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.
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