This week, I did something a lot of people would call crazy. I quit my day job.
If you are anything like me, you have harbored dreams of financial freedom and security since you discovered that your paycheck can only take you so far. My first year in employment was fun. I was making some good money, had just moved out, and the only things I did were shop, and shop some more.
Then one day I discovered that I wanted more. I felt like my job was clerical, more like inputting and outputting of data and paper work, and to be honest it was. So I began to crave more, I wanted to leverage on my thoughts and ideas. I decided to go back to school get something extra that would boost my credentials. Shortly afterwards, I was promoted to where I could be part of the conceptualization process. I was enjoying this part quite obviously and the money made me sleep better.
Then one day I woke up and realized, I wanted to do more, learn more, grow more. I needed to sharpen some of my valuable skills and where I had been working could not take me any further. It was at this point that I learnt one of my most important lessons;
1.An organization can only go as far, as the person who leads it.
The head of an organization carries its vision and shapes its destiny. If you work for someone who does not carry a big vision, it can be very frustrating. When you let out your ideas and get shot down constantly, or you work where there is only one way to do things, then you can relate to what I’m saying.
So I went on a quest to find someone I believed I could learn from. I had for a long time committed my time and energy to study world renowned entrepreneurs. I wanted to know how they think, how they see life, and do things. Most of all, I wanted to know what their back stories were. Anything I could get my hands on, I read. I went online, joined their free classes, and even subscribed to their direct emails. So I had a pretty good idea what to look for. For me the key thing was passion. If you do not have passion for what you do when you get up in the morning everyday, you need to think twice.
I was lucky enough to find such an entrepreneur. In my opinion, one of the greatest business minds I have ever picked. I made a decision not driven by money or work benefits and moved on. This was to be a turning point for me.
Pretty soon, the bug came biting again, I had projects in me that were not getting done, and if you believe in infinite ideas, then you know that until you birth an idea you will never move on to a better one. That leads me to the second lesson.
2.You can’t live in fear
It amazes me how many people are unhappily employed but because of fear, they will never try to make it on their own or carry out their big projects. The fake sense of security their paycheck gives them, convinces them to stay put, and sadly many of them will die without ever bringing those ideas out of them due to a bigger paycheck, bigger benefits. As an accountant fried of mine put it quite eloquently the other day, employment is equal to slavery. Don’t cringe, think about it really hard, and then try to convince me otherwise because I agree with him.
I listened to a radio show a few weeks ago where the host was talking about how some of his friends have given up their dream of ever making it out of the rat race. They have been waiting and dreaming of their big break but it never happened. Some people called in and sadly, some of them said that the only they will make it out is to take kick backs and bribes. This is a reality you can avoid.
A very good friend of mine, who also had the courage of starting her own business, told me something I will never forget. She had encountered 40 year olds who were coming into her office to rent some space. However, they were trying to negotiate Kshs. 10,000 rent downwards. These were people much older than her, with big kids, and families. So she asked me something I will never forget. Would you rather make the sacrifice for a big paycheck and benefits now for a better life ten years down the line or wait until you are 40 with a mortgage and loans to pay to make that leap?
More than 50% of retirees in Kenya die within the first five years. I am sure there a lot of you with parents who demand money every month and you wonder how it’s possible for them not to be able to make ends meet. Again, this is a reality you can work to avoid.
3. You must live by faith
As I spent time interacting with colleagues and team mates I realized that the sense of security a paycheck gives people is so strong, it totally blinds them. A lot of us work in places where you can be summarily dismissed at anytime. During the recession, people lost their jobs overnight. Others got huge salary cuts that took them back a few years. Then in most organizations, there is a system used to dictate increments. Depending on your level at times but on average, annual income increments are done at par with inflation or by at least 10%. That tells you how long you need to be there in order to make it to your financial goal.
Do yourself a favor. Don’t fall for that false sense of security. Develop a plan and work at it. If you don’t know where to start, check out the article on life planning.
So that brings me to today. Another turning point by all means. If you have ever had the chance to play the game cash flow quadrant, then you know how long, and what kind of effort it takes to get out of the rat race. If there is one thing that game taught me, it’s the signs you need to look out for. There is a wealth of opportunities all around you. But you must train your mind to notice them and capitalize on them. You can only do this conscientiously. It has to come from something deep within you that changes how you see things. I know that all of us will take unique journeys in this life and there is no one formula to making it. However, the principles are the same. Early last year, I met an entrepreneur who completely blew me away. She told me that she sees so much opportunity everyday that sometimes she wants to tell God to close her eyes because she can not do everything. This young lady told me in quarter 1 2009 that she was going to make half a billion in 2010 quarter 1. This is a young Kenyan, very much like you and me, not Chris Kirubi or some hot shot Indian businessman.
So whatever it is you have deep within you, do something about it today. Every moment you let pass, it time lost that you will never find again. You better fail for trying, but not to have ever tried at all.
Friday, January 22, 2010
Wednesday, January 20, 2010
Welcome Kenyan Lady to our network on Ning
This is to announce that we have created a social network on ning.com. Please follow the url www.kenyanlady-entrepreneur.ning.com to visit our network page.
The advantage of being on ning is that it provides broader spectrum of interaction. You can start discusions, add pictures, share events, comments, and still catch up on the recent updated stories on the blog. It is basically like our very own "facebook community".
Check out the web page and invite more of your friends to join the network. Let us keep sharing stories and ideas.
The advantage of being on ning is that it provides broader spectrum of interaction. You can start discusions, add pictures, share events, comments, and still catch up on the recent updated stories on the blog. It is basically like our very own "facebook community".
Check out the web page and invite more of your friends to join the network. Let us keep sharing stories and ideas.
Tuesday, January 19, 2010
What it really means to be at the top of the food chain
I know many of us believe that, the bigger our role within an organization, whether as a top leader or business leader, the easier life gets. It always seems that all the top CEO’s and business men are always golfing, and that is what we aspire to do. We want to be at the top and then our lives will be sorted.
Nothing is more of a lie than this myth. I quickly learnt this in my first real leadership role. Whenever you are promoted to a top job, it comes with increasing responsibility and expectations. There is more demand placed on you to get you to optimum performance and to lead your team to achieve their objectives. In any real organization, leaders at the top and middle feel this intense pressure.
As a business owner, you have to deliver on financial objectives. You have to worry about the future of your organization and work harder than everybody else, because only you carry the burden of your own vision. You have to keep clients happy, manage your employees, build a business network, and generate cash flow to meet your business needs and pay your employees.
If you aspire for a real top leadership position as an employee or business owner, you better be aware of the real demand and stress that comes with the territory. As much as Donald Trump flies around in private jets, he has investors, shareholders, business partners, political big wigs, bankers, clients, employees and a family that he has to keep happy. The pressure on his level is unimaginable. Not to mention keeping track of billions of dollars. Search yourself; are you really ready to rise up to such a challenge? Does it excite you and inspire you? Is there a fire in you every time you think about it? If that is the case, follow it with all you heart, it is a not a task for the meek or feeble. You were born to lead.
Nothing is more of a lie than this myth. I quickly learnt this in my first real leadership role. Whenever you are promoted to a top job, it comes with increasing responsibility and expectations. There is more demand placed on you to get you to optimum performance and to lead your team to achieve their objectives. In any real organization, leaders at the top and middle feel this intense pressure.
As a business owner, you have to deliver on financial objectives. You have to worry about the future of your organization and work harder than everybody else, because only you carry the burden of your own vision. You have to keep clients happy, manage your employees, build a business network, and generate cash flow to meet your business needs and pay your employees.
If you aspire for a real top leadership position as an employee or business owner, you better be aware of the real demand and stress that comes with the territory. As much as Donald Trump flies around in private jets, he has investors, shareholders, business partners, political big wigs, bankers, clients, employees and a family that he has to keep happy. The pressure on his level is unimaginable. Not to mention keeping track of billions of dollars. Search yourself; are you really ready to rise up to such a challenge? Does it excite you and inspire you? Is there a fire in you every time you think about it? If that is the case, follow it with all you heart, it is a not a task for the meek or feeble. You were born to lead.
The Low down Dirt on Office Politics
I am yet to hear of an organization that does not suffer from this epidemic. For a short while I worked at such a place; where everyone was out to get the job done and only interested in the greater good of the organization. Needless to say, a lot of us work in places where politics is the order of the day. You have to learn how to work your way around the system in order to survive and it is a real jungle out there. In some organizations, I have observed the scourge to be so bad that no work gets done at all. People are more interested in protecting their turf and forming groups that will get as many to align with them. There is nothing more challenging physically and mentally than working in an organization like this. There is no sense of direction, nothing to accomplish, nothing to live for. In my personal experience, at some point I just could not keep it up anymore and enough was enough. I walked out, never looked back, and I am a better person today because of it.
As a leader in an organization whatever the size, you have to learn to manage your own corporate culture. In one of his books, John C. Maxwell alludes to the fact that employees will take their cue from their leaders. Whatever behavior you model as a business leader, determines the Corporate DNA of your organization. Therefore, to manage your corporate culture, you need to learn to manage yourself with excellence. Granted that employees will always grumble, but you are able to dispel any rumors and whispering by coming clean during staff meetings. That way your employees will know that you are on top of everything at the organization.
