This archive report was first published on 21 June 2020.
Published on June 21, 2020, LeAnne Peris, a renowned entrepreneur, has achieved remarkable success in her business ventures. At just 23 years old, she made her first million, a feat that showcases her determination and entrepreneurial spirit.
Peris owns a series of businesses, including Diner En Blanc, a wedding and events planning service, a micro-finance business, and a management consultancy. Her journey to success was not without its challenges, but she persevered, learning valuable lessons along the way.
One of the most significant milestones in Peris' career was making her first million at age 23. She recounts the story of how she took a mobile phone-based loan of Sh. 1,000 to attend a meeting that ultimately led to her securing a Sh. 1 million contract. This experience taught her the importance of taking risks and being willing to 'bulldoze, jump over, go under, or round every obstacle that comes your way.'
Peris also shares her biggest money mistake, which was hiring friends for business ventures without clear expectations. This led to losses and damaged friendships. She emphasizes the importance of being cautious when lending money to friends, suggesting that it's better to give it as a gift.
When asked about her biggest career loss, Peris recounts a partnership that went sour due to the other party's bad character and lack of integrity. She stresses the need to plan for both profits and losses, conduct thorough due diligence, and surround oneself with people of integrity.
Looking back, Peris wishes she had more confidence in herself and managed her past business connections better. She also emphasizes the importance of saving, merging her savings with her husband's, and joining a Sacco to grow their savings and access financing for projects.
Peris' advice on building wealth is to be 'unwaveringly consistent' and obsessed with one's business. She shares her experience of starting a consulting business at age 23 and pitching to people three times her age, eventually getting lots of 'Yes's after learning from her initial 'No's.'
On side hustles, Peris advises maintaining a high level of integrity and ethics, avoiding starting a side hustle similar to one's employer's business or stealing time and stock.
