Angela Kamanzi My Journey in Entrepreneurship
We recently conducted a survey on the biggest challenges start-ups encounter and how raise capital came in the top three. With the internet awash with tips on how to attract investors, manage their expectations and get through to the next round of funding, it’s easy for new entrants in the field of entrepreneurship to get distracted from the one and only real source of funds for their businesses – their customers.
Obviously some projects require substantial capital from the onset, but as an entrepreneur you should never lose sight that this is a temporary situation to give yourself enough time to put to test and perfect the business model.
When you have no debt from external funding and no investor to satisfy, you are free to focus 100 per cent on your customers. If you can satisfy their need and they pay for it, you are in business. If they are not willing to pay for what you are offering, you are not in business. Clear and simple.
When you can solely rely on your customers, you are directly and constantly in contact with them; and it takes you less long to understand what their needs are and how to satisfy them. Starting on a lean budget also teaches you quickly about prioritising your expenses.
For many years I’ve been operating from my home office because renting has never been a priority. I hold Mkazi editorial meetings in my dinning room. I often outsource the design of my business cards or clients’ fliers on elance.com or fiverr.com for same or sometimes better quality work than local graphic designers at a fraction of what they quotes.
Don’t deny yourself the opportunity to start and build a business venture from nothing. You will be surprised at how much false assumptions you’ve been harboring and how invaluable the knowledge you’ll acquire is.
Angela Kamanzi
Your Friend in Biashara