Another key thing is to ensure that you are always in touch with them on an individual level. Be consistent with this. Talk with them, listen to their problems, empathize and work to resolve any issues that crop up. Learn to manage stressful situations by diffusing them. Talk to your employees and remind them of their worth and value to the organization. Make them want to work for you, not only because of the paycheck, but also because they want to be in your company more than anywhere else. They will give you 110%.
Whenever you introduce someone new to a team, try to decipher how their personality gels with your corporate culture. Some people are just naturally disruptive people. They work through the system like a cancer and slowly rot it from the inside out. Avoid such characters. Learn to create teams that compliment each other.
A tip to surviving office politics as an employee: Avoid office gossip; don’t get involved in petty arguments; do not take any sides. Rise above it. If you can, try to change it by not encouraging it and speaking against it. If you are in a management position talk with your team, resolve any issues and deal with any arising conflict. If that doesn’t work. Life is too short, look for somewhere else to work.
There is nothing as beautiful as working in a team that works together. It comes through in the way they carry themselves and represent the organization to outsiders. It comes through in the quality of work that comes out of the organization. It creates such a beautiful atmosphere that hits you when you walk into the office and creates the perfect work life balance not only for you but your employees as well.
Only great leaders ever master this technique. Commit yourself to becoming a student of great team leaders. There are no limits to accomplishments for a great team leader.
As a leader in an organization whatever the size, you have to learn to manage your own corporate culture. In one of his books, John C. Maxwell alludes to the fact that employees will take their cue from their leaders. Whatever behavior you model as a business leader, determines the Corporate DNA of your organization. Therefore, to manage your corporate culture, you need to learn to manage yourself with excellence. Granted that employees will always grumble, but you are able to dispel any rumors and whispering by coming clean during staff meetings. That way your employees will know that you are on top of everything at the organization.
Another key thing is to ensure that you are always in touch with them on an individual level. Be consistent with this. Talk with them, listen to their problems, empathize and work to resolve any issues that crop up. Learn to manage stressful situations by diffusing them. Talk to your employees and remind them of their worth and value to the organization. Make them want to work for you, not only because of the paycheck, but also because they want to be in your company more than anywhere else. They will give you 110%.
Whenever you introduce someone new to a team, try to decipher how their personality gels with your corporate culture. Some people are just naturally disruptive people. They work through the system like a cancer and slowly rot it from the inside out. Avoid such characters. Learn to create teams that compliment each other.
A tip to surviving office politics as an employee: Avoid office gossip; don’t get involved in petty arguments; do not take any sides. Rise above it. If you can, try to change it by not encouraging it and speaking against it. If you are in a management position talk with your team, resolve any issues and deal with any arising conflict. If that doesn’t work. Life is too short, look for somewhere else to work.
There is nothing as beautiful as working in a team that works together. It comes through in the way they carry themselves and represent the organization to outsiders. It comes through in the quality of work that comes out of the organization. It creates such a beautiful atmosphere that hits you when you walk into the office and creates the perfect work life balance not only for you but your employees as well.
Only great leaders ever master this technique. Commit yourself to becoming a student of great team leaders. There are no limits to accomplishments for a great team leader.
Financial Intelligence Series: Article Two
I used to think that saving was overrated. I was one of those many people completely sucked in and enslaved by the rat race, I thought that my only saving Grace was going to be a bigger job, with bigger perks, and an even bigger salary. More than that, I was waiting for that one big project that would make me a millionaire, and then I would invest my money and be financial free for life! Don’t get me wrong, I am not balling and flying in private jets. However, over the years I have learned a thing or two.
Any financially free person will tell you that it does not happen overnight. It has to be a deliberate effort by you. It requires a lot of commitment, persistence, and a long term outlook. It trickles down to every daily detail of your life, your attitude and your outlook.
Rule number one; Do not underestimate the importance of saving.
Someone once told me that in India, people there are very deliberate about their savings that they will even take 100 shillings to the bank. Kenyans do not have a savings culture and I believe this to be one of the major reasons we are poor. The recent FSD survey depicts how Kenyans in all the provinces, except north eastern, live way beyond their means. Someone jokingly added that it’s because they do not have a Westgate shopping mall there.
One of good friends told me a story of how he decided for a whole year, to keep a coin jar. He collected coins and at the end of the year, he had saved 52,000 Kenya shillings in coins. I told him I have to try this one by the way. Most of us don’t value coins; we throw them around as tips, buy sweets, or just don’t try to keep track of them.
Rule number two: Live without Personal Debt
One of my mentors in this area says that the purpose of debt is to embarrass the borrower. If you are a fun of the book of proverbs which was written by the very affluent king Solomon, he outlines various pitfalls of borrowing. However, I must put a disclaimer here which is thanks to my husband who is also a financial consultant. When you borrow to finance an asset or something you can easily sell of to repay the debt in case you are not able to keep up with repayments, then that is excusable. However, if you borrow to finance your lifestyle and then you enslave yourself to a paycheck for the next decade, you are selling your own destiny. This is the reason why there are so many employed people with big dreams but they never get the chance to take a risk because they are enslaved to their paycheck.
Rule number 3: Set financial goals
You do not know what to accomplish if you do not set goals. Start with a realistic objective for your money. Then go about actively engaging yourself in making sure that you achieve it. If you want to own a house, start saving to buy land. Set a goal. Do you need 500,000? What else do you need to do to get some extra money to help you achieve your goal?
Any financially free person will tell you that it does not happen overnight. It has to be a deliberate effort by you. It requires a lot of commitment, persistence, and a long term outlook. It trickles down to every daily detail of your life, your attitude and your outlook.
Rule number one; Do not underestimate the importance of saving.
Someone once told me that in India, people there are very deliberate about their savings that they will even take 100 shillings to the bank. Kenyans do not have a savings culture and I believe this to be one of the major reasons we are poor. The recent FSD survey depicts how Kenyans in all the provinces, except north eastern, live way beyond their means. Someone jokingly added that it’s because they do not have a Westgate shopping mall there.
One of good friends told me a story of how he decided for a whole year, to keep a coin jar. He collected coins and at the end of the year, he had saved 52,000 Kenya shillings in coins. I told him I have to try this one by the way. Most of us don’t value coins; we throw them around as tips, buy sweets, or just don’t try to keep track of them.
Rule number two: Live without Personal Debt
One of my mentors in this area says that the purpose of debt is to embarrass the borrower. If you are a fun of the book of proverbs which was written by the very affluent king Solomon, he outlines various pitfalls of borrowing. However, I must put a disclaimer here which is thanks to my husband who is also a financial consultant. When you borrow to finance an asset or something you can easily sell of to repay the debt in case you are not able to keep up with repayments, then that is excusable. However, if you borrow to finance your lifestyle and then you enslave yourself to a paycheck for the next decade, you are selling your own destiny. This is the reason why there are so many employed people with big dreams but they never get the chance to take a risk because they are enslaved to their paycheck.
Rule number 3: Set financial goals
You do not know what to accomplish if you do not set goals. Start with a realistic objective for your money. Then go about actively engaging yourself in making sure that you achieve it. If you want to own a house, start saving to buy land. Set a goal. Do you need 500,000? What else do you need to do to get some extra money to help you achieve your goal?
Saturday, January 16, 2010
Creating a positive customer experience
The other day I was having a conversation with one of my friends about what makes businesses successful and others a failure, especially in the same line of business. We were comparing the difference between Nakumatt and Uchumi supermarkets and why even after bad publicity, financial scandals, and calamity that have affected these businesses, Nakumatt still remains way ahead of its predecessor.
One of the key things we were able to derive was the importance of creating a positive customer experience. Nakumattt is the only place I know that after a long day at work at 11pm at night, I am still able to get my baby some milk for the next day without going out of my way. They have also made sure that their locations are in places people actually want to spend time in. When you walk in, everything is spaced out and neatly arranged to enhance your shopping experience and ensure you spend more time there. I remember watching a documentary on national geographic which I found to be intriguing. Apparently, it is on purpose that supermarkets make sure that you walk around instead of using the shortest distance possible to get inside. It is also on purpose that fresh produce is arranged at the front of the supermarket where you can see it walking it, so you get the impression that everything is fresh. It is also on purpose that foods that go together are kept in different directions. This is done to make you spend more time there, and as you walk up and down the aisles looking for stuff, you will also make some impulse purchases.
Are you aware of the customer experience your customers have interacting with your business? If a customer has a bad experience, they do not make repeat purchases and they will not refer others to you. A lot of business is generated from referrals. The way you brand your business, from the name, your staff to the décor either adds to or removes from the customer experience. It is part of the reason why businesses rebrand. They want to improve their customers’ experience with them.
One of the best ways to judge what your clients are saying about you is through customer satisfaction surveys. Have your clients fill in a questionnaire after doing business with you. Follow them up with a phone call a few months down the line and find out what their experience with you was like and what they think you should improve on. Do not ignore this exercise as you start your business. It will help you stay in tune with your customers’ needs and enhance the growth of your business.
One of the key things we were able to derive was the importance of creating a positive customer experience. Nakumattt is the only place I know that after a long day at work at 11pm at night, I am still able to get my baby some milk for the next day without going out of my way. They have also made sure that their locations are in places people actually want to spend time in. When you walk in, everything is spaced out and neatly arranged to enhance your shopping experience and ensure you spend more time there. I remember watching a documentary on national geographic which I found to be intriguing. Apparently, it is on purpose that supermarkets make sure that you walk around instead of using the shortest distance possible to get inside. It is also on purpose that fresh produce is arranged at the front of the supermarket where you can see it walking it, so you get the impression that everything is fresh. It is also on purpose that foods that go together are kept in different directions. This is done to make you spend more time there, and as you walk up and down the aisles looking for stuff, you will also make some impulse purchases.
