To build business empires, the youth must learn to start small 

The subject of savings and entrepreneurship among the youth has never been a walk in the park for any speaker. Every time one addresses the youth on this subject, a sizeable percentage of the audience, in the most subtle manner, will shrug off most of the ideas presented and discard them in the litter bin wrapped as cases of “one-size-fits-all”.

Interestingly, all young people who have fallen prey to this belief have in most cases overlooked several fundamental truths about their potential to make good entrepreneurs.

Notably, I am a strong believer that one-size-fits-all is an illusion. 

However, the ability of every young person to do an accurate self-appraisal in preparation for an investment venture is a priceless endeavour. 

As the internet bursts with information on self-improvement and investment, and as life coaches speed hundreds of hours coaching the youth on entrepreneurship and investment, one bit of information that would make a difference in their lessons is usually backgrounded and quickly dismissed every time it threatens to assert its relevance: entrepreneurial proclivity. 

Many people have failed in their businesses or in their careers not because of their deficiencies in astuteness, qualification or capital, but because they have knowingly or unknowingly avoided appraising their personalities to root out character predispositions that impact negatively on their professions and businesses.

Interestingly, those that have been fortunate enough to master the art of self-appraisal and dedicatedly cultivate attributes friendly to investment have had a tighter grip on their careers, and have had better management of their businesses. 

As such, it is crucial that every young person intending to make an investment in whatever industry should reflect on and deliberately cultivate a number of attributes that make great entrepreneurs.

Firstly, they need to ask themselves how forbearing they are to a contrary opinion. While the choice of a partner, a mentor or even a confidant in the run-up to an investment venture is a crucial exercise since it determines, to a larger extent, the probability of translating one’s ideas to action, most people will avoid anyone with a divergent opinion, however eye-opening the opinion might be.

Outright dismissal

In fact, most young people are known for being intolerant of any idea that deviates from what they hold as workable. As such, any contribution that points to an extension or improvement of their business ideas is met with outright, bitter and humiliating dismissal. 

As such, young investors have often been described as individuals who cannot listen and are insecure and short-tempered whenever their business ideas are subjected to debriefing for improvement.

Secondly, a young investor should always be wary of a partner, a mentor or a confidant who will never interrogate their ideas. 

While it is human nature to get along with individuals who seem not to question us on anything, let alone our business ideas, friends who will always agree and unreservedly support anything an entrepreneur floats as a workable idea even before they understand the basics should be approached with caution. Every refined idea has been questioned and piloted and the loopholes in its practicability sealed.

Thirdly, there is a need to realise that grandiose business start-ups have only existed in the world of fantasy. Most of the business empires that we have today are yesterday’s modest start-ups. The willingness to start small and work one’s way up is a defining trait among entrepreneurs. 

In fact, those who have always waited to accumulate big capital to set up a big business have either started too late or failed to start altogether.

Fourthly, there is no greater enemy to a business than the entrepreneur living beyond their means. The desire for the fast lane kind of lifestyle can be delayed till the business stabilises. Most young entrepreneurs are quick to acquire liabilities and are heavy spenders in terms of homes, cars, club memberships and other luxuries that eat into the profits of their businesses. This is the leading cause of the stunted growth of so many businesses today. 

The words of one Charles Jaffe that “it is not our earnings that make us rich, but rather our spending habits” should reel the minds of every young entrepreneur.

Lastly, the question of the source of business capital is a true headache to almost every start-up entrepreneur. While this subject has been given considerable attention in my book Unmasking Repressing Violence in the Family and Society, as one of the answers to family-based violence, the youth need to urgently discard the handouts and betting mindsets as sources of their business capital. 

The wisdom in the saying that nothing comes on a silver platter needs to start meaning a lot in the lives of young entrepreneurs. 

Indeed, for many, getting business capital has never been and will never be a one-day affair. Those who have tried betting as a possible source have ended up giving up their pursuit as a result of betting addiction.

Dr Mwirigi is a researcher, author and Principal, Kagumo High School. [email protected]