Earlier today, I met Mr. Charles Njiru a.k.a. Mkombozi, a multi-millionaire industrialist based in Mwea, Kenya. Mr. Njiru owns the largest privately owned rice processing factory in Africa, Nice Rice Millers, valued at Ksh. 300 million. He also owns a supermarket in Embu and has vast interests in the hotel, transport and agro-chemicals sectors.
He was
awarded state commendation in 2011 by the former president, Mwai Kibaki, for
his massive contribution in uplifting the living standards of rice farmers in
the expansive Mwea irrigation scheme. When I inquired about the secret behind
acquiring such wealth, he gave me a list of the 8 secrets to becoming a multi-millionaire.
According to
Mr. Njiru, the best time to start working on your business idea is now! Most people
remain poor due to procrastination. Letting opportunities pass as you await the
perfect time to invest is the surest way of not becoming a multi-millionaire.
He asserts, “Lack of capital should never
be a barrier!” If you have a viable business idea, write a business plan. Thereafter
seek funds from financial institutions, venture capitalists, mentors, family
and friends. Any shrewd entrepreneur is bound to see the potential of your idea
and give you some seed capital.
In the event
that no financial help is forthcoming, start small with your little savings. Work
hard to ensure you offer services and products superior to what is on the
market, maintain good relations with your customers and suppliers then plough
back your profits to increase stock and expand your market. Mr. Njiru began his
vast business empire with Ksh. 2500 and loan of Ksh. 500 from an uncle.
Social
enterprises are firms that apply commercial strategies to maximize improvements
in human and environmental well-being rather than maximizing profits for
external shareholders. Write down a list of all the problems faced by people
around your area and subsequently work on finding solutions to those problems. Let
the main objective of your business be making your clients’ lives better so
that the idea of not using your products becomes seemingly impossible for them.
In the Mwea
Irrigation Scheme, famers would wait up to 3 months before having their harvest
processed by the overwhelmed government-owned factory. Being an astute entrepreneur,
he promptly converted the beer factory he owned to a rice processing factory.
When operating at full capacity, the factory processes 150 tons a day, greatly cutting
the time farmers used to take before waiting to polish their rice.
Notwithstanding this, his plant processes a kilo of rice for Ksh 3 only. It
also offers free storage for the rice, transports the farmers to their homes in
company buses and even advertises the farmers’ produce all over the country
absolutely free!
“Business is not for the faint hearted! “quips Mr.
Njiru. Don’t let past misfortunes discourage you
from investing in future endeavors. Learn from your past mistakes and make
better financial decisions. When you have a business idea, seek the advice of
gurus in that industry to avoid falling into common pitfalls, learn how things
work and how to maximize profits while at the same time remaining competitive.
Drawing from
his own personal experience, Mr. Njiru made losses to the tune of millions in a
number of businesses even after careful planning, but that never dampened his
entrepreneurial spirit. Believe in your abilities and pursue your dreams even
when those around you think it’s impossible. He attributes his success to
taking calculated risks and perseverance.
Though he
never got a chance to be admitted to a university, Mr. Njiru is very passionate
about education resonated by his zeal to ensure all his 3 children acquire at
least a master’s degree. However, he faults the mentality held by many who
amass impressive academic papers so that they can seek employment. He is of the
opinion people should acquire formal education and afterwards supplement it
with street smarts to develop life transforming business ideas. “That’s how our country can achieve double
digit economy growth and reduce unemployment levels.”
He urges
young entrepreneurs pursuing technical disciplines like engineering to also do
business-related courses in order to effectively manage their start-ups. Students
should also complement theory learnt in class with hands-on experience to
effectively compete with their counterparts in developed nations.
He blames
the exponential increase of drug abuse, unemployment and disillusionment among
the youth to lack of motivation and mentorship. “You need to hang out with multi- millionaires to become one!” he
declares. ”Make an effort to attend talks
and seminars held on campus hosting prolific individuals and get to hear their
success stories” he adds. He explains that when you are continuously
motivated by those who have faced greater hurdles and managed to surmount them
all to achieve greatness, you become encouraged to pursue your dreams and also
become successful.
“You
should also read motivational books by prosperous business people, especially ‘Beyond Expectations: from charcoal to gold’,
a biography of the late tycoon Njenga Karume.” Apart from motivation he advises the youth to
identify people they admire and seek to be their protégés.
In order to
grow your ideas into a viable business empire, there is need to engage in high
level thinking. View life in 3-Dimensions, exploring every possibility before
making a major step. Talk to experts and learn about future trends in the
sector of your interest regarding to government legislation, market forces and
the ever changing technology. This will help you be adequately prepared for any
eventualities.
There is
also need to think big. Rise above average mentality by pursuing bigger dreams
and not subscribing to limiting ideologies. He also dismissed the fallacy that
in order to be a multi-millionaire one has to hold a powerful government
position and embezzle taxpayers’ money. He advises the youth to desist from engaging
in destructive habits and spending money on non-essentials.
He observes
that most young people hold this misconception that blue collar jobs are for
the least educated. He affirms that we the youth fail to break into the
multi-millionaires club by letting hype guide us in choosing careers. Being young
and with relatively fewer dependants should entice us to move away from the
stable 8-5pm jobs and pursue high risk – high returns opportunities like stocks.
Blue collar jobs are the new cash cows since there are fewer players in the
market. “Go wherever there is a coin to
be made even in the trenches and that’s how you become a multi-millionaire!”
In the 21st
century success of any business depends on 70% network and only 30% competence.
Make as many friends as you can, from top government officials to your annoying
neighbor and the shoe shiner on the streets. You will need them to get new clients,
expedite processes and get a wind of new lucrative deals before your business
rivals do. “It’s always easier to deal
with a friend compared to a stranger”
He also
advises upcoming entrepreneurs to cultivate stronger network bonds by genuinely
caring about friends welfare, go out of your their way to bail a friend out
when in trouble. By doing people favors, you make them feel obligated to help
you out whenever you are in need of something within their control.
By Mark Maina
Adapted from: www.markmaish.com
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