Are you aware of the customer experience your customers have interacting with your business? If a customer has a bad experience, they do not make repeat purchases and they will not refer others to you. A lot of business is generated from referrals. The way you brand your business, from the name, your staff to the décor either adds to or removes from the customer experience. It is part of the reason why businesses rebrand. They want to improve their customers’ experience with them.
One of the best ways to judge what your clients are saying about you is through customer satisfaction surveys. Have your clients fill in a questionnaire after doing business with you. Follow them up with a phone call a few months down the line and find out what their experience with you was like and what they think you should improve on. Do not ignore this exercise as you start your business. It will help you stay in tune with your customers’ needs and enhance the growth of your business.
Tips to keep your clients happy
These are some of the gems I have learned from years spent in the service industry. Might sound like common sense, but you might be surprised how uncommon it is.
You might be surprised that its fairly easy to keep your clients happy unless you are blessed with one of those highly strung characters and believe me I have had my fair share of interfaces with them. Gone are the days of the customer is always right, however they do sign your cheque at the end of the day.
1.Understand clearly what the client really wants
Make it your priority to understand the need of the client. Beyond that, understand what their motivations are over and above the job scope. Are you dealing with someone ambitious, a sports fan, or a family man etc? Make inquiries into their background and find common areas of interest. These things will be key when making your sales pitch as well as when following referrals and repeat business. When you go for meetings, ask questions to get an affirmation of the exact expectations from the client.
2.Communicate, communicate, communicate
Have you ever dealt with a supplier who when they are not able to deliver within expectations, they turn off their phone? Nothing is more annoying to a client that a person that does not talk to them. Engage your client constantly, that way they feel you really care about them. Let them know in good time when something is about to go wrong, not after. Make sure they receive constant updates and follow up on the project. This creates good will for you now and in the future.
3.Keep it all in writing
Cover yourself at all times. Whenever verbal agreements and commitments are made, follow them up on email and make sure they are put down and agreed on by all parties. Make sure all proper documents in your sales process are signed at the right time and stage. Keep everything filed for easy reference.
4.Maintain a positive attitude
It is very difficult at times, especially when you are getting beat down on an idea or on something that went wrong. However, keep your head up at all times and learn not to let the outside environment affect how you feel on the inside.
5.Avoid arguments
It is very easy to get into it with a client especially when they are wrong and you know it, but avoid taking this route. Think about the future good will and referrals this one client can give you through their network. Even if they have the wrong idea, you will not achieve anything positive by proving them wrong. You will only gain resentment. Talk things through calmly, understand their position, take the necessary steps to resolve the problem and keep your cool at all times.
6.Over deliver
It is the easiest thing to give the client exactly what they ask for. A very good way to generate income for yourself is to suggest and extra product or service to the client. This will make them feel that you thought outside the box and that you over delivered beyond expectations. Make sure that you can convince them that they need whatever it is you suggest and even offer a discount on the entire package.
You might be surprised that its fairly easy to keep your clients happy unless you are blessed with one of those highly strung characters and believe me I have had my fair share of interfaces with them. Gone are the days of the customer is always right, however they do sign your cheque at the end of the day.
1.Understand clearly what the client really wants
Make it your priority to understand the need of the client. Beyond that, understand what their motivations are over and above the job scope. Are you dealing with someone ambitious, a sports fan, or a family man etc? Make inquiries into their background and find common areas of interest. These things will be key when making your sales pitch as well as when following referrals and repeat business. When you go for meetings, ask questions to get an affirmation of the exact expectations from the client.
2.Communicate, communicate, communicate
Have you ever dealt with a supplier who when they are not able to deliver within expectations, they turn off their phone? Nothing is more annoying to a client that a person that does not talk to them. Engage your client constantly, that way they feel you really care about them. Let them know in good time when something is about to go wrong, not after. Make sure they receive constant updates and follow up on the project. This creates good will for you now and in the future.
3.Keep it all in writing
Cover yourself at all times. Whenever verbal agreements and commitments are made, follow them up on email and make sure they are put down and agreed on by all parties. Make sure all proper documents in your sales process are signed at the right time and stage. Keep everything filed for easy reference.
4.Maintain a positive attitude
It is very difficult at times, especially when you are getting beat down on an idea or on something that went wrong. However, keep your head up at all times and learn not to let the outside environment affect how you feel on the inside.
5.Avoid arguments
It is very easy to get into it with a client especially when they are wrong and you know it, but avoid taking this route. Think about the future good will and referrals this one client can give you through their network. Even if they have the wrong idea, you will not achieve anything positive by proving them wrong. You will only gain resentment. Talk things through calmly, understand their position, take the necessary steps to resolve the problem and keep your cool at all times.
6.Over deliver
It is the easiest thing to give the client exactly what they ask for. A very good way to generate income for yourself is to suggest and extra product or service to the client. This will make them feel that you thought outside the box and that you over delivered beyond expectations. Make sure that you can convince them that they need whatever it is you suggest and even offer a discount on the entire package.
Thursday, January 14, 2010
Learning to Lead Yourself
I read somewhere that whenever people are judging others, they judge them based on their actions. However, when judging ourselves, we do it based on our intention. This is why we can not understand how the people working at the ministry of education would steal money to educate many poor Kenyans through the free education program, while the person that stole the money saw no other way to improve his/her life than to take that money. It is for the same reason that it is easy for some people with position and status in work place, to lord it over their underlings because to them, its getting the job done that is more important.
If you aspire for greatness it is important to learn to lead yourself well. You must develop very strong self discipline. At the end of the day your co-workers, employees, and team mates will use you as the standard for how to behave when responding to clients, managing people, projects, and their team mates. You can not expect from others what you do not model yourself.
Another important aspect of leading yourself is accountability. One of the toughest things we need to acknowledge is that we should never ever trust ourselves. We are human, we will make mistakes. We have to consciously make the daily decision to manage our negative traits and not give into them. Over and above that, we need an accountability partner. That is why large companies have board members, to keep management in check. If you are able to, get a mentor who has more experience than you to keep you accountable on your goals and ideals.
John C. Maxwell has written several books on leadership which are very practical. He is also a world renowned business leader in charge of various global organizations. He will be coming into Kenya for various leadership seminars through training solutions on the 8th March, 2010. You can preview some of the content in his books on the links below. Be sure to make a commitment to read at least one title this year.
See www.trainingsolutions.co.ke for more information on the seminar.
If you aspire for greatness it is important to learn to lead yourself well. You must develop very strong self discipline. At the end of the day your co-workers, employees, and team mates will use you as the standard for how to behave when responding to clients, managing people, projects, and their team mates. You can not expect from others what you do not model yourself.
Another important aspect of leading yourself is accountability. One of the toughest things we need to acknowledge is that we should never ever trust ourselves. We are human, we will make mistakes. We have to consciously make the daily decision to manage our negative traits and not give into them. Over and above that, we need an accountability partner. That is why large companies have board members, to keep management in check. If you are able to, get a mentor who has more experience than you to keep you accountable on your goals and ideals.
John C. Maxwell has written several books on leadership which are very practical. He is also a world renowned business leader in charge of various global organizations. He will be coming into Kenya for various leadership seminars through training solutions on the 8th March, 2010. You can preview some of the content in his books on the links below. Be sure to make a commitment to read at least one title this year.
See www.trainingsolutions.co.ke for more information on the seminar.
Wednesday, January 13, 2010
Is Google For real?
I am a huge fan of Google and it astounds me how this company that made no money a little over 10 years ago, continues to innovate new ways to make money. It’s impossible to imagine that a few years ago; criticism over the dot com bubble and especially towards Google was so heated because many believed it to be just another Internet company that will never make money.
Things were so bad that when they needed employees, all they could offer were stock options and the company took loans to fund their vision which at the time, they did not know how it would make money. Those days are long gone and the company, overnight, turned its owners into billionaires and employees into millionaires when it got listed on the stock exchange.
In July 2008, the company took out a patent to sell advertising space on Google maps application. They plan to identify buildings, posters, signs and billboards in images generated when using the application and project advertiser messages. For instance, Java coffee house on Koinange Street can bid to have their adverts on their coffee house as projected on Google maps even though in reality there is nothing on the street. Interested advertisers will have to bid for the space. That completely blew me away!
In Ocean 12 the movie, there is a story line used by George Clooney and his gang, about a Chinese tycoon who bought real estate in the air and everyone thought he was crazy. But every time someone had to build a tall building, they had to pay him off. The entrepreneurs behind Google are now selling virtual real estate!
This just shows you there is infinite opportunity and possibility all around us.
Things were so bad that when they needed employees, all they could offer were stock options and the company took loans to fund their vision which at the time, they did not know how it would make money. Those days are long gone and the company, overnight, turned its owners into billionaires and employees into millionaires when it got listed on the stock exchange.
In July 2008, the company took out a patent to sell advertising space on Google maps application. They plan to identify buildings, posters, signs and billboards in images generated when using the application and project advertiser messages. For instance, Java coffee house on Koinange Street can bid to have their adverts on their coffee house as projected on Google maps even though in reality there is nothing on the street. Interested advertisers will have to bid for the space. That completely blew me away!
