As an entrepreneur you hold the key to success but along the way there are others who assist you to attain the desired destination. It is the likes of Kennedy Nyakomitta who have been a great help to small businesses in Kenya. As the General Manger, business at Diamond Trust Bank he has overseen the success of many SMEs. As he spoke to Edward Kwach on 21 Questions it is evident that Kennedy is an asset to businesses in Kenya, a business consultant offering assistance and financial advice in business decisions.
The following are tips that Kennedy has for new business owners:
DTB’s support to small businesses
Knowing your business
Lessons from Kennedy’s journey
As he tells his story, Kennedy recalls that he always knew the direction he wanted to head towards. He therefore did not jump into employment immediately after his undergraduate studies; instead he opted to dive into a professional course -MBA which he terms as a means to an end which for him worked. How many entrepreneurs today have ‘our means to the end’ already mapped out – some food for thought.
Support from DTB
Kennedy offers various businesses solutions to all industries as long as they are viable. DTB provides support in Forex for those in international trade, stocking and handling day to day banking needs. Today many entrepreneurs are faced with the challenges associated with the initial capital to start up small businesses. While this is true Kennedy goes on to reiterate that every business person can find a home at DTB; there are loans offered after an appraisal process to suit various business as well as a range of accounts including; Current, Savings and Business accounts to assist in cash management.
Understanding loan access
By keeping abreast of the market regulations and ensuring at all times your business is legitimate you will be able to access loans easily. Kennedy further explains the essence of collateral and the wider meaning of what is considered as collateral; it need not be the typical land as is misconstrued so often. Depending on one’s income and level of commitment, Kennedy and the team at the bank would work around it to accommodate entrepreneurs’ requests for loans and other products and services.
Commit to your business
More often than not successful SMEs are seen when the owners fully commit themselves to their business. A successful business Kennedy stresses is not one that is a ‘part time job.’ He goes on to say that when one decides to delve into entrepreneurship they should leave the office and hit the road. “If you want to be successful, make it a core business, get out of your office and hit the streets!” He advises against draining ones business of cash and says discipline is key to the success of any entrepreneur.
Know your business and understand your market
Knowing ones business, the tricks of trade and mastering them are key to starting a successful business and without these basic principles Kennedy says that even if you had the capital you would not make it. Market research is important in this time and age especially in paving your path to success. He says professional input is quite important when the business start growing. Kennedy is positive about family businesses and says that friends’ businesses need well laid out rules to succeed.
Try till you die
While he may not be in business, he possesses a wealth of knowledge and capability of giving great advice entrepreneurs. Kennedy advices on preparation, having a roadmap and giving ones best for all who would like to venture into entrepreneurship.
“Try till you die” that is Kennedy’s parting shot and a word for entrepreneurs who may have given up due to failure. A listen to it is sure to give you great insights on your business.