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What Young Entrepreneurs Can Learn From The Success of Their Peers

21st Dec, 2017

Kenya’s future is set to change with millions of young adults entering the job market, and you can expect a good number who have set their sights on becoming entrepreneurs.

At KCB, we have a few tips to ensure that the spirit of entrepreneurship will remain strong in our youth:

  • Deliver on your promises – Regardless of whether you are a sole-entrepreneur or have a few people working for you, your business will greatly suffer if you do not practice what you preach and deliver on client promises. Ensure that your talks and negotiations with the client are very clear on what results they can expect.
  • Share your knowledge – Join some industry-specific groups on Facebook and LinkedIn so you can be more informed. Do more by enrolling in your local entrepreneurship networks and attend their events to get more information from experienced individuals.
  • Invest in yourself – Some of the biggest challenges facing young entrepreneurs include decision-making, financial management and staying focused. If your business succeeds, you will need more than the original business idea to take you to the next level. It is important to invest in some form of formal education and skill training in order to be better than your competition. KCB offers the 2jiajiri Program that provides technical-skills scholarships and even discounted capital financing for its graduates.
  • Change how you view your business – If you haven’t gotten the memo yet, let us inform you. A business is no longer about what products or services you offer to your customers. It is, instead, how you propose to solve their problems. Reduce everything in your business to a problem and the solution you are providing.
  • Don’t be afraid to try something new – All of the billionaires in the world today started their companies with a different goal in mind. George Bezos, for example, started Amazon to sell books online; if he was afraid to try e-commerce, would he be as successful as he is now?

Finally, you can get a mentor for your business; an older, experienced entrepreneur who will give you encouragement, networking opportunities and share their experiences with you.

It is important to implement each of these steps in order to develop a successful business. Remember, the secret to getting ahead is getting started.

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