In Ocean 12 the movie, there is a story line used by George Clooney and his gang, about a Chinese tycoon who bought real estate in the air and everyone thought he was crazy. But every time someone had to build a tall building, they had to pay him off. The entrepreneurs behind Google are now selling virtual real estate!
This just shows you there is infinite opportunity and possibility all around us.
Business quotes by Famous Entrepreneurs
I did something that challenged the banking world. Conventional banks look for the rich; we look for the absolutely poor. All people are entrepreneurs, but many don't have the opportunity to find that out.
Muhammad Yunus
People are definitely a company’s greatest asset. It doesn't make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.
Mary Kay Ash
You don't need to have a 100-person company to develop that idea.
Larry Page
My son is now an "entrepreneur." That's what you're called when you don't have a job.
Ted Turner
The entrepreneur builds an enterprise; the technician builds a job.
Michael Gerber
Never give in! Never give in! Never, never, never, never - in nothing great or small, large or petty. Never give in except to convictions of honor and good sense.
Winston Churchill
You are surrounded by simple, obvious solutions that can dramatically increase your income, power, influence and success. The problem is, you just don't see them.
Jay Abraham
Whenever you see a successful business, someone once made a courageous decision.
Peter Drucker
The most successful businessman is the man who holds onto the old just as long as it is good, and grabs the new just as soon as it is better.
Lee Iacocca
Muhammad Yunus
People are definitely a company’s greatest asset. It doesn't make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.
Mary Kay Ash
You don't need to have a 100-person company to develop that idea.
Larry Page
My son is now an "entrepreneur." That's what you're called when you don't have a job.
Ted Turner
The entrepreneur builds an enterprise; the technician builds a job.
Michael Gerber
Never give in! Never give in! Never, never, never, never - in nothing great or small, large or petty. Never give in except to convictions of honor and good sense.
Winston Churchill
You are surrounded by simple, obvious solutions that can dramatically increase your income, power, influence and success. The problem is, you just don't see them.
Jay Abraham
Whenever you see a successful business, someone once made a courageous decision.
Peter Drucker
The most successful businessman is the man who holds onto the old just as long as it is good, and grabs the new just as soon as it is better.
Lee Iacocca
Know Thyself
If you are wracking you brain wondering how to deal with people better, improve your client conversion rate or manage employee and co-worker relationship better, try understanding the reason behind the way people act. One of the best ways of individual analysis involves understanding temperament.
Understanding temperament is key in helping you learn to deal with clients and employees. It also helps you to judge suitability for any undertaking such as a job or a business venture. When you understand what temperament you are, it is easy to know your strengths which you can play up and then find employees or partners that complement your weaknesses.
The four temperaments are in no way an absolute way of analyzing people but rather a guideline.
See below a brief description of the four temperaments. Most of us have a double combination of one that is dominant and another supporting temperament which sometimes helps to cancel out the weaknesses of the dominant temperament. To learn more about yourself ask your closest friends to go through the checklist below with you.
The Choleric
If you are a choleric, you are a dynamic, self-motivated leader who can set your sights on a target and relentlessly pursue it until success is achieved. You are a strong-willed individual who makes decisions quickly and decisively, and who readily and easily grasps difficult concepts and strategies. Learning comes quickly to you, and you like to take action immediately. You think logically and pragmatically, and are sometimes accused of "rolling over" people once you have set a plan in motion. You do not readily reveal deep emotions—except anger.
Other characteristics: stubborn, domineering, and dictatorial. You demand loyalty from your friends, and thrive when you are in control.
The Phlegmatic
You possess a dry wit and a steady, amicable demeanor. You are dependable, polite, and even-tempered. You feel more comfortable in a small group of friends or even spending a quiet evening relaxing at home. You are never flashy, belligerent, or self-aggrandizing. You would rather take the blame (even unjustly) than stir up controversy or pick a fight. On the job, you seek neither power nor the limelight, but work steadily, patiently, and methodically. You are reliable, patient, and methodical on the job, and can work alone, or with the most difficult of personalities. You will prefer job security, working within a structured organization, but can also be a leader of great character and service.
The Sanguine
If you are a sanguine, then you are most likely the life of the party. You are funny and relish the limelight. You are affectionate, enjoy social activities, and make friends easily. You are imaginative and creative, and are often the one who enthusiastically promotes new ideas on the job. People call you vivacious, generous, and light-hearted. You wear your emotions on your sleeve, but you are always quick to “forgive and forget.” You probably struggle with follow-through, are chronically late, and tend to be forgetful. As quickly as you discover a new hobby or pursuit, you can also lose interest--when it ceases to be engaging or fun.
The Melancholic
Time alone is vital for this reflective, introspective temperament. A perfectionist at home and on the job, the melancholic is likely the one with the perfectly organized closet and kitchen, the tidy desk-top. You long for a deep soul mate yet are mistrustful and disappointed. In relationships, the melancholic tends to be slow to initiate, cautious, hyper-critical, and pessimistic--yet, once committed, they are unwaveringly loyal and self-sacrificing.
(source: www.catholicmatch.com see website for more information)
Understanding temperament is key in helping you learn to deal with clients and employees. It also helps you to judge suitability for any undertaking such as a job or a business venture. When you understand what temperament you are, it is easy to know your strengths which you can play up and then find employees or partners that complement your weaknesses.
The four temperaments are in no way an absolute way of analyzing people but rather a guideline.
See below a brief description of the four temperaments. Most of us have a double combination of one that is dominant and another supporting temperament which sometimes helps to cancel out the weaknesses of the dominant temperament. To learn more about yourself ask your closest friends to go through the checklist below with you.
The Choleric
If you are a choleric, you are a dynamic, self-motivated leader who can set your sights on a target and relentlessly pursue it until success is achieved. You are a strong-willed individual who makes decisions quickly and decisively, and who readily and easily grasps difficult concepts and strategies. Learning comes quickly to you, and you like to take action immediately. You think logically and pragmatically, and are sometimes accused of "rolling over" people once you have set a plan in motion. You do not readily reveal deep emotions—except anger.
Other characteristics: stubborn, domineering, and dictatorial. You demand loyalty from your friends, and thrive when you are in control.
The Phlegmatic
You possess a dry wit and a steady, amicable demeanor. You are dependable, polite, and even-tempered. You feel more comfortable in a small group of friends or even spending a quiet evening relaxing at home. You are never flashy, belligerent, or self-aggrandizing. You would rather take the blame (even unjustly) than stir up controversy or pick a fight. On the job, you seek neither power nor the limelight, but work steadily, patiently, and methodically. You are reliable, patient, and methodical on the job, and can work alone, or with the most difficult of personalities. You will prefer job security, working within a structured organization, but can also be a leader of great character and service.
The Sanguine
If you are a sanguine, then you are most likely the life of the party. You are funny and relish the limelight. You are affectionate, enjoy social activities, and make friends easily. You are imaginative and creative, and are often the one who enthusiastically promotes new ideas on the job. People call you vivacious, generous, and light-hearted. You wear your emotions on your sleeve, but you are always quick to “forgive and forget.” You probably struggle with follow-through, are chronically late, and tend to be forgetful. As quickly as you discover a new hobby or pursuit, you can also lose interest--when it ceases to be engaging or fun.
The Melancholic
Time alone is vital for this reflective, introspective temperament. A perfectionist at home and on the job, the melancholic is likely the one with the perfectly organized closet and kitchen, the tidy desk-top. You long for a deep soul mate yet are mistrustful and disappointed. In relationships, the melancholic tends to be slow to initiate, cautious, hyper-critical, and pessimistic--yet, once committed, they are unwaveringly loyal and self-sacrificing.
(source: www.catholicmatch.com see website for more information)
Tuesday, January 12, 2010
The Entrepreneur Minute with Phillip Nyamwaya, winner of 2009 Entrepreneur of the Year award by KIM
The Entrepreneur minute is an article series that will showcase real life stories in an interview format. They will share their journey so far and what key lessons they have learned. The articles will feature Young Kenyan entrepreneurs.
Our debut Entrepreneur is Phillip Nyamwaya, one half of the brains behind Intrepid Kenya and the winner of Youth Entrepreneur of the year 2009 by Kenya Institute of Management - Annual Business.
You can learn more about the company on www.intrepidkenya.com.
1. Have you always know you wanted to be an entrepreneur?
No. I got the desire towards my last 2 years in university, when I
was doing my undergraduate studies.
2. When you get up in the morning what drives you to do what you
do?
The fact that I am doing what I love... helping people and
organizations work smarter, and obtain the quality digital
branding image that they seek.
3. Tell us a little bit about your company?
Intrepid Data Systems is an innovative enterprise productivity,
mobile technology and digital branding firm. We have been in
operation since 2004 by the grace of God.
4. What was it like for you, growing up?
I grew up in a home where we were encouraged to excel and
explore our gifts and talents. We didn't exactly grow up with a
silver spoon in our mouths. But our parents did their best to see
that we grew with opportunities around us.
5. What strategic moves did you make to ensure that you are
where you are today?
I believe that getting born again ensured that I avoided many of
the pitfalls that ensnare many young people these days. I must
also add that after my KCSE exam, I got a lot of good advice from
older professionals regarding what career path to pursue in
future.
6. What is your overall vision or future for your business?
To grow and expand our range of services and reach out into the
region.
7. What 5 things would you advice the Kenyan youth or aspiring
entrepreneurs to do today?
- Surround yourself with persons who think POSSIBILITY and who
would encourage you to (wisely) pursue your dream.
