Steven Tusabe quit his accounting job five years ago to start up a trade and supplies company. He was proud of his bold move and excited about his journey to financial independence, but entrepreneurship, as he came to learn, was no easy feat. When he was just starting out, at times he felt discouraged, especially during times of instability. The uncertainty of how it would all turn out would often make him doubt his decision of quitting his job, this, he says, stressed him. But as time went by, he understood that running a business had its peaks and valleys. And though he held fears of financial risk because of the flaws he later discovered with his business idea, Tusabe has managed to keep his business afloat. Most entrepreneurs consider that success in a business does not happen overnight, and that upholding a business requires more than skills and passion. Bernadette Umunyana, the founder and CEO of Dokmai Rwanda Ltd shares her experience saying that for any entrepreneur to have a successful business, they have to work harder than their employees. She also says that it is very important for a business owner to exceed the expectations of their customers. “Doing your best is not enough, you have to do more to achieve customer satisfaction,” she says. Tusabe agrees with this, adding that for a great business journey, one has to build something they believe in, explaining that this is the best way to build a strong brand. “Believing in yourself and what you do is the only way a business owner can overcome the setbacks in business, and these are plenty. So it’s always advisable to be prepared for the good and the bad,” he says. Creativity is key Charles Shyaka, the general manager of 250STARUPS, a multi partner tech incubation and acceleration platform supporting start-ups to become investable in Kigali-Rwanda, says with the ever changing market, mostly due to the ever evolving technology, it is very important for entrepreneurs to be flexible in terms of creativity. He advises business owners to always be on the lookout for ways to improve their business and devise means on how to make it stand out from the competition. “It’s very important to seek out new approaches to improve a business. This, however, calls for an entrepreneur and his or her team to be open to new ideas,” he says. Shyaka also points out the need to examine one’s competition, highlighting that for a company to be successful, they have to embrace competition. “You don’t have to be afraid of your competitors, what you need is to study and learn from them. It can be an added advantage for the business which goes hand in hand with good timing for the company in the given environment.” The manager also adds that before one ventures into business, they need to understand that running a successful venture calls for taking calculated risks. “Understand what the worst case scenario would be for your investments and have a backup plan for that. When it comes to investment, playing it safe is a recipe for failure because risking for investment helps your business to grow,” he adds. Prossy Mbabazi, an administrator who runs a small business as a side hustle, testifies that running a successful business takes a lot. She also points out the need to leverage the advantages that come with competition and to ensure provision of good services. “First of all, there is need for consistency and staying focused. It’s also paramount to analyse your competition. You also have to be ready to make sacrifices,” she notes. Entrepreneur and investor John Rampton quotes Robert Kiyosaki who teaches about how financial literacy plays such a crucial role in the lives of successful entrepreneurs. Those who live from pay check to pay check are also those that fill their lives with liabilities — car and house payments, credit cards, and other materialistic things that cost them money. Those who are financially literate, however, understand the importance of building assets — things that make them money instead. Once you start having a positive asset column, you can then learn how to make even more money through investing. To be a successful entrepreneur you need to know how to take money and make it work for you, he notes.
