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How did you make your first Kes million?
Rank: Veteran Joined: 7/8/2008 Posts: 947
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the deal wrote:snifadog wrote:watesh wrote:mv_ufanisi wrote:People are making lots of money in technology based businesses. That is likely where the next millionaires and billionaires will come from. The foreigners have realized this and there are now a lot of Americans and Europeans doing technology businesses here in Kenya looking to make cash. Usiachwe nyuma! The margins in this business are amazing and expansion worldwide is much easier The barrier to entry is very low as well...what is this tech business? if you don't have a patent or competitive advantage you are wasting your time. Copy cats will pop up faster than you imagine If thats your thinking then you will not start or succeed in business...if you have succeeded so far then you are lucky 1. Never mind copy cats...nobody succeeds by copying another...if they beat you with your idea then you failed to implement it... 2. Many big businesses today never started with patents or have no patents! 3. There are a lot of things which drive a business forward i.e customer service I agree bwana deal, But to the original question what technology things are people doing. Is it content creation, e-commerce stuff, consulting or slay queening on instagram(Ata hii ni technology business) Which areas are you talking about. You can't finish all the grass in the field!
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Rank: Member Joined: 6/6/2016 Posts: 167 Location: Nairobi
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tech businesses in this part of the world are overrated especially b2c. Most market research is based on buzzwords and glossy stats of internet/smartphone penetration. It will take another 10 years to move another considerable size of the offline market (with spending power) online. The real business is still happening offline where the real spenders are, if you can enter into a field offline you have a much better chance there than online. look at facebook which has managed to dominate the market online, it's still making a loss per user in SSA.
Not everyone has to start a business.. you can do very well (and financially too) by being great at your corporate gig (with good networking). You can climb the ladder or jump to bigger players. It is shocking how many young professionals have a lacklustre attitude to their job/career
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Rank: Veteran Joined: 7/8/2008 Posts: 947
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snifadog wrote:tech businesses in this part of the world are overrated especially b2c. Most market research is based on buzzwords and glossy stats of internet/smartphone penetration. It will take another 10 years to move another considerable size of the offline market (with spending power) online. The real business is still happening offline where the real spenders are, if you can enter into a field offline you have a much better chance there than online. look at facebook which has managed to dominate the market online, it's still making a loss per user in SSA.
Not everyone has to start a business.. you can do very well (and financially too) by being great at your corporate gig (with good networking). You can climb the ladder or jump to bigger players. It is shocking how many young professionals have a lacklustre attitude to their job/career I agree with a job is not a bad choice and people should focus on their jobs. Correct however that not everyones route. On technology the early adopters will be ready when the market arrives 10 years from now and will be well known brands and will be minting money. My question is still around what "properties" or business are Kenyans making money off now in the interim. I agree this market is just starting out but would be great to know what are tech hustles now. E commerce, coaching, online consulting, what are we referring to when we say technology??
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us If Obiero did it, Who Am I?
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Rank: Elder Joined: 12/7/2012 Posts: 11,935
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Swenani wrote:obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us Serious Kenyans moved away from Kes to $$$. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 6/23/2009 Posts: 14,220 Location: nairobi
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Angelica _ann wrote:Swenani wrote:obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us Serious Kenyans moved away from Kes to $$$. @angel wealth is blind to currency.. there are wealthy men and women in countries as small as the Gambia or Seychelles, a country with only 95,000 people.. @swenani real estate and stock trading in Africa will give you unimaginable returns if timed right and done with the correct partners. expand beyond Kenya and you realize other Africa nationals are leaving money on the table..
