by
Tue, Jul 24 2012 06:57:12
3

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. roomthinker
    Li Mu Bai@roomthinker
    There seems to be a prevalent mentality in Kenya that venture capital is prerequisite to the success of a startup. #Biashara
    Mon, Jul 23 2012 06:40:14
  2. roomthinker
    Li Mu Bai@roomthinker
    I do not believe that to be a fact. It is possible to get started and grow sans venture capital #Biashara
    Mon, Jul 23 2012 06:42:00
  3. roomthinker
    Li Mu Bai@roomthinker
    Starting off without venture capital requires a few things ...
    Mon, Jul 23 2012 06:47:14
  4. roomthinker
    Li Mu Bai@roomthinker
    A *demonstrably* sound idea or prototype, crafted from feedback from potential customers, based in problems that actually have #Biashara
    Mon, Jul 23 2012 06:49:33
  5. roomthinker
    Li Mu Bai@roomthinker
    This is where mVitus folks go wrong. You're solving problems nobody has #Biashara
    Mon, Jul 23 2012 06:50:12
  6. roomthinker
    Li Mu Bai@roomthinker
    Btw before folks catch feelings, mVitus are apps that solve problems nobody has #Biashara
    Mon, Jul 23 2012 06:56:15
  7. roomthinker
    Li Mu Bai@roomthinker
    You will then need to do tons of research. Reading blogs alone btw is not research. Talk to people in your problem domain. #Biashara
    Mon, Jul 23 2012 06:51:17
  8. roomthinker
    Li Mu Bai@roomthinker
    The research will flesh out your product and it's sustainability. Yes. Sustainability. Many folks forget that bit #Biashara
    Mon, Jul 23 2012 06:52:45
  9. roomthinker
    Li Mu Bai@roomthinker
    I highly recommend folks pick problem domains & specialize there. Doing payroll/ERP/SupplyChain/mSadaka at the same time? Bad sign #Biashara
    Mon, Jul 23 2012 06:58:26
  10. roomthinker
    Li Mu Bai@roomthinker
    You will also need grit. Nothing but blood, sweat and tears. You WILL be required to work hard. #Biashara
    Mon, Jul 23 2012 06:55:40
  11. roomthinker
    Li Mu Bai@roomthinker
    Given that you have little money, you will have to do something shocking. ~> LIVE WITHIN YOUR MEANS <~
    Mon, Jul 23 2012 06:59:36
  12. roomthinker
    Li Mu Bai@roomthinker
    Given you have irregular income, you must watch spending. Therefore those Brew Bistro cocktails - they gots to go. Kunywa Busaa #Biashara
    Mon, Jul 23 2012 07:00:57
  13. roomthinker
    Li Mu Bai@roomthinker
    Forget that Turbo Subaru. If you ABSOLUTLEY MUST have a car, nunua Vitz #Biashara (If you know me well, just think about that)
    Mon, Jul 23 2012 07:02:01
  14. roomthinker
    Li Mu Bai@roomthinker
    Many of us here forget a fundamental concept of business: PROFIT = INCOME - EXPENDITURE #Biashara
    Mon, Jul 23 2012 07:05:13
  15. roomthinker
    Li Mu Bai@roomthinker
    Remember that equation. If your business makes no income, it's either a NGO, a hobby, or a faux business #Biashara
    Mon, Jul 23 2012 07:07:43
  16. roomthinker
    Li Mu Bai@roomthinker
    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
    Mon, Jul 23 2012 07:09:15
  17. roomthinker
    Li Mu Bai@roomthinker
    So, if you are not mathematically inclined to increase profits you reduce expenses or increase income. Typically both #Biashara
    Mon, Jul 23 2012 07:10:43
  18. roomthinker
    Li Mu Bai@roomthinker
    When you bootstrap, simple formula. Get a *working* product to the customer as quickly as possible. Get feedback. Refine. Repeat. #Biashara
    Mon, Jul 23 2012 07:12:45
  19. roomthinker
    Li Mu Bai@roomthinker
    "ooooooh!" I hear you "... What if someone steals my idea?" Biashara
    Mon, Jul 23 2012 07:13:20
  20. roomthinker
    Li Mu Bai@roomthinker
    Listen, friend. There are 6 BILLION minds on this earth besides yours. Chances of your idea being unique are - close to ZERO #Biashara
    Mon, Jul 23 2012 07:14:47
  21. roomthinker
    Li Mu Bai@roomthinker
    Your only hope - execute faster and better. Remember Celtel did Zap before MPesa. Where are they now? #Biashara
    Mon, Jul 23 2012 07:15:20
  22. roomthinker
    Li Mu Bai@roomthinker
    Disappearing into your labs to work on your "top secret" app for 18 months without customer feedback? You WILL fail #Biashara
    Mon, Jul 23 2012 07:16:12
  23. roomthinker
    Li Mu Bai@roomthinker
    Another problem I think many of us have is we don't think big enough #Biashara
    Mon, Jul 23 2012 07:17:20
  24. roomthinker
    Li Mu Bai@roomthinker
    Look at ESET, BItdefender, AVG, etc. Small firms in obscure countries. Bringing A game to the security sector #Biashara
    Mon, Jul 23 2012 07:18:31
  25. roomthinker
    Li Mu Bai@roomthinker
    But us here? mVitus. Apps that send text messages. bla bla bla. Really? C'mon son! Bring your A game! #Biashara
    Mon, Jul 23 2012 07:19:45

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.

3stories
24followers
7following
Total views
786

Sorry.

This URL is already in use. Please choose another URL.
Edit URL

Storify

@Storify

Are you sure?

Are you sure you want to delete this story?

Are you sure?

Are you sure you want to flag this story?