This archive report was first published on 3 July 2020.
From Investment Banking to Entrepreneurship: Angela Wanja Kariuki's Journey ¶
Published on July 3, 2020
Angela Wanja Kariuki, founder and owner of Angie's Closet, an online and physical clothing line business, has come a long way from her days as an investment banker. In this interview, she shares her experiences as an entrepreneur, from quitting her job to building a successful business.
Quitting her well-paying job as an investment banker was Angela's boldest move, which she says took her business to another level. She gave it her full attention and the risk has paid off. 'Doing something that you are so passionate about is such a game changer,' she says. 'It is the fuel that keeps you burning for hours without end.'
Angela's passion for her business is evident in her approach to building a career. She started Angie's Closet as a hobby and has been slowly building it up a step at a time. She has her goals clear and is not there yet, but she is committed to making it work.
One of the biggest lessons Angela has learned as an entrepreneur is the importance of identifying a problem and providing a solution. 'The competition in clothing business is quite stiff, but adding some value to it gives it a competitive edge,' she says. She also emphasizes the need to avoid getting into debt, especially when it comes to releasing goods on credit or on partial payments.
Angela's biggest money mistake was opening a debts book, which she says almost killed her business. However, she learned from her mistake and closed the debts book, which has helped her to keep her cash flow in check.
When asked about her biggest career loss, Angela says it was writing off bad debts, especially the ones incurred from close friends. She has since set up a side fund to mitigate such losses and plough back a portion of her profit into the business.
Looking back, Angela says she would probably move faster, take less time thinking, and take bigger risks if she could start all over again. She emphasizes the importance of taking action and not being afraid to fail.
Angela's saving method is not conventional, but she finds it more efficient to take up a loan facility to buy an asset or do a project, then pay it up in bits. This way, she gets a real need to commit to, which is equivalent to saving.
When it comes to entrepreneurship versus employment, Angela says each has its ups and downs and is suited for different people. She emphasizes the need to evaluate oneself and give both a try to see what one is cut out for.
Finally, Angela's parting shot is that success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful. Be you, and your original form is what the world needs and you can easily prosper through that.
