…Previously, I went into a brief tale on my journey as an entrepreneur in Africa. In this new article, I’ll explain how I succeeded in the African business world.
I lived with my cousin while supplying the maize. I didn’t even inform my cousin that I have quit my job. I told him that am on my leave and just doing the business for the time being. He appreciated me for that. I enjoyed being in his house for three months without paying rent, and this helped me a lot. I invested heavily in maize business within three months. I was not taking even a single cent of the business.
Having saved little money in maize business, I decided to take a bank loan ($5000). This loan I decided to invest it in the hotel industry (food industry). In the first 3months of the hotel business, I was not getting anything (profit), in fact, I was funding this business using the little profit I was getting from my first business – The maize business.
I also had to pay the bank loan. But how did I manage to pay the loan if the hotel business wasn’t giving out any profit? My main aim was not to get profit but how my business could stand strong. My first business was still my support. I used the little profit from maize business to support my hotel industry and paying the loan.
It reached a point where I couldn’t pay my 3 employees at the hotel, so I went to my friend to lend me $300 just to pay my employees. I ran out of cash, for I was paying the loan… but I never quit my business. I had already decided to do this.
After 6 months, the hotel business started giving out some reasonable income. I could now pay employees, expenditure and everything and still remain with some little cash. After one year I was done with paying the loan. I didn’t default on my loan payment, though I had challenges. I took another loan ($40,000). This money I invested it in a petrol station. The hotel industry was now excellent, the maize business was still doing good. I started with a mini petrol station because the money was not enough to construct a large station. I started with one pump now I have 4 large stations and 3 mini-stations. The hotel did well and now there’re 4 hotels with accommodations.
Even though I faced challenges when I started my business, I never loosed hope. I pressed on until I got what I want in life. I can now happily pay my employees, pay my dues and buy what I want. There’s no easy path to success, you must face it off. You will be a debtor but at the end, you will be free. They asked me how I made it just at 23-year-old. “Just believe in YOU and pray to GOD always to bless you”. Invent your future by knowing your potential.
What if I didn’t quit my job? Its simple, I would still be a salary earner.
Let’s rise Africa, we have the potential to change our continent.
By: Hillary Ogolla from Kenya