- Start where you are and with the resources you have.
- Document your plan and get advice from professionals
regarding aspects of your business where you may not have the
necessary skills (e.g. compliance with the government
regulation, Finance and Administration, Marketing)
- Read and meditate on the lives and experiences of successful
and (not-so-successful) entrepreneurs. Learn and apply as much
as you can from their experiences.
- Formalize your business entity as soon as possible. Quit
hustling and regularize your business. This means you are
serious about your business and what it stands for.
8. What is the one thing you think your business does differently that sets it apart in the industry?
- Offering a premium quality customer service to our clients.
- Innovating and providing new solutions to our growing clientele.
9. What is your definition of success and what is in the future for
you?
- My definition of success is being able to raise your family with
Godly values and leaving a legacy for future generations that
transcends just the bequeathing of material possessions.
10.What opportunities is your business creating in the market?
- We are creating employment for many young, talented
individuals.
- We are also making it easier for our clients to do what they do
best.... be it selling goods or offering services. With our products
they are able to do so faster, better, cheaper and thus deliver on
their brands' promises
Our debut Entrepreneur is Phillip Nyamwaya, one half of the brains behind Intrepid Kenya and the winner of Youth Entrepreneur of the year 2009 by Kenya Institute of Management - Annual Business.
You can learn more about the company on www.intrepidkenya.com.
1. Have you always know you wanted to be an entrepreneur?
No. I got the desire towards my last 2 years in university, when I
was doing my undergraduate studies.
2. When you get up in the morning what drives you to do what you
do?
The fact that I am doing what I love... helping people and
organizations work smarter, and obtain the quality digital
branding image that they seek.
3. Tell us a little bit about your company?
Intrepid Data Systems is an innovative enterprise productivity,
mobile technology and digital branding firm. We have been in
operation since 2004 by the grace of God.
4. What was it like for you, growing up?
I grew up in a home where we were encouraged to excel and
explore our gifts and talents. We didn't exactly grow up with a
silver spoon in our mouths. But our parents did their best to see
that we grew with opportunities around us.
5. What strategic moves did you make to ensure that you are
where you are today?
I believe that getting born again ensured that I avoided many of
the pitfalls that ensnare many young people these days. I must
also add that after my KCSE exam, I got a lot of good advice from
older professionals regarding what career path to pursue in
future.
6. What is your overall vision or future for your business?
To grow and expand our range of services and reach out into the
region.
7. What 5 things would you advice the Kenyan youth or aspiring
entrepreneurs to do today?
- Surround yourself with persons who think POSSIBILITY and who
would encourage you to (wisely) pursue your dream.
- Start where you are and with the resources you have.
- Document your plan and get advice from professionals
regarding aspects of your business where you may not have the
necessary skills (e.g. compliance with the government
regulation, Finance and Administration, Marketing)
- Read and meditate on the lives and experiences of successful
and (not-so-successful) entrepreneurs. Learn and apply as much
as you can from their experiences.
- Formalize your business entity as soon as possible. Quit
hustling and regularize your business. This means you are
serious about your business and what it stands for.
8. What is the one thing you think your business does differently that sets it apart in the industry?
- Offering a premium quality customer service to our clients.
- Innovating and providing new solutions to our growing clientele.
9. What is your definition of success and what is in the future for
you?
- My definition of success is being able to raise your family with
Godly values and leaving a legacy for future generations that
transcends just the bequeathing of material possessions.
10.What opportunities is your business creating in the market?
- We are creating employment for many young, talented
individuals.
- We are also making it easier for our clients to do what they do
best.... be it selling goods or offering services. With our products
they are able to do so faster, better, cheaper and thus deliver on
their brands' promises
It’s a life of Balance; Things you wish your mother told you
I know most women will have this moment in their life when they realize that being a girl isn’t as cute and frilly as its cracked up to be. It usually will happen first well into their marriage, when they realize that married life is not what Hollywood tells us it is; living happily ever after. It happens when they realize just how overly glorified dating and weddings are. No one ever told us that being in a relationship with someone forever takes a lot of hard work.
Women have to learn to balance everything in their lives. It sometimes feels like a constant roller coaster. You have to manage your boss, your kids, and your husband among all the other relationships with co-workers, friends, and employees. Add to that managing your own career, business, home, personal development etc. I sometimes wonder how we don’t go insane with all the pressure constantly being applied from every side.
Add to this mix having to carry a child to term, then giving birth, and having to raise a crying and non-sleeping infant. The drama intensifies when God decides to bless you with twins or quadruplets. I once saw a hilarious car sticker that said, “You have not lived until you have had twins”, which I thought was quite hilarious and astoundingly true.
As you plan out your life for every decision you make take time to understand the implications of that decision on all the other spheres of your life. It is what I would call creating a work-life balance.
One of the things every woman should refrain from is feeling guilty for not having enough time for all the things you care for. Let me share a few tips that I have found helpful in creating a work-life balance.
1.Make a detailed time table of all the things you do consistently on each day and then fill up the free time with those precious family moments.
2.Plan to also take one or two days a month off work to spend with your spouse and go on family outings together.
3.Create time to spend with yourself reading or getting your hair and nails done
4.Create time to spend just with your girlfriends and the kids.
5.Have a friend to keep you accountable on your goals.
6.Make time to spiritually connect with your source.
7.Once in a while throw a party/barbecue and invite your friends and family.
I have found these techniques very useful and even discovered loads of free time I could create to do other things by waking up a few hours earlier in the morning and spending my free lunch hour and time sitting in traffic reading. Try it and let me know what you discover.
Women have to learn to balance everything in their lives. It sometimes feels like a constant roller coaster. You have to manage your boss, your kids, and your husband among all the other relationships with co-workers, friends, and employees. Add to that managing your own career, business, home, personal development etc. I sometimes wonder how we don’t go insane with all the pressure constantly being applied from every side.
Add to this mix having to carry a child to term, then giving birth, and having to raise a crying and non-sleeping infant. The drama intensifies when God decides to bless you with twins or quadruplets. I once saw a hilarious car sticker that said, “You have not lived until you have had twins”, which I thought was quite hilarious and astoundingly true.
As you plan out your life for every decision you make take time to understand the implications of that decision on all the other spheres of your life. It is what I would call creating a work-life balance.
One of the things every woman should refrain from is feeling guilty for not having enough time for all the things you care for. Let me share a few tips that I have found helpful in creating a work-life balance.
1.Make a detailed time table of all the things you do consistently on each day and then fill up the free time with those precious family moments.
2.Plan to also take one or two days a month off work to spend with your spouse and go on family outings together.
3.Create time to spend with yourself reading or getting your hair and nails done
4.Create time to spend just with your girlfriends and the kids.
5.Have a friend to keep you accountable on your goals.
6.Make time to spiritually connect with your source.
7.Once in a while throw a party/barbecue and invite your friends and family.
I have found these techniques very useful and even discovered loads of free time I could create to do other things by waking up a few hours earlier in the morning and spending my free lunch hour and time sitting in traffic reading. Try it and let me know what you discover.
Monday, January 11, 2010
Defining Success for yourself
The problem with all of us is that we do not define success by what we want to accomplish but rather by what others in our circles are doing and how we can keep up with them. We are basically keeping up with the joneses. The problem with this is that we are all very different individually and we are uniquely gifted in our capabilities.
Have you ever stopped to consider what success means to you? The definition of success varies from one person to another. It is also dependent on what stage of life you are in.
It is important to first understand what success means to you individually in order to have a marking scheme for self-evaluation. Glenn Meakem became an overnight billionaire when his company went public. He however is known to have said that even though he was wealthy, he would consider himself a failure if he was a bad father and terrible husband. However, today’s prevailing culture defines success largely as financial accomplishment and everything else is secondary to the pursuit of it.
Some of the most famous entrepreneurs define success, in a personal way. They put their families, charities, employees, spirituality above money, status and rank.
I know several people that have achieved financial success but have lost their spouses and relationships with their children along the way. I was once told a story of a very wealthy Kenyan man who spent his life as a miser even to his kids. He did not spare time to enjoy the fruits of his labor with his family and was known to withhold even small amounts of money from them. When he passed away, his children were shocked to discover that their father owned a lot of property and other assets across Kenya. Their father had been a very wealthy man. None of his children wanted to come and manage their father’s vast portfolio and they even gave his money away. They felt cheated and they had their own lives to lead. To this day there are tenants living in his rental houses who don’t pay rent because no one is there to collect.
The point is, as your pursue what you consider your success milestones don’t lose your life and relationships. It will all have been in vain if you were to die and everything you worked for died with you and had no impact on your community or family.
In the words of Stephen Cover, leave a legacy. Even the bible commands us to leave a legacy into our third generation. Consider carefully what you would like your legacy to be and use this as your true measure of success.
Have you ever stopped to consider what success means to you? The definition of success varies from one person to another. It is also dependent on what stage of life you are in.
It is important to first understand what success means to you individually in order to have a marking scheme for self-evaluation. Glenn Meakem became an overnight billionaire when his company went public. He however is known to have said that even though he was wealthy, he would consider himself a failure if he was a bad father and terrible husband. However, today’s prevailing culture defines success largely as financial accomplishment and everything else is secondary to the pursuit of it.
Some of the most famous entrepreneurs define success, in a personal way. They put their families, charities, employees, spirituality above money, status and rank.
