunities, learn from others, be strategic, work hard and use instruments of power in their possession.

I again saw under the sun that the race is not to the swift and the battle is not to the warriors, and neither is bread to the wise nor wealth to the discerning nor favour to men of ability; for time and chance overtake them all. Ecclesiastes 9:11

If there ever was an individual whose name told a life story — that person would be Goodluck Jonathan, the President of Nigeria.

Following a career as a zoologist, school inspector, lecturer and environmental protection officer, Jonathan immersed himself into politics in 1998 as a governor’s running mate for Bayelsa State.

As fate would have it, the elected governor Diepreye Alamieyiseigha was impeached by the State Assembly after which Jonathan took over office.

In 2006 he was chosen as the running mate to presidential candidate Umaru Yar’Adua and ascended to the position of vice president in April 2007.

Yar’Adua was taken ill in 2009 and, following a Supreme Court ruling, vice president Jonathan was appointed as acting president. On May 6, 2010, Jonathan, who had never faced an election, became president of Africa’s most populous nation.

While such streaks of fortune are not unique to Africa (Gerald Ford, who was never elected as president or vice president, came to power after US president Richard Nixon resigned from office in 1974), such good luck is rare.

The majority of family businesses are established through sheer hard work and tenacity on the part of the business founder. But even that is often not enough to ensure success.

Lee Karuri, one of the founders of Home Afrika, testified recently that a good portion of their success is what they refer to as “divine favour” at various stages of their operations.

Entrepreneurs who want to stack the odds in their favour will, in addition to taking advantage of arising opportunities, embrace the wisdom of those who have gone before them in avoiding some of the deadly traps that litter the path to success.

Surprisingly, competent mentors are available for those who wish to start new ventures. A good example is Lucas Maranga, proprietor of Happening Ventures, who, having experienced a measure of success, would like to help those who are just starting out in the world of business.

The power of prayer and good fortune cannot be disputed. Fervent prayer can and often does open up business opportunities. However, by itself, it cannot run a business.

Business founders have a duty to diligently apply themselves to their trades, ensuring that they continuously develop their abilities so that they can deliver on commitments and mitigate effects of bad fortune.

In addition, Leaders of Family Business should when necessary create space within their desired niches, manage their constituencies and neutralise competitors. To refrain from using such strategies in favour of goodwill alone puts the enterprise at unnecessary risk.

Those who wish to establish new ventures should take advantage of opportunities, follow the advice and the examples of others who have gone before them and develop their skills/abilities rather than depending entirely on good fortune.