This archive report was first published on 2 July 2020.
July 2, 2020, marked a turning point in the life of Emily Kamunde-Osoro, director at Rise & Learn, a human resource and leadership consulting firm. Thirteen years ago, she made a costly mistake by investing Sh. 700,000 borrowed to fund her Master's degree in a pyramid scheme.
Back then, the promise of high returns on deposits compared to banks was alluring. Kamunde-Osoro paid for her first semester, bought a fridge, and gave out the remaining amount to the pyramid scheme for investment. She thought it was a wise move to invest and earn some interest while she studied. However, the pyramid scheme burst before she collected her second cheque, leaving her with significant financial losses.
It took Kamunde-Osoro five years to repay the loan, and she had to find alternative ways to finance her MBA. This experience taught her that she is capable of making terrible mistakes and the importance of moving on when things are beyond her control.
Fast forward to today, Kamunde-Osoro has achieved significant milestones in her career, including closing a partnership deal with Erickson Coaching International, a global network of coaches with bases in over 85 countries. This deal was a turning point in her business, and she believes that it was lemonade out of a lemon, especially given the challenges she faced in the industry.
So, what is Kamunde-Osoro's secret to success? She believes in hard work, contentment, and building strong networks. She also emphasizes the importance of integrity, authenticity, and honesty in business and life. According to her, the longest route is often a shortcut, and choosing the safe route is always the best option.
As she looks back, Kamunde-Osoro wishes she had slowed down to accelerate her development faster. She also wishes she had set best-case and worst-case scenarios when making business projections. Currently, she saves by investing in Treasury Bonds, Treasury Bills, education saving plans, and shares at the Nairobi Securities Exchange.
When it comes to entrepreneurship versus employment, Kamunde-Osoro advocates for entrepreneurship, believing that businesses are a more refined way of accelerating wealth. However, she also acknowledges the importance of employment as a solid foundation for would-be entrepreneurs.
