True entrepreneurs do not operate solely for profits, but also to add value to society and to their clients.
As
a student entrepreneur, I believed there were three things that made
the world go round. These were power, money and sex, with money cutting
across the other two.
To many, money
has its own value and meaning. To entrepreneurs, it's a means to achieve
their purpose and make the world a better place. In my impatience to be
recognised as an entrepreneur, I forgot to learn the basics about
money.
The very first time my
business — which was running a small stock brokerage agency in Webuye,
with a branch in Nairobi — failed, it wasn't because I didn't have
capital or there were no clients, but because I was clueless on what
money was, and I was greedy.
MONEY IS A MEDIUM
The
stock market business was big back then. KenGen had just listed on the
NSE, and I was the only agent for three brokers in the western region.
Fresh from campus, my ambition was unbridled and my energy contagious.
I
believed beyond a shadow of a doubt that I would succeed. Clients were
there. Competition was virtually non-existent, and I was this brainy,
young gentleman in black suits. I knew it all.
No one could advise me. “I understand the language of money and how to make it,” or so I thought.
My attitude in essence, when I look back, was aimed at failure, and failure did come.
They
say that the love of money is the root of all evil. I would beg to
differ. In my experience, money is simply a medium that channels and
enhances who we truly are.
SALVAGE THE MOMENT
Strong men channel the money for the good of society. Weak men channel the money for their own selfish gains.
Through failure, I have learned five key lessons that every entrepreneur must learn to succeed.
They
say money follows money, that money begets money. To attract money or
to be in its channel of circulation, one needs to be creative.
In
times of desperation and dead ends, one must be creative to keep the
channels of circulation for money open. Permanent failure happens when
these channels close.
Creativity gives an entrepreneur the chance to salvage the moment, and change the fortunes of the business.
CHANGING SOCIETY
The
second lesson I learnt is that money is attracted to an entrepreneur
who has a purpose and focus, a purpose to succeed and achieve where
others have failed.
Money will eschew realms that are full of doubt, fear and laziness, and will not circulate in such an environment.
Thirdly, money will flow in an environment that is aimed at changing the society for better. A good deed does not go unrewarded.
This
is a lesson I saw in philanthropists like Bill Gates and Melinda Gates.
Through their foundation, they have changed diverse societies across
the world with billions, and they have still more. The more they give,
the more they get.
Back home,
Safaricom has espoused this with its keen focus on community-based
projects like the Lewa Marathon that works towards nature conservation.
MONEY CORRUPTS
In
return, it has become a brand that touches people's hearts and gets
them spending on it, hence its amazing profits. This is a lesson every
entrepreneur seeking success must look at.
What
you think about yourself, your business, your employees and your
clients will determine whether money keeps flowing through your
ecosystem or not.
We can choose to
see our challenges as obstacles that will cut the circulation of money,
or as opportunities to enhance our creativity.
This lesson changed my entire view of the challenges and problems that I have faced since then.
It
is said that money corrupts weak souls. This is true, especially of
those who aim to simply amass huge amounts without letting it circulate
within their circle of influence.
MONEY MUST MOVE
We
may seek to have savings, and boast about how much we have. However
money abhors those who get it and keep it to themselves. The rich get
money and invest it, to get more.
The
rest of us get and try to keep as much as we can. An entrepreneur must
always be a conductor of money in his or her realm of influence, not a
magnet that won't let it circulate.
Money needs to move to create more, and empower more people, who will send it back.
Any entrepreneur who seeks to change the world for better must understand these five tenets about money. I learnt the hard way.
I
wish I had mentors to point me in the right direction. However,
experience is the best teacher and I hope I can mentor others better.
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