We often overlook opportunities because they come dressed in dirty overalls. Recent statistics from the Business Registration Service (BRS) show a 7.6 percent drop in business registrations last year compared with 2023. The decline is due to a challenging business climate worsened by heavy taxation. Businesses removed from the registry during the year also contributed to the 2023 decline. This concerning trend emphasises the need to tackle business obstacles to achieve genuine success.

To survive, entrepreneurs must put in extra effort to make things work. We can draw inspiration from the late Njenga Karume, who transformed himself from a determined chief hustler into a billionaire.

I recently read his autobiography, Beyond Expectations: From Charcoal to Gold. The book showcases his sharp business acumen and acts as a valuable resource for budding entrepreneurs looking to bring their ideas to life. One section that struck a chord with me focused on the distinction between mediocrity and excellence.

Karume reflects on the start of his journey, saying, “I pondered my decision for a week, and ultimately, the business I selected surprised many in the community. After evaluating the potential of different ventures and their profits, I opted for charcoal burning and cutting fencing posts in the bush. This choice took many aback because, despite my education, I chose an enterprise often seen as dirty and low.”

Karume’s rise from modest beginnings to becoming one of Kenya’s leading investors provides essential lessons for entrepreneurs facing business challenges. He started by selling charcoal and expanded into various fields, including real estate, hospitality, and agriculture. His journey underscores the significance of resilience, diversification, and strategic planning.

His journey into the charcoal business highlights the importance of starting small and grasping the market’s needs and the basics of business operations. This groundwork allowed him to understand market dynamics and customer preferences, which are vital for any entrepreneur. Launching with smaller projects can offer hands-on experience and lessen the risks tied to larger investments.

As his career progressed, Karume broadened his business interests to include real estate, hospitality, and agriculture. This diversification not only boosted his income but also reduced the risks linked to relying on a single sector. Entrepreneurs can take a cue from his strategy of spreading investments to cushion against market volatility.

Karume also embraced innovation by modernising his business methods and exploring new ideas. In today’s rapidly evolving business landscape, leveraging technology and innovative approaches can provide a competitive advantage. Entrepreneurs should seek ways to enhance their products, services, or operational efficiencies. Through customer feedback collection, market trend analysis, and research and development investments, companies may find novel features and creative solutions that enhance user experience and provide a competitive edge. By putting continuous development first and remaining flexible, businesses may lower their risk of becoming obsolete and prospering in a changing environment.

A significant factor in Karume’s success was his knack for spotting and capitalising on new opportunities. His shift from selling charcoal to exploring real estate and hospitality highlights his ability to adapt to developing market conditions. Entrepreneurs need to be vigilant about market trends and be ready to change their strategies to remain relevant. In today’s AI-driven landscape, embracing new technologies is crucial for entrepreneurs.

Establishing a reputable brand was fundamental to Karume’s approach. His dedication to ethical practices garnered him the trust and loyalty of both clients and partners. For entrepreneurs, upholding integrity and transparency is vital for long-term success and for building positive relationships within the industry.

— The writer is an Innovations Evangelist and a PhD Candidate; [email protected]