I know several people that have achieved financial success but have lost their spouses and relationships with their children along the way. I was once told a story of a very wealthy Kenyan man who spent his life as a miser even to his kids. He did not spare time to enjoy the fruits of his labor with his family and was known to withhold even small amounts of money from them. When he passed away, his children were shocked to discover that their father owned a lot of property and other assets across Kenya. Their father had been a very wealthy man. None of his children wanted to come and manage their father’s vast portfolio and they even gave his money away. They felt cheated and they had their own lives to lead. To this day there are tenants living in his rental houses who don’t pay rent because no one is there to collect.
The point is, as your pursue what you consider your success milestones don’t lose your life and relationships. It will all have been in vain if you were to die and everything you worked for died with you and had no impact on your community or family.
In the words of Stephen Cover, leave a legacy. Even the bible commands us to leave a legacy into our third generation. Consider carefully what you would like your legacy to be and use this as your true measure of success.
Friday, January 8, 2010
Top tips to building Business Relationships
If no one has told you yet, a business is built by creating relationships. Relationships with you suppliers, customers, bank, co-workers etc. One of the most quoted authors Dale Carnegie wrote a book that has been used for decades the world over to help people learn how to build relationships.
Some people are just born that way; they are a “people person”. But if you are anything like me then it is a skill that you consciously must work on to develop. Thankfully anyone can.
One of the very fist places I worked in I encountered a strange culture. This culture glorified cold-hearted corporate vixens that I can only liken to Meryl Streep’s character in Devil Wears Prada. This is the face of the powerful no nonsense corporate woman who has a handle on everything and everyone by instilling respect through fear. However, if you intend to run your own business this high school mentality will not get you results and you will have to close shop eventually.
I want to share a few tips to building and enhancing your business relationships.
1. Develop a genuine interest in people.
When you meet someone, ask them about their background, family, professional life. Learn as much as you possibly can about them. This information will help you know how best to connect with them for instance when making a sales pitch. In my experience in advertising this is where most agencies fail to make the connection. Beyond a brand strategy try to understand what drives the decision makers behind it and make that connection when selling your ideas.
2. Remember a person’s name.
A lot of people do not put effort into remembering names. Since we don’t all have people to remind us like Merry Streep’s character, we have to develop the art of remembering names. Nothing annoys a potential employer, supplier, or customer than receiving a letter or event invitation card with a misspelt name. Most will switch off from hearing you out once you make that mistake. Develop this skill, it will get harder as you meet more people and grow your business
3. Everyone you meet has a sign saying make me feel important on their forehead.
One of my colleagues says this to me all the time. I always complement her because she is always able to make instant connections with people she meets. She told me that her secret is this tip number 3; make the other person feel important. Focus on them and not yourself. Don’t bore them with details of your life. Listen to them and place value on their ideas and opinions.
4. Avoid arguments.
If you think about it, what is the point of an argument? Once you have stated your point and won, all you have achieved is making another person look and feel bad. This will not generate sales leads or build your relationships. Learn to restrain yourself and avoid arguments even when you are sure the other person is wrong. The customer is not always right. However, they hold the key to building or ruining your business. In some PR circles it is said that when you do something a customer appreciates they tell their friends, when you do something negative, they tell the whole world. As the internet and social networks make the world smaller nothing is more threatening than the power of word of mouth.
5. Learn the art of conversation.
According to Dale Carnegie, the secret to being a great conversationalist does not lie in knowing and preparing great stories and anecdotes. It is in being a good listener. Most people when involved in a conversation are always thinking of the next thing to say instead of listening to the other party. Get engrossed in the other person and ask probing questions into the conversation they are carrying on. Get them to talk more about themselves and listen to them.
6. Remember the 6 degrees of separation.
The person or colleague you are rude to today will have power to make decisions tomorrow. Once an MD of a company I worked for wanted an opinion on someone he wanted to hire. He walked around asking the opinion of everyone that had interacted with the potential employee. One of the middle level managers recounted a story to him of how in the past, this Lady had mistreated and frustrated her on her first Job. The Lady was never hired.
These are just the tip of the Ice Berg. Follow the link below to How to win friends an Influence people by Dale Carnegie to get more tips.
Some people are just born that way; they are a “people person”. But if you are anything like me then it is a skill that you consciously must work on to develop. Thankfully anyone can.
One of the very fist places I worked in I encountered a strange culture. This culture glorified cold-hearted corporate vixens that I can only liken to Meryl Streep’s character in Devil Wears Prada. This is the face of the powerful no nonsense corporate woman who has a handle on everything and everyone by instilling respect through fear. However, if you intend to run your own business this high school mentality will not get you results and you will have to close shop eventually.
I want to share a few tips to building and enhancing your business relationships.
1. Develop a genuine interest in people.
When you meet someone, ask them about their background, family, professional life. Learn as much as you possibly can about them. This information will help you know how best to connect with them for instance when making a sales pitch. In my experience in advertising this is where most agencies fail to make the connection. Beyond a brand strategy try to understand what drives the decision makers behind it and make that connection when selling your ideas.
2. Remember a person’s name.
A lot of people do not put effort into remembering names. Since we don’t all have people to remind us like Merry Streep’s character, we have to develop the art of remembering names. Nothing annoys a potential employer, supplier, or customer than receiving a letter or event invitation card with a misspelt name. Most will switch off from hearing you out once you make that mistake. Develop this skill, it will get harder as you meet more people and grow your business
3. Everyone you meet has a sign saying make me feel important on their forehead.
One of my colleagues says this to me all the time. I always complement her because she is always able to make instant connections with people she meets. She told me that her secret is this tip number 3; make the other person feel important. Focus on them and not yourself. Don’t bore them with details of your life. Listen to them and place value on their ideas and opinions.
4. Avoid arguments.
If you think about it, what is the point of an argument? Once you have stated your point and won, all you have achieved is making another person look and feel bad. This will not generate sales leads or build your relationships. Learn to restrain yourself and avoid arguments even when you are sure the other person is wrong. The customer is not always right. However, they hold the key to building or ruining your business. In some PR circles it is said that when you do something a customer appreciates they tell their friends, when you do something negative, they tell the whole world. As the internet and social networks make the world smaller nothing is more threatening than the power of word of mouth.
5. Learn the art of conversation.
According to Dale Carnegie, the secret to being a great conversationalist does not lie in knowing and preparing great stories and anecdotes. It is in being a good listener. Most people when involved in a conversation are always thinking of the next thing to say instead of listening to the other party. Get engrossed in the other person and ask probing questions into the conversation they are carrying on. Get them to talk more about themselves and listen to them.
6. Remember the 6 degrees of separation.
The person or colleague you are rude to today will have power to make decisions tomorrow. Once an MD of a company I worked for wanted an opinion on someone he wanted to hire. He walked around asking the opinion of everyone that had interacted with the potential employee. One of the middle level managers recounted a story to him of how in the past, this Lady had mistreated and frustrated her on her first Job. The Lady was never hired.
These are just the tip of the Ice Berg. Follow the link below to How to win friends an Influence people by Dale Carnegie to get more tips.
Thursday, January 7, 2010
Tips on developing your annual company plan
It is important to develop a culture of putting down exactly where your company or business should be headed at the beginning of every year. After analyzing the previous years performance indicators in terms of actual sales, percentage of sales conversions vis a vis sales pitches made, cost of sales, company expenses, and actual profits. This process will help you see whether your business is actually growing and making money.
A very good friend of mine who is also a financial consultant once described a typical company situation to me that I thought was impossible. You can be running a business with a consistent cash flow and debt repayment and yet still be making substantial loses. One of the reasons this could happen can be explained by the product/service pricing strategy. You must always be aware of direct and indirect cost of sales when pricing in order to ensure each sale converts into profit.
So how do you go about developing a company plan?
1.Begin by an economic analysis of the market you are in, global trends, and economic forecasts. If you are In Kenya this information is available on the central bank website in great detail.
2.Analyze the particular industry you operate in, the trends and forecasts for the year and where your business is positioned against your competition. This can be done through a SWOT analysis of your business.
3.Analyze each of the departments or business units in terms of performance and a SWOT analysis.
4.Develop specific SMART goals for each of the business units that you want to achieve in the coming year. Limit these to 5 for each business segment to avoid being unrealistic. The number could vary depending on the size of the business.
5.Determine what assets and manpower are necessary to achieve the objectives for the next year.
6.To develop financial objectives create an excel sheet illustrating sales leads, current client portfolio, and the predicted monthly income. Indicate what percentage of sales you want to raise from new business.
7.The most crucial step. Make sure that you include your key employees in this process in order to get buy-in into the vision from them because they are the ones to help the business achieve the overall financial objectives.
For more information or extra help with this process. Please contact Edwin on 0722 763 360 or visit www.bizresource.co.ke
A very good friend of mine who is also a financial consultant once described a typical company situation to me that I thought was impossible. You can be running a business with a consistent cash flow and debt repayment and yet still be making substantial loses. One of the reasons this could happen can be explained by the product/service pricing strategy. You must always be aware of direct and indirect cost of sales when pricing in order to ensure each sale converts into profit.
So how do you go about developing a company plan?
1.Begin by an economic analysis of the market you are in, global trends, and economic forecasts. If you are In Kenya this information is available on the central bank website in great detail.
2.Analyze the particular industry you operate in, the trends and forecasts for the year and where your business is positioned against your competition. This can be done through a SWOT analysis of your business.
3.Analyze each of the departments or business units in terms of performance and a SWOT analysis.
