One of the hardest steps for young, ambitious and talented potential entrepreneurs is insulating themselves from the fear of risks involved in businesses.

Many of them are not fully equipped with the know-how of managing critical situations around the premises, making it a nightmare to make the first move.

Surprisingly, the majority of them when they were growing up were aspiring to become businessmen and women owing to the freedom and the huge financial gains that one gets to enjoy all by themselves.

Currently it has become a necessity for people to have multiple sources of income to keep them afloat with the burdening tax regime by the Kenya Kwanza government which has affected the purchasing power of the majority of Kenyans. One of the sources, undoubtedly is a business venture.

During the initial stages of setting up a business, some might even be forced to close down operations due to lack of customers, losses as a result of products becoming obsolete or even due to customers overbargaining. The depressing situation is also at times influenced by the long period before making the first profit.

On the other side, however, there is light at the end of the tunnel. Once the first step has been successfully made, there is no going back, as it does take some time but the more one soldiers on the closer they get to making success stories.

Reflecting on his own experience, Lenin Oyuga Sembo, the Head of Telco Commercial and Partnerships for the Middle East and Africa Region at Mastercard shared, “Getting kicked out of a client’s office was a defining moment, it forced me to refine my focus. Success requires boldness, consistency, and resilience. Later, I closed business with the same client, proving that a ‘no’ is just a redirect, not the end.”

It does get ugly at times especially when trying to pitch to your potential clients or getting rejection e-mails but with resilience and commitment, change becomes inevitable. Also knowing when to move on requires self-reflection and honest conversations with one’s support network. It involves evaluating personal efforts, being true to oneself, and seeking feedback from trusted friends who can provide objective perspectives that one may struggle to acknowledge independently.

Jacob Ouma, Group Managing Director at Admedia Communications, underscored the importance of adaptability and learning through life’s different seasons.

“If there is a gift or something that you should desire as a person, it’s the capacity to be agile and versatile. In my walk, I have learned to morph with whatever comes my way. Life is about seasons, and you have to know the season that you are in; you have to read the seasons right. And when you morph into another season, going forward is carrying the lessons of that season to this new one,” he said.

Additionally, understanding what you are offering in the market spaces also serves as a crucial step once you have already taken that one step. This helps you identify opportunities that you can comfortably provide solutions for, create a wider network and eventually build your brand.
Sheila Mugusia, Chief Manager at Kenya Revenue Authority, highlighted the importance of building influence through understanding and problem-solving.

“One of my key learnings is that there are many interests at different levels all the time. So, for me to create a level of buy-in into some of the initiatives that we’d like to push, it is important that we have conversations to articulate what it is I want to do, but importantly to understand what the problem is so that I find the solution in what I am offering. The moment you position yourself that way, you build your credibility and begin to influence many spaces,” she advised.

Many entrepreneurs go through hard time due failing to conduct a keen evaluation to the kind of solution that they want to provide in the spaces resulting in most cases, if not all, failing in the long run.

At a time when the cost of living is high and characterised by the high unemployment rate, it becomes crucial for one to actually take the possible time available to evaluate the kind of investment that they want to make, by looking at factors such as the viability of the business if it has any room for innovation, scalability and the risks involved and how to face them when they arise. For many young individuals, starting a huge business is always at the centre of their interests. Wanting to gain quick and huge profits at once and report financial freedom, this however requires significant capitation even though the success of the businesses is not guaranteed. The best thing always is to start small, build a firm foundation then start scaling up. This according to the business leaders is the surest way to record huge profits and attain financial freedom in the long run.