KQ ABP 4.26
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Rank: New-farer Joined: 9/4/2018 Posts: 64 Location: Nairobi
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obiero wrote:Angelica _ann wrote:Swenani wrote:obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us Serious Kenyans moved away from Kes to $$$. @angel wealth is blind to currency.. there are wealthy men and women in countries as small as the Gambia or Seychelles, a country with only 95,000 people.. @swenani real estate and stock trading in Africa will give you unimaginable returns if timed right and done with the correct partners. expand beyond Kenya and you realize other Africa nationals are leaving money on the table.. Eish @Obiero jatello share insights
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Rank: New-farer Joined: 9/4/2018 Posts: 64 Location: Nairobi
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mv_ufanisi wrote:mv_ufanisi wrote:Made my first million within a year after campus. Was working at the time but I decided to start a business on the side and just kept looking for jobs and tenders and applying for them. After about 4 months of endless applications, finally landed a small contract which I over delivered on and that led to another that paid 4.8million with me taking a 2mill profit in 2 months. I was barely 25 yrs old then. Invested 1M in a new business and 1M in the NSE, quit my job. Fast forward 3 years later. I'm in a much better spot financially than I was in 2014. I have learnt a few more lessons 1. It was a much better use of my time to start a business which I could control and had ultimate responsibility over than speculate on the NSE. This is especially as I saw how some company management on the NSE e.g. Centum give themselves huge bonuses while leaving shareholders high and dry. Also notice how most of the fortunes made at the NSE have been by business owners that listed companies not by speculators which also suggests that the best way to make money on the NSE is to build a company that eventually gets listed on the NSE. There is nothing worse than being a spectator on your investments when you could use your skills to improve your chances of success. It also helped me to avoid looking at the stocks every hour of the day and my mood going up and down with the market. 2. What you have to do is the following; identify a business with good fundamentals i.e. where it is not too difficult to make money and even average players are making money, ensure that your education, skills, personality, experiences and talent give you an unfair advantage in that business i.e. don't get into land just because everyone is getting into it. Find a niche where few can outcompete you. 3. Do your best to grow that business and stay disciplined and patient. 4. Think big and stay hungry 5. Keep some perspective. No matter how much money you make, there is a whole lot more to life than money. You still have to take care of other aspects of life such as your relationships, health and happiness. 6. Try to be lucky by always looking out for more information, learning from mentors etc. Luck does play a big part of it but most times you get lucky by trying to put yourself in situations where you could get lucky. My goodness.This post MV Ufanisi hits the nail on the head and is ditto to the point and brilliant!thanks.
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Rank: Member Joined: 1/3/2011 Posts: 264 Location: Nairobi
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Muthawamunene wrote:How i plan to make my first million.
After wasting alot of time and money partying and boozing for about two years, my 20th birthday resolution last october was to get serious about life. So i cut down on spending and for december break i did some farming and by end year i put all i had made on stocks. So i did my research, did some math( I so thank my mom for forcing me to go for cpa's as i waited for uni) and kidogo speculation i have been able to grow my portfolio from 8k to 13k( thank you coop) and it would have been more coz my math on K.Q was all on the green and hadi sasa i have no idea whats wrong.
i know ths is a small portfolio but am savin up for a massive buy out wen stocks go a bit lower. I have managed to get stable demand for skuma and spinach and make about 1300 a fortnight, my paroz give me good money for skul ana on a good month i kill about 800-1000 in savings and all this goes straight to the bank and with the ka-helb loan i hope to get am goin to do some wise investing ths year for the long term (before my paroz kick me out)
i hope to find a good investment group, maybe even get my friends to join and may make that millie as i get outta uni, and if i dnt, at least i will be on my way. What the f*** was I on in 2011? Between then and now; -reared chicken. -finished university. -low paying job. -freelance jobs. -freelance jobs + mid level Job. -have some rental property. -have some stock -have invested in a diversification of businesses and groups -that first million came through 5 years later in 2016. Now I need to take more risk.
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Rank: Elder Joined: 6/23/2009 Posts: 14,220 Location: nairobi
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Kate_Mbarire wrote:obiero wrote:Angelica _ann wrote:Swenani wrote:obiero wrote:I wish the title would have read 'how did you make the first kes 10 million'.. Maybe then I would have created time to comment appropriately :) @Obiero, this post keeps me awake at night. Create time and tell us Serious Kenyans moved away from Kes to $$$. @angel wealth is blind to currency.. there are wealthy men and women in countries as small as the Gambia or Seychelles, a country with only 95,000 people.. @swenani real estate and stock trading in Africa will give you unimaginable returns if timed right and done with the correct partners. expand beyond Kenya and you realize other Africa nationals are leaving money on the table.. Eish @Obiero jatello share insights Africa is our business. Real estate for me remains my corner stone, a number one player in my portfolio. A field in which I place my entire faith. Second, bonds investment.. Long term bonds for example generating returns of up to 15.8% in Uganda at the moment. Last year, Kenya was a charm. Lastly, our dear NSE, which can make you upwards of 70% return in just a few months like HFC run post rights issue, but total loss can also be your portion, in an instant!
KQ ABP 4.26
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