4.Develop specific SMART goals for each of the business units that you want to achieve in the coming year. Limit these to 5 for each business segment to avoid being unrealistic. The number could vary depending on the size of the business.
5.Determine what assets and manpower are necessary to achieve the objectives for the next year.
6.To develop financial objectives create an excel sheet illustrating sales leads, current client portfolio, and the predicted monthly income. Indicate what percentage of sales you want to raise from new business.
7.The most crucial step. Make sure that you include your key employees in this process in order to get buy-in into the vision from them because they are the ones to help the business achieve the overall financial objectives.
For more information or extra help with this process. Please contact Edwin on 0722 763 360 or visit www.bizresource.co.ke
Wednesday, January 6, 2010
E-commerce now a reality for Kenyan entreprenuers
Did you know that Africa has a population of 950 million and with the current growth rate our population size will be comparable to that of India and China? Did you know that Africa has the 10th largest economy in the world? The internet users in Africa are estimated at 67 million currently with a historical growth rate of 1,392% since 2000. Africa has 264 million mobile users with a 50% growth rate since 2006. Now that is potential.
According to a white paper by Juniper Research, Africa is among the leading regions for national mobile money transfer services in 2014. Africa is among the top three regions that will represent over 60% of the global mobile money transfer gross transaction value by 2013. This translates the African mobile transfer industry to a market value exceeding 5 billion USD.
Various Kenyan entrepreneurs have read the writing on the wall and created online stores for their business to reach their consumer leveraging on the advent of an E-commerce boom. Intrepid data systems, a Kenyan owned company, have launched a new product to bridge mobile-online transactions. The product has made it easy for your customers who have access to mobile money transfer services, to make online payments.
iPay is a mobile money transaction processing system that incorporates the popular M-Pesa and Zap modes of money transfer. The service enables entrepreneurs to receive payments from purchases made on their websites. Then all you have to do is deliver the product to the customer.
This product will enable the growth of E-commerce transactions as it overcomes the barriers of support from banks, low penetration of credit cards and low access to financial services. There is no time like the present to incorporate E-commerce into your website and connect with consumers across the continent.
Online transactions will increase your market exposure drastically. It provides a reliable reference of actual sales and greatly reduces business overheads. You are also able to engage your target market don a one on one basis and get their feedback and opinions on your products. Thus enabling product innovation and market gap analysis. Overall you will be able to respond quicker to customer needs.
To the team at intrepid, Kudos for creating a wealth opportunity for Kenyan entrepreneurs that will impact the continent.
For an in depth look at the African continent and market opportunities see the book below by Vijay Mahajan, author of Africa Rising: How 900 Million Consumers Offer More Than You Think. Though often overlooked in global corporate growth strategies, he argues, Africa as a whole has enough consumer power to give China and India a run for their money.
According to a white paper by Juniper Research, Africa is among the leading regions for national mobile money transfer services in 2014. Africa is among the top three regions that will represent over 60% of the global mobile money transfer gross transaction value by 2013. This translates the African mobile transfer industry to a market value exceeding 5 billion USD.
Various Kenyan entrepreneurs have read the writing on the wall and created online stores for their business to reach their consumer leveraging on the advent of an E-commerce boom. Intrepid data systems, a Kenyan owned company, have launched a new product to bridge mobile-online transactions. The product has made it easy for your customers who have access to mobile money transfer services, to make online payments.
iPay is a mobile money transaction processing system that incorporates the popular M-Pesa and Zap modes of money transfer. The service enables entrepreneurs to receive payments from purchases made on their websites. Then all you have to do is deliver the product to the customer.
This product will enable the growth of E-commerce transactions as it overcomes the barriers of support from banks, low penetration of credit cards and low access to financial services. There is no time like the present to incorporate E-commerce into your website and connect with consumers across the continent.
Online transactions will increase your market exposure drastically. It provides a reliable reference of actual sales and greatly reduces business overheads. You are also able to engage your target market don a one on one basis and get their feedback and opinions on your products. Thus enabling product innovation and market gap analysis. Overall you will be able to respond quicker to customer needs.
To the team at intrepid, Kudos for creating a wealth opportunity for Kenyan entrepreneurs that will impact the continent.
For an in depth look at the African continent and market opportunities see the book below by Vijay Mahajan, author of Africa Rising: How 900 Million Consumers Offer More Than You Think. Though often overlooked in global corporate growth strategies, he argues, Africa as a whole has enough consumer power to give China and India a run for their money.
Tuesday, January 5, 2010
Tired of New years Resolutions that don't work? Try this
Enough already! It’s a new year and with it another chance to set new year resolutions that I must accomplish this time. I want to share a funny story with you from one of my leadership mentors. He had made a new years resolution to lose weight like most of us do every year. He signed up to the gym got his gear and everything necessary to accomplish that goal and was ready to begin in January. The only problem was that every time he went to the gym, it was so crowded and he had to queue to use the training machines. The gym instructor noticing his plight gave him a bit of advice. The instructor told him to come back in March because half of the people would have given up by then and there would be plenty of space.
If you are one of those people who at the end of every year you wonder what happened or you completely gave up setting resolutions, I want to introduce you to a new concept. A new way to do things and every successful entrepreneur has done this to ensure that whatever business they set up aligns to their goals and interests. It is called life planning.
I must admit that a very good friend of mine introduced me to this and I did it. Since then, I have had so much clarity about my life and everything I do or come into contact with reveals opportunities that I am now able assess how they connect to my life plan and vision.
Life planning is pretty simple. It is what our government would call vision 2030. What is your vision 2030? How do you see your life 30, 40, years down the line? What do you see yourself doing, where will you be living? Start your life plan here and write everything down.
Look at every area of your life, finances, personal growth, relationships, education, spiritual growth, business etc. List the different areas down. If you have started from 2030 go back all the way to 2010. List down under each area of your life specific things you need to do each year to get to whatever your vision 2030 is. For example if you want to be a multi-millionaire in 2030 how much money do you need to make every year, every decade? What investment vehicles or businesses do you need to set up each year to generate that kind of positive cash flow? What do you need to do in 2010, 2011 etc that will ensure that you achieve that goal? Do you need to get out of debt, repay a loan, complete project x? Be very specific with this part.
Now move a step further. Look at how you are spending each day of the week. Are there activities that you need to include or exclude in order to align with your year one goals? Perhaps you need to get to work one hour earlier to avoid traffic and have time to study before class? Do you need to set aside two hours per day to focus on a project that has been delayed for years in order to get it done?
Nothing simplifies your life better than life planning. It sounds like a lot of work but the time you spend on it is nothing compared to the lifetime of clarity it will create for you. If you are an entrepreneur or aspiring to be one and do not know where to begin, this will help you focus on an area that is in alignment with your interests and lifestyle.
Check out http://www.startupnation.com/steps/55/3751/1/create-life-plan.htm for a step by step guide and a template you can use to get started.
Carry your weekly time table and life plan around with you so you can internalize it and in time know it by heart. Check yourself constantly to see if you are in alignment with your vision 2030. When an opportunity crops up that sounds great, first check whether it is in alignment with your life plan.
Try this and let me know how it works out for you. Let me know whether you need more help or information. Wishing you all a life of health, wealth, success and purpose.
If you are one of those people who at the end of every year you wonder what happened or you completely gave up setting resolutions, I want to introduce you to a new concept. A new way to do things and every successful entrepreneur has done this to ensure that whatever business they set up aligns to their goals and interests. It is called life planning.
I must admit that a very good friend of mine introduced me to this and I did it. Since then, I have had so much clarity about my life and everything I do or come into contact with reveals opportunities that I am now able assess how they connect to my life plan and vision.
Life planning is pretty simple. It is what our government would call vision 2030. What is your vision 2030? How do you see your life 30, 40, years down the line? What do you see yourself doing, where will you be living? Start your life plan here and write everything down.
Look at every area of your life, finances, personal growth, relationships, education, spiritual growth, business etc. List the different areas down. If you have started from 2030 go back all the way to 2010. List down under each area of your life specific things you need to do each year to get to whatever your vision 2030 is. For example if you want to be a multi-millionaire in 2030 how much money do you need to make every year, every decade? What investment vehicles or businesses do you need to set up each year to generate that kind of positive cash flow? What do you need to do in 2010, 2011 etc that will ensure that you achieve that goal? Do you need to get out of debt, repay a loan, complete project x? Be very specific with this part.
Now move a step further. Look at how you are spending each day of the week. Are there activities that you need to include or exclude in order to align with your year one goals? Perhaps you need to get to work one hour earlier to avoid traffic and have time to study before class? Do you need to set aside two hours per day to focus on a project that has been delayed for years in order to get it done?
Nothing simplifies your life better than life planning. It sounds like a lot of work but the time you spend on it is nothing compared to the lifetime of clarity it will create for you. If you are an entrepreneur or aspiring to be one and do not know where to begin, this will help you focus on an area that is in alignment with your interests and lifestyle.
Check out http://www.startupnation.com/steps/55/3751/1/create-life-plan.htm for a step by step guide and a template you can use to get started.
Carry your weekly time table and life plan around with you so you can internalize it and in time know it by heart. Check yourself constantly to see if you are in alignment with your vision 2030. When an opportunity crops up that sounds great, first check whether it is in alignment with your life plan.
Try this and let me know how it works out for you. Let me know whether you need more help or information. Wishing you all a life of health, wealth, success and purpose.
