Business

#Biashara by @Roomthinker

A series of tweets on #Biashara (Entrepreneurship) by Roomthinker. Welcome to the first edition of "So you think you're an entrepreneur" Here are lessons to learn. Take notes!

  1. There seems to be a prevalent mentality in Kenya that venture capital is prerequisite to the success of a startup. #Biashara
  2. I do not believe that to be a fact. It is possible to get started and grow sans venture capital #Biashara
  3. Starting off without venture capital requires a few things ...
  4. A *demonstrably* sound idea or prototype, crafted from feedback from potential customers, based in problems that actually have #Biashara
  5. This is where mVitus folks go wrong. You're solving problems nobody has #Biashara
  6. Btw before folks catch feelings, mVitus are apps that solve problems nobody has #Biashara
  7. You will then need to do tons of research. Reading blogs alone btw is not research. Talk to people in your problem domain. #Biashara
  8. The research will flesh out your product and it's sustainability. Yes. Sustainability. Many folks forget that bit #Biashara
  9. I highly recommend folks pick problem domains & specialize there. Doing payroll/ERP/SupplyChain/mSadaka at the same time? Bad sign #Biashara
  10. You will also need grit. Nothing but blood, sweat and tears. You WILL be required to work hard. #Biashara
  11. Given that you have little money, you will have to do something shocking. ~> LIVE WITHIN YOUR MEANS <~
  12. Given you have irregular income, you must watch spending. Therefore those Brew Bistro cocktails - they gots to go. Kunywa Busaa #Biashara
  13. Forget that Turbo Subaru. If you ABSOLUTLEY MUST have a car, nunua Vitz #Biashara (If you know me well, just think about that)
  14. Many of us here forget a fundamental concept of business: PROFIT = INCOME - EXPENDITURE #Biashara
  15. Remember that equation. If your business makes no income, it's either a NGO, a hobby, or a faux business #Biashara
  16. If you cannot make enough income to cover your costs, you are many things but you're not a successful business. Yes, even Twirra #Biashara
  17. So, if you are not mathematically inclined to increase profits you reduce expenses or increase income. Typically both #Biashara
  18. When you bootstrap, simple formula. Get a *working* product to the customer as quickly as possible. Get feedback. Refine. Repeat. #Biashara
  19. "ooooooh!" I hear you "... What if someone steals my idea?" Biashara
  20. Listen, friend. There are 6 BILLION minds on this earth besides yours. Chances of your idea being unique are - close to ZERO #Biashara
  21. Your only hope - execute faster and better. Remember Celtel did Zap before MPesa. Where are they now? #Biashara
  22. Disappearing into your labs to work on your "top secret" app for 18 months without customer feedback? You WILL fail #Biashara
  23. Another problem I think many of us have is we don't think big enough #Biashara
  24. Look at ESET, BItdefender, AVG, etc. Small firms in obscure countries. Bringing A game to the security sector #Biashara
  25. But us here? mVitus. Apps that send text messages. bla bla bla. Really? C'mon son! Bring your A game! #Biashara

Did you find this story interesting? or comment as 4 already did!

Liked!

Saitonne

Creative+Fabulous+ambitious+focused. Thankful to be incredibly & amazingly blessed. A dreamer writing her dreams letter after letter. Child of the East & West.

Total views
786

Storify

@Storify