10 websites that will make you money in 2010
1. www.geniusrocket.com
If you are a creative designer sign up for free on this website. They will provide a list of projects you can work on and best of all you are able to view the submissions of other designers.
2.www.knowledgegenie.com
This site helps you package information and sell it online at 100% profits to you. If you are a consultant in any field check it out and get started today.
3.www.freeconferencecall.com
Free conference calls! Now there is a word I know Kenyans love. Free! All you need to sign up for the service is your name and e-mail address in order to create an account. They then provide you with a dial-in number and access code for immediate phone conferencing. This service comes in handy for virtual meetings with clients across the globe. Try it, I have.
4. www.weebly.com
Register and set up your own website in a flash! This site offers amazing templates that you can choose from and for about KShs. 4,000 per year you are able to design and host your own website. You can also set up a company or personal blog free of charge.
5.www.amazon.com
Get started importing merchandise from the comfort of your mobile phone or laptop. As long as you have a credit card you can get started reselling merchandise here in Kenya. All you need is a shipping address in the states which you can set up through www.dhl.co.ke, check under easy shop. This one I personally recommend.
6.www.zazzle.com
If you are an artist or designer, zazzle helps you create mugs, posters, aparrarel etc that can e purchased across the globe.
7.www.lulu.com
Are you writer, artist, songwriter or poet? Do you have material you have worked on for year on your PC wondering if you will ever share it with the world. Get started self publishing with lulu. Upload your manuscript, get started with the helpful tools to help you design the cover page and inside pages, set the selling price and get started selling your publication across the globe and keep 80% profits on each title.
8.www.oneminutecoupon.com
Involved in retail/e-commerce? Want to create coupons to promote a product? One minute coupon enables you to create printable coupons and make them available on your website. Fantastic product and its Free!
9.www.filtrbox.com
Want to monitor what Is being said about your product, website or company on social networks, blogs, and online news outlets. Get alerted in real time and respond quickly to your consumers.
10www.kiva.org
Do you have projects that will that need funding? Kiva connects entrepreneurs and lenders to help improve the lives of people across the globe.
Kiva also provides the opportunity to put your money at work as a lender. Visit their site to learn more.
.
If you are a creative designer sign up for free on this website. They will provide a list of projects you can work on and best of all you are able to view the submissions of other designers.
2.www.knowledgegenie.com
This site helps you package information and sell it online at 100% profits to you. If you are a consultant in any field check it out and get started today.
3.www.freeconferencecall.com
Free conference calls! Now there is a word I know Kenyans love. Free! All you need to sign up for the service is your name and e-mail address in order to create an account. They then provide you with a dial-in number and access code for immediate phone conferencing. This service comes in handy for virtual meetings with clients across the globe. Try it, I have.
4. www.weebly.com
Register and set up your own website in a flash! This site offers amazing templates that you can choose from and for about KShs. 4,000 per year you are able to design and host your own website. You can also set up a company or personal blog free of charge.
5.www.amazon.com
Get started importing merchandise from the comfort of your mobile phone or laptop. As long as you have a credit card you can get started reselling merchandise here in Kenya. All you need is a shipping address in the states which you can set up through www.dhl.co.ke, check under easy shop. This one I personally recommend.
6.www.zazzle.com
If you are an artist or designer, zazzle helps you create mugs, posters, aparrarel etc that can e purchased across the globe.
7.www.lulu.com
Are you writer, artist, songwriter or poet? Do you have material you have worked on for year on your PC wondering if you will ever share it with the world. Get started self publishing with lulu. Upload your manuscript, get started with the helpful tools to help you design the cover page and inside pages, set the selling price and get started selling your publication across the globe and keep 80% profits on each title.
8.www.oneminutecoupon.com
Involved in retail/e-commerce? Want to create coupons to promote a product? One minute coupon enables you to create printable coupons and make them available on your website. Fantastic product and its Free!
9.www.filtrbox.com
Want to monitor what Is being said about your product, website or company on social networks, blogs, and online news outlets. Get alerted in real time and respond quickly to your consumers.
10www.kiva.org
Do you have projects that will that need funding? Kiva connects entrepreneurs and lenders to help improve the lives of people across the globe.
Kiva also provides the opportunity to put your money at work as a lender. Visit their site to learn more.
.
Monday, January 4, 2010
The Financial intelligence series: Article one
This year I want to begin what I’m calling a financial intelligence series. Many people say that they want to be rich. However not many of them possess the financial intelligence required to do so and sadly not many people will achieve financial freedom and security. It is this reason why 80% of the wealth in the world and even in Kenya is controlled by 20% of the population. This series will explore various aspects of building your financial portfolio and highlight ways to make extra cash as well as use money to make money. Albert Einstein was once quoted as saying that the power of compound interest was the most powerful force in the universe. It would be wise to learn from him and grow.
As I have continued to study and learn about wealth I have come across several principles I would like to share on this series such as the importance and how to build multiple streams of income, using other people’s money, the mystery of giving among other topics that we will explore through out the year.
I begin by exploring some ways to create extra income on the side. If you have had the chance to play the financial intelligence game cash flow quadrant, then you know that the key to getting out of the rat race is getting income or an investment that puts money back into your pocket which you then use to invest, thus getting money to work hard for you and not you working hard for money. The process in real life will take a bit of time and patience is required but this is indeed the first step.
Below are some ideas you can use to build your income.
Consult In Your Field
There are many businesses that are outsourcing expertise due to lay offs that happened during the economic crunch. The internet is also full of opportunities you can use to make some extra cash such as www.elance.com, www.guru.com and many more so start surfing. If you are a designer you can help business develop sites, create leaflets etc. Search through various online vacancy sites there is always someone on the look out for a consultant.
Teach
Whatever your expertise is look for teaching opportunities at colleges and universities. You can also look at creating training modules and partner with professional organizations to provide training opportunities to corporate institutions. You can also create and package your material online and sell it. One of the websites that offers this opportunity is www.myknowledgegenie.com. There are other websites as well that provide the same opportunity.
Rent Space
Do you have an SQ or an extra bedroom or even wing in your house? Do you have a large office you can rent out to other businesses and share a boardroom and a receptionist? I know various business owners who have used extra space in their office to generate a sustainable income this way.
Make money from talent
Are you always being asked to Mcee at friends’ events. Start charging for that service. Are you an artist, singer, or great at designing clothes, sowing or creating jewellery? Find whatever it is you are good at and make money at it. I have a friend who paints in his past time and sometime this year I was able to hook him up with an art gallery that sells paintings for artists on commission. Were you an actor in school? There are many opportunities in arts and theatre to make some extra cash.
Buy a business
Do you know someone with a killer business idea that requires funding? If you have the money one of the greatest investment decisions you will ever make involves starting a business or investing in one. For tips on how to buy into a business visit www.businessbuyeradvocate.com.
Start a business
I know this is cliché but seriously, start a business. Does you estate need a dvd supplier, a grocery shop, a reliable garbage collector, a bakery, a kiosk, a chips shop, a butchery, a supplier for eggs? Do some market research right in your backyard and find out what you can do to meet the needs of the people living around you at a profit.
As I have continued to study and learn about wealth I have come across several principles I would like to share on this series such as the importance and how to build multiple streams of income, using other people’s money, the mystery of giving among other topics that we will explore through out the year.
I begin by exploring some ways to create extra income on the side. If you have had the chance to play the financial intelligence game cash flow quadrant, then you know that the key to getting out of the rat race is getting income or an investment that puts money back into your pocket which you then use to invest, thus getting money to work hard for you and not you working hard for money. The process in real life will take a bit of time and patience is required but this is indeed the first step.
Below are some ideas you can use to build your income.
Consult In Your Field
There are many businesses that are outsourcing expertise due to lay offs that happened during the economic crunch. The internet is also full of opportunities you can use to make some extra cash such as www.elance.com, www.guru.com and many more so start surfing. If you are a designer you can help business develop sites, create leaflets etc. Search through various online vacancy sites there is always someone on the look out for a consultant.
Teach
Whatever your expertise is look for teaching opportunities at colleges and universities. You can also look at creating training modules and partner with professional organizations to provide training opportunities to corporate institutions. You can also create and package your material online and sell it. One of the websites that offers this opportunity is www.myknowledgegenie.com. There are other websites as well that provide the same opportunity.
Rent Space
Do you have an SQ or an extra bedroom or even wing in your house? Do you have a large office you can rent out to other businesses and share a boardroom and a receptionist? I know various business owners who have used extra space in their office to generate a sustainable income this way.
Make money from talent
Are you always being asked to Mcee at friends’ events. Start charging for that service. Are you an artist, singer, or great at designing clothes, sowing or creating jewellery? Find whatever it is you are good at and make money at it. I have a friend who paints in his past time and sometime this year I was able to hook him up with an art gallery that sells paintings for artists on commission. Were you an actor in school? There are many opportunities in arts and theatre to make some extra cash.
Buy a business
Do you know someone with a killer business idea that requires funding? If you have the money one of the greatest investment decisions you will ever make involves starting a business or investing in one. For tips on how to buy into a business visit www.businessbuyeradvocate.com.
Start a business
I know this is cliché but seriously, start a business. Does you estate need a dvd supplier, a grocery shop, a reliable garbage collector, a bakery, a kiosk, a chips shop, a butchery, a supplier for eggs? Do some market research right in your backyard and find out what you can do to meet the needs of the people living around you